Common use of Maturity Date Extension Options Clause in Contracts

Maturity Date Extension Options. At the request of Seller delivered to Buyer in writing no earlier than ninety (90) days and no later than thirty (30) days before the then-current Maturity Date, provided that the Extension Conditions set forth below are fully satisfied as of the then-current Maturity Date, Buyer may extend the then-current Maturity Date for an additional one-year period, which requests and extensions may be made by Seller on four (4) successive occasions (each such one-year extension period, an “Extension Period”). Any extension of the then-current Maturity Date shall be subject to the satisfaction of all of the following conditions, as determined by Buyer in its sole discretion (each, an “Extension Condition”): (i) no Default or Event of Default has occurred and is continuing on the date of the request to extend or on the then-current Maturity Date, (ii) no Margin Deficit shall have accrued and be outstanding, (iii) Seller shall have made a timely written request to extend the then-current Maturity Date as provided in this Section 3.06(a), (iv) Seller shall be in compliance with the Facility Debt Yield Test, (v) Seller has paid to Buyer the applicable Extension Fee on or before the then-current Maturity Date and (vi) if requested by Buyer, Seller shall have delivered to Buyer a new or updated Beneficial Ownership Certification, as applicable, in relation to Seller to the extent that Seller qualifies as a “legal entity customer” under the Beneficial Ownership Regulation; provided, however, if Seller is not in compliance with the Facility Debt Yield Test (but is in compliance with each of the other Extension Conditions set forth herein), and Seller makes a payment to Buyer in an amount sufficient, as determined by Buyer in its sole discretion, to cause Seller to be in compliance with the Facility Debt Yield Test on the then-current Maturity Date, clause (iv) of the preceding Extension Conditions shall be satisfied. If the Extension Conditions are not fully satisfied as of the then-current Maturity Date, then notwithstanding any prior approval by Buyer of Seller’s request to extend the then-current Maturity Date, Seller shall have no right to extend the then-current Maturity Date and any pending request to extend the then-current Maturity Date shall be deemed to be denied.

Maturity Date Extension Options. At The Maturity Date is hereby extended from August 13, 2011 to February 13, 2012. All amounts outstanding under the Loan shall be due and payable no later than this extended Maturity Date. Any references in any of the Loan Documents to the Maturity Date in any of the Loan Documents shall refer to the Maturity Date as hereby extended. Borrowers shall have the option to extend the term of the Loan (the “First Extension”) from the Maturity Date (for purposes of this Section, the “Original Maturity Date”) to February 13, 2013 (for purposes of this Section, the “First Extension Maturity Date”), and upon the expiration of the First Extension, Borrowers shall have the option to further extend the term of the Loan (the “Second Extension”) from the First Extension Maturity Date to February 13, 2014 (for purposes of this Section, the “Second Extension Maturity Date”), each such Extension being subject to the satisfaction of each of the following conditions precedent: a. Borrowers shall provide Lender with written notice of Borrowers’ irrevocable request of Seller delivered to Buyer in writing no earlier exercise their option to extend the Maturity Date not more than ninety (90) days and no later but not less than thirty forty five (3045) days before prior to (i) the then-current Original Maturity Date, provided that in the case of the First Extension, and (ii) the First Extension Conditions set forth below are fully satisfied Maturity Date, in the case of the Second Extension; b. As of the date of Borrowers’ delivery of notice of request to exercise their option to extend, and as of the date of the commencement of the applicable Extension, no Event of Default or Unmatured Event of Default shall have occurred and be continuing, and Borrowers shall so certify in writing to the best of their knowledge; c. Immediately prior to the commencement of each Extension, Borrowers shall pay to Lender an extension fee equal to one-half of one percent (0.5%) of the then-current outstanding principal balance of the Loan; d. The then existing Loan-to-Value Ratio of the Loan does not exceed (i) sixty-seven percent (67%) of the appraised value of the Projects based on an updated Appraisal of the Projects to be ordered by Lender at Borrowers’ expense, determined as of a date within 90 days prior to the Original Maturity Date, Buyer may extend in the then-current Maturity Date for an additional one-year period, which requests and extensions may be made by Seller on four (4) successive occasions (each such one-year extension period, an “Extension Period”). Any extension case of the thenFirst Extension; or (ii) sixty-current Maturity Date shall five percent (65%) of the appraised value of the Projects based on an updated Appraisal of the Projects to be subject ordered by Lender at Borrowers’ expense, determined as of a date within 90 days prior to the satisfaction of all of the following conditions, as determined by Buyer in its sole discretion (each, an “First Extension Condition”): (i) no