Common use of Extended Maturity Date Option Clause in Contracts

Extended Maturity Date Option. Not more than 90 days and not less than 30 days prior to the Initial Maturity Date, the Borrower may request in writing that the Lenders extend the term of this Agreement to the Extended Maturity Date. Such extension option shall be subject solely to the satisfaction of the following requirements: (i) at the Initial Maturity Date, there shall not exist any Default or Event of Default; (ii) the Borrower shall, on the Initial Maturity Date, deliver to the Administrative Agent a certificate of each Borrower dated as of the Initial Maturity Date (in sufficient copies for each Lender) signed by a Responsible Officer (A) certifying and attaching the resolutions adopted by such Borrower approving or consenting to such extension, and (B) certifying and attaching an update to Schedule 5.13 setting forth a complete and accurate list of all Sponsored REITS of Borrower, and (C) certifying that, before and after giving effect to such extension, (1) the representations and warranties contained in Article V of the Credit Agreement are true and correct in all material respects on and as of the Initial Maturity Date, except (x) to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, and (y) except that for purposes of this Section 2.15, (I) the representations and warranties contained in subsections (a), (b) and (c) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01; and (II) the representations and warranties contained in Section 5.13 shall be deemed to refer to the most recent update to Schedule 5.13 furnished pursuant to Sections 2.15 and 6.02(a)(ii), and shall be true and correct in all material respects as of the effective date of such update, and (III) the representations and warranties contained in the first and second sentences of Section 5.21 shall be deemed to refer to the most recent update to Schedule 5.21 furnished pursuant to Section 6.02(a)(i), and shall be true and correct in all material respects as of the effective date of such update, and (2) no Default or Event of Default exists; and (iii) the Borrower shall, at the Initial Maturity Date, deliver to the Administrative Agent (for the pro rata benefit of the Lenders based on their respective Commitments) an extension fee equal to twenty-five hundredths of one percent (0.25%) of the then-existing Aggregate Commitments (whether funded or unfunded), provided, however, that the Commitment of a Defaulting Lender shall be excluded from the Aggregate Commitments upon which the extension fee is calculated to the extent that such Defaulting Lender’s Commitment has not been reallocated to or assumed by the non-Defaulting Lenders (the “Excluded Commitment”), and provided, further that, without duplication of any amounts paid by Borrower, to the extent such Defaulting Lender ceases to be a Defaulting Lender, Borrower shall deliver to the Administrative Agent, within ten days of written notice from Administrative Agent, a fee for payment to such Defaulting Lender equal to the product of (x) twenty-five hundredths of one percent (0.25%) of the Excluded Commitment multiplied by (y) a ratio the numerator of which is the number of days remaining to the Extended Maturity Date from the date the Defaulting Lender ceases to be a Defaulting Lender and the denominator of which is 365.

Extended Maturity Date Option. Not more than 90 days and not less than 30 thirty (30) days prior to the Initial Existing Maturity Date, the Borrower may request in writing that the Lenders extend the term of this Agreement to the next occurring Extended Maturity Date. Such extension option shall be subject solely to the satisfaction of the following requirements: (i) at the Initial Existing Maturity Date, there shall not exist any Default or Event of DefaultDefault by the Borrower or any other Loan Party; (ii) the Borrower shall, on the Initial Existing Maturity Date, deliver to the Administrative Agent a certificate of each Borrower Loan Party dated as of the Initial Existing Maturity Date (in sufficient copies for each Lender) signed by a Responsible Officer of such Loan Party (A) certifying and attaching the resolutions adopted by such Borrower Loan Party approving or consenting to such extension, extension and (B) certifying and attaching an update to Schedule 5.13 setting forth a complete and accurate list in the case of all Sponsored REITS of the Borrower, and (C) certifying that, before and after giving effect to such extension, (1) the representations and warranties contained in Article V of and the Credit Agreement other Loan Documents are true and correct in all material respects on and as of the Initial Existing Maturity Date, except (x) to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, and (y) except that for purposes of this Section 2.15, (I) the representations and warranties contained in subsections (a), (b) and (cb) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to clauses subsections (a) and (b), respectively, of Section 6.01; and (II) the representations and warranties contained in Section 5.13 shall be deemed to refer to the most recent update to Schedule 5.13 furnished pursuant to Sections 2.15 and 6.02(a)(ii), and shall be true and correct in all material