Termination Date; Optional Extensions Clause Samples
The 'Termination Date; Optional Extensions' clause defines when an agreement will end and outlines the conditions under which the parties may extend the contract beyond its original term. Typically, this clause specifies a fixed end date and may allow for one or more extensions if certain requirements are met, such as providing written notice before the termination date. Its core function is to provide both parties with clarity and flexibility regarding the contract's duration, helping to prevent misunderstandings and allowing for continued cooperation if desired.
Termination Date; Optional Extensions. The 2026 Revolving Commitments shall terminate on the 2026 Termination Date and (y) the 2027 Revolving Commitments shall terminate on the 2027 Termination Date.
Termination Date; Optional Extensions. (i) The Commitments shall terminate on the Termination Date.
(ii) The Borrower may, by sending an Extension Letter to the Administrative Agent (in which case the Administrative Agent shall promptly deliver a copy to each of the Lenders), not less than thirty (30) nor more than ninety (90) days prior to each anniversary of the Effective Date (such anniversary, the “Extension Date”) request, but on not more than two occasions during the term of the revolving credit facilities hereunder, that the Lenders extend the Termination Date then in effect (the “Current Termination Date”) so that it will occur up to one year after the Current Termination Date. Each Lender, acting in its sole discretion, may, by notice to the Administrative Agent given no later than fifteen (15) days prior to each anniversary of the Effective Date, as applicable (the “Election Date”), advise the Administrative Agent in writing whether or not it agrees to such extension (each Lender to respond negatively to such request being referred to herein as a “Non-Extending Lender”); provided, that, any Lender not responding to such request within
(A) If Lenders holding Commitments that aggregate at least 51% of the aggregate Commitments of the Lenders on or prior to the Election Date shall not have agreed to extend the Termination Date, then the Current Termination Date shall not be so extended and the outstanding principal balance of all loans and other amounts payable hereunder shall be due and payable on the Current Termination Date.
(B) If (and only if) Lenders holding Commitments that aggregate at least 51% of the aggregate Revolving Commitments of the Lenders on or prior to the Election Date shall have agreed to extend the Current Termination Date, then the Termination Date applicable to the Lenders that are Extending Lenders shall, as of the Extension Date, be the day that is one year after the Current Termination Date. In the event of such extension, the Commitment of each Non- Extending Lender shall terminate on the Current Termination Date applicable to such Non- Extending Lender, all Loans and other amounts payable hereunder to such Non-Extending Lender shall become due and payable on such Current Termination Date and the aggregate Commitments of the Lenders hereunder shall be reduced by the aggregate Commitments of Non-Extending Lenders so terminated on and after such Current Termination Date. Each Non-Extending Lender shall be required to maintain its original Commitment up to the Te...