Common use of Extension of Final Maturity Date Clause in Contracts

Extension of Final Maturity Date. (a) Subject to paragraph (b) below, the Borrower (at its option) may request that the Final Maturity Date is extended by one year to the sixth anniversary of the date of this Agreement by written notice to the Facility Agent at least 30 days but no more than 60 days prior to the Final Maturity Date (the Extension Option). (b) If, on the Final Maturity Date: (i) no Default is then outstanding; and (ii) the Company or the Borrower has paid to the Facility Agent (for the account of the Lenders) a flat fee of 0.50 per cent. of the Total Commitments, the Final Maturity Date will be extended to the sixth anniversary of the date of this Agreement. (c) The Facility Agent must notify the Lenders promptly of the exercise of the Extension Option.