Option to Extend Maturity Date. (a) Lender shall have the option to extend the Maturity Date (the "EXTENSION OPTION") by a period of ten (10) additional years from the date of exercise of the Extension Option (the "EXTENDED MATURITY DATE"). The Extension Option shall be exercisable by Lender in its sole and absolute discretion at any time prior to the last ninety (90) days of the original term of the Note, upon prior written notice from Lender to Borrower. During the last ninety (90) days of the original term of the Note, Lender shall have the right to exercise the Extension Option only with consent of the Borrower. Nothing contained herein or within any of the other Loan Documents shall constitute or be deemed an obligation of Lender to exercise the Extension Option.
(b) If and to the extent Lender exercises the Extension Option, Borrower shall have the right to voluntarily prepay all (but not less than all) of the unpaid principal balance of this Note together with all Other Indebtedness pursuant to the terms of Section 10 herein.
Option to Extend Maturity Date. The Credit Agreement is hereby amended by adding the following Section 9.20 to the Credit Agreement:
Option to Extend Maturity Date. Provided that Regions is then the sole Lender under this Agreement on the date Borrower delivers its written election described below and the conditions set forth in Section 3.01 and 3.02 have been satisfied, the Borrower may extend the Maturity Date of the credit facilities provided under this Agreement from September 25, 2012 until April 2, 2013 by delivering to the Administrative Agent on or before September 15, 2011: (i) written notice of Borrower’s intention to extend the Maturity Date, and (ii) the extension fee(s) in such amounts and at the times separately agreed upon between the Borrower and the Administrative Agent.
Option to Extend Maturity Date. Borrower shall have one (1) option to extend the Maturity Date set forth in Section 3 above for eighteen (18) additional months, which option may be exercised by Borrower by providing Lender with written notice of its exercise of the option not less than thirty (30) days prior to the original, un-extended Maturity Date. Borrower may not exercise such option if Borrower is in default under the terms of this Note beyond any notice and cure periods.
Option to Extend Maturity Date. Notwithstanding anything in the $50 Million Revolving Credit Agreement to the contrary, on condition that Borrowers under the $10.7 Million Credit Agreement pay in full the unpaid principal balance due and owing under the $10.7 Million Loan ("$10.7 MILLION BALANCE Due") no later than January 30, 2010, Lender under the $50 Million Revolving Credit Agreement hereby grants Borrowers under the $50 Million Revolving Credit Agreement the option ("OPTION TO EXTEND") to extend the Maturity Date of the Revolving Facility from October 8, 2010 to October 8, 2011 ("EXTENDED MATURITY DATE"). Borrowers may exercise the Option to Extend, if at all, by delivery of unequivocal written notice thereof ("NOTICE OF EXERCISE") to Lender under the $50 Million Revolving Credit Agreement after payment of the $10.7 Million Balance Due in immediately available funds and not later than July 8, 2010 ("EXERCISE DATE"). The Notice of Exercise must be accompanied by the written agreement and consent of all Persons (other than Lender) named in the $50 Million Revolving Credit Agreement (e.g., Credit Parties, Guarantors, etc.), if any, whose consent and agreement is necessary or required in order for said Borrower to exercise the Option to Extend. If said Borrower fails to timely exercise the Option to Extend, then the Option to Extend shall terminate, expire and have no further force or effect. All references to Maturity Date shall mean and include the Extended Maturity Date.
3. REAFFIRMATION OF $50 MILLION REVOLVING LOAN DOCUMENTS; CONFIRMATION OF GUARANTIES;
Option to Extend Maturity Date. New Section 14 is hereby added to the $80 Million Credit Agreement:
Option to Extend Maturity Date. The Parent Borrower shall have the right, so long as no Default or Event of Default shall have occurred and be continuing, by written notice to the Administrative Agent (which shall promptly notify the Lenders) prior to March 30, 2005, to extend the Maturity Date for an additional one year period; provided that the Parent Borrower (i) shall have demonstrated to the reasonable satisfaction of the Administrative Agent that the Asset Coverage Ratio shall be not less than 1.40 to 1.0 on a pro forma basis as of April 30, 2005 and (ii) shall have paid to the Administrative Agent, for the pro rata benefit of each Lender as of the original Maturity Date, an extension fee equal to 0.50% of each such Lender's Revolving Commitment as of the original Maturity Date.
Option to Extend Maturity Date. On the last day of the Commitment Period, unless sooner paid as provided herein, all Loans shall be paid in full; provided that, upon Borrower's (i) written notice to Agent and Lenders of its intention to do so, given at least thirty (30) days prior to the Maturity Date and specifying the principal amount of Loans that will be outstanding on the Maturity Date and (ii) payment to Agent, on the Maturity Date for the account of each Lender, an amount equal to one-half of one-percent (.50%) times the Loans of each Lender outstanding on the Maturity Date, all Loans outstanding on the Maturity Date (but not to exceed the amount so specified in such written notice ) shall be due and payable in six (6) consecutive monthly installments, each of which shall be equal to one-sixth (1/6) of all Loans outstanding on the Maturity Date, and shall be due and payable on the 15th day of each calendar month, beginning August 15, 2002 and continuing regularly thereafter until January 15, 2003, at which time the unpaid principal balance of the Loans and all interest accrued thereon shall be due and payable in full."
Option to Extend Maturity Date. Licensor shall have one (1) option to extend the Maturity Date set forth in Section 2 above for eighteen (18) additional months, which option may be exercised by Licensor by providing Licensee with written notice of its exercise of the option not less than thirty (30) days prior to the original, un-extended Maturity Date. Licensor may not exercise such option if Licensor is in default under the Loan beyond any notice and cure periods.
Option to Extend Maturity Date. The Obligor shall have a one-time option, exercisable on or after July 30 1999, to extend the maturity of the Restated Note until October 30, 2002 (the "Extended Maturity Date"), upon compliance with the following conditions:
(a) On or before the Maturity Date, the Obligor shall pay Lender an extension fee equal to 1% of the outstanding principal balance of the Restated Note and reduce the principal balance of the Restated Note by $500,000. The $500,000 reduction is in addition to all regularly scheduled principal payments due on the Restated Note through the Maturity Date.
(b) The Obligor shall provide Lender with written notice of its election to exercise the extension option no later than sixty (60) days prior to the Maturity Date.
(c) The Obligor shall not be in default under the terms of the Restated Note or any of the other Loan Documents.
