Extension of Term Loan Maturity Date. (a) At any time and from time to time after the Closing Date, the Borrower may, upon notice to the Administrative Agent (which shall promptly notify the Term Lenders or any Additional Lender, as applicable), request an extension of the Term Loan Maturity Date or the maturity date applicable to any Incremental Term Loans, as applicable, then in effect (such existing Term Loan Maturity Date being the “Existing Term Loan Maturity Date” and such existing maturity date applicable to any Incremental Term Loans being the “Existing Incremental Term Loan Maturity Date”) to a date specified in such notice. Within 10 Business Days of delivery of such notice (or such other period as the Borrower and the Administrative Agent shall mutually agree upon), each Term Lender or Additional Lender, as applicable, shall notify the Administrative Agent whether it consents to such extension (which consent may be given or withheld in such Term Lender’s or Additional Lender’s, as applicable, sole and absolute discretion). Any Term Lender or Additional Lender, as applicable, not responding within the above time period shall be deemed not to have consented to such extension. The Administrative Agent shall promptly notify the Borrower and the Term Lenders or the Additional Lenders of the Term Lenders’ or the Additional Lenders’ responses, as applicable.
(b) The Term Loan Maturity Date or maturity date applicable to any Incremental Term Loans, as applicable, shall be extended only with respect to the Term Loans or Incremental Term Loans, as applicable, held by the Term Lenders or Additional Lenders, as applicable, that have consented thereto (the Term Lenders or Additional Lenders, as applicable, that so consent being the “Extending Term Lenders” and the Term Lenders or Additional Lenders, as applicable, that declined being the “Non-Extending Term Lenders”) (it being understood and agreed that, except for the consents of the Extending Term Lenders, no other consents shall be required hereunder for such extensions). If so extended, (i) the scheduled Term Loan Maturity Date with respect to the Term Loans held by the Extending Term Lenders, shall be extended to the date specified in the notice referred to in Section 2.28(a) above, which shall become the new Term Loan Maturity Date (such date, the “Extended Term Loan Maturity Date”) and (ii) the scheduled maturity date with respect to any Incremental Term Loans held by the Extending Term Lenders, shall be extended to the date specified in ...
Extension of Term Loan Maturity Date. The Borrower shall have the one-time right and option to extend the Term Loan Maturity Date to December 11, 2011, upon satisfaction of the following conditions precedent, which must be satisfied prior to the effectiveness of any extension of the Term Loan Maturity Date:
Extension of Term Loan Maturity Date. So long as no Default or Event of Default has occurred and is continuing, the Borrower may elect at least thirty (30) days but no more than ninety (90) days prior to the then current Term Loan Maturity Date, to extend the then applicable Term Loan Maturity Date for a period of six months on no more than two occasions, in each case, as provided in this Section 2.27 by providing written notice of such election to the Administrative Agent (which shall promptly notify each of the Lenders). If on the then applicable Term Loan Maturity Date and on the date of delivery of the notice of such election (i) no Default or Event of Default exists and is continuing, (ii) the representations and warranties of the Borrower and each other Loan Party set forth in this Agreement and each other Loan Document are true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such date (or, if such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date), (iii) the Borrower pays to the Administrative Agent for the account of each Lender a fee equal to 0.075% of the amount of such Lender’s Term Loan Commitment (whether or not utilized) in effect on the effective date of each such extension, and (iv) the Borrower has given written notice to the Administrative Agent of such election to extend the then current Term Loan Maturity Date within the time frame set forth in this Section 2.27, the Term Loan Maturity Date shall be extended first to June 30, 2025 and subsequently to December 31, 2025.
Extension of Term Loan Maturity Date. The Borrower shall have two (2) options (which shall be binding on the Lenders), exercisable by written notice to the Administrative Agent (such notice, a “Term Loan Extension Notice”) given no more than one hundred twenty (120) days nor less than thirty (30) days prior to (i) the Initial Term Loan Maturity Date, to extend the Term Loan Maturity Date for a period of six (6) months from the Initial Term Loan Maturity Date (such new Term Loan Maturity Date, the “First Extended Term Loan Maturity Date”) and (ii) the First Extended Term Loan Maturity Date, to extend the Term Loan Maturity Date for an additional period of six (6) months from the First Extended Term Loan Maturity Date to the Final Maturity Date. The Administrative Agent shall distribute each Term Loan Extension Notice promptly to the Term Loan Lenders following its receipt thereof.
Extension of Term Loan Maturity Date. At least 30 days but in no event more than 80 days prior to February 10, 2011, the Borrower, by written notice to the Agent, may request an extension of the Maturity Date by a period of three (3) months from the Maturity Date then in effect (the “Extension”). The Extension shall become effective on February 10, 2011 so long as (i) the Borrower has not repaid the Term Loan in full on or prior to the Maturity Date, (ii) the Borrower has paid to the Agent on such date, for the ratable accounts of the Lenders, an extension fee in an amount equal to 15 basis points on the Total Commitment in effect on such date, and (iii) no Default or Event of Default has occurred and is continuing on such date and all representations and warranties contained in the Loan Documents are true and correct in all material respects as of such date (except to the extent that such representations and warranties relate expressly to an earlier date). The notice referred to in the first sentence of this §2.9 shall constitute and shall be deemed to be a certification by the Borrower as to the truth and accuracy of the statements contained in clause (ii) of the preceding sentence. In addition, the Borrower shall deliver to the Agent a Certificate of Compliance certifying compliance with the covenants set forth in §10 as of the date of such Extension.
