Common use of Extension of Expiry Date Clause in Contracts

Extension of Expiry Date. Not less than 60 days and not more than 90 days prior to the Expiry Date then in effect, the Borrowers may make a written request (the "Extension Request") to the Administrative Agent at its Notice Office, which request the Administrative Agent shall promptly transmit to each of the Banks, that the Expiry Date then in effect be extended to the date which occurs 364 days after the Requested Extension Effective Date specified by the Borrowers in the Extension Request. Each Extension Request shall specify a date (the "Requested Extension Effective Date"), which shall be a Business Day not earlier than 40 days after the giving of the respective notice and not later than the Expiry Date then in effect, on which such extension of the Expiry Date, if granted by the Banks, shall occur. Each Extension Request shall also be accompanied by a certificate of an authorized officer of the Borrowers stating that no Default or Event of Default has occurred and is continuing. Each Bank, acting in its sole discretion and with no obligation to grant any extension pursuant to this Section 1.13, shall, by written notice to the Borrowers and the Administrative Agent, such notice to be given within 30 days of its receipt of the relevant Extension Request, advise the Borrowers and the Administrative Agent whether such Bank agrees to such extension, provided that:

Extension of Expiry Date. Not less than 60 45 days and not more than 90 60 ------------------------ days prior to the Expiry Date then in effect, the Borrowers may make a written request (the "Extension Request") to the Administrative Operations Agent at its Notice Office, which request the Administrative Operations Agent shall promptly transmit to each of the Banks, that the Expiry Date then in effect be extended to the date which occurs 364 days after the Requested Extension Effective Date specified by the Borrowers in the Extension Request. Each Extension Request shall specify a date (the "Requested Extension Effective Date"), which shall be a Business Day not earlier than 40 days after the giving of the respective notice and not later than the Expiry Date then in effect, on which such extension of the Expiry Date, if granted by the Banks, shall occur. Each Extension Request shall also be accompanied by a certificate of an authorized officer of the Borrowers stating that no Default or Event of Default has occurred and is continuing. Each Bank, acting in its sole discretion and with no obligation to grant any extension pursuant to this Section 1.13, shall, by written notice to the Borrowers and the Administrative Operations Agent, such notice to be given within 30 days of its receipt of the relevant Extension Request, advise the Borrowers and the Administrative Operations Agent whether such Bank agrees to such extension, provided that:that (a) any Bank that fails to so notify the Borrowers and the Operations Agent shall be deemed to have elected not to grant such extension, (b) any extension of the Expiry Date pursuant to this Section 1.13 shall only be effective if all of the Banks agree to such extension and (c) any effectiveness of such extension shall occur on the Requested Extension Expiry Date. The Operations Agent shall notify the Borrowers and each Bank of the effectiveness of any such extension.