Common use of Amendment and Extension Clause in Contracts

Amendment and Extension. (a) The Borrowers may, by written notice to the Administrative Agent from time to time, request an extension (each, an “Extension”) of the maturity or termination date of Commitments and/or Term Loans (if any) to the extended maturity or termination date specified in such notice. Such notice shall (i) set forth the amount of the applicable Commitments and/or Term Loans to be extended (ii) set forth the date on which such Extension is requested to become effective and (iii) identify the relevant Commitments and/or Term Loans to which the Extension request relates. Each applicable Lender shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of the same class pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. Each Lender may elect to participate in any Extension in its sole and absolute discretion, provided that any Lender that does not respond to an Extension Offer shall be deemed to have declined its participation in such Extension. If the aggregate principal amount of Commitments or Term Loans (calculated on the face amount thereof) in respect of which Lenders shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Commitments or Term Loans, as applicable, offered to be extended by the Borrowers pursuant to such Extension Offer, then the Commitments or Term Loans, as applicable, of Lenders of the applicable class shall be extended ratably up to such maximum amount based on the respective principal amounts with respect to which such Lenders have accepted such Extension Offer (but in no event to exceed the Commitments or Term Loans held by such Lender).

Amendment and Extension. (a) The Borrowers Borrower may, by written notice to the Administrative Agent from time to time, request an extension (each, each an “Extension”) of the maturity or termination date of any Loans and Commitments and/or Term Loans (if any) to the extended maturity or termination date specified in such notice, provided that not more than two Extensions shall be permitted. Such notice shall (i) set forth the amount of the applicable Commitments and/or Term Loans that will be subject to the Extension (which shall be extended in an amount equal to more than 50% of the aggregate Commitments then in effect) and (ii) set forth the date on which such Extension is requested to become effective and (iiiwhich shall be not less than ten (10) identify Business Days nor more than sixty (60) days after the relevant Commitments and/or Term Loans to which date of such Extension notice (or such longer or shorter periods as the Extension request relatesAdministrative Agent shall agree in its sole discretion)). Each applicable Lender Bank shall be offered (an “Extension Offer”) an opportunity to participate in such Extension on a pro rata basis and on the same terms and conditions as each other Lender of the same class Bank pursuant to procedures established by, or reasonably acceptable to, the Administrative Agent. Each Lender may elect to participate in any Extension in its sole Agent and absolute discretion, the Borrower; provided that no Bank shall be obligated to accept an Extension Officer, and any Lender that does not respond Bank’s failure to accept an Extension Offer within any time specified for acceptance shall be deemed to have declined its participation in such Extensionbe a declination thereof. If the aggregate principal amount of Commitments or Term Loans (calculated on the face amount thereof) in respect of which Lenders Banks shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Commitments or Term Loans, subject to the Extension Offer as applicable, offered to be extended by set forth in the Borrowers pursuant to such Extension Offernotice, then the Commitments or Term Loans, as applicable, of Lenders of the applicable class such Banks shall be extended ratably up to such maximum amount based on the respective principal amounts with respect to which such Lenders Banks have accepted such Extension Offer (but in no event to exceed the Commitments or Term Loans held by such Lender)Offer.