Modifications; Extensions. (a) Notwithstanding any term or provision of this Employee Option Agreement (including any term or provision of the Plan incorporated herein by reference), (i) no Modification shall be made in respect to the Option if such Modification would result in the Option constituting a deferral of compensation, and (ii) no Extension shall be made in respect to the Option if such Extension would result in the Option having an additional deferral feature from the Grant Date, in each case within the meaning of applicable Treasury Regulations under Code section 409A.
(b) Subject to subsection (d) below, a “Modification” for purposes of subsection (a) means any change in the terms of the Option that may provide the Optionee with a direct or indirect reduction in the Purchase Price of the Option, regardless of whether the Optionee in fact benefits from the change in terms.
(c) Subject to subsection (d) below, an “Extension” for purposes of subsection (a) means either (i) the provision to the Optionee of an additional period of time within which to exercise the Option beyond the time originally prescribed, or (ii) the conversion or exchange of the Option for a legally binding right to compensation in a future taxable year, or (iii) the addition of any feature for the deferral of compensation to the terms of the Option, or (iv) any renewal of the Option that has the effect of (i) through (iii) above.
(d) Notwithstanding subsections (b) and (c) above, it shall not be a Modification or an Extension, respectively, to change the terms of an Option in any of the ways or for any of the purposes provided in applicable Treasury Regulations or other guidance under Section 409A of the Code as not resulting in a Modification or Extension for purposes of that section. In particular, it shall not be an Extension to extend the exercise period of the Option to a date no later than the earlier of (i) the latest date upon which the Option could have expired by its original terms under any circumstances or (ii) the 10th anniversary of the Grant Date.
Modifications; Extensions. Statesman may, without affecting the agreements of the Cooperative herein, change, modify, extend or renew the dates and amounts of the periodic installment payments in any Purchased Contract.
Modifications; Extensions. This Agreement may not be modified and the periods set out herein may not extended except in writing, duly executed by both parties.
Modifications; Extensions. Statesman may, without ------------------------- affecting the agreements of the Cooperative herein, change, modify, extend or renew the dates and amounts of any scheduled payment on any Purchased Note.
Modifications; Extensions. Modifications and extensions within the scope of this Agreement shall be made by mutual consent of the Parties to this Agreement, by the issuance of a written modification, signed and dated by all Parties to this Agreement, prior to any changes being performed. No Party is obligated to fund any changes not properly approved in advance.
Modifications; Extensions. Waivers and Compromises with Buyer. ACT Finance shall be under no obligation to notify Dealer of any default on the part of any Buyer under any Contracts sold to ACT Finance. ACT Finance may extend the time of payments or make any compromise or adjustment that it may deem reasonable with any Buyer under any Contracts purchased by it and may do so without consent of Dealer and without in any manner affecting any obligation of Dealer herein. Dealer waives any and all notice of non-payment, demand, presentment or protest that might otherwise be required by applicable law. If ACT Finance takes possession of any Motor Vehicle, or pursues any other available remedy, it shall not be deemed an election of remedies.
