Payment on Maturity Date. (a) Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Mortgage and the other Loan Documents, including, without limitation, all interest that would accrue on the outstanding principal balance of the Loan through and including the end of the Interest Period in which the Maturity Date occurs (even if such Interest Period extends beyond the Maturity Date). (b) Borrower will have one (1) option to extend the Maturity Date of the Loan for a period of one (1) year. In order to exercise such extension right, Borrower shall deliver to Lender notice of such extension on or before the day that is thirty (30) days prior to the Maturity Date (the "Election Date") and, upon giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before the date that is five (5) Business Days prior to the Maturity Date, the Maturity Date as theretofore in effect will be extended to July 9, 2009. The Maturity Date shall be extended pursuant to Borrower's notice as aforesaid, provided that the following conditions are satisfied: (i) no Event of Default shall be in existence either at the time of Borrower's notice or at the then-current Maturity Date, (ii) Borrower shall enter into an Interest Rate Protection Agreement through the term of the applicable extension under the same terms and conditions of the Interest Rate Protection Agreement (including its LIBOR strike price) last entered into in connection with the Loan and shall provide an Assignment of Protection Agreement with respect thereto in the form of Assignment of Protection Agreement, together with an opinion of counsel with respect thereto reasonably acceptable to Lender, (iii) Borrower shall pay to Lender an extension fee in an amount equal to twenty five hundredths of one percent (0.25%) of the then outstanding principal amount of the Loan and (iv) if the Debt Service Coverage Ratio for the Property shall be less than 2.5:1.0 on the Election Date, Borrower shall have confirmed its understanding that instead of making a payment to Lender of principal in the amount set forth in the amortization schedule attached hereto as Schedule VII together with each monthly payment of interest, Borrower shall make a payment to Lender of principal in the amount set forth in the amortization schedule attached hereto as Schedule IX together with each monthly payment of interest from and after July 9, 2008.
Appears in 1 contract
Samples: Loan Agreement (Kindercare Learning Centers Inc /De)
Payment on Maturity Date. (a) Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest interest, the applicable Exit Fee and all other amounts due hereunder and under the Note, the Mortgage Pledge Agreement and the other Loan Documents, including, without limitation, all interest that would which has or will accrue on the on the outstanding principal balance of the Loan through and including the end last day of the Interest Period in which the Maturity Date occurs (even if such Interest Period extends beyond the Maturity Date)occurs.
(b) Borrower will shall have one (1) the option to extend the Maturity Date of the Loan for a period three (3) successive terms (each such option, an “Extension Option” and each such successive term, an “Extension Term”) of one (1) year. In order to year each (the Maturity Date following the exercise of each such extension right, Extension Option is the “Extended Maturity Date”) upon satisfaction of the following terms and conditions: (i) Borrower shall deliver to provide Lender with written notice of such extension on or before its election to extend the day that is Maturity Date as aforesaid not later than thirty (30) days and not earlier than ninety (90) days prior to the Maturity Date (date the "Election Date") andLoan is then scheduled to mature, upon giving of such which notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before the date that is five (5) Business Days prior to the Maturity Date, the Maturity Date as theretofore in effect will be extended to July 9, 2009. The Maturity Date shall be extended pursuant to Borrower's notice as aforesaidirrevocable, provided that the following conditions are satisfied: (iii) no Event of Default shall be in existence either at the time of Borrower's ’s notice or at the then-current Maturity Date, (iiiii) Borrower shall enter into an Interest Rate Protection Agreement through the term of the applicable extension under the same terms and conditions of the initial Interest Rate Protection Agreement (including its LIBOR strike price) last entered into in connection with the Loan and shall provide an Assignment of Protection Agreement with respect thereto in the form of Assignment of Protection Agreement, together with an opinion of counsel with respect thereto reasonably acceptable to Lender, (iiiiv) Borrower shall pay have paid or caused to be paid to Lender an extension fee in an amount equal to twenty five hundredths of one percent (0.25%) of the then outstanding principal amount of the Loan and (iv) if the Debt Service Coverage Ratio for the Property shall be less than 2.5:1.0 on the Election Dateapplicable non-refundable Extension Fee; provided, however, Borrower shall have confirmed its understanding that instead of making a payment not pay or cause to be paid to Lender the Extension Fee for the first Extension Term, and (v) the conditions precedent to the extension of principal in the amount set forth in Mortgage Loan and Mezzanine Loan have been satisfied and the amortization schedule attached hereto as Schedule VII together with each monthly payment of interest, Borrower shall make a payment Mortgage Loan and the Mezzanine A Loan are concurrently extended to Lender of principal in the amount set forth in extent the amortization schedule attached hereto as Schedule IX together with each monthly payment of interest from and after July 9, 2008same remains outstanding.
