Common use of Extension of Facility Termination Date Clause in Contracts

Extension of Facility Termination Date. The Borrowers shall have two (2) options to extend the Facility Termination Date, each for a period of one (1) year, upon satisfaction of the following conditions precedent: (a) The Borrowers shall provide Administrative Agent with written notice of the Borrowers’ intent to exercise either such extension option not more than ninety (90) and not less than thirty (30) days prior to the then-current Facility Termination Date; (b) As of the date of the Borrowers’ delivery of notice of their intent to exercise an extension option, and as of the then-current Facility Termination Date, no Default or Event of Default shall have occurred and be continuing and the Borrowers shall so certify in writing; and (c) On or before the then-current Facility Termination Date, the Borrowers shall pay to Administrative Agent for the benefit of the Lenders an extension fee for any extension so exercised in an amount equal to 0.15% of the Aggregate Commitment to be effective as of the first day of such extension.

Appears in 1 contract

Samples: Credit Agreement (Inland Retail Real Estate Trust Inc)

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Extension of Facility Termination Date. The Borrowers Borrower shall have two (2) options the option to extend the Facility Termination Date, each Date for a period of one (1) additional year, upon satisfaction of the following conditions precedent: (ai) The Borrowers Borrower shall provide Administrative Agent with written notice (the “Extension Notice”) of the Borrowers’ Borrower’s intent to exercise either such extension option not more than ninety one hundred eighty (90180) and not less than thirty sixty (3060) days prior to the then-current initial Facility Termination Date; (bii) As of the date of the Borrowers’ Borrower’s delivery of notice of their its intent to exercise an such extension option, and as of the then-current Facility Termination Dateeffective date of such extension, no Default or Event of Unmatured Default shall have occurred and be continuing and the Borrowers Borrower shall so certify in writing; and (ciii) On or before the then-current initial Facility Termination Date, the Borrowers Borrower shall pay to Administrative Agent for the benefit of the Lenders an extension fee (the “Extension Fee”) for any the extension so exercised in an amount equal to one fifth of one percent (0.15% %) of the Aggregate then-current Commitment to be of each Lender. Any such extension shall become effective as upon receipt of the first day Extension Notice and the payment of such extensionthe Extension Fee.

Appears in 1 contract

Samples: Credit Agreement (Inland American Real Estate Trust, Inc.)

Extension of Facility Termination Date. The Borrowers Borrower shall have two one (21) options option to extend the Facility Termination Date, each Date for a period of one (1) year, upon satisfaction of the following conditions precedent: (a) The Borrowers Borrower shall provide Administrative Agent with written notice of the Borrowers’ Borrower's intent to exercise either such extension option not more than ninety one hundred eighty (90180) and not less than thirty sixty (3060) days prior to the then-current Facility Termination Date; (b) As of the date of the Borrowers’ Borrower's delivery of notice of their its intent to exercise an extension option, and as of the then-current Facility Termination Date, no Default or Event of Unmatured Default shall have occurred and be continuing and the Borrowers Borrower shall so certify in writing; and (c) On or before the then-current Facility Termination Date, the Borrowers Borrower shall pay to Administrative Agent for the benefit of the Lenders an extension fee for any extension so exercised in an amount equal to 0.15% of the Aggregate Commitment to be effective as of the first day of such extension.. ARTICLE IIA ----------- LETTER OF CREDIT SUBFACILITY ----------------------------

Appears in 1 contract

Samples: Credit Agreement (Glimcher Realty Trust)

Extension of Facility Termination Date. The Borrowers Borrower shall have two (2) options the option to extend the Facility Termination Date, each Date for a period of one (1) yearadditional year to October __, 2015, upon satisfaction of the following conditions precedent: (ai) The Borrowers Borrower shall provide Administrative Agent with written notice of the Borrowers’ Borrower’s intent to exercise either such extension option not more than ninety one hundred eighty (90180) and not less than thirty sixty (3060) days prior to the then-current initial Facility Termination Date; (bii) As of the date of the Borrowers’ Borrower’s delivery of notice of their its intent to exercise an such extension option, and as of the then-current initial Facility Termination Date, no Default or Event of Unmatured Default shall have occurred and be continuing and the Borrowers Borrower shall so certify in writing; and (ciii) On or before the then-current initial Facility Termination Date, the Borrowers Borrower shall pay to Administrative Agent for the benefit of the Lenders an extension fee for any the extension so exercised in an amount equal to 0.15% one quarter of one percent (0.25%) of the Aggregate Commitment to be effective as of the first day of such extension.

