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

Extension of the Facility Termination Date. At the written request of Seller delivered to Buyer no earlier than ninety (90) or later than thirty (30) days before the Initial Facility Termination Date or the First Extended Facility Termination Date (defined below), as applicable, Seller shall have two (2) options to extend the Facility Termination Date, the first for an additional one year term ending on the anniversary date of the Initial Facility Termination Date (the “First Extended Facility Termination Date”) and the second for an additional one year term ending on the anniversary date of the First Extended Facility Termination Date (the “Second Extended Facility Termination Date” and, together with the First Extended Facility Termination Date, the “Extended Facility Termination Date”). The extension of the Initial Facility Termination Date shall be subject to the following: (a) no Default or Event of Default exists on the date of the request to extend or the current Facility Termination Date, (b) no Margin Call has been made that has not been satisfied on the current Facility Termination Date