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Payment on Maturity Date. (a) Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest interest, the applicable Exit Fee and all other amounts due hereunder and under the Note, the Mortgage Pledge Agreement and the other Loan Documents, including, without limitation, all interest that would which has or will accrue on the on the outstanding principal balance of the Loan through and including the end last day of the Interest Period in which the Maturity Date occurs (even if such Interest Period extends beyond the Maturity Date)occurs.
(b) Borrower will shall have one (1) the option to extend the Maturity Date of the Loan for a period three (3) successive terms (each such option, an “Extension Option” and each such successive term, an “Extension Term”) of one (1) year. In order to year each (the Maturity Date following the exercise of each such extension right, Extension Option is the “Extended Maturity Date”) upon satisfaction of the following terms and conditions: (i) Borrower shall deliver to provide Lender with written notice of such extension on or before its election to extend the day that is Maturity Date as aforesaid not later than thirty (30) days and not earlier than ninety (90) days prior to the Maturity Date (date the "Election Date") andLoan is then scheduled to mature, upon giving of such which notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before the date that is five (5) Business Days prior to the Maturity Date, the Maturity Date as theretofore in effect will be extended to July 9, 2009. The Maturity Date shall be extended pursuant to Borrower's notice as aforesaidirrevocable, provided that the following conditions are satisfied: (iii) no Event of Default shall be in existence either at the time of Borrower's ’s notice or at the then-current Maturity Date, (iiiii) Borrower shall enter into an Interest Rate Protection Agreement through the term of the applicable extension under the same terms and conditions of the initial Interest Rate Protection Agreement (including its LIBOR strike price) last entered into in connection with the Loan and shall provide an Assignment of Protection Agreement with respect thereto in the form of Assignment of Protection Agreement, together with an opinion of counsel with respect thereto reasonably acceptable to Lender, (iiiiv) Borrower shall pay have paid or caused to be paid to Lender an extension fee in an amount equal to twenty five hundredths of one percent (0.25%) of the then outstanding principal amount of the Loan and (iv) if the Debt Service Coverage Ratio for the Property shall be less than 2.5:1.0 on the Election Dateapplicable non-refundable Extension Fee; provided, however, Borrower shall have confirmed its understanding that instead of making a payment not pay or cause to be paid to Lender the Extension Fee for the first Extension Term, and (v) the conditions precedent to the extension of principal in the amount set forth in Mortgage Loan have been satisfied and the amortization schedule attached hereto as Schedule VII together with each monthly payment of interest, Borrower shall make a payment Mortgage Loan is concurrently extended to Lender of principal in the amount set forth in extent the amortization schedule attached hereto as Schedule IX together with each monthly payment of interest from and after July 9, 2008same remains outstanding.
Appears in 1 contract
Payment on Maturity Date. (a) Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Mortgage and the other Loan Documents, including, without limitation, all interest that would accrue on the outstanding principal balance of the Loan through and including the end of the Interest Period in which the Maturity Date occurs (even if such Interest Period extends beyond the Maturity Date).
(b) Borrower will have one two (12) option options to extend the Maturity Date of the Loan for a period of consecutive one (1) yearyear periods. In order to exercise the first such extension right, Borrower shall deliver to Lender written notice of such extension on or before the day that is thirty (30) days prior to the Maturity Date (the "Election Date") December 25, 2009 and, upon giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before the date that is five (5) Business Days prior to the Maturity DateDecember 25, 2009, the Maturity Date as theretofore in effect will be extended to July February 9, 20092011. In order to exercise the second such extension right, Borrower shall deliver to Lender written notice of such extension on or before December 25, 2010 and, upon the giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before December 25, 2010, the Maturity Date as theretofore in effect will be extended to February 9, 2012. The Maturity Date shall be extended pursuant to Borrower's notice ’s notices as aforesaid, provided that the following conditions are satisfied: (i) no Event of Default shall be in existence either at the time of Borrower's ’s notice or at the then-current Maturity Date, Date and (ii) Borrower shall enter into an Interest Rate Protection Agreement through the term of the applicable extension under the same terms and conditions of the initial Interest Rate Protection Agreement (including its LIBOR strike price) last entered into in connection with the Loan and shall provide an Assignment of Protection Agreement with respect thereto in the form of Assignment of Protection Agreement, together with an opinion of counsel with respect thereto reasonably acceptable to Lender, (iii) Borrower shall pay to Lender an extension fee in an amount equal to twenty five hundredths of one percent (0.25%) of the then outstanding principal amount of the Loan and (iv) if the Debt Service Coverage Ratio for the Property shall be less than 2.5:1.0 on the Election Date, Borrower shall have confirmed its understanding that instead of making a payment to Lender of principal in the amount set forth in the amortization schedule attached hereto as Schedule VII together with each monthly payment of interest, Borrower shall make a payment to Lender of principal in the amount set forth in the amortization schedule attached hereto as Schedule IX together with each monthly payment of interest from and after July 9, 2008.
