Common use of Extension of the Line of Credit Termination Date Clause in Contracts

Extension of the Line of Credit Termination Date. Borrower may, on and before two hundred ten (210) days prior to the then current Line of Credit Termination Date, request in writing an extension of the Line of Credit Termination Date. The Lenders may, in the exercise of their sole discretion, extend the Line of Credit Termination Date for an additional one hundred eighty (180) days. The Lenders shall notify the Borrower in writing of such election no later than one hundred eighty (180) days prior to then Line of Credit Termination Date. If any Lender elects to extend the Line of credit Termination Date for such one hundred eighty (180) day period beyond the Line of Credit Termination Date, then effective as of the then current Line of Credit Termination Date, the Line of Credit Termination Date for such Lender's Line of Credit Commitment shall be extended to the date one hundred eighty (180) days from the then current Line of Credit Termination Date. In the event that any Lender elects not to extend the then current Line of Credit Termination Date, such Lender's Line of Credit Commitment shall terminate on the then current Line of Credit Termination Date, and all Line of Credit Loans made by such Lender to the Borrower shall be due and payable in full on the then current Line of Credit Termination Date. Failure by any Lender to respond to the request by the Borrower to extend the Line of Credit Termination Date shall be deemed to be an election by such Lender not to extend the Line of Credit Termination Date.