Term Extension definition

Term Extension means, for any Lease, an extension of the payment term by the Servicer in accordance with the Credit and Collection Policy, by increasing the number of Total Payments due and extending the term of the Lease for an additional month for each additional Total Payment.

Term Extension has the meaning set forth in Section 6.2.

Term Extension means in respect of a Permanent Out of Path Relocation of any Firm Transportation Service – Northern, the extension of the term of any such service for one or more whole years pursuant to an award made by Westcoast in accordance with Section 9.13(a).

Examples of Term Extension in a sentence

• Consistent with its Customary Servicing Practices, the Servicer may, in its discretion, grant a Postmaturity Term Extension with respect to any Transaction Lease.

• If the Servicer grants a Postmaturity Term Extension with respect to a Transaction Lease, then the Servicer shall direct the SUBI Trustee and the Servicer to reallocate the Transaction Unit related to such Transaction Lease from the Transaction SUBI Portfolio to the UTI Portfolio (if the Servicer is VCI) or to an Other SUBI designated by the Servicer (if the Servicer is not VCI) on the Payment Date following the beginning of the Collection Period during which such Postmaturity Term Extension was granted.

• The Administrative Agent and the applicable Borrower shall promptly confirm to the appropriate Lenders such extension and the Term Extension Effective Date.

• The Party that does not apply for an extension hereunder shall cooperate fully with the other Party in making such filings or actions, for example and without limitation, making available all required regulatory data and information and executing any required authorizations to apply for such Patent Term Extension.

• In the event a Term Extension for a Service would exceed the Term of this Agreement, the Term of this Agreement will be extended for the duration of the Term Extension.

More Definitions of Term Extension

Term Extension means immediately subsequent licensing periods after the initial license period. Each Term Extension will commence on expiration of the previous Term Extension (or, in the case of the first Term Extension, on expiration of the initial license period) and will have a duration of no less than twelve (12) months.

Term Extension shall have the meaning set forth in Section 14.3.

Term Extension has the meaning set forth in Section 2.2 hereof.

Term Extension. As long as the Company is not otherwise in default, the Company may at its option extend the loan for three (3) successive one-(1) year periods by reducing the principal amount of the loan by 25% of the original loan amount and pay current all unpaid interest.

Term Extension has the meaning given in Clause 4.15;

Term Extension is defined in Section 5.1.

Term Extension means, at the Sole and Absolute Discretion of Owner, a possible additional two (2) year period commencing on the day following the expiration of the initial Term, and, at the Sole and Absolute Discretion of Owner, a possible additional two (2) year period commencing on the day following the expiration of a possible initial Term extension described above.