Common use of Extending Lenders Clause in Contracts

Extending Lenders. Each Existing Lender identified as an Extending Lender on its signature page hereto hereby acknowledges and agrees that such Lender has made an election to be, and shall, effective immediately on the New Facility Availability Date, (i) become an “Extending Lender” hereunder and (ii) (A) have its Existing Commitment reduced to zero and terminated, (B) no longer be a party to the Amended Credit Agreement or have any obligations under or in respect of the Amended Credit Agreement (provided that any indemnities or other contingent obligations owing to any Extending Lender pursuant to the Amended Credit Agreement shall survive) and (C) become a “Lender” under and as defined in the New Credit Agreement, with all the rights and obligations of a “Lender” thereunder, with respect to and to the extent of its “Commitments” under and as defined in the New Credit Agreement.