Default or Event of Default has occurred and is continuing on the date of the request to extend or on the then-current Maturity Date, (ii) no Margin Deficit shall have accrued and be outstandingin the case of the Second Extension, (iii) Seller shall have made a timely written request to extend the then-current Maturity Date as provided in this Section 3.06(a), (iv) Seller shall be in compliance with the Facility Debt Yield Test, (v) Seller has paid to Buyer the applicable Extension Fee on or before the then-current Maturity Date and (vi) if requested by Buyer, Seller shall have delivered to Buyer a new or updated Beneficial Ownership Certification, as applicable, in relation to Seller to the extent that Seller qualifies as a “legal entity customer” under the Beneficial Ownership Regulation; provided, however, if Seller is not in compliance with the Facility Debt Yield Test Loan-to-Value Ratio (but is in compliance with each of the other Extension Conditions set forth herein), and Seller makes a payment to Buyer in an amount sufficient, as determined by Buyer in its sole discretionLender) is not adequate to meet the required Loan-to-Value Ratio, then Borrowers may pay down the outstanding principal balance of the Loan such that the required Loan-to-Value Ratio is met; Xxxx Xx. XX 00000 e. The Projects shall have achieved a Carry Constant of at least (i) ten and one-half percent (10.5%) as of a date within 90 days prior to cause Seller to be in compliance with the Facility Debt Yield Test on the then-current Original Maturity Date, clause (iv) in the case of the preceding Extension Conditions shall be satisfied. If the Extension Conditions are not fully satisfied First Extension, or (ii) eleven percent (11%) as of a date within 90 days prior to the then-current First Extension Maturity Date, in the case of the Second Extension, provided, however, if the Carry Constant (as determined by Lender) is not adequate to meet the required Carry Constant, then notwithstanding any prior approval by Buyer Borrowers may pay down the outstanding principal balance of Seller’s request to extend the then-current Maturity Date, Seller shall have no right to extend Loan such that the then-current Maturity Date and any pending request to extend the then-current Maturity Date shall be deemed to be deniedrequired Carry Constant is met.

Maturity Date Extension Options. At Seller shall have two (2) separate, consecutive options to extend the request then-current Maturity Date, each such option for a period of one (1) year (each, an “Extension Period”), which may be exercised by Seller by written notice delivered to Buyer in writing no earlier than ninety (90) days and no later than thirty (30) days before the then-current Maturity Date, provided that the Extension Conditions set forth below are fully satisfied as of the then-current Maturity Date, Buyer may extend the then-current Maturity Date for an additional one-year period, which requests and extensions may be made by Seller on four (4) successive occasions (each such one-year extension period, an “Extension Period”). Any such extension of the then-current Maturity Date shall be subject to the satisfaction of all of the following conditions, as determined by Buyer in its sole reasonable discretion (each, an “Extension Condition”): (i) no monetary Default, material non-monetary Default or Event of Default has shall have occurred and is continuing on the date of the request to extend or on the then-current Maturity Datebe continuing, (ii) no Margin Deficit resulting in a Margin Call shall have accrued and be outstanding, (iii) Seller shall have made a timely written request to extend the then-current Maturity Date as provided in this Section 3.06(a), (iv) Seller shall be in compliance with the Facility Debt Yield Test, (v) Seller has paid to Buyer the applicable Extension Fee on or before the then-current Maturity Date [reserved], and (vi) if requested by Buyer, Seller shall have delivered to Buyer a new or updated Beneficial Ownership Certification, as applicable, in relation to Seller to the extent that Seller qualifies as a “legal entity customer” under the Beneficial Ownership Regulation; provided, however, if Seller is not in compliance with the Facility Debt Yield Test (but is in compliance with each of the other Extension Conditions set forth herein), and Seller makes a payment to Buyer in an amount sufficient, as determined by Buyer in its sole discretion, to cause Seller to be in compliance with the Facility Debt Yield Test on the then-current Maturity Date, clause (iv) of the preceding Extension Conditions shall be satisfied. If the Extension Conditions are not fully satisfied as of the then-current Maturity Date, then notwithstanding any prior approval by Buyer of Seller’s request to extend the then-current Maturity Date, Seller shall have no right to extend the then-current Maturity Date and any pending request to extend the then-current Maturity Date shall be deemed to be denied. For the avoidance of doubt, an extension of the Maturity Date pursuant to this Section 3.06(a) (i) shall become effective on the then-current Maturity Date, and (ii) shall not extend the Repurchase Date of any Transaction (other than with respect to clause (a) of the definition of “Repurchase Date”). No extension of the then-current Maturity Date shall be effective unless and until Seller has paid the Extension Fee to Buyer.