Appears in 1 contract
Payment on Maturity Date. (a) Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Mortgage and the other Loan Documents, including, without limitation, all interest that would accrue on the outstanding principal balance of the Loan through and including the end of the Interest Period in which the Maturity Date occurs (even if such Interest Period extends beyond the Maturity Date)) and, provided no Event Default exists, such payments shall be applied as follows: (a) first to accrued and unpaid interest on Component A, and (b) second to accrued and unpaid interest on Component B, and (c) third, to the principal balance of the Components on a pro rata basis.
(b) Borrower will have one two (12) option options to extend the Maturity Date of the Loan for a period of consecutive one (1) yearyear periods. In order to exercise the first such extension right, Borrower shall deliver to Lender written notice of such extension on or before the day that is thirty (30) days prior to the Maturity Date (the "Election Date") and, upon giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before the date that is five (5) Business Days prior to Day immediately preceding the then current Maturity Date, the Maturity Date as theretofore in effect will be extended to July June 9, 2009. In order to exercise the second such extension right, Borrower shall deliver to Lender written notice of such extension on or before thirty (30) days prior to the then current Maturity Date and, upon the giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before the Business Day immediately preceding the then current Maturity Date, the Maturity Date as theretofore in effect will be extended to June 9, 2010. The Maturity Date shall be extended pursuant to Borrower's notice ’s notices as aforesaid, provided that the following conditions are satisfied: (i) no monetary Event of Default or material non-monetary Event of Default shall be in existence either at the time of Borrower's ’s notice or at the then-current Maturity Date, (ii) Borrower shall enter into an Interest Rate Protection Agreement through the term of the applicable extension under the same terms and conditions of the initial Interest Rate Protection Agreement (including its LIBOR strike price) last entered into in connection with the Loan and shall provide an Assignment of Protection Agreement with respect thereto substantially in the form of Assignment of Protection Agreement, together with an opinion of counsel with respect thereto reasonably acceptable to Lender, (iii) Borrower shall pay to Lender an extension fee in an amount to Lender equal to twenty five hundredths of one percent (0.25%) 0.125% of the then outstanding principal amount balance of the Loan and (iv) if the Debt Service Coverage Ratio for the Property shall not be less than 2.5:1.0 on the Election Date, Borrower shall have confirmed its understanding that instead 1.30:1.0 using an assumed interest rate of making a payment to Lender of principal in the amount set forth in the amortization schedule attached hereto as Schedule VII together with each monthly payment of interest, Borrower shall make a payment to Lender of principal in the amount set forth in the amortization schedule attached hereto as Schedule IX together with each monthly payment of interest from and after July 9, 20088%.
Appears in 1 contract
Payment on Maturity Date. (a) Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Mortgage and the other Loan Documents, including, without limitation, all interest that would accrue on the outstanding principal balance of the Loan through and including the end of the Interest Period in which the Maturity Date occurs (even if such Interest Period extends beyond the Maturity Date).