respects as of the effective date of such update, and (III) the representations and warranties contained in the first and second sentences of Section 5.21 shall be deemed to refer to the most recent update to Schedule 5.21 furnished pursuant to Section 6.02(a)(i), and shall be true and correct in all material respects as of the effective date of such update, and (2) no Default or Event of Default exists; and (iii) the Borrower shall, at the Initial Existing Maturity Date, deliver to the Administrative Agent (for the pro rata benefit of the Lenders based on their respective CommitmentsLoans) an extension fee equal to twentyfive one-five hundredths of one percent (0.250.05%) of the then-existing Aggregate Commitments (whether funded or unfunded), provided, however, that the Commitment of a Defaulting Lender shall be excluded from the Aggregate Commitments upon which the extension fee is calculated to the extent that such Defaulting Lender’s Commitment has not been reallocated to or assumed by the nonTotal Outstandings for each three-Defaulting Lenders (the “Excluded Commitment”), and provided, further that, without duplication of any amounts paid by Borrower, to the extent such Defaulting Lender ceases to be a Defaulting Lender, Borrower shall deliver to the Administrative Agent, within ten days of written notice from Administrative Agent, a fee for payment to such Defaulting Lender equal to the product of (x) twenty-five hundredths of one percent (0.25%) of the Excluded Commitment multiplied by (y) a ratio the numerator of which is the number of days remaining to the Extended Maturity Date from the date the Defaulting Lender ceases to be a Defaulting Lender and the denominator of which is 365month extension.

Extended Maturity Date Option. Not more than 90 120 days and not less than 30 60 days prior to the Initial Maturity Date, the Borrower may request in writing that the Lenders extend the term of this Agreement to the Extended Maturity Date. Such extension option shall be subject solely to the satisfaction of the following requirements: (i) at the Initial Maturity Date, there shall not exist any Default or Event of DefaultDefault by the Borrower or any other Loan Party; (ii) the Borrower shall, on the Initial Maturity Date, deliver to the Administrative Agent a certificate of each Borrower Loan Party dated as of the Initial Maturity Date (in sufficient copies for each Lender) signed by a Responsible Officer of such Loan Party (A) certifying and attaching the resolutions adopted by such Borrower Loan Party approving or consenting to such extension, extension and (B) certifying and attaching an update to Schedule 5.13 setting forth a complete and accurate list in the case of all Sponsored REITS of the Borrower, and (C) certifying that, before and after giving effect to such extension, (1) the representations and warranties contained in Article V of and the Credit Agreement other Loan Documents are true and correct in all material respects on and as of the Initial Existing Maturity Date, except (x) to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, and (y) except that for purposes of this Section 2.15, (I) the representations and warranties contained in subsections (a), (b) and (cb) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to clauses subsections (a) and (b), respectively, of Section 6.01; and (II) the representations and warranties contained in Section 5.13 shall be deemed to refer to the most recent update to Schedule 5.13 furnished pursuant to Sections 2.15 and 6.02(a)(ii), and shall be true and correct in all material respects as of the effective date of such update, and (III) the representations and warranties contained in the first and second sentences of Section 5.21 shall be deemed to refer to the most recent update to Schedule 5.21 furnished pursuant to Section 6.02(a)(i), and shall be true and correct in all material respects as of the effective date of such update, and (2) no Default or Event of Default exists; and (iii) the Borrower shall, at the Initial Maturity Date, deliver to the Administrative Agent (for the pro rata benefit of the Lenders based on their respective Commitments) an extension fee equal to twenty-five hundredths of one percent twenty basis points (0.250.20%) of multiplied by the then-existing Aggregate Commitments (whether funded or unfunded), provided, however, that the Commitment of a Defaulting Lender shall be excluded from the Aggregate Commitments upon which the extension fee is calculated to the extent that such Defaulting Lender’s Commitment has not been reallocated to or assumed by the non-Defaulting Lenders (the “Excluded Commitment”), and provided, further that, without duplication of any amounts paid by Borrower, to the extent such Defaulting Lender ceases to be a Defaulting Lender, Borrower shall deliver to the Administrative Agent, within ten days of written notice from Administrative Agent, a fee for payment to such Defaulting Lender equal to the product of (x) twenty-five hundredths of one percent (0.25%) of the Excluded Commitment multiplied by (y) a ratio the numerator of which is the number of days remaining to the Extended Maturity Date from the date the Defaulting Lender ceases to be a Defaulting Lender and the denominator of which is 365.

