Common use of Extension of Scheduled Termination Date Clause in Contracts

Extension of Scheduled Termination Date. The current Scheduled Termination Date shall be automatically extended from time to time for an additional 2 year period for each Purchaser unless the applicable Purchaser delivers a written notice of non-extension to the Agent at least 150 days prior to the current Scheduled Termination Date or the Agent delivers a notice of non-extension to the Seller at least 120 days prior to the Scheduled Termination Date. A notice of non-extension delivered by (a) a Purchaser shall only be effective with respect to the Purchaser delivering such notice or (b) the Agent shall be effective with respect to all Purchasers described in such notice. In the event of non-extension by less than all the Purchasers, the Seller may, with the consent of the Agent, seek new Purchasers to purchase such non-extending Purchase Interests and Investments and to undertake their Purchase Limits under the extended Scheduled Termination Date.