(b) Borrower will have one three (13) option options to extend the Maturity Date of the Loan for a period of consecutive one (1) yearyear periods. In order to exercise the first such extension right, Borrower shall deliver to Lender written notice of such extension on or before the day that is thirty (30) days prior to the Maturity Date (the "Election Date") May 9, 2006 and, upon giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before the date that is five (5) Business Days prior to the Maturity DateJune 9, 2006, the Maturity Date as theretofore in effect will be extended to July June 9, 2007. In order to exercise the second such extension right, Borrower shall deliver to Lender written notice of such extension on or before May 9, 2007 and, upon the giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before June 9, 2007, the Maturity Date as theretofore in effect will be extended to June 9, 2008. In order to exercise the second such extension right, Borrower shall deliver to Lender written notice of such extension on or before May 9, 2008 and, upon the giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before June 9, 2008, the Maturity Date as theretofore in effect will be extended to June 9, 2009. The Maturity Date shall be extended pursuant to Borrower's notice notices as aforesaid, provided that the following conditions are satisfied: :
(i) no Event of Default shall be in existence either at the time of Borrower's notice or at the then-current Maturity Date, Date and (ii) Borrower shall enter into an Interest Rate Protection Agreement through the term of the applicable extension under the same terms and conditions of the initial Interest Rate Protection Agreement (including its LIBOR strike price) last entered into in connection with the Loan and shall provide an Assignment of Protection Agreement with respect thereto in the form of Assignment of Protection Agreement, together with an opinion of counsel to the counterparty with respect thereto reasonably acceptable to Lender, (iii) Borrower shall pay to Lender an extension fee in an amount equal to twenty five hundredths of one percent (0.25%) of the then outstanding principal amount of the Loan and (iv) if the Debt Service Coverage Ratio for the Property shall be less than 2.5:1.0 on the Election Date, Borrower shall have confirmed its understanding that instead of making a payment to Lender of principal in the amount set forth in the amortization schedule attached hereto as Schedule VII together with each monthly payment of interest, Borrower shall make a payment to Lender of principal in the amount set forth in the amortization schedule attached hereto as Schedule IX together with each monthly payment of interest from and after July 9, 2008.
Appears in 1 contract
Payment on Maturity Date. (a) Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Mortgage Security Instrument and the other Loan Documents, including, without limitation, all interest that would accrue on the outstanding principal balance of the Loan through and including the end of the Interest Period in which the Maturity Date occurs (even if such Interest Period extends beyond the Maturity Date).
(b) Borrower will have one five (15) option options to extend the Maturity Date of the Loan for a period of consecutive one (1) yearyear periods (each, an “Extension Option”). In order to exercise the first such extension right, Borrower shall deliver to Lender written notice of such extension on or before the day that is thirty (30) days prior to the Maturity Date (the "Election Date") January 9, 2019 and, upon giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before the date that is five (5) Business Days prior to the Maturity DateFebruary 9, 2019, the Maturity Date as theretofore in effect will be extended to July February 9, 20092020. In order to exercise the second such extension right, Borrower shall deliver to Lender written notice of such extension on or before January 9, 2020 and, upon the giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before February 9, 2020, the Maturity Date as theretofore in effect will be extended to February 9, 2021. In order to exercise the third such extension right, Borrower shall deliver to Lender written notice of such extension on or before January 9, 2021 and, upon the giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before February 9, 2021, the Maturity Date as theretofore in effect will be extended to February 9, 2022. In order to exercise the fourth such extension right, Borrower shall deliver to Lender written notice of such extension on or before January 9, 2022 and, upon the giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before February 9, 2022, the Maturity Date as theretofore in effect will be extended to February 9, 2023. In order to exercise the fifth such extension right, Borrower shall deliver to Lender written notice of such extension on or before January 9, 2023 and, upon the giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before February 9, 2023, the Maturity Date as theretofore in effect will be extended to February 9, 2024. The Maturity Date shall be extended pursuant to Borrower's notice ’s notices as aforesaid, provided that that, the following conditions are satisfied: (i) no Event of Default or Cash Sweep Reserve Period (as defined in the Cash Management Agreement) shall be in existence either at the time of Borrower's ’s notice or at the then-then current Maturity Date, provided, however, that Borrower may effectuate such extension upon making a Debt Yield Paydown (as defined in the Cash Management Agreement) on the then current Maturity Date, (ii) Borrower shall enter into an Interest Rate Protection Agreement through the term of the applicable extension under the same terms and conditions of the initial Interest Rate Protection Agreement (including its LIBOR strike price) last entered into in connection with the Loan and shall provide an Assignment of Protection Agreement with respect thereto in the form of Assignment of Protection Agreement, together with an opinion of counsel with respect thereto reasonably acceptable to Lender, (iii) Borrower shall pay to Lender an extension fee in an amount equal to twenty five hundredths of one percent (0.25%) of the then outstanding principal amount of the Loan and (iv) if the Debt Service Coverage Ratio for the Property shall be less than 2.5:1.0 on the Election Date, Borrower shall have confirmed its understanding that instead of making a payment to Lender of principal in the amount set forth in the amortization schedule attached hereto as Schedule VII together with each monthly payment of interest, Borrower shall make a payment to Lender of principal in the amount set forth in the amortization schedule attached hereto as Schedule IX together with each monthly payment of interest from and after July 9, 2008.to
Appears in 1 contract
Payment on Maturity Date. (a) 3.%2.%3.%4. Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Mortgage Pledge Agreement and the other Loan Documents, including, without limitation, all interest that would accrue on the outstanding principal balance of the Loan through and including the end of the Interest Period in which the Maturity Date occurs (even if such Interest Period extends beyond the Maturity Date).
