Common use of Extension of Variable Facility Termination Date Clause in Contracts

Extension of Variable Facility Termination Date. The Borrower shall have the right to extend the Variable Facility Termination Date for one (1) five (5) year period upon satisfaction of each of the following conditions: (a) The Borrower provides written notice to the Lender not less than thirty (30) nor more than ninety (90) days prior to the then effective Variable Facility Termination Date requesting that the Variable Facility Termination Date be extended. (b) No Event of Default or Potential Event of Default exists on either the date the notice required by paragraph (a) of this Section is given or on the then effective Variable Facility Termination Date. (c) All of the representations and warranties of the Borrower Parties set forth in Article XII of this Agreement and the Other Loan Documents are true and correct in all material respects on the date the notice required by paragraph (a) of this Section is given and on the then effective Variable Facility Termination Date. (d) The Borrower Parties are in compliance with all of the covenants set forth in Article XIII, Article XIV and Article XV on the date the notice required by paragraph (a) of this Section is given and on the then effective Variable Facility Termination Date. Upon receipt of the notice required in paragraph (a) of this Section and upon compliance with the other conditions set forth above, the Variable Facility Termination Date shall be extended for five (5) years on the terms and conditions set forth in this Agreement and the Other Loan Documents, provided that the maturity and pricing applicable to the Variable Facility during the period after the then effective Variable Facility Termination Date shall be acceptable to Lender in its discretion.

Appears in 1 contract

Samples: Master Credit Facility Agreement (Mid America Apartment Communities Inc)

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Extension of Variable Facility Termination Date. The Borrower shall have the right to extend the Variable Facility Termination Date for one (1) five (5) year period upon satisfaction of each of the following conditions: (a) The With respect to the Initial Commitment, unless the Borrower provides written notice to the Lender not less than thirty (30) nor more than ninety (90) days prior to the then effective Variable Facility Termination Date requesting that the Variable Facility Termination Date not be extended., the Variable Facility Termination Date shall be extended for two (2) five (5) year periods in each case upon satisfaction of each of the following conditions: (bi) No Event of Default or Potential Event of Default exists on either the date the notice required by paragraph (ai) of this Section is given or on the then effective Variable Facility Termination Date. (cii) All of the representations and warranties of the Borrower Parties set forth in Article XII of this Agreement and the Other Loan Documents are true and correct in all material respects on the date the notice required by paragraph (ai) of this Section is given and on the then effective Variable Facility Termination Date. (diii) The Borrower Parties are is in compliance with all of the covenants set forth in Article XIII, Article XIV and Article XV on the date the notice required by paragraph (ai) of this Section is given and on the then effective Variable Facility Termination Date. Upon receipt of the notice required in paragraph (a) of this Section and upon compliance with the other conditions set forth above, the Variable Facility Termination Date shall be extended for five (5) years on the terms and conditions set forth in this Agreement and the Other Loan Documents, provided that the maturity and pricing applicable to the Variable Facility during the period after the then effective Variable Facility Termination Date shall be acceptable to Lender in its discretion. (b) With respect to the Original Expansion Commitment and the Amended and Restated Commitment, unless the Borrower provides written notice to the Lender not less than thirty (30) nor more than ninety (90) days prior to the then effective Variable Facility Termination Date requesting that the Variable Facility Termination Date not be extended, the Variable Facility Termination Date shall be extended for one (1) five (5) year period upon satisfaction of each of the following conditions: (i) No Event of Default or Potential Event of Default exists on either the date the notice required by paragraph (i) of this Section is given or on the then effective Variable Facility Termination Date. (ii) All of the representations and warranties of the Borrower set forth in Article XII of this Agreement and the Other Loan Documents are true and correct in all material respects on the date the notice required by paragraph (i) of this Section is given and on the then effective Variable Facility Termination Date. (iii) The Borrower is in compliance with all of the covenants set forth in Article XIII, Article XIV and Article XV on the date the notice required by paragraph (i) of this Section is given and on the then effective Variable Facility Termination Date. Upon compliance with the other conditions set forth above, the Variable Facility Termination Date shall be extended for five (5) years on the terms and conditions set forth in this Agreement and the Other Loan Documents, provided that the maturity and pricing applicable to the Variable Facility during the period after the then effective Variable Facility Termination Date shall be acceptable to Lender in its discretion.

Appears in 1 contract

Samples: Master Credit Facility Agreement (Mid America Apartment Communities Inc)

Extension of Variable Facility Termination Date. The Borrower Agent, on behalf of Borrower, shall have the right to extend the Variable Facility Termination Date for one (1) period of up to five (5) year period years (“Extension”) upon satisfaction of each of the following conditions: (a) The Borrower provides Agent delivers written notice requesting the Extension (“Extension Notice”) to the Lender not less than thirty (30) nor more than ninety (90) days prior to the then effective Variable Facility Termination Date requesting that the Variable Facility Termination Date be extendedDate. (b) No Event of Default or Potential Event of Default exists on either the date the notice required by paragraph (a) of this Section Extension Notice is given delivered or on the then effective Variable Facility Termination Date. (c) All of the representations and warranties of the Borrower Parties set forth contained in Article XII of this Agreement Exhibit S and the Other Loan other Borrower Documents are true and correct in all material respects on the date the notice required by paragraph (a) of this Section Extension Notice is given delivered and on the then effective Variable Facility Termination Date. (d) The Borrower Parties are is in compliance with all of the covenants set forth contained in Article XIII, Article XIV 8 and Article XV 9 on the date the notice required by paragraph (a) of this Section Extension Notice is given delivered and on the then effective Variable Facility Termination Date. Upon receipt of the notice required in paragraph (a) of this Section Extension Notice and upon compliance with the other conditions set forth above, the Variable Facility Termination Date shall be extended for one (1) period of up to five (5) years on the terms and conditions set forth contained in this Agreement and the Other Loan other Borrower Documents, provided that the maturity Variable Facility Fee, Facility Termination Fee, Fixed Facility Fee and pricing Unused Capacity Fee applicable to the Variable Facility during the period after the then effective Variable Facility Termination Date Extension shall be acceptable as determined by Lender prior to the Extension and Lender in its discretionshall notify Borrower Agent of such determination promptly upon request prior to the Extension.

