Common use of Extension of the Maturity Date Clause in Contracts

Extension of the Maturity Date. The Maturity Date may be extended for one-year periods at the request of Borrower and with the written consent of all of the Banks (which may be withheld in the sole and absolute discretion of each Bank) pursuant to this Section. Not earlier than March 1, 1998 nor later than May 1, 1998, or in the corresponding period in each subsequent year, and provided that Borrower is then in compliance with Section 7.1, Borrower may deliver to the Administrative Agent and the Banks a written request for a one year extension of the Maturity Date together with a Certificate of a Responsible Official signed by a Senior Officer on behalf of Borrower stating that the representations and warranties contained in Article 4 (other than (i) representations and warranties which expressly speak as of a particular date or are no longer true and correct as a result of a change which is not a violation of this Agreement, (ii) as otherwise disclosed by Borrower and approved in writing by the Requisite Banks and (iii) Sections 4.4, 4.6 (first sentence), 4.7, 4.8, 4.9, 4.16 and 4.18) shall be true and correct on and as of the date of such Certificate. Each Bank shall, on or prior to May 20 of such year, notify in writing the Administrative Agent whether (in its sole and absolute discretion) it consents to such request and the Administrative Agent shall, after receiving the notifications from all of the Banks or the expiration of such period, whichever is earlier, notify Borrower and the Banks of the results thereof. If all of the Banks have consented, then the Maturity Date shall be extended for one year. If the Requisite Banks consent to the request for extension, but one or more Banks notifies the Administrative Agent that it will not consent to the request for extension (or fails to notify the Administrative Agent in writing of its consent to the extension by May 20), Borrower may cause such Bank(s) to be removed as a Bank(s) under this Agreement pursuant to Section 11.25, whereupon the Maturity Date shall be extended for one year.

Extension of the Maturity Date. The Borrower shall have the option to extend the term of the Loans beyond the initial Maturity Date may of February 10, 2026 for one (1) term (the “First Extension Option”) of six (6) months (the “First Extension Period”) to August 10, 2026 (the “First Extended Maturity Date”), upon satisfaction of the following terms and conditions (the “First Extension Conditions”): (1) No Event of Default shall have occurred and be extended for one-year periods continuing at the request time the First Extension Option is exercised and on the date that the First Extension Period is to commence; (2) Borrower shall notify Administrative Agent of its election to extend the Maturity Date as aforesaid at least twenty (20) days but not more than one hundred twenty (120) days prior to the initial Maturity Date; (3) Borrower and shall have substantially completed the Improvements in accordance with the written consent requirements of the Building Loan Agreement (including the issuance of a temporary or permanent certificate of occupancy for all of the Banks residential apartments at the Improvements); (which may be withheld 4) Borrower shall have complied with all of the conditions in the sole Building Loan Agreement governing the making of the last advance of the proceeds of the Loans; (5) Borrower shall have received final releases of lien from the General Contractor and absolute discretion all Subcontractors with respect of each Bankwork, labor or materials supplied in connection with the construction of the Improvements to date; (6) pursuant Permitted Leases are in place for at least 25% (60 units) of the residential apartment units at the Improvements; (7) In connection with the exercise of the First Extension Option, Borrower shall have paid to this Section. Not earlier than March 1Administrative Agent, 1998 nor later than May 1for the ratable benefit of the Lenders, 1998, or an extension fee equal to one quarter of one percent (0.25%) of the aggregate original Committed Amount of the Loans; (8) Borrower shall have deposited into the Interest and Tax Reserve Collateral Account an amount sufficient in the corresponding period in each subsequent yearAdministrative Agent’s reasonable discretion (taking into account any amount