(ba) Borrower will have one three (13) option options to extend the Maturity Date of the Loan for a period of consecutive one (1) yearyear periods (each, an “Extension Option”). In order to exercise the first such extension right, Borrower shall deliver to Lender written notice of such extension on or before the day that is thirty (30) days prior to the Maturity Payment Date (the "Election Date") occurring in June, 2015, and, upon giving of such notice of extension, and subject to the satisfaction of each of the conditions set forth below in this Section 2.3.2(b2.3.3(b) on or before the applicable date that is five (5) Business Days prior specified below, the Initial Maturity Date as theretofore in effect will be extended to the Maturity First Extended Date. In order to exercise the second such extension right, Borrower shall deliver to Lender written notice of such extension on or before the Payment Date occurring in June, 2016 and, upon the giving of such notice of extension, and subject to the satisfaction of each of the conditions set forth below in this Section 2.3.3(b) on or before the applicable date specified below, the Maturity Date as theretofore in effect will be extended to July 9the Second Extended Date. In order to exercise the third such extension right, 2009Borrower shall deliver to Lender written notice of such extension on or before the Payment Date occurring in June, 2017 and, upon the giving of such notice of extension, and subject to the satisfaction of each of the conditions set forth below in this Section 2.3.3(b) on or before the applicable date specified below, the Maturity Date as theretofore in effect will be extended to the Third Extended Date. The Maturity Date shall be extended pursuant to Borrower's notice ’s notices as aforesaid, provided that in each case the following conditions are satisfied: (i) no Event of Default shall be in existence either at on the time date of Borrower's ’s notice or at on the then-current then‑current Maturity Date, (ii) on or prior to the applicable Maturity Date, Borrower shall enter into an interest rate protection agreement (or extend the then existing Senior Mezzanine Interest Rate Protection Agreement Cap Agreement) through the term of the applicable extension under the same terms and conditions of the initial Senior Mezzanine Interest Rate Protection Cap Agreement (including its provided that the LIBOR strike priceprice thereunder shall be the then-applicable Strike Price) last entered into in connection with the Loan and shall provide with respect to any new Senior Mezzanine Interest Rate Cap Agreement an Assignment assignment of Protection Agreement interest rate cap agreement with respect thereto in the form of the Assignment of Protection Interest Rate Cap Agreement, together with an opinion of counsel to the counterparty with respect thereto (together with an opinion of counsel to Borrower solely with respect to the enforceability thereof against Borrower), each reasonably acceptable to Lender, (iii) Borrower shall pay with respect to the third extension only, the Debt Yield as determined by Lender an extension fee in an amount equal to twenty five hundredths of one percent based upon each trailing twelve (0.25%12) month period ending on the last day of the then outstanding principal amount of second (2nd) calendar month immediately preceding the Loan and calendar month in which the then‑current Maturity Date occurs (as calculated after taking into account any Extension Prepayment made by Borrower pursuant to Section 2.4.5 hereof) shall equal or exceed the applicable Required Extension Debt Yield, (iv) if in the event that any portion of the Mortgage Loan Debt Service Coverage Ratio for the Property shall be less (other than 2.5:1.0 on the Election Datecontingent obligations) is then outstanding, Mortgage Borrower shall have confirmed its understanding that instead of making a payment exercised and complied with all conditions to Lender of principal the applicable Extension Option (as respectively defined in the amount set forth Mortgage Loan Agreement) in accordance with the Mortgage Loan Agreement, and (v) in the amortization schedule attached hereto as Schedule VII together with each monthly payment event that any portion of interestthe Junior Mezzanine Loan Debt (other than contingent obligations) is then outstanding, Junior Mezzanine Borrower shall make a payment have exercised and complied with all conditions to Lender of principal the applicable Extension Option (as respectively defined in the amount set forth Junior Mezzanine Loan Agreement) in accordance with the amortization schedule attached hereto as Schedule IX together with each monthly payment of interest from and after July 9, 2008Junior Mezzanine Loan Agreement.
Appears in 1 contract
Samples: Senior Mezzanine Loan Agreement (Ashford Hospitality Prime, Inc.)
