Additional Agreements Regarding Extensions Clause Samples
The "Additional Agreements Regarding Extensions" clause defines the terms and conditions under which the parties may agree to extend deadlines, timeframes, or the duration of the contract. This clause typically outlines the process for requesting and approving extensions, such as requiring written notice or mutual consent, and may specify any limitations or conditions that apply to such extensions. Its core practical function is to provide a clear and agreed-upon mechanism for handling changes to timelines, thereby reducing uncertainty and potential disputes if delays or unforeseen circumstances arise.
Additional Agreements Regarding Extensions. (i) As a condition precedent to the extension of the Maturity Date pursuant to this Section, the Borrower shall deliver to the Administrative Agent a certificate of the Borrower signed by a Responsible Officer certifying that (A) no Default exists on the date of such certificate, either before or after giving effect to such extension; (B) the representations and warranties of the Loan Parties contained in this Agreement and the other Loan Documents are true and correct in all material respects on and as of the date of such extension and after giving effect thereto (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date and except that such materiality qualifier shall not apply to the extent that any such representation or warranty is qualified by materiality); and (C) there has been no event or circumstance since the Closing Date that has had or could be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect; and (ii) on the Maturity Date applicable to each Non-Extending Lender, the Borrower shall prepay, on a non pro rata basis with respect to Extending Lenders, any Loans outstanding on such date (and pay any additional amounts required pursuant to Section 3.05) to the extent necessary to satisfy in full the Obligations due to such Non-Extending Lender under the Loan Documents as of such date.