Extended Maturity Date Option. Not more than 90 120 days and not less than 30 60 days prior to the Initial Maturity Date, the Borrower may request in writing that the Lenders extend the term of this Agreement to the Extended Maturity Date. Such extension option shall be subject solely to the satisfaction of the following requirements: (i) at the Initial Maturity Date, there shall not exist any Default or Event of DefaultDefault by the Borrower or any other Loan Party; (ii) the Borrower shall, on the Initial Maturity Date, deliver to the Administrative Agent a certificate of each Borrower Loan Party dated as of the Initial Maturity Date (in sufficient copies for each Lender) signed by a Responsible Officer of such Loan Party (A) certifying and attaching the resolutions adopted by such Borrower Loan Party approving or consenting to such extension, extension and (B) certifying and attaching an update to Schedule 5.13 setting forth a complete and accurate list in the case of all Sponsored REITS of the Borrower, and (C) certifying that, before and after giving effect to such extension, (1) the representations and warranties contained in Article V of and the Credit Agreement other Loan Documents are true and correct in all material respects (or, to the extent already qualified by materiality or Material Adverse Effect, in all respects) on and as of the Initial Maturity Date, except (x) to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (or, to the extent already qualified by materiality or Material Adverse Effect, in all respects) as of such earlier date, and (y) except that for purposes of this Section 2.15, (I) the representations and warranties contained in subsections (a), (b) and (cb) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to clauses subsections (a) and (b), respectively, of Section 6.01; and (II) the representations and warranties contained in Section 5.13 shall be deemed to refer to the most recent update to Schedule 5.13 furnished pursuant to Sections 2.15 and 6.02(a)(ii), and shall be true and correct in all material respects as of the effective date of such update, and (III) the representations and warranties contained in the first and second sentences of Section 5.21 shall be deemed to refer to the most recent update to Schedule 5.21 furnished pursuant to Section 6.02(a)(i), and shall be true and correct in all material respects as of the effective date of such update, and (2) no Default or Event of Default exists; and (iii) the Borrower shall, at the Initial Maturity Date, deliver to the Administrative Agent (for the pro rata benefit of the Lenders based on their respective Commitments) an extension fee equal to twenty-five hundredths of one percent fifteen basis points (0.250.15%) of multiplied by the then-existing Aggregate Commitments (whether funded or unfunded), provided, however, that the Commitment of a Defaulting Lender shall be excluded from the Aggregate Commitments upon which the extension fee is calculated to the extent that such Defaulting Lender’s Commitment has not been reallocated to or assumed by the non-Defaulting Lenders (the “Excluded Commitment”), and provided, further that, without duplication of any amounts paid by Borrower, to the extent such Defaulting Lender ceases to be a Defaulting Lender, Borrower shall deliver to the Administrative Agent, within ten days of written notice from Administrative Agent, a fee for payment to such Defaulting Lender equal to the product of (x) twenty-five hundredths of one percent (0.25%) of the Excluded Commitment multiplied by (y) a ratio the numerator of which is the number of days remaining to the Extended Maturity Date from the date the Defaulting Lender ceases to be a Defaulting Lender and the denominator of which is 365.