Payment on Maturity Date. (a) 3.%2.%3.%4. Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Mortgage Pledge Agreement and the other Loan Documents, including, without limitation, all interest that would accrue on the outstanding principal balance of the Loan through and including the end of the Interest Period in which the Maturity Date occurs (even if such Interest Period extends beyond the Maturity Date).
(ba) Borrower will have one three (13) option options to extend the Maturity Date of the Loan for a period of consecutive one (1) yearyear periods (each, an “Extension Option”). In order to exercise the first such extension right, Borrower shall deliver to Lender written notice of such extension on or before the day that is thirty (30) days prior to the Maturity Payment Date (the "Election Date") occurring in June, 2015, and, upon giving of such notice of extension, and subject to the satisfaction of each of the conditions set forth below in this Section 2.3.2(b2.3.3(b) on or before the applicable date that is five (5) Business Days prior specified below, the Initial Maturity Date as theretofore in effect will be extended to the Maturity First Extended Date. In order to exercise the second such extension right, Borrower shall deliver to Lender written notice of such extension on or before the Payment Date occurring in June, 2016 and, upon the giving of such notice of extension, and subject to the satisfaction of each of the conditions set forth below in this Section 2.3.3(b) on or before the applicable date specified below, the Maturity Date as theretofore in effect will be extended to July 9the Second Extended Date. In order to exercise the third such extension right, 2009Borrower shall deliver to Lender written notice of such extension on or before the Payment Date occurring in June, 2017 and, upon the giving of such notice of extension, and subject to the satisfaction of each of the conditions set forth below in this Section 2.3.3(b) on or before the applicable date specified below, the Maturity Date as theretofore in effect will be extended to the Third Extended Date. The Maturity Date shall be extended pursuant to Borrower's notice ’s notices as aforesaid, provided that in each case the following conditions are satisfied: (i) no Event of Default shall be in existence either at on the time date of Borrower's ’s notice or at on the then-current then‑current Maturity Date, (ii) on or prior to the applicable Maturity Date, Borrower shall enter into an interest rate protection agreement (or extend the then existing Junior Mezzanine Interest Rate Protection Agreement Cap Agreement) through the term of the applicable extension under the same terms and conditions of the initial Junior Mezzanine Interest Rate Protection Cap Agreement (including its provided that the LIBOR strike priceprice thereunder shall be the then-applicable Strike Price) last entered into in connection with the Loan and shall provide with respect to any new Junior Mezzanine Interest Rate Cap Agreement an Assignment assignment of Protection Agreement interest rate cap agreement with respect thereto in the form of the Assignment of Protection Interest Rate Cap Agreement, together with an opinion of counsel to the counterparty with respect thereto (together with an opinion of counsel to Borrower solely with respect to the enforceability thereof against Borrower), each reasonably acceptable to Lender, (iii) Borrower shall pay with respect to the third extension only, the Debt Yield as determined by Lender an extension fee in an amount equal to twenty five hundredths of one percent based upon each trailing twelve (0.25%12) month period ending on the last day of the then outstanding principal amount of second (2nd) calendar month immediately preceding the Loan and calendar month in which the then‑current Maturity Date occurs (as calculated after taking into account any Extension Prepayment made by Borrower pursuant to Section 2.4.5 hereof) shall equal or exceed the applicable Required Extension Debt Yield, (iv) if in the event that any portion of the Mortgage Loan Debt Service Coverage Ratio for the Property shall be less (other than 2.5:1.0 on the Election Datecontingent obligations) is then outstanding, Mortgage Borrower shall have confirmed its understanding that instead of making a payment exercised and complied with all conditions to Lender of principal the applicable Extension Option (as respectively defined in the amount set forth Mortgage Loan Agreement) in accordance with the Mortgage Loan Agreement, and (v) in the amortization schedule attached hereto as Schedule VII together with each monthly payment event that any portion of interestthe Senior Mezzanine Loan Debt (other than contingent obligations) is then outstanding, Senior Mezzanine Borrower shall make a payment have exercised and complied with all conditions to Lender of principal the applicable Extension Option (as respectively defined in the amount set forth Senior Mezzanine Loan Agreement) in accordance with the amortization schedule attached hereto as Schedule IX together with each monthly payment of interest from and after July 9, 2008Senior Mezzanine Loan Agreement.
Appears in 1 contract
Samples: Junior Mezzanine Loan Agreement (Ashford Hospitality Prime, Inc.)
