Election to Extend Clause Samples
The 'Election to Extend' clause allows one or both parties to a contract to formally choose to prolong the term of the agreement beyond its original expiration date. Typically, this clause outlines the process for providing notice of the intent to extend, any conditions that must be met, and the length of the extension period. For example, a tenant may notify a landlord in writing 60 days before lease expiration to extend the lease for an additional year. This clause provides flexibility and certainty for both parties by establishing clear procedures for continuing the contractual relationship if desired.
Election to Extend. Any Revolving Lender wishing to have all or a portion of its Revolving Commitments under the Existing Revolving Tranche amended into Extended Revolving Commitments (each, an “Extending Revolving Lender”) specified in the Revolving Extension Request shall notify the Administrative Agent on or prior to the response date specified in such Revolving Extension Request of the amount of its Revolving Commitments it has elected to be amended (subject to any minimum denomination requirements imposed by the Administrative Agent not to exceed $50,000,000). No Revolving Lender shall have any obligation to agree to provide any Extended Revolving Commitment pursuant to any Revolving Extension Request. Any Revolving Lender not responding on or prior to such response date shall be deemed to have declined such Revolving Extension Request. The Administrative Agent shall notify the Borrower and each Revolving Lender under the applicable Existing Revolver Tranche of responses to such Revolving Extension Request. In the event that the aggregate principal amount of existing Revolving Commitments that the Extending Revolving Lenders have elected to amend pursuant to the relevant Revolving Extension Request exceeds the amount of Extended Revolving Commitments requested by the Borrower, the principal amount of Extended Revolving Commitments requested by the Borrower shall be allocated to each Extending Revolving Lender in such manner and in such amounts as may be agreed by Administrative Agent and the Borrower, in their sole discretion.
Election to Extend. (a) In the event that the conditions set forth in Section 8.1 have been satisfied or waived at any time before the 45th Day, then:
(i) the Purchaser shall have the option (to be exercised by delivering written notice to the Seller) to delay Closing until the 45th Day (or such earlier date as it may notify to the Seller in writing with at least 3 Business Days' notice) in order to continue to work on the US GAAP Financial Statements; and
(ii) as from the Unconditional Date until the Closing Date, the Purchaser shall pay to the Seller interest on an amount equal to the Purchase Price less the Deposit at a rate of 12 per cent. per annum, such interest to be calculated daily on the basis of a year of 360 days and the actual number of days elapsed; provided, that such interest shall not be payable if the Closing occurs on the Business Day immediately following the Unconditional Date.
(b) For the avoidance of doubt, in the event that the conditions set forth in Section 8.1 have been satisfied or waived, Closing shall take place no later than the 45th Day regardless of whether the US GAAP Financial Statements have been signed off and presented to the Purchaser. In addition, for the avoidance of doubt, there shall be no conditions to Closing, constructive or otherwise, after the Unconditional Date.