Extended Maturity Date Option. Not more than 90 120 days and not less than 30 60 days prior to the Initial Maturity Date, the Borrower may request in writing that the Lenders extend the term of this Agreement to the Extended Maturity Date. Such extension option shall be subject solely to the satisfaction of the following requirements: (i) at the Initial Maturity Date, there shall not exist any Default or Event of DefaultDefault by the Borrower or any other Loan Party; (ii) the Borrower shall, on the Initial Maturity Date, deliver to the Administrative Agent a certificate of each Borrower Loan Party dated as of the Initial Maturity Date (in sufficient copies for each Lender) signed by a Responsible Officer of such Loan Party (A) certifying and attaching the resolutions adopted by such Borrower Loan Party approving or consenting to such extension, extension and (B) certifying and attaching an update to Schedule 5.13 setting forth a complete and accurate list in the case of all Sponsored REITS of the Borrower, and (C) certifying that, before and after giving effect to such extension, (1) the representations and warranties contained in Article V of and the Credit Agreement other Loan Documents are true and correct in all material respects on and as of the Initial Existing Maturity Date, except (x) to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, and (y) except that for purposes of this Section 2.15, (I) the representations and warranties contained in subsections (a), (b) and (cb) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to clauses subsections (a) and (b), respectively, of Section 6.01; and (II) the representations and warranties contained in Section 5.13 shall be deemed to refer to the most recent update to Schedule 5.13 furnished pursuant to Sections 2.15 and 6.02(a)(ii), and shall be true and correct in all material respects as of the effective date of such update, and (III) the representations and warranties contained in the first and second sentences of Section 5.21 shall be deemed to refer to the most recent update to Schedule 5.21 furnished pursuant to Section 6.02(a)(i), and shall be true and correct in all material respects as of the effective date of such update, and (2) no Default or Event of Default exists; and (iii) the Borrower shall, at the Initial Maturity Date, deliver to the Administrative Agent (for the pro rata benefit of the Lenders based on their respective Commitments) an extension fee equal to twenty-five hundredths of one percent fifteen basis points (0.250.15%) of multiplied by the then-existing Aggregate Commitments (whether funded or unfunded), provided, however, that the Commitment of a Defaulting Lender shall be excluded from the Aggregate Commitments upon which the extension fee is calculated to the extent that such Defaulting Lender’s Commitment has not been reallocated to or assumed by the non-Defaulting Lenders (the “Excluded Commitment”), and provided, further that, without duplication of any amounts paid by Borrower, to the extent such Defaulting Lender ceases to be a Defaulting Lender, Borrower shall deliver to the Administrative Agent, within ten days of written notice from Administrative Agent, a fee for payment to such Defaulting Lender equal to the product of (x) twenty-five hundredths of one percent (0.25%) of the Excluded Commitment multiplied by (y) a ratio the numerator of which is the number of days remaining to the Extended Maturity Date from the date the Defaulting Lender ceases to be a Defaulting Lender and the denominator of which is 365.

Extended Maturity Date Option. Not more than 90 120 days and not less than 30 60 days prior to the Initial Maturity Date, the Borrower may request in writing that the Lenders extend the term of this Agreement to the Extended Maturity Date. Such extension option shall be subject solely to the satisfaction of the following requirements: (i) at the Initial Maturity Date, there shall not exist any Default or Event of DefaultDefault by the Borrower or any other Loan Party; (ii) the Borrower shall, on the Initial Maturity Date, deliver to the Administrative Agent a certificate of each Borrower Loan Party dated as of the Initial Maturity Date (in sufficient copies for each Lender) signed by a Responsible Officer of such Loan Party (A) certifying and attaching the resolutions adopted by such Borrower Loan Party approving or consenting to such extension, extension and (B) certifying and attaching an update to Schedule 5.13 setting forth a complete and accurate list in the case of all Sponsored REITS of the Borrower, and (C) certifying that, before and after giving effect to such extension, (1) the representations and warranties contained in Article V of and the Credit Agreement other Loan Documents are true and correct in all material respects on and as of the Initial Existing Maturity Date, except (x) to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, and (y) except that for purposes of this Section 2.15, (I) the representations and warranties contained in subsections (a), (b) and (cb) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to clauses subsections (a) and (b), respectively, of Section 6.01; and (II) the representations and warranties contained in Section 5.13 shall be deemed to refer to the most recent update to Schedule 5.13 furnished pursuant to Sections 2.15 and 6.02(a)(ii), and shall be true and correct in all material respects as of the effective date of such update, and (III) the representations and warranties contained in the first and second sentences of Section 5.21 shall be deemed to refer to the most recent update to Schedule 5.21 furnished pursuant to Section 6.02(a)(i), and shall be true and correct in all material respects as of the effective date of such update, and (2) no Default or Event of Default exists; and (iii) the Borrower shall, at the Initial Maturity Date, deliver to the Administrative Agent (for the pro rata benefit of the Lenders based on their respective Commitments) an extension fee equal to twentythirty-five hundredths of one percent (0.250.35%) of the then-existing Aggregate Commitments (whether funded or unfunded), provided, however, that the Commitment of a Defaulting Lender shall be excluded from the Aggregate Commitments upon which the extension fee is calculated to the extent that such Defaulting Lender’s Commitment has not been reallocated to or assumed by the non-Defaulting Lenders (the “Excluded Commitment”), and provided, further that, without duplication of any amounts paid by Borrower, to the extent such Defaulting Lender ceases to be a Defaulting Lender, Borrower shall deliver to the Administrative Agent, within ten days of written notice from Administrative Agent, a fee for payment to such Defaulting Lender equal to the product of (x) twenty-five hundredths of one percent (0.25%) of the Excluded Commitment multiplied by (y) a ratio the numerator of which is the number of days remaining to the Extended Maturity Date from the date the Defaulting Lender ceases to be a Defaulting Lender and the denominator of which is 365.

