Common use of Financial Close Deadline Clause in Contracts

Financial Close Deadline. The Financial Close Deadline may not be extended, except for the following:‌ (i) by the Department, in its discretion, for up to 60 days; (ii) by the Developer upon the occurrence of a Delay Event which, following the procedures set forth in Section 13.01, will permit the Developer an extension of the Financial Close Deadline for a period of (A) 30 Days or (B) to the extent such Delay Event has not been cured during such 30-day period, the duration of the Delay Event, up to 60 Days; (iii) by the Developer upon the occurrence of any of the events described in Section 20.04(a)(ii)(A) and Section 20.04(a)(iv) which will permit the Developer an extension of the Financial Close Deadline for a period of (A) 30 Days or (B) the duration of the event described in Section 20.04(a)(ii)(A), whichever is shorter; provided that the Developer will, as a condition to any extension pursuant to this subsection, extend the expiration of the Financial Close Security so that such security remains valid for at least 10 days after the Financial Close Deadline (as extended). In the event Financial Close is not achieved by the Financial Close Deadline, the rights of the Department and the Developer to terminate this Agreement will be governed by Section 20.04.

Financial Close Deadline. The Financial Close Deadline may not be extended, except for the following:‌following:‌‌ (i) by the Department, in its discretion, for up to 60 days; (ii) by the Developer upon the occurrence of a Delay Event which, following the procedures set forth in Section 13.01, will permit the Developer an extension of the Financial Close Deadline for a period of (A) 30 Days or (B) to the extent such Delay Event has not been cured during such 30-day period, the duration of the Delay Event, up to 60 Days;Days;‌ (iii) by the Developer upon the occurrence of any of the events described in Section 20.04(a)(ii)(A) and Section 20.04(a)(iv) which will permit the Developer an extension of the Financial Close Deadline for a period of (A) 30 Days or (B) the duration of the event described in Section 20.04(a)(ii)(A), whichever is shorter; shorter;‌ provided that the Developer will, as a condition to any extension pursuant to this subsection, extend the expiration of the Financial Close Security so that such security remains valid for at least 10 days after the Financial Close Deadline (as extended). In the event Financial Close is not achieved by the Financial Close Deadline, the rights of the Department and the Developer to terminate this Agreement will be governed by Section 20.04.