Maturity Date Extension Options. At Seller shall have three (3) separate, consecutive options to extend the request then-current Maturity Date, each such option for a period of one (1) year (each, an “Extension Period”), which may be exercised by Seller by written notice delivered to Buyer in writing no earlier than ninety (90) days and no later than thirty (30) days before the then-current Maturity Date, provided that the Extension Conditions set forth below are fully satisfied as of the then-current Maturity Date, Buyer may extend the then-current Maturity Date for an additional one-year period, which requests and extensions may be made by Seller on four (4) successive occasions (each such one-year extension period, an “Extension Period”). Any such extension of the then-current Maturity Date shall be subject to the satisfaction of all of the following conditions, as determined by Buyer in its sole discretion (each, an “Extension Condition”): (i) no Default or Event of Default has shall have occurred and is continuing on the date of the request to extend or on the then-current Maturity Datebe continuing, (ii) no Margin Deficit resulting in a Margin Call shall have accrued and be outstanding, (iii) Seller shall have made a timely written request to extend the then-current Maturity Date as provided in this Section 3.06(a), (iv) Seller shall be in compliance with the Facility Debt Yield Test, (v) Seller has paid to Buyer the applicable Extension Fee on or before the then-current Maturity Date all Purchased Assets shall qualify as Eligible Assets, and (vi) if requested by Buyer, Seller shall have delivered to Buyer a new or updated Beneficial Ownership Certification, as applicable, in relation to Seller to the extent that Seller qualifies as a “legal entity customer” under the Beneficial Ownership Regulation; provided, however, if Seller is not in compliance with the Facility Debt Yield Test (but is in compliance with each of the other Extension Conditions set forth herein), and Seller makes a payment to Buyer in an amount sufficient, as determined by Buyer in its sole discretion, to cause Seller to be in compliance with the Facility Debt Yield Test on the then-current Maturity Date, clause (iv) of the preceding Extension Conditions shall be satisfied. If the Extension Conditions are not fully satisfied as of the then-current Maturity Date, then notwithstanding any prior approval by Buyer of Seller’s request to extend the then-current Maturity Date, Seller shall have no right to extend the then-current Maturity Date and any pending request to extend the then-current Maturity Date shall be deemed to be denied.. Notwithstanding anything to the contrary in this Section 3.06, in no event shall the Maturity Date be extended for more than three (3)

Maturity Date Extension Options. At the request of Seller delivered to Buyer in writing no earlier than ninety one hundred and twenty (90120) days and no later than thirty sixty (3060) days before the then-current Maturity Date, provided that each of the Extension Conditions set forth below are fully satisfied as of the then-current Maturity Date, Buyer may shall extend the then-current Maturity Date for an additional one-year period, which requests request and extensions extension may be made by Seller on four two (42) successive occasions (each such one-year extension period, an “Extension Period”). Any such extension of the then-current Maturity Date shall be subject to the satisfaction of all of the following conditions, as determined by Buyer in its sole discretion (each, an “Extension Condition”): (i) no Default or Event of Default has occurred and is continuing on the date of the request to extend or on the then-current Maturity Date, (ii) no Margin Deficit shall have accrued and be outstanding, (iii) Seller shall have made a timely written request to extend the then-current Maturity Date as provided in this Section 3.06(a)3.06, (iviii) Seller shall be in compliance with the Facility Debt Yield TestDefaulted Asset Concentration Limit, and (viv) Seller has paid to Buyer the applicable Extension Fee on or before the then-current Maturity Date and (vi) if requested by Buyer, Seller shall have delivered to Buyer a new or updated Beneficial Ownership Certification, as applicable, in relation to Seller to the extent that Seller qualifies as a “legal entity customer” under the Beneficial Ownership Regulation; provided, however, if Seller is not in compliance with the Facility Debt Yield Test (but is in compliance with each of the other Extension Conditions set forth herein), and Seller makes a payment to Buyer in an amount sufficient, as determined by Buyer in its sole discretion, to cause Seller to be in compliance with the Facility Debt Yield Test on the then-current Maturity Date, clause (iv) of the preceding Extension Conditions shall be satisfied. If the Extension Conditions are not fully satisfied as of the then-current Maturity Date, then notwithstanding any prior approval by Buyer of Seller’s request to extend the then-current Maturity Date, Seller shall have no right to extend the then-current Maturity Date and any pending request to extend the then-current Maturity Date shall be deemed to be denied. Notwithstanding the foregoing or anything to the contrary herein, in no event shall the Maturity Date be extended for more than two (2) Extension Periods.