Extended Maturity Date Option. Not more than 90 days and not less than 30 days prior to the Initial Maturity Date, the Borrower may request in writing that the Lenders extend the term of this Agreement to May 23, 2012 (the end of such period being the “Extended Maturity Date”). Such extension option shall be subject solely to the satisfaction of the following requirements: (i) at the Initial Maturity Date, there shall not exist any Default or Event of DefaultDefault by the Borrower or any other Loan Party; (ii) the Borrower shall, on the Initial Maturity Date, deliver to the Administrative Agent a certificate of each Borrower dated as of the Initial Maturity Date (in sufficient copies for each Lender) signed by a Responsible Officer (A) certifying and attaching the resolutions adopted by such Borrower approving or consenting to such extension, and (B) certifying and attaching an update to Schedule 5.13 setting forth a complete and accurate list of all Sponsored REITS of Borrower, and (C) certifying that, before and after giving effect to such extension, (1) the representations and warranties contained in Article V of and the Credit Agreement other Loan Documents are true and correct correct, in all material respects respects, on and as of the Initial Maturity Date, except (x) to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct correct, in all material respects respects, as of such earlier date, and (y) except that for purposes of this Section 2.152.14, (I) the representations and warranties contained in subsections (a), (b) and (cb) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to clauses subsections (a) and (b), respectively, of Section 6.01; and (II) the representations and warranties contained in Section 5.13 shall be deemed to refer to the most recent update to Schedule 5.13 furnished pursuant to Sections 2.15 and 6.02(a)(ii), and shall be true and correct in all material respects as of the effective date of such update, and (III) the representations and warranties contained in the first and second sentences of Section 5.21 shall be deemed to refer to the most recent update to Schedule 5.21 furnished pursuant to Section 6.02(a)(i), and shall be true and correct in all material respects as of the effective date of such update, and (2) no Default or Event of Default exists; and (iii) the Borrower shall, at the Initial Maturity Date, deliver to the Administrative Agent (for the pro rata benefit of the Lenders based on their respective Commitments) an extension fee equal to twenty-five fifteen hundredths of one percent (0.250.15%) of the then-existing Aggregate Commitments (whether funded or unfunded), provided, however, that the Commitment of a Defaulting Lender shall be excluded from the Aggregate Commitments upon which the extension fee is calculated to the extent that such Defaulting Lender’s Commitment has not been reallocated to or assumed by the non-Defaulting Lenders (the “Excluded Commitment”), and provided, further that, without duplication of any amounts paid by Borrower, to the extent such Defaulting Lender ceases to be a Defaulting Lender, Borrower shall deliver to the Administrative Agent, within ten days of written notice from Administrative Agent, a fee for payment to such Defaulting Lender equal to the product of (x) twenty-five hundredths of one percent (0.25%) of the Excluded Commitment multiplied by (y) a ratio the numerator of which is the number of days remaining to the Extended Maturity Date from the date the Defaulting Lender ceases to be a Defaulting Lender and the denominator of which is 365.