Common use of Extension of Existing Maturity Date Clause in Contracts

Extension of Existing Maturity Date. If there are no Non-Extending Lenders or all of the Non-Extending Lenders are replaced by Additional Commitment Lenders as set forth in clause (d) of this Section, effective as of the Existing Maturity Date, the Maturity Date of each Lender that has agreed to so extend its Maturity Date and of each Additional Commitment Lender shall be extended to the date falling 364 days after the Existing Maturity Date (except that, if such date is not a Business Day, such Maturity Date as so extended shall be the immediately preceding Business Day) and each Additional Commitment Lender shall thereupon become a “Lender” for all purposes of this Agreement. If there are any Non-Extending Lenders that are not replaced in accordance with clause (d) above, the Borrowers may (x) withdraw their request for an extension and the Existing Maturity Date will remain in effect or (y) on the Existing Maturity Date, pay any such Non-Extending Lender in full for all principal, interest and other amounts owing to such Non-Extending Lender under this Agreement, reduce the Aggregate Commitments of the Lenders by the amount of the Commitments of such Non-Extending Lenders, and extend the Maturity Date to the date falling 364 days after the Existing Maturity Date (except that, if such date is not a Business Day, such Maturity Date as so extended shall be the immediately preceding Business Day).