Appears in 1 contract

Samples: Master Credit Facility and Reimbursement Agreement (America First Apartment Investors Inc)

Extension of Variable Facility Termination Date. The Borrower shall have the right to extend the Variable Facility Termination Date for one (1) five (5) year period ("Extension") upon satisfaction of each of the following conditions: (a) The Borrower provides written notice requesting the Extension ("Extension Notice") to the Lender not less than thirty (30) nor more than ninety (90) days prior to the then effective Variable Facility Termination Date requesting that the Variable Facility Termination Date be extendedDate. (b) No Event of Default or Potential Event of Default exists on either the date the notice required by paragraph (a) of this Section Extension Notice is given or on the then effective Variable Facility Termination Date. (c) All of the representations and warranties of the Borrower Parties set forth contained in Article XII of Exhibit T to this Agreement and the Other other Loan Documents (other than those which speak only as to an earlier date) are true and correct in all material respects on the date the notice required by paragraph (a) of this Section Extension Notice is given and on the then effective Variable Facility Termination Date. (d) The Borrower Parties are is in compliance with all of the covenants set forth contained in Article XIII, Article XIV Articles 8 and Article XV 9 on the date the notice required by paragraph (a) of this Section Extension Notice is given and on the then effective Variable Facility Termination Date. Upon receipt of the notice required in paragraph (a) of this Section Extension Notice and upon compliance with the other conditions set forth above, the Variable Facility Termination Date shall be extended for one (1) five (5) years year period on the terms and conditions set forth contained in this Agreement and the Other other Loan Documents, provided that the maturity and pricing Fees applicable to the Variable Facility during the period after Extension shall be as determined by Lender prior to the Extension, provided that if Borrower does not wish to accept the Fees determined by Lender for the Extension, Borrower may, prior to the then effective Variable Facility Termination Date Date, withdraw (which withdrawal shall be acceptable by written notice to Lender in its discretionLender) the Extension Notice and repay all Variable Amounts Outstanding and all other amounts then due under the Loan Documents not later than the Variable Facility Termination Date.

Appears in 1 contract

Samples: Master Credit Facility Agreement (Bre Properties Inc /Md/)

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Extension of Variable Facility Termination Date. The Borrower shall have the right to extend the Variable Facility Termination Date for one (1) five (5) year period upon satisfaction of each of the following conditions: (a) The With respect to the Initial Commitment, unless the Borrower provides written notice to the Lender not less than thirty (30) nor more than ninety (90) days prior to the then effective Variable Facility Termination Date requesting that the Variable Facility Termination Date not be extended., the Variable Facility Termination Date shall be extended for two (2) five (5) year periods in each case upon satisfaction of each of the following conditions: (bi) No Event of Default or Potential Event of Default exists on either the date the notice required by paragraph (ai) of this Section is given or on the then effective Variable Facility Termination Date. (cii) All of the representations and warranties of the Borrower Parties set forth in Article XII of this Agreement and the Other Loan Documents are true and correct in all material respects on the date the notice required by paragraph (ai) of this Section is given and on the then effective Variable Facility Termination Date. (diii) The Borrower Parties are is in compliance with all of the covenants set forth in Article XIII, Article XIV and Article XV on the date the notice required by paragraph (ai) of this Section is given and on the then effective Variable Facility Termination Date. Upon compliance with the other conditions set forth above, the Variable Facility Termination Date shall be extended for five (5) years on the terms and conditions set forth in this Agreement and the Other Loan Documents, provided that the maturity and pricing applicable to the Variable Facility during the period after the then effective Variable Facility Termination Date shall be acceptable to Lender in its discretion. (b) With respect to the Original Expansion Commitment and the Amended and Restated Commitment, unless Borrower provides written notice to the Lender not less than thirty (30) nor more than ninety (90) days prior to the then effective Variable Facility Termination Date requesting that the Variable Facility Termination Date not be extended, the Variable Facility Termination Date shall be extended for one (1) five (5) year period upon satisfaction of each of the following conditions: (i) No Event of Default or Potential Event of Default exists on either the date the notice required by paragraph (i) of this Section is given or on the then effective Variable Facility Termination Date. (ii) All of the representations and warranties of the Borrower set forth in Article XII of this Agreement and the Other Loan Documents are true and correct in all material respects on the date the notice required by paragraph (i) of this Section is given and on the then effective Variable Facility Termination Date. (iii) The Borrower is in compliance with all of the covenants set forth in Article XIII, Article XIV and Article XV on the date the notice required by paragraph (i) of this Section is given and on the then effective Variable Facility Termination Date. Upon receipt of the notice required in paragraph (ai) of this Section and upon compliance with the other conditions set forth above, the Variable Facility Termination Date shall be extended for five (5) years on the terms and conditions set forth in this Agreement and the Other Loan Documents, provided that the maturity and pricing applicable to the Variable Facility during the period after the then effective Variable Facility Termination Date shall be acceptable to Lender in its discretion.

Appears in 1 contract

Samples: Master Credit Facility Agreement (Mid America Apartment Communities Inc)

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