Appears in 1 contract

Samples: Credit Agreement (Glimcher Realty Trust)

Extension of Facility Termination Date. The Borrowers Borrower shall have two (2) options the option to extend the Facility Termination Date, each Date for a period of one (1) yearadditional year to February 19, 2018, upon satisfaction of the following conditions precedent: (ai) The Borrowers Borrower shall provide Administrative Agent with written notice of the Borrowers’ Borrower’s intent to exercise either such extension option not more than ninety one hundred eighty (90180) and not less than thirty sixty (3060) days prior to the then-current Initial Facility Termination Date; (bii) As of the date of the Borrowers’ Borrower’s delivery of notice of their its intent to exercise an such extension option, and as of the then-current Initial Facility Termination Date, no Default or Event of Unmatured Default shall have occurred and be continuing and the Borrowers Borrower shall so certify in writing; and (ciii) On or before the then-current Initial Facility Termination Date, the Borrowers Borrower shall pay to Administrative Agent for the benefit of the Lenders an extension fee for any the extension so exercised in an amount equal to 0.15% one quarter of one percent (0.25%) of the Aggregate Commitment to be effective as of the first day of such extension.. 13171960\V-5

Appears in 1 contract

Samples: Credit Agreement (Glimcher Realty Trust)

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Extension of Facility Termination Date. The Borrowers Borrower shall have two (2) options the option to extend the Facility Termination Date, each Date for a period of one (1) yearadditional year to February 12, 2019, upon satisfaction of the following conditions precedent: (a) The Borrowers Borrower shall provide Administrative Agent with written notice of the Borrowers’ Borrower’s intent to exercise either such extension option not more than ninety one hundred eighty (90180) and not less than thirty sixty (3060) days prior to the then-current Initial Facility Termination Date; (b) As of the date of the Borrowers’ Borrower’s delivery of notice of their its intent to exercise an such extension option, and as of the then-current Initial Facility Termination Date, no Default or Event of Unmatured Default shall have occurred and be continuing and the Borrowers Borrower shall so certify in writing; and (c) On or before the then-current Initial Facility Termination Date, the Borrowers Borrower shall pay to Administrative Agent for the ratable benefit of the Lenders an extension fee for any the extension so exercised in an amount equal to fifteen one-hundredths of one percent (0.15% %) of the Aggregate Commitment to be effective as of the first day of such extension."

Appears in 1 contract

Samples: Credit Agreement (Glimcher Realty Trust)

Extension of Facility Termination Date. The Borrowers Borrower shall have two one (21) options option to extend the Facility Termination Date, each Date for a period of one (1) year, upon satisfaction of the following conditions precedent: (a) The Borrowers Borrower shall provide Administrative Agent with written notice of the Borrowers’ Borrower's intent to exercise either such extension option not more than ninety one hundred eighty (90180) and not less than thirty sixty (3060) days prior to the then-current Facility Termination Date; (b) As of the date of the Borrowers’ Borrower's delivery of notice of their its intent to exercise an extension option, and as of the then-current Facility Termination Date, no Default or Event of Unmatured Default shall have occurred and be continuing and the Borrowers Borrower shall so certify in writing; and (c) On or before the then-current Facility Termination Date, the Borrowers Borrower shall pay to Administrative Agent for the benefit of the Lenders an extension fee for any extension so exercised in an amount equal to 0.15% of the Aggregate Commitment to be effective as of the first day of such extension.. ARTICLE IIA

Appears in 1 contract

Samples: Credit Agreement (Glimcher Realty Trust)

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