Maturity Date Extension Options. At the request of Seller (which requests may be made by Seller and related extensions approved by Buyer on three (3) occasions) delivered to Buyer in writing no earlier than ninety ninetytwelve (909012) days daysmonths prior to, and no later than thirty (30) days before beforeprior to, the then-current Maturity Date, provided that the Extension Conditions set forth below are fully satisfied as of the then-current Maturity DateDatedate of Seller’s request and the effective date of such extension (except with respect to clause (v)), Buyer may extend the then-current Maturity Date for an additional one-year period, which requests and extensions may be made by Seller on four (4) successive occasions (each such one-year extension period, an “Extension Period”; and each Extension Period following the expiration of the Funding Period, a “Static Extension Period”). Any extension of the then-current Maturity Date shall be subject to the satisfaction of all of the following conditions, as determined by Buyer in its sole discretion (each, an “Extension Condition”): (i) no Default or Event of Default has occurred and is continuing on the date of the request to extend or on the then-current Maturity DateDateeffective date of the applicable extension, (ii) no Margin Deficit for which Buyer has made a Margin Call shall have accrued and be outstanding, (iii) Seller shall have made a timely written request to extend the then-current Maturity Date as provided in this Section 3.06(a), (iv) Seller shall be in compliance with the Facility Debt Yield TestTestDefaulted Asset Concentration Limit, (v) Seller has paid to Buyer the applicable Extension ExtensionAnnual Fee on (or before beforein the then-current Maturity Date Datecase of any requested Static Extension Period, the applicable Static Extension Fee) and (vi) if ifafter giving effect to the requested by Buyer, Seller shall have delivered to Buyer a new or updated Beneficial Ownership Certification, as applicable, in relation to Seller to the extent that Seller qualifies as a “legal entity customer” under the Beneficial Ownership Regulation; provided, however, if Seller is not in compliance with the Facility Debt Yield Test (but is in compliance with each of the other Extension Conditions set forth herein), and Seller makes a payment to Buyer in an amount sufficient, as determined by Buyer in its sole discretion, to cause Seller to be in compliance with the Facility Debt Yield Test on the then-current currentextension, the Maturity Date, clause clauseas so extended, would not be a date that is more than twenty-four (iviv24) of ofmonths following the preceding Extension Conditions shall be satisfiedsatisfiedeffective date of such extension. If the Extension Conditions are not fully satisfied as of the then-current Maturity DateDateeffective date of the applicable extension, then notwithstanding any prior approval by Buyer of Seller’s request to extend the then-current Maturity Date, Seller shall have no right to extend the then-current Maturity Date and any pending request to extend the then-current Maturity Date shall be deemed to be denied. Notwithstanding the foregoing or anything to the contrary herein, in no event shall the Maturity Date be extended beyond the date that is three (3) years following the Funding Expiration Date.

