Extensions of Final Maturity Date Sample Clauses

Extensions of Final Maturity Date. (1) The Borrower may, at its option, by delivering to the Administrative Agent a written extension request, request the Lenders to extend the Final Maturity Date, provided that (a) this request cannot be made more than once in any calendar year and (b) the requested Final Maturity Date not exceed four years from the effective date of such requested extension. (2) Promptly after receipt from the Borrower of an executed extension request, the Administrative Agent shall deliver to each Lender a copy of such request, and each such Lender shall, within 30 days after receipt of such extension request (the “Election Date”), advise the Administrative Agent in writing whether such Lender will agree to extend its Final Maturity Date; provided that if any Lender fails to so advise the Administrative Agent by the Election Date, then such Lender shall be deemed to have advised the Administrative Agent that it will not agree to extend its Final Maturity Date. The Administrative Agent shall promptly notify the Borrower if any Lender advises that it will not agree to extend its Final Maturity Date. Subject to any replacement of Non-Extending Lenders under Section 11.7, the Administrative Agent shall only extend the Final Maturity Date upon the agreement of the Majority Lenders, and any such extension shall apply only to those Lenders which provided their consent to such extension (the “Extending Lenders”). The determination of each Lender whether or not to extend the Final Maturity Date applicable to it shall be made by each individual Lender in its sole discretion. (3) As soon as all of the Lenders have advised, or are deemed to have advised, the Administrative Agent whether or not they will be extending the Final Maturity Date, the Agent shall either: (a) deliver to the Borrower (with a copy to each such Lender) a written extension signed by the Administrative Agent; or (b) notify the Borrower that the request for extension has been denied. (4) If the extension is approved by less than all of the Lenders, then the Administrative Agent shall also advise the Borrower of any Lender(s) which did not agree to the requested extension (each, a “Non-Extending Lender”), each Non-Extending Lender’s Rateable Portion of the Obligations then outstanding and the amount, if any, by which each Extending Lender is prepared to increase its Commitment in the event the Borrower proposes to assign the Commitment of a Non-Extending Lender under Section 11.7. (5) Upon the delivery to the Borr...