Definition of Term Extension


Term Extension means any period of time by which this Agreement is extended because of the parties' mutual obligation to continue to supply Courses to University Students registered with a University at the date of notification of termination of this Agreement until completion of such Courses according to the terms of clause [7.2];
Sample 1

Examples of Term Extension in a sentence

Required Deposits may be adjusted as part of a rate redetermination or a Contract Term Extension.
Consistent with its Customary Servicing Practices, the Servicer may, in its discretion, grant a Postmaturity Term Extension with respect to any Transaction Lease.
If the Servicer grants a Postmaturity Term Extension with respect to a Transaction Lease, then the Servicer shall direct the SUBI Trustee and the Servicer to reallocate the Transaction Unit related to such Transaction Lease from the Transaction SUBI Portfolio to the UTI Portfolio (if the Servicer is VCI) or to an Other SUBI designated by the Servicer (if the Servicer is not VCI) on the Payment Date following the beginning of the Collection Period during which such Postmaturity Term Extension was granted.
If the Lessee disagrees with the Dealers estimate of the cost of the repairs, the Servicer may grant a one month Term Extension under the Lease to permit the Lessee to repair the Leased Vehicle at the Lessees expense.
In the event a Term Extension for a Service would exceed the Term of this Agreement, the Term of this Agreement will be extended for the duration of the Term Extension.