of the Loans remaining to be advanced for same) to pay interest on the Loans and carrying costs on the Premises (including taxes, insurance and provided that any maintenance and operating expenses) through the First Extended Maturity Date, less the projected Gross Income from Operations with respect to the Premises available to be applied to such amounts; and (9) Borrower is then in compliance with Section 7.1, Borrower may deliver to shall have timely paid all other reasonable out-of-pocket fees and expenses incurred by the Administrative Agent and in connection with the Banks a written request for a one year extension of the Maturity Date together with a Certificate of a Responsible Official signed by a Senior Officer on behalf of Borrower stating that Loans. All references in this Agreement and in the representations and warranties contained in Article 4 (other than (i) representations and warranties which expressly speak as of a particular date or are no longer true and correct as a result of a change which is not a violation of this Agreement, (ii) as otherwise disclosed by Borrower and approved in writing by the Requisite Banks and (iii) Sections 4.4, 4.6 (first sentence), 4.7, 4.8, 4.9, 4.16 and 4.18) shall be true and correct on and as of the date of such Certificate. Each Bank shall, on or prior Loan Documents to May 20 of such year, notify in writing the Administrative Agent whether (in its sole and absolute discretion) it consents to such request and the Administrative Agent shall, after receiving the notifications from all of the Banks or the expiration of such period, whichever is earlier, notify Borrower and the Banks of the results thereof. If all of the Banks have consented, then the Maturity Date shall be extended mean the First Extended Maturity Date in the event the First Extension Option is exercised and the First Extension Conditions have been timely satisfied. Borrower shall have the option to extend the term of the Loans beyond the First Extended Maturity Date of August 10, 2026 for one year. If (1) term (the Requisite Banks consent “Second Extension Option”) of six (6) months (the “Second Extension Period”) to February 10, 2027 (the “Second Extended Maturity Date”), upon satisfaction of the following terms and conditions (the “Second Extension Conditions”): (1) No Event of Default shall have occurred and be continuing at the time the Second Extension Option is exercised and on the date that the Second Extension Period is to commence; (2) Borrower shall notify Administrative Agent of its election to extend the Maturity Date as aforesaid at least twenty (20) days but not more than one hundred twenty (120) days prior to the request First Extended Maturity Date; (3) The Premises has in place Permitted Leases generating sufficient cash flow to yield a minimum Debt Service Coverage Ratio of 1.10 to 1.00 as determined by Administrative Agent; (4) In connection with the exercise of the Second Extension Option, Borrower shall have paid to Administrative Agent, for extensionthe ratable benefit of the Lenders, but an extension fee equal to one or more Banks notifies quarter of one percent (0.25%) of the aggregate original Committed Amount of the Loans; (5) Borrower shall have deposited into the Interest and Tax Reserve Collateral Account an amount sufficient in the Administrative Agent that it will not consent Agent’s reasonable discretion (taking into account any amount of the Loans remaining to be advanced for same) to pay interest on the Loans and carrying costs on the Premises (including taxes, insurance and any maintenance and operating expenses) through the Second Extended Maturity Date, less the projected Gross Income from Operations with respect to the request for extension Premises available to be applied to such amounts; and (or fails to notify 6) Borrower shall have timely paid all other reasonable out-of-pocket fees and expenses incurred by the Administrative Agent in writing of its consent to connection with the extension by May 20), Borrower may cause such Bank(s) to be removed as a Bank(s) under of the Loans. All references in this Agreement pursuant and in the other Loan Documents to Section 11.25, whereupon the Maturity Date shall be extended for one yearmean the Second Extended Maturity Date in the event the Second Extension Option is exercised and the Second Extension Conditions have been timely satisfied.