Extension of Term Loan Maturity Date. The Borrower shall have the right, exercisable one time each with respect to both the Term 1 Loans and the Term 2 Loans, to request that the Administrative Agent and the Revolving Lenders extend the applicable Term Loan Maturity Date by twelve months. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 30 days but not more than 90 days prior to the current applicable Term Loan Maturity Date, a written request for such extension (a “Term Loan Extension Request”). The Administrative Agent shall notify the Lenders if it receives a Term Loan Extension Request promptly upon receipt thereof. Subject to satisfaction of the following conditions, the applicable Term Loan Maturity Date shall be extended for twelve months effective upon receipt by the Administrative Agent of a Term Loan Extension Request and payment of the fee referred to in the following clause (y): (x) immediately prior to such extension and immediately after giving effect thereto, (A) no Default or Event of Default shall exist, (B) the representations and warranties made or deemed made by 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 in the case of a representation or warranty qualified by materiality, in which case such representation or 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 in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents and (C) the Borrower shall have delivered (I) a certificate from the chief executive officer or chief financial officer demonstrating, in reasonable detail, pro forma compliance with the financial covenants set forth in Section 10.1. which are then applicable (for the avoidance of doubt, (i) after giving effect to 10.1.(k), (ii) including demonstration of pro forma compliance with Sections 10.1.(i) and 10.1.(j) if then applicable, and (i...
Extension of Term Loan Maturity Date. Not less than sixty (60) days, but not more than ninety (90) days, prior to the Term Loan Maturity Date, the Borrowers may request in writing that the Term Loan Lenders extend the Term Loan Maturity Date for an additional year (and the Administrative Agent shall promptly give the Term Loan Lenders notice of any such request). Such request to extend the Term Loan Maturity Date shall be granted so long as (i) no Default or Event of Default has occurred, (ii) no Collateral is in a Collateral Default, (iii) the Average Advance Rate for all Pledged Mortgage Assets included in the Collateral is not greater than 70%, (iv) all amounts outstanding under the Revolving Loans and Term Loans, both as of the date of such extension request and immediately after giving effect to such extension request, shall not exceed $135,000,000 and (v) the Borrowers pay any extension fee due under the Fee Letter.
Extension of Term Loan Maturity Date. At least 60 days but in no event more than 120 days prior to August 7, 2010, the Borrower, by written notice to the Agent (with copies for each Lender), may request an extension of the Maturity Date by a period of one year from the Maturity Date then in effect (the “Extension”). The Extension shall become effective on August 7, 2010 so long as (i) the Borrower has paid to the Agent on such date, for the ratable accounts of the Lenders, an extension fee in an amount equal to 20 basis points on the Total Commitment in effect on such date, and (ii) no Default or Event of Default has occurred and is continuing on such date and all representations and warranties contained in the Loan Documents are true and correct as of such date (except to the extent that such representations and warranties relate expressly to an earlier date). The notice referred to in the first sentence of this §2.9 shall constitute and shall be deemed to be a certification by the Borrower as to the truth and accuracy of the statements contained in clause (ii) of the preceding sentence. In addition, the Borrower shall deliver to the Agent a Certificate of Compliance certifying compliance with the covenants set forth in §10 as of the date of such Extension.
Extension of Term Loan Maturity Date. Each Lender holding a Term Loan that executes and delivers to the Administrative Agent a Lender Consent, attached as Exhibit C hereto, will be deemed to consent to the Maturity Date being extended to the "Extended Maturity Date" under the Amended Credit Agreement with respect to such Lender's Term Loan on Annex A of such Lender's Lender Consent; such Term Loan shall have the terms and conditions applicable to "Extended Term Loans" under the Amended Credit Agreement. The Maturity Date of the remaining Term Loans shall not be extended, shall mature and be payable in full on the "Non-Extended Maturity Date" under the Amended Credit Agreement and shall otherwise have the terms and conditions applicable to "Non-Extended Term Loans" under the Amended Credit Agreement.
Extension of Term Loan Maturity Date. Each Existing Term Lender that executes and delivers a Lender Addendum and agrees in connection therewith to extend the final maturity date applicable to all of its Existing Term Loans (in each case, an “Extending Term Lenders”) hereby extends the final maturity date applicable to all of its Existing Term Loans (as detailed on its signature page hereto) to the Extended Term Loan Maturity Date. The final maturity date applicable to each other Existing Term Lender (in each case, a “Non-Extending Term Lender”) shall be the Non-Extended Term Loan Maturity Date, and the Extending Term Lenders understand and agree that the Term Loans of each Non-Extending Term Lender shall become due and be payable, together with all interest and fees related thereto, on the Non-Extended Term Loan Maturity Date.
