Common use of Maturity Date of Commitment; Extension Clause in Contracts

Maturity Date of Commitment; Extension. Unless earlier terminated pursuant to the terms of this Agreement, the Commitment shall terminate on the Maturity Date, and the unpaid balance of the Revolving Credit Loans outstanding shall be paid on the Maturity Date; provided, however, that once each year during each and every year of the Commitment Period (without regard to whether or not all Banks elected to extend the Commitment Period in any preceding year during the Commitment Period) all Banks shall make an election whether or not, in all Banks' sole discretion, to extend the Maturity Date by one year. If all Banks elect to extend the Maturity Date by one year, such election shall be made on or before September 30 of each year (or the first Business Day after September 30 if September 30 is not a Business Day) by written notice from Agent to Borrower. Each notice granting an extension shall be attached to each of the Notes and shall constitute an amendment extending the maturity date of each Note by one year. If all Banks do not unanimously elect to extend the Maturity Date by one year, Agent shall not be required to give notice to Borrower of such election not to extend. If Borrower has not received notice from Agent as stated herein that all Banks have elected to extend the Maturity Date by one year, the Maturity Date shall be deemed not to have been extended.

Maturity Date of Commitment; Extension. Unless earlier terminated pursuant to the terms of this Agreement, the Commitment shall terminate on the Maturity DateSeptember 30, 2001, and the unpaid balance of the Revolving Credit Loans outstanding shall be paid on the Maturity Datesaid date; provided, however, that once each year during each and every year of the Commitment Period (without regard to whether or not all Banks elected to extend the Commitment Period in any preceding year during the Commitment Period) all Banks shall make an election whether or not, in all Banks' sole discretion, to extend the Maturity Date maturity date of the Commitment by one year. If all Banks elect to extend the Maturity Date maturity date of the Commitment by one year, such election shall be made on or before September 30 of each year (or the first Business Day after September 30 if September 30 is not a Business Day) by written notice from Agent to Borrower. Each notice granting an extension shall be attached to each of the Notes and shall constitute an amendment extending the maturity date of each Note by one year. If all Banks do not unanimously elect to extend the Maturity Date maturity date of the Commitment by one year, Agent shall not be required to give notice to Borrower of such election not to extend. If Borrower has not received notice from Agent as stated herein that all Banks have elected to extend the Maturity Date maturity date of the Commitment by one year, the Maturity Date maturity date of the Commitment shall be deemed not to have been extended.