Common use of Extension of the Facility Termination Date Clause in Contracts

Extension of the Facility Termination Date. At the request of Seller delivered to Buyer no earlier than ninety (90) or later than forty-five (45) days before the Facility Termination Date, Buyer may grant one ninety (90) day extension of the Facility Termination Date by giving notice approving such extension and the extended Facility Termination Date to Seller no later than thirty (30) days before the expiration of the then current Facility Termination Date. The failure of Buyer to so deliver such notice approving the extension shall be deemed to be Buyer’s determination not to extend the Facility Termination Date unless Buyer thereafter gives notice to the contrary. Any extension of the Facility Termination Date shall be subject to the following: (i) no Default or Event of Default existing on the date of the request to extend or the current Facility Termination Date, (ii) no Margin Deficit being outstanding, and (iii) all Purchased Assets qualifying as Eligible Assets.