Extension of Final Maturity Date. (a) The Company may request (“Extension Request”) that the Final Maturity Date and the Availability Period be extended, each for a further period of 364 days by giving notice to the Agent no more than 60 days, and not less than 30 days, before the original Final Maturity Date, which must include the fee proposed to be paid by the Company under Clause 22.4 (Extension fee). (b) Upon receipt of an Extension Request, the Agent shall promptly notify each Bank. Each such Bank shall have the right, in its absolute discretion, to accept or decline any Extension Request and any such Bank which wishes to accept the Extension Request shall so notify the Agent no later than the date falling 15 days before the original Final Maturity Date. If any Bank does not accept an Extension Request by that date it will be deemed to have refused it. (c) Subject to Clause 2.6 (Relationship between the Extension Option and the Term-out Option), on the original Final Maturity Date: (i) each Borrower shall repay the participation in the Loans of each Bank that refuses the Extension Request in full; (ii) the Commitment of each Bank that refuses the Extension Request shall be cancelled automatically; and (iii) in respect of those Banks that accept the Extension Request only (if any), the Final Maturity Date and the Availability Period shall, respectively, be extended to the date which is 364 days after the original Final Maturity Date. (d) No more than two Extension Requests may be given and any such request is (subject to Clause 2.6 (Relationship between the Extension Option and the Term-out Option) irrevocable.
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Sources: Facility Agreement (Spirent PLC)
Extension of Final Maturity Date. (a) The Company may request (“Extension Request”) that the Final Maturity Date and the Availability Period be extended, each for a further period of 364 days by giving notice to the Agent no more than 60 days, and not less than 30 days, before the original Final Maturity Date, which must include the fee proposed to be paid by the Company under Clause 22.4 (Extension fee).
(b) Upon receipt of an Extension Request, the Agent shall promptly notify each Bank. Each such Bank shall have the right, in its absolute discretion, to accept or decline any Extension Request and any such Bank which wishes to accept the Extension Request shall so notify the Agent no later than the date falling 15 days before the original Final Maturity Date. If any Bank does not accept an Extension Request by that date it will be deemed to have refused it.
(c) Subject to Clause 2.6 (Relationship between the Extension Option and the Term-out Option), on the original Final Maturity Date:
(i) each Borrower shall repay the participation in the Loans of each Bank that refuses the Extension Request in full;
(ii) the Commitment of each Bank that refuses the Extension Request shall be cancelled automatically; and
(iii) in respect of those Banks that accept the Extension Request only (if any), the Final Maturity Date and the Availability Period shall, respectively, be extended to the date which is 364 days after the original Final Maturity Date.
(d) No more than two Extension Requests may be given and any such request is (subject to Clause 2.6 (Relationship between the Extension Option and the Term-out Option) irrevocable.
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