Extension of the Maturity Date. The Borrower may request, no more frequently than once each year, by delivering written notice to the Administrative Agents and the Program Agent, that the Lenders extend the Maturity Date may be extended for one-year periods at an additional 364 days, with such extension to become effective as of and from the request of Borrower and with the written consent of date all of the Banks (which may be withheld Lenders consenting thereto shall in the their sole and absolute discretion of each Bank) pursuant consent to this Sectionsuch extension. Not earlier than March 1, 1998 nor later than May 1, 1998, or in the corresponding period in each subsequent year, and provided that Borrower is then in compliance with Section 7.1, Borrower may deliver The Administrative Agents will forward such requests to the Administrative Agent and Lenders in their respective Lender Groups. Any such request shall be subject to the Banks following conditions: (w) at no time shall any Commitment have a written term of more than 364 days and, if any such request would result in a term of more than 364 days, such request shall be deemed to have been made for a one year such number of days so that, after giving effect to such extension on the date requested, such term will not exceed 364 days, (x) none of the Lenders will have any obligation to extend any Commitment, (y) if fewer than all of the Lenders agree to extend the Maturity Date at such time, then any such extension of the Maturity Date will be effective only if (1) those Lenders who initially agreed to extend the Maturity Date for an additional 364 days subsequently reaffirm their agreement to extend, acknowledging that it would then be without the participation of the non-extending Lenders, and (2) the Borrower shall have made payment in full of the principal balance of the Loans together with a Certificate all other Borrower Obligations accrued hereunder and owing to each of a Responsible Official signed by a Senior Officer the non-extending Lenders and their related Lender Groups on the Maturity Date in effect prior to such extension, and (z) any request for such extension shall be made not more than sixty (60) days prior to the then effective Maturity Date. Each Administrative Agent shall respond to such request in writing, on behalf of Borrower stating the Lenders in its Lender Group (with a copy to the Program Agent), within thirty (30) days after receipt of such request; provided that if such request was received less than thirty (30) days prior to the representations and warranties contained in Article 4 then effective Maturity Date, each Administrative Agent shall be given at least ten (other 10) days to respond thereto (meaning that no such request may be delivered fewer than ten (i10) representations and warranties which expressly speak as days before the Maturity Date). Any Administrative Agent’s failure for any reason to respond to such a request within the applicable time period shall be deemed a rejection of a particular date or are no longer true and correct as a result of a change which is not a violation of this Agreement, (ii) as otherwise disclosed by Borrower and approved in writing the requested extension by the Requisite Banks Lenders in its Lender Group. In the case of any Lender that shall not have agreed to (or been deemed to have rejected) an extension request, the Principal Balance of all Loans made by such Lender, together with all Borrower Obligations accrued hereunder and (iii) Sections 4.4, 4.6 (first sentence), 4.7, 4.8, 4.9, 4.16 and 4.18) owing to such Lender shall be true due and correct on and as of the date of such Certificate. Each Bank shall, on or prior to May 20 of such year, notify payable in writing the Administrative Agent whether (in its sole and absolute discretion) it consents full to such request and the Administrative Agent shall, after receiving the notifications from all of the Banks or the expiration of such period, whichever is earlier, notify Borrower and the Banks of the results thereof. If all of the Banks have consented, then Lender on the Maturity Date that shall be extended for one year. If have been in effect at the Requisite Banks consent to time the request by the Borrower for extension, but one or more Banks notifies the Administrative Agent that it will not consent to the request for an extension (or fails to notify the Administrative Agent in writing of its consent to the extension by May 20), Borrower may cause such Bank(s) to be removed as a Bank(s) under this Agreement pursuant to Section 11.25, whereupon the Maturity Date shall be extended for one yearwas made.

Extension of the Maturity Date. The Maturity Date may be extended for one-year periods at Subject to the request provisions of this Section 2.08(e), Borrower and with shall have the written consent of all option to extend the date set forth in clause (a) of the Banks definition of “Maturity Date” with respect of the Revolving Facility to (which may be withheld x) April 28, 2026 and (y) if so extended pursuant to clause (x), April 28, 2027, subject in each case to the sole and absolute discretion satisfaction of each Bankof the following conditions: (i) pursuant to this Section. Not earlier than March 1, 1998 nor later than May 1, 1998, or in the corresponding period in each subsequent year, and provided that The Borrower is then in compliance with Section 7.1, Borrower may deliver to shall notify the Administrative Agent and the Banks a written request for a one year extension of its exercise of the applicable option at least thirty (30) days, but not more than one hundred twenty (120) days prior to the then