Common use of Subsequent Extension Clause in Contracts

Subsequent Extension. In addition to the extension option set forth in the immediately preceding clause (a), the Borrower shall have the right, exercisable one time, to request that the Agent and the Lenders agree to extend the then current Termination Date by an additional year. To exercise such right the Borrower shall execute and deliver an Extension Request to the Agent at least 90 days but not more than 360 days prior to the then current Termination Date (as such date has been extended pursuant to subsection (a) above). If the Agent shall receive such a request, the Agent shall forward a copy of it to each Lender promptly upon receipt thereof. If all of the Lenders shall have notified the Agent on or before the date 45 days after receipt by the Lenders of such request that they accept such request, then, upon payment of the extension fee payable under Section 3.6.(e). the Termination Date shall be extended for a single one-year period. If any Lender shall not have notified the Agent on or prior to the date which is the date 45 days after receipt by the Lenders of such request that it accepts the such request, the Termination Date shall not be extended except as otherwise permitted under the immediately following subsection (c). The Agent shall promptly notify the Borrower whether a request for an extension has been accepted or rejected as well as which Lender or Lenders rejected such request (each such Lender, a “Rejecting Lender”). The Borrower understands and acknowledges that (i) this Section has been included in this Agreement for the Borrower’s convenience in requesting an extension of the Termination Date; (ii) neither the Agent nor any Lender has promised (either expressly or impliedly), nor does the Agent or any Lender have any obligation or commitment whatsoever, to extend the Termination Date and (iii) the Agent and the Lenders may condition any such extension on such terms and conditions as they may deem appropriate in their sole and absolute discretion. Notwithstanding the preceding subsections, if Requisite Lenders do not approve a request for an extension of the Termination Date or if a Default or Event of Default exists on the then current Termination Date or would exist after giving effect to any of the transactions contemplated by this Section, then the Termination Date shall not be extended.

Subsequent Extension. In addition to the extension option set forth in the immediately preceding clause (a), the Borrower shall have the right, exercisable one time, to request that the Agent and the Lenders agree to extend the then current Termination Date by an additional year. To exercise such right the Borrower shall execute and deliver an Extension Request to the Agent at least 90 180 days but not more than 360 days prior to the then current Termination Date (as such date has been extended pursuant to subsection (a) above). If the Agent shall receive such a request, the Agent shall forward a copy of it to each Lender promptly upon receipt thereof. If all of the Lenders shall have notified the Agent on or before the date 45 days after receipt by the Lenders of such request that they accept such request, then, upon payment of the extension fee payable under Section 3.6.(e). the Termination Date shall be extended for a single one-year period. If any Lender shall not have notified the Agent on or prior to the date which is the date 45 days after receipt by the Lenders of such request that it accepts the such request, the Termination Date shall not be extended except as otherwise permitted under the immediately following subsection (c). The Agent shall promptly notify the Borrower whether a request for an extension has been accepted or rejected as well as which Lender or Lenders rejected such request (each such Lender, a “"Rejecting Lender”"). The Borrower understands and acknowledges that (i) this Section has been included in this Agreement for the Borrower’s 's convenience in requesting an extension of the Termination Date; (ii) neither the Agent nor any Lender has promised (either expressly or impliedly), nor does the Agent or any Lender have any obligation or commitment whatsoever, to extend the Termination Date and (iii) the Agent and the Lenders may condition any such extension on such terms and conditions as they may deem appropriate in their sole and absolute discretion. Notwithstanding the preceding subsections, if Requisite Lenders do not approve a request for an extension of the Termination Date or if a Default or Event of Default exists on the then current Termination Date or would exist after giving effect to any of the transactions contemplated by this Section, then the Termination Date shall not be extended.

Subsequent Extension. In addition to the extension option set forth in the immediately preceding clause (a), the Borrower shall have the right, exercisable one time, to request that the Agent and the Lenders agree to extend the then current Termination Date by an additional year. To exercise such right the Borrower shall execute and deliver an Extension Request to the Agent at least 90 120 days but not more than 360 days prior to the then current Termination Date (as such date has been extended pursuant to subsection (a) above). If the Agent shall receive such a request, the Agent shall forward a copy of it to each Lender promptly upon receipt thereof. If all of the Lenders shall have notified the Agent on or before the date 45 days after receipt by the Lenders of such request that they accept such request, then, upon payment of the extension fee payable under Section 3.6.(e). the Termination Date shall be extended for a single one-year period. If any Lender shall not have notified the Agent on or prior to the date which is the date 45 days after receipt by the Lenders of such request that it accepts the such request, the Termination Date shall not be extended except as otherwise permitted under the immediately following subsection (c). The Agent shall promptly notify the Borrower whether a request for an extension has been accepted or rejected as well as which Lender or Lenders rejected such request (each such Lender, a “Rejecting Lender”). The Borrower understands and acknowledges that (i) this Section has been included in this Agreement for the Borrower’s convenience in requesting an extension of the Termination Date; (ii) neither the Agent nor any Lender has promised (either expressly or impliedly), nor does the Agent or any Lender have any obligation or commitment whatsoever, to extend the Termination Date and (iii) the Agent and the Lenders may condition any such extension on such terms and conditions as they may deem appropriate in their sole and absolute discretion. Notwithstanding the preceding subsections, if Requisite Lenders do not approve a request for an extension of the Termination Date or if a Default or Event of Default exists on the then current Termination Date or would exist after giving effect to any of the transactions contemplated by this Section, then the Termination Date shall not be extended.