Payment on Maturity Date. (a) Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Mortgage and the other Loan Documents, including, without limitation, all interest that would which has or will accrue on the on the outstanding principal balance of the Loan through and including the end last day of the Interest Period in which the Maturity Date occurs (even if such Interest Period extends beyond the Maturity Date)occurs.
(b) Borrower will shall have one (1) the option to extend the Maturity Date of the Loan for a period three (3) successive terms (each such option; an “Extension Option” and each such successive term, an “Extension Term”) of one (1) year. In order to year each (the Maturity Date following the exercise of each such extension right, Extension Option is the “Extended Maturity Date”) upon satisfaction of the following terms and conditions: (i) Borrower shall deliver to provide Lender with written notice of such extension on or before its election to extend the day that is Maturity Date as aforesaid not later than thirty (30) days and not earlier than ninety (90) days prior to the Maturity Date (date the "Election Date") andLoan is then scheduled to mature, upon giving of such which notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before the date that is five (5) Business Days prior to the Maturity Date, the Maturity Date as theretofore in effect will be extended to July 9, 2009. The Maturity Date shall be extended pursuant to Borrower's notice as aforesaidirrevocable, provided that the following conditions are satisfied: (iii) no Event of Default shall be in existence either at the time of Borrower's ’s notice or at the then-current Maturity Date, (iiiii) Borrower shall enter into an Interest Rate Protection Agreement through the term of the applicable extension under the same terms and conditions of the initial Interest Rate Protection Agreement (including its LIBOR strike price) last entered into in connection with the Loan and shall provide an Assignment of Protection Agreement with respect thereto in the form of Assignment of Protection Agreement, together with an opinion of counsel with respect thereto reasonably acceptable to Lender, (iii) Borrower shall pay to Lender an extension fee in an amount equal to twenty five hundredths of one percent (0.25%) of the then outstanding principal amount of the Loan and (iv) if Borrower shall have paid or caused to be paid to Lender the Debt Service Coverage Ratio for the Property shall be less than 2.5:1.0 on the Election Dateapplicable non-refundable Extension Fee; provided, however, Borrower shall have confirmed its understanding that instead of making a payment not pay or cause to be paid to Lender of principal in the amount set forth in Extension Fee for the amortization schedule attached hereto as Schedule VII together with each monthly payment of interest, Borrower shall make a payment to Lender of principal in the amount set forth in the amortization schedule attached hereto as Schedule IX together with each monthly payment of interest from and after July 9, 2008first Extension Term.
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Samples: Loan Agreement (Telx Group, Inc.)
Payment on Maturity Date. (a) Borrower shall pay to Lender on the Maturity Date the outstanding principal balance Outstanding Principal Balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Mortgage and the other Loan Documents. Subject to the provisions of this Section 2.3.2, including, without limitation, all interest that would accrue on Borrower shall have the outstanding principal balance of one-time option (the Loan through and including the end of the Interest Period in which the Maturity Date occurs (even if such Interest Period extends beyond the Maturity Date).
(b“First Extension Option”) Borrower will have one (1) option to extend the Maturity Date of until the Loan for a period of one (1) yearFirst Extension Maturity Date. In order to exercise such extension rightthe event Borrower shall have exercised the First Extension Option in accordance with the terms and conditions hereof, Borrower shall deliver have the one-time option (the “Second Extension Option” to extend the First Extension Maturity Date until the Second Extension Maturity Date. In the event Borrower shall have exercised the Second Extension Option in accordance with the terms and conditions hereof, Borrower shall have the one-time option (the “Third Extension Option” and, together with the First Extension Option and the Second Extension Option, each an “Extension Option”) to extend the Second Extension Maturity Date until the Third Extension Maturity Date. Borrower’s right to so extend the Maturity Date shall be subject to the satisfaction of each of the following conditions precedent prior to each such extension (and each such condition shall be satisfied in connection with the exercise of each Extension Option unless such condition is otherwise expressly specified to apply solely to the First Extension Option, the Second Extension Option and/or the Third Extension Option, as applicable):
(i) Borrower shall have given Lender written revocable notice of such extension on or before the day that is (x) no later than thirty (30) days prior to the then-current Maturity Date and (the "Election Date"y) and, upon giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(bno earlier than ninety (90) on or before the date that is five (5) Business Days days prior to the Maturity Date, the Maturity Date as theretofore in effect will be extended to July 9, 2009. The Maturity Date shall be extended pursuant to Borrower's notice as aforesaid, provided that the following conditions are satisfied: (i) no Event of Default shall be in existence either at the time of Borrower's notice or at the then-current Maturity Date, ;
