Common use of Maturity Extensions Clause in Contracts

Maturity Extensions. (a) The Borrowers have the right to extend the Initial Maturity Date by twelve (12) months at their sole option, provided that: (i) the Initial Maturity Date is extended with respect to all Notes then outstanding; (ii) the Borrowers notify the Holders in writing at least sixty (60) days prior to the Initial Maturity Date; and (iii) on or prior to the Initial Maturity Date the Borrowers pay to the Holders a fee equal to one percent (1.0%) of the principal amount outstanding under all Notes then outstanding by wire transfer of immediately available funds to the account(s) designated by the Holders.

Maturity Extensions. (a) The Borrowers have the right to extend the Initial Maturity Date by twelve (12) months at their sole option, provided that: (i) the Initial Maturity Date is extended with respect to all Notes then outstanding; (ii) the Borrowers notify the Holders in writing at least sixty (60) days prior to the Initial Maturity Date; and (iii) on or prior to the Initial Maturity Date the Borrowers pay to the Holders a fee equal to one percent (1.0%) of the principal amount Fully Accreted Principal Amount outstanding under all Notes then outstanding by wire transfer of immediately available funds to the account(s) designated by the Holders.