Extension of Revolver Maturity Date. Subject to the terms of this Section 2.14(a), the Borrower shall have the right to extend the Revolver Maturity Date up to two times by six (6) months each time. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least thirty (30) days but not more than ninety (90) days prior to the then current Revolver Maturity Date, a written request for such extension (each, a “Revolver Extension Notice”). The Administrative Agent shall forward to each Revolving Lender a copy of any such Revolver Extension Notice delivered to the Administrative Agent promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Revolver Maturity Date then in effect shall be extended for six (6) months: (x) upon the giving of such Revolver Extension Notice and on the Revolver Maturity Date (as determined without regard to such extension) and immediately after giving effect thereto, (a) no Default or Event of Default shall exist, and (b) the representations and warranties made or deemed made by NSA REIT, the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct in all material respects (except to the extent otherwise qualified by materiality, in which case such representation and warranty shall be true and correct in all respects) on and as of the date of such extension with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except to the extent otherwise qualified by materiality, in which case such representation and warranty shall be true and correct in all respects) on and as of such earlier date), (y) the Borrower shall have paid the Fees payable under Section 3.6(d)(i), and (z) the Borrower shall have delivered to the Administrative Agent a Compliance Certificate executed by the chief executive officer, chief financial officer or treasurer of NSA REIT evidencing that the Borrower shall be in compliance with each of the financial covenants set forth in Section 10.1 upon the extension of the Revolver Maturity Date and certifying the matters referred to in the immediately preceding clauses (x)(a) and (x)(b). The Revolver Maturity Date may be extended two times (for a period of six (6) months each time) pursuant to this Section 2.1...
Extension of Revolver Maturity Date. Not less than forty-five (45) days, but not more than ninety (90) days, prior to the Revolver Maturity Date, the Borrowers may request in writing that the Revolving Lenders extend the Revolver Maturity Date for an additional year (and the Administrative Agent shall promptly give the Revolving Lenders notice of any such request). Such request to extend the Revolver Maturity Date shall be granted so long as (i) the Revolving Loan Average Advance Rate on the Revolving Loan Collateral is not greater than 65%, (ii) no Default or Event of Default has occurred and is continuing, (iii) no Revolving Loan Collateral is in a Collateral Default, (iv) the Commitments, both as of the date of such extension request and immediately after giving effect to such extension request plus the Reindeer Debt shall not exceed $400,000,000 and (v) the Borrowers pay any extension fee due under the Fee Letter.
Extension of Revolver Maturity Date. Intentionally deleted.
Extension of Revolver Maturity Date. Not less than sixty (60) days, but not more than ninety (90) days, prior to the Revolver Maturity Date, the Borrowers may request in writing that the Revolving Lenders extend the Revolver Maturity Date for an additional year (and the Administrative Agent shall promptly give the Revolving Lenders notice of any such request). Such request to extend the Revolver Maturity Date shall be granted so long as (i) the effective advance rate then applicable to the Extended Stay Hotel preferred equity asset financed under the ESH Term Facility, after giving effect to any reductions of the principal amount of the loans advanced against such asset, is not greater than 50%, (ii) no Default or Event of Default has occurred and is continuing and no “default” or “event of default” has occurred and is continuing under the ESH Term Facility or the Working Capital Facility, (iii) no Collateral is in a Collateral Default, (iv) the Average Advance Rate for all Pledged Mortgage Assets included in the Collateral is not greater than 65%, (v) all amounts outstanding under the Revolving Loans, Term Loans, the ESH Term Facility and the Working Capital Facility, both as of the date of such extension request and immediately after giving effect to such extension request, shall not exceed $400,000,000 and (vi) the Borrowers pay any extension fee due under the Fee Letter.
