Common use of Debt Extension Clause in Contracts

Debt Extension. 7.1 If Debtor is unable to pay the principal in due time and requests for extension, he shall file a written application with the Creditor / days prior to its due date. However, Creditor shall have the right to treat the loan as overdue provided that Creditor disagrees on the extension and Debtor fails to make due payment.

Debt Extension. 7.1 If Debtor is unable to pay the principal in due time and requests for extension, he shall file a written application with the Creditor / thirty (30) days prior to its due date. However, Creditor shall have the right to treat the loan as overdue provided that Creditor disagrees on the extension and Debtor fails to make due payment.