Additional Extension Fee definition
Examples of Additional Extension Fee in a sentence
If Buyer fails to timely deposit the Additional Extension Fee as provided in this Paragraph 3, then Buyer shall be in default under the Purchase Agreement and Seller shall have the right to terminate the Purchase Agreement and exercise all other rights and remedies under the Purchase Agreement.
Notwithstanding anything stated to the contrary herein or in the Purchase Agreement, the Additional Extension Fee, once made, shall not be refundable to Buyer under any circumstances unless Seller fails to sell and convey the Property to Buyer when Seller is obligated to do so under the terms and provisions of the Purchase Agreement.
Buyer hereby irrevocably authorizes and directs Escrow Holder to remit the Additional Extension Fee directly to Seller upon Escrow Holder’s receipt of such Additional Extension Fee.
In the event the Company does not elect to pay the Initial Extension Fee or the Additional Extension Fee upon any such Event of Default in accordance with this paragraph, the Notes will be subject to acceleration as provided in Section 7.02.
If the Extension Fee and, if applicable, the Additional Extension Fee has been paid by the Company directly to the persons entitled thereto, the Company shall deliver to the Trustee a certificate setting forth the particulars of such payment.
If the Extension Fee and, if applicable, the Additional Extension Fee is payable under this Section 5.01, on the date the Company elects to pay the Extension Fee or the Additional Extension Fee, the Company shall deliver to the Trustee a certificate to that effect stating (i) the amount of Extension Fee and, if applicable, the Additional Extension Fee that is payable, and (ii) the Filing Default Date.
In order to elect to pay the Extension Fee and, if applicable, the Additional Extension Fee as the sole remedy for a Filing Default during the first 90 or 120 days, as applicable, after the occurrence of such Event of Default, the Company shall notify, in the manner provided for in Section 15.03, the Noteholders and the Trustee of such election at any time on or before the Close of Business on the Filing Default Date.
Buyer hereby irrevocably authorizes and directs Escrow Holder to remit each Additional Extension Fee directly to Seller upon Escrow Holder’s receipt of such Additional Extension Fee.
The Additional Extension Fee shall be deemed earned in full upon execution and delivery of this Eleventh Amendment, and concurrently with the Closing, Buyer shall receive a credit against the Purchase Price in the amount of the Additional Extension Fee to the extent received by Seller under this Paragraph 3.
Each such Additional Extension Fee shall be fully earned, non-refundable and due and payable on the date of such extension of the Waiver Period.