Extensions of Termination Dates Sample Clauses
The "Extensions of Termination Dates" clause allows for the scheduled end date of an agreement or contract to be extended beyond its original term. This extension can be triggered by mutual agreement between the parties, the occurrence of certain events, or the fulfillment of specific conditions outlined in the contract. For example, if a project is delayed due to unforeseen circumstances, the parties may agree to extend the contract's termination date to accommodate the new timeline. The core function of this clause is to provide flexibility, ensuring that contractual obligations can be fulfilled even if the original timeframe proves insufficient, thereby preventing premature termination and potential disputes.
Extensions of Termination Dates. The Borrower shall have the right to extend (i) the Original Revolving Termination Date to the First Extended Revolving Termination Date (the “First Extension Option”) and (ii) the First Extended Revolving Termination Date to the Second Extended Revolving Termination Date (the “Second Extension Option”). The Borrower may exercise such First Extension Option only by executing and delivering to the Administrative Agent at least thirty (30) days but not more than ninety (90) days prior to the Original Revolving Termination Date and such Second Extension Option only by executing and delivering to the Administrative Agent at least thirty (30) days but not more than ninety (90) days prior to the First Extended Revolving Termination Date, in each such case, a written request for such extension (a “Revolving Extension Request”). The Administrative Agent shall notify the Revolving Lenders if it receives a Revolving Extension Request promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Revolving Termination Date shall be extended to the First Extended Revolving Termination Date or the Second Extended Revolving Termination Date, as then applicable, upon receipt by the Administrative Agent of the Revolving Extension Request and payment of the fee referred to in the following clause (ii): (i) immediately prior to such extension and immediately after giving effect thereto, (x) no Default or Event of Default shall exist and (y) the representations and warranties made or deemed made by the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the date of such extension with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances permitted under the Loan Documents and (ii) the Borrower shall have paid the Fees pay...