Maturity Date Extension Options. At the request of Seller delivered to Buyer in writing no earlier than ninety (90) days and no later than thirty (30) days before the then-current Maturity Date, provided that the Extension Conditions set forth below are fully satisfied as of the then-current Maturity Date, Buyer may extend the then-current Maturity Date for an additional one-year period, which requests and extensions may be made by Seller on four three (43) successive occasions (each such one-year extension period, an “Extension Period”). Any extension of the then-current Maturity Date shall be subject to the satisfaction of all of the following conditions, as determined by Buyer in its sole discretion (each, an “Extension Condition”): (i) no Default or Event of Default has occurred and is continuing on the date of the request to extend or on the then-current Maturity Date, (ii) no Margin Deficit shall have accrued and be outstanding, (iii) Seller shall have made a timely written request to extend the then-current Maturity Date as provided in this Section 3.06(a), (iv) Seller shall be in compliance with the Facility Debt Yield Test, and (v) Seller has paid to Buyer the applicable Extension Fee on or before the then-current Maturity Date and (vi) if requested by Buyer, Seller shall have delivered to Buyer a new or updated Beneficial Ownership Certification, as applicable, in relation to Seller to the extent that Seller qualifies as a “legal entity customer” under the Beneficial Ownership Regulation; provided, however, if Seller is not in compliance with the Facility Debt Yield Test (but is in compliance with each of the other Extension Conditions set forth herein), and Seller makes a payment to Buyer in an amount sufficient, as determined by Buyer in its sole discretion, to cause Seller to be in compliance with the Facility Debt Yield Test on the then-current Maturity Date, clause (iv) of the preceding Extension Conditions shall be satisfied. If the Extension Conditions are not fully satisfied as of the then-current Maturity Date, then notwithstanding any prior approval by Buyer of Seller’s request to extend the then-current Maturity Date, Seller shall have no right to extend the then-current Maturity Date and any pending request to extend the then-current Maturity Date shall be deemed to be denied. Notwithstanding the foregoing, if the Funding Expiration Date is extended pursuant to Section 3.06(b), upon the satisfaction of the conditions and the payment of the fee set forth therein, the Maturity Date shall automatically be extended for an additional one-year period, without the satisfaction of any conditions other than those set forth in Section 3.06(b), or the payment of any additional fee pursuant to this Section 3.06(a).

Maturity Date Extension Options. At the request of Seller delivered to Buyer in writing no earlier than ninety (90) days and no later than thirty (30) days before the then-current Maturity Date, provided that the Extension Conditions set forth below are fully satisfied as of the then-current Maturity Date, Buyer may extend the then-current Maturity Date for an additional one-year period, which requests and extensions may be made by Seller on four threefour (434) successive occasions (each such one-year extension period, an “Extension Period”). Any extension of the then-current Maturity Date shall be subject to the satisfaction of all of the following conditions, as determined by Buyer in its sole discretion (each, an “Extension Condition”): (i) no Default or Event of Default has occurred and is continuing on the date of the request to extend or on the then-current Maturity Date, (ii) no Margin Deficit shall have accrued and be outstanding, (iii) Seller shall have made a timely written request to extend the then-current Maturity Date as provided in this Section 3.06(a), (iv) Seller shall be in compliance with the Facility Debt Yield Test, (v) Seller has paid to Buyer the applicable Extension Fee on or before the then-current Maturity Date and (vi) if requested by Buyer, Seller shall have delivered to Buyer a new or updated Beneficial Ownership Certification, as applicable, in relation to Seller to the extent that Seller qualifies as a “legal entity customer” under the Beneficial Ownership Regulation; provided, however, if Seller is not in compliance with the Facility Debt Yield Test (but is in compliance with each of the other Extension Conditions set forth herein), and Seller makes a payment to Buyer in an amount sufficient, as determined by Buyer in its sole discretion, to cause Seller to be in compliance with the Facility Debt Yield Test on the then-current Maturity Date, clause (iv) of the preceding Extension Conditions shall be satisfied. If the Extension Conditions are not fully satisfied as of the then-current Maturity Date, then notwithstanding any prior approval by Buyer of Seller’s request to extend the then-current Maturity Date, Seller shall have no right to extend the then-current Maturity Date and any pending request to extend the then-current Maturity Date shall be deemed to be denied.