Common use of Extension of Termination Date in Respect of Term Facility Clause in Contracts

Extension of Termination Date in Respect of Term Facility. (a) The Borrower may, by notice to the Administrative Agent (who shall promptly notify the Lenders) not later than 45 days prior to the Term Facility Maturity Date then in effect hereunder (the “Existing Termination Date”), request that each Term Lender extend such Lender’s Termination Date in respect of the Term Facility to a later date (the “Extended Termination Date”). (b) Each Term Lender, acting in its sole and individual discretion, shall, by notice to the Administrative Agent given not later than the date (the “Notice Date”) that is 35 days prior to the Existing Termination Date, advise the Administrative Agent whether or not such Term Lender agrees to such extension; each Term Lender that determines not to so extend its Termination Date (a “