One-Time Extension Option Sample Clauses
The One-Time Extension Option clause allows one party to extend the term of an agreement for a single, specified additional period. Typically, this option must be exercised by providing written notice to the other party within a certain timeframe before the original expiration date, and the extension period is usually predetermined in the contract. This clause provides flexibility for parties who may need more time to fulfill obligations or complete a project, while also ensuring that the extension is limited and clearly defined to prevent indefinite contract duration.
One-Time Extension Option. (a) The Borrower may make a one-time request, by written notice to the Administrative Agent and each of the Lenders not less than 30 days prior to the earliest Maturity Date, that the Revolving Loan Maturity Date, the Term Loan Maturity Date and the Incremental Term Loan Maturity Date (as to each tranche of Loans, the “Existing Maturity Date”) be extended for one year (the “Requested Maturity Date”). Each Lender, acting in its sole discretion, shall, not later than the date which is 10 days after the receipt by the Lenders of any such notice from the Borrower, notify the Borrower and the Administrative Agent in writing of its election to extend or not to extend the Maturity Date with respect to its Commitments and Loans. Any Lender that does not timely notify the Borrower and the Administrative Agent of its election to extend the Maturity Date shall be deemed to have elected not to extend the Maturity Date with respect to its Commitments and Loans (any Lender that timely notifies the Borrower and the Administrative Agent of an election not to extend its Commitments and Loans and any Lender so deemed to have elected not to extend its Revolving Loan Commitment, Revolving Loans and Term Loans being referred to as a “Terminating Lender”). The election of any Lender to agree to a requested extension shall not obligate any other Lender so to agree. For the avoidance of doubt, each Lender shall only have the option to either elect to or decline to extend its Maturity Date for all of its Commitments and Loans.
(b) If and only if Lenders holding at least 35% of the aggregate amount of Revolving Loan Commitments and Term Loans on the date of the notice delivered by the Borrower pursuant to Section 2.18(a) above (including Revolving Loan Commitments and Term Loans of all Terminating Lenders on such date) shall have agreed during the period referred to in such Section 2.18(a) to extend the Existing Maturity Date, then (A) the Maturity Date of the Lenders other than Terminating Lenders (each, a “Continuing Lender” and collectively, the “Continuing Lenders”) shall, subject to the other provisions of this Agreement, be extended to the Requested Maturity Date, and as to such Lenders the term “Maturity Date”, as used herein, shall on and after the date as of which the requested extension is effective mean such Requested Maturity Date; provided that if such date is not a Business Day, then such Requested Maturity Date shall be the next preceding Business Day, (B) the Revolv...