Common use of Extension of Scheduled Commitment Termination Date Clause in Contracts

Extension of Scheduled Commitment Termination Date. (a) The Borrower may, by notice to the Administrative Agent (who shall promptly notify the Lenders) not earlier than ninety (90) days and not later than thirty-five (35) days prior to the first and/or second anniversaries of this Agreement (each such anniversary being a “Modification Date”) request that each Lender extend such Lender’s Scheduled Commitment Termination Date for an additional year from the Scheduled Commitment Termination Date then in effect hereunder (the “Existing Scheduled Commitment Termination Date”). (b) Each Lender, acting in its sole and individual discretion, shall, by notice to the Administrative Agent given not later than the date specified in the notice from the Administrative Agent (the “Notice Date”), which date shall not be earlier than ten (10) Business Days after the date of such notice and not later than twenty (20) days prior to the applicable Modification Date, advise the Administrative Agent whether or not such Lender agrees to such extension (and each Lender that determines not to so extend its Maturity Date (a “