Common use of EXTENSIONS OF THE TERMINATION DATE Clause in Contracts

EXTENSIONS OF THE TERMINATION DATE. The Borrower may advise the Lenders in writing of its desire to extend the Termination Date for an additional one year, provided (i) such request is made no later than 90 days prior to such Termination Date, (ii) not more than one such request for the extension of the Termination Date may be made in any one calendar year, and (iii) in no event shall the Termination Date be extended beyond February 15, 1999. Each Lender shall notify the Borrower and the other Lender in writing within 45 days after such Lender receives such request from the Borrower, whether such Lender in its sole discretion agrees to such extension. In the event that a Lender shall fail to so notify the Borrower and the other Lender within such 45 day period, whether it agrees to such extension, such Lender shall be deemed to have refused to grant the requested extension. Upon receipt by the Borrower and all Lenders of the consent of all Lenders within such 45 day period, the Termination Date shall be automatically extended for an additional one year, and Northern shall confirm such automatic extension in writing to the Borrower and LaSalle Bank. In the event the Borrower and all Lenders do not consent to the requested extension of the Termination Date, such Termination Date shall take place as scheduled.

EXTENSIONS OF THE TERMINATION DATE. The Borrower may advise the Lenders in writing of its desire to extend the Termination Date for an additional one year, provided (i) such request is made no later than 90 days prior to such Termination Date, (ii) not more than one such request for the extension of the Termination Date may be made in any one calendar year, and (iii) in no event shall the Termination Date be extended beyond February June 15, 1999. Each Lender shall notify the Borrower and Borrower, the other Lender and the Agent, in writing within 45 days after such Lender receives such request from the Borrower, whether such Lender in its sole discretion agrees to such extension. In the event that a Lender shall fail to so notify the Borrower and Borrower, the other Lender and the Agent within such 45 day period, whether it agrees to such extension, such Lender shall be deemed to have refused to grant the requested extension. Upon receipt by the Borrower Borrower, the Agent and all Lenders of the consent of all Lenders within such 45 day period, the Termination Date shall be automatically extended for an additional one year, and Northern the Agent shall confirm such automatic extension in writing to the Borrower and LaSalle Bankthe Lenders. In the event the Borrower and all Lenders do not consent to the requested extension of the Termination Date, such Termination Date shall take place as scheduled.