scheduled Maturity Date together with a Certificate Date; (ii) No Event of a Responsible Official signed by a Senior Officer Default or any monetary or bankruptcy related Default shall have occurred and be continuing at the time of giving such notice pursuant to clause (i) above or on behalf of Borrower stating that the then scheduled Maturity Date; (iii) The representations and warranties contained made by the Borrower Parties in Article 4 (other than (i) representations and warranties which expressly speak as of a particular date or are no longer the Loan Documents shall have been true and correct as a result of a change which is not a violation of this Agreement, (ii) as otherwise disclosed by Borrower in all material respects when made and approved in writing by the Requisite Banks and (iii) Sections 4.4, 4.6 (first sentence), 4.7, 4.8, 4.9, 4.16 and 4.18) shall also be true and correct in all material respects on the then scheduled Maturity Date and all of their obligations shall have been ratified and confirmed; provided, that, to the extent such representations and warranties were made as of a specific date, the same shall continue on and as of the then scheduled Maturity Date, to be true and correct in all material respects as of such specific date; (iv) The Borrower shall have delivered a Borrowing Base Certificate dated no earlier than ten (10) days prior to the date of such Certificate. Each Bank shallthe proposed extension; (v) At the time of the exercise of the each extension hereunder, on or prior the Borrower shall pay to May 20 of such year, notify in writing the Administrative Agent whether (in its sole for the benefit of the Lenders) a non-refundable extension fee equal to 0.125% of the aggregate amount of the Revolving Credit Exposure and absolute discretionunused Revolving Credit Commitments of the Revolving Credit Lenders on the then scheduled Maturity Date; and (vi) it consents to such request The Borrower shall have paid all reasonable out-of-pocket costs and expenses incurred by the Administrative Agent shall, after receiving the notifications from and all of the Banks or the expiration of such period, whichever is earlier, notify Borrower reasonable fees and the Banks of the results thereof. If all of the Banks have consented, then the Maturity Date shall be extended for one year. If the Requisite Banks consent expenses paid to the request for extension, but one or more Banks notifies the Administrative Agent that it will not consent to the request for extension third party consultants (or fails to notify including reasonable attorneys’ fees and expenses) by the Administrative Agent in writing of its consent to the extension by May 20), Borrower may cause connection with each such Bank(s) to be removed as a Bank(s) under this Agreement pursuant to Section 11.25, whereupon the Maturity Date shall be extended for one yearextension.

Extension of the Maturity Date. The Maturity Date may be extended for one-one year periods at the request of Borrower and with the written consent of all of the Banks (which may be withheld in the sole and absolute discretion of each Bank) pursuant to this Section. Not earlier than March June 1, 1998 nor later than May August 1, 1998, or in the corresponding similar period in each subsequent year, and provided that Borrower is then in compliance with Section 7.1, Borrower may deliver to the Administrative Agent and the Banks a written request for a one year extension of the Maturity Date together with a Certificate of a Responsible Official signed by a Senior Officer on behalf of Borrower stating that the representations and warranties contained in Article 4 (other than (i) representations and warranties which expressly speak as of a particular date or are no longer true and correct as a result of a change which is not a violation of this Agreement, (ii) as otherwise disclosed by Borrower and approved in writing by the Requisite Banks and (iii) Sections 4.44.4(a), 4.6 (first sentence), 4.7, 4.8, 4.9, 4.16 4.17 and 4.184.19) shall be true and correct on and as of the date of such Certificate. Each Bank shall, on or prior to May August 20 of such year, notify in writing the Administrative Agent whether (in its sole and absolute discretion) it consents to such request and the Administrative Agent shall, after receiving the notifications from all of the Banks or the expiration of such period, whichever is earlier, notify Borrower and the Banks of the results thereof. If all of the Banks have consented, then the Maturity Date shall be extended for one year. If Banks holding at least 80% of the Requisite Banks Commitment consent to the request for extension, but one or more Banks notifies (each a "Non-Consenting Bank") notify the Administrative Agent that it will not consent to the request for extension (or fails fail to notify the Administrative Managing Agent in writing of its consent to the extension by May August 20), Borrower may (i) cause such Bank(s) Non-Consenting Bank to be removed as a Bank(s) Bank under this Agreement pursuant to Section 11.2511.15(a), whereupon (ii) voluntarily terminate the Maturity Date Pro Rata Share of Non-Consenting Bank in accordance with Section 11.15(b), or (iii) utilize a combination of the procedures described in clauses (i) and (ii) of this Section. If such removal is accomplished by assignment to an Eligible Assignee which has consented to the requested extension, then the request for extension shall be extended for one yeargranted with the effect as set forth above. If such removal is accomplished by a voluntary reduction of the Commitment, then the Administrative Agent shall notify all of the Banks in writing thereof.