Extension of Revolver Maturity Date. (a) On no more than two (2) occasions from and after the Second Amendment Effective Date but prior to the Revolver Maturity Date, the Borrower may request an extension of the Revolver Maturity Date for a period of one additional year by submitting a request for an extension to the Administrative Agent (a “Revolver Extension Request”) no earlier than 90 days, but no later than 30 days prior to any anniversary of the Restatement Closing Date. The Revolver Extension Request must specify the new Revolver Maturity Date requested by the Borrower and the date as of which the Revolving Credit Lenders must respond to the Revolver Extension Request, which date shall not be less than 20 days prior to the applicable anniversary date (the “Revolver Response Date”). Promptly upon receipt of a Revolver Extension Request, the Administrative Agent shall notify each Revolving Credit Lender of the contents thereof and shall request each Revolving Credit Lender to approve the Revolver Extension Request. Each Revolving Credit Lender may, in its sole and absolute discretion, approve or deny any Revolver Extension Request. Each Revolving Credit Lender approving the Revolver Extension Request (a “Revolver Extending Lender”) shall deliver its written consent no later than the Revolver Response Date and any Revolving Credit Lender which has not responded to such Extension Request by the Revolver Response Date shall be deemed to have declined it. The Administrative Agent shall provide written notice to the Borrower of the Revolving Credit Lenders’ response no later than 5 days prior to the applicable anniversary date. The Revolver Extending Lenders’ Revolving Credit Commitments (and the Revolver Maturity Date) shall be extended for one additional year after the Revolver Maturity Date in effect at the time the Revolver Extension Request is received, including the Revolver Maturity Date as one of the days in the calculation of the days elapsed; provided that (i) at least 50% of the Revolving Credit Commitment amount is extended or otherwise committed to by Revolver Extending Lenders and any new lenders and (ii) the Borrower has delivered to the Administrative Agent (x) an Officer’s Certificate dated as of the Revolver Maturity Date in effect at the time the Revolver Extension Request is received certifying that (A) the representations and warranties contained in Article VI and the other Loan Documents are true and correct as of such date, except to the extent that such representations...
Extension of Revolver Maturity Date. In the event that (a) there does not exist a Default at the time an Extension Request is made, and at the time such Extension Request would take effect, (b) the Borrowers pay, on or before the Revolver Maturity Date that would then be extended, to the Administrative Agent for the pro rata benefit of the Lenders in accordance with their respective Revolving Loan Commitment Percentages, an extension fee equal to 12.5 basis points of the Revolving Credit Limit then in effect, and (c) a timely Extension Request has been made, the Revolver Maturity Date shall be extended for a period of six months.
Extension of Revolver Maturity Date. 62 2.22 Amendment and Restatement of Existing Credit Agreement. . . . . . . . . . . . . . . . . . . . . . 63 Section 3. CONDITIONS WITH RESPECT TO LOANS AND LETTERS OF CREDIT . . . . . . . . . . . . . . 63 3.1 Conditions to Initial Loans . . . . . . . . . . . . . 63 3.2 Conditions to All Loans . . . . . . . . . . . . . . . 65 3.3 Conditions to All Letters of Credit . . . . . . . . . 66
Extension of Revolver Maturity Date. Not later than 60 days nor earlier than 90 days prior to April 30, 1998 or any subsequent anniversary thereof, the Borrowers may request a one-year extension of the Revolver Maturity Date by written notice to the Administrative Agent, which shall promptly notify the Lenders of such request, and the Lenders agree to respond to the Borrowers' request for an extension within 45 days of receipt of such written notice from the Administrative Agent; provided, however, that the consent of 100% of the Lenders shall be required to extend the Revolver Maturity Date and the failure of any Lender to respond to such request within such 45-day period shall be deemed a rejection of such request and shall not in any manner constitute an extension of the Revolver Maturity Date. Each Lender's decision with respect to any requested extension of the Revolver Maturity Date shall be in its sole discretion. If all of the Lenders consent to such extension, the Revolver Maturity Date then in effect shall automatically be extended by one year without any further action on the part of the Administrative Agent, the Lenders or the Borrowers.
Extension of Revolver Maturity Date. The Borrowers may request that the Revolver Maturity Date be extended for a period of one year provided that (a) there does not exist a Default at the time of such request and at the time such request would take effect, and (b) the Borrowers pay, on or before the Revolver Maturity Date that is then being extended, to the Administrative Agent for the pro rata benefit of the Lenders in accordance with their respective Revolving Loan Commitment Percentages an extension fee equal to 0.20% of the Revolving Credit Limit then in effect. In order to request such extension, the Borrowers must notify the Administrative Agent no more than one hundred twenty (120) days or less than thirty (30) days prior to the expiration of the original Revolver Maturity Date.
Extension of Revolver Maturity Date
