Maturity Extension Requests Sample Clauses

Maturity Extension Requests. (a) The Borrower may, by notice to the Administrative Agent (which shall promptly notify the Lenders) given not less than 30 days prior to the Stated Maturity Date at any time in effect, request that the Lenders extend the Stated Maturity Date for an additional one-year period (a “Maturity Extension Request”); provided that (i) not more than one Maturity Extension Request may be made in any calendar year (and no Maturity Extension Request may be made prior to the first anniversary of the Restatement Closing Date) and (ii) there shall not be more than two extensions of the Stated Maturity Date under this Section 2.16 during the term of this Agreement. At the time of sending such notice, the Borrower (in consultation with the Administrative Agent) shall specify the time period within which each Lender is requested to respond (which shall in no event be less than ten Business Days from the date of delivery of such notice to the Lenders). Each Lender shall notify the Administrative Agent within such time period whether or not it agrees, in its sole discretion, to the Maturity Extension Request (each Lender agreeing to a Maturity Extension Request being called a “Consenting Lender” and each Lender declining to agree to a Maturity Extension Request being called a “Declining Lender”). Any Lender not responding within such time period shall be deemed to be a Declining Lender. If Lenders constituting the Required Lenders shall have agreed to a Maturity Extension Request, then (A) the Stated Maturity Date shall, as to the Consenting Lenders, be extended by one year to the anniversary of the Stated Maturity Date theretofore in effect and (B) the Commitment of each Declining Lender shall terminate and the principal amount of any outstanding Loans made by Declining Lenders, together with any accrued interest thereon and any accrued fees and other amounts payable to or for the account of such Declining Lenders hereunder, shall be due and payable on the Stated Maturity Date in effect prior to giving effect to any such extension (such Stated Maturity Date being called the “Existing Maturity Date”). On the Existing Maturity Date, the Borrower shall make such other prepayments of the Loans pursuant to Section 2.05 as shall be required in order that, after giving effect to the termination of the Commitments of, and all payments to, Declining Lenders as set forth above, (x) Total Outstandings shall not exceed the Aggregate Commitment and (y) the aggregate Outstanding Amount o...