(ii) Borrower No Default or Event of Default shall enter into an Interest Rate Protection Agreement through have occurred and be continuing at the term time of the applicable extension under the same terms and conditions delivery of the Interest Rate Protection Agreement (including its LIBOR strike price) last entered into in connection with written extension notice or as of the Loan and shall provide an Assignment first day of Protection Agreement with respect thereto in the form of Assignment of Protection Agreement, together with an opinion of counsel with respect thereto reasonably acceptable to Lender, relevant Extension Period;
(iii) Borrower shall pay to have paid all costs and expenses actually incurred by Lender an extension fee in an amount equal to twenty five hundredths of one percent (0.25%) of the then outstanding principal amount of the Loan connection with such extension, including underwriting, title and reasonable legal fees and costs;
(iv) if Borrower shall have entered into a replacement Interest Rate Protection Agreement for the applicable Extension Period and complied with the provisions of Section 4.1.11;
(v) Borrower shall have paid the Extension Fee on or prior to the First Extension Maturity Date and the Second Extension Maturity Date, as applicable;
(vi) With respect to the Second Extension Option, as of the First Extension Maturity Date, the Debt Service Coverage Ratio for the Property Yield shall not be less than 2.5:1.0 on six and one-half percent (6.5%); provided that if the Election DateProperty has not achieved the Debt Yield required in this clause (vi), then Borrower shall have confirmed its understanding the right to make a partial prepayment on the Loan in accordance with Section 2.4.1 in order to achieve such Debt Yield; and
(vii) With respect to the Third Extension Option, as of the Second Extension Maturity Date, the Debt Yield shall not be less than seven percent (7.0%); provided that instead of making a payment to Lender of principal if the Property has not achieved the Debt Yield required in the amount set forth in the amortization schedule attached hereto as Schedule VII together with each monthly payment of interestthis clause (vii), then Borrower shall have the right to make a payment partial prepayment on the Loan in accordance with Section 2.4.1 in order to achieve such Debt Yield. If Borrower is unable to satisfy all of the foregoing conditions within the applicable time frames for each, Lender of principal in shall have no obligation to extend the amount set forth in the amortization schedule attached hereto as Schedule IX together with each monthly payment of interest from and after July 9, 2008Maturity Date hereunder.
Appears in 1 contract
Samples: Loan Agreement (Pacific Oak Strategic Opportunity REIT II, Inc.)
Payment on Maturity Date. (a) Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Mortgage and the other Loan Documents, including, without limitation, all interest that would accrue on the outstanding principal balance of the Loan through and including the end of the Interest Period in which the Maturity Date occurs (even if such Interest Period extends beyond the Maturity Date).
(b) Borrower will have one two (12) option options to extend the Maturity Date of the Loan for a period of consecutive one (1) yearyear periods. In order to exercise the first such extension right, Borrower shall deliver to Lender written notice of such extension on or before the day that is thirty (30) days prior to the Maturity Date (the "Election Date") September 25, 2009 and, upon giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before the date that is five (5) Business Days prior to the Maturity DateSeptember 25, 2009, the Maturity Date as theretofore in effect will be extended to July November 9, 20092010. In order to exercise the second such extension right, Borrower shall deliver to Lender written notice of such extension on or before September 25, 2010 and, upon the giving of such notice of extension, and subject to the satisfaction of the conditions set forth below in this Section 2.3.2(b) on or before September 25, 2010, the Maturity Date as theretofore in effect will be extended to November 9, 2011. The Maturity Date shall be extended pursuant to Borrower's notice ’s notices as aforesaid, provided that the following conditions are satisfied: (i) no Event of Default shall be in existence either at the time of Borrower's ’s notice or at the then-current Maturity Date, Date and (ii) Borrower shall enter into an Interest Rate Protection Agreement through the term of the applicable extension under the same terms and conditions of the initial Interest Rate Protection Agreement (including its LIBOR strike price) last entered into in connection with the Loan and shall provide an Assignment of Protection Agreement with respect thereto in the form of Assignment of Protection Agreement, together with an opinion of counsel with respect thereto reasonably acceptable to Lender, (iii) Borrower shall pay to Lender an extension fee in an amount equal to twenty five hundredths of one percent (0.25%) of the then outstanding principal amount of the Loan and (iv) if the Debt Service Coverage Ratio for the Property shall be less than 2.5:1.0 on the Election Date, Borrower shall have confirmed its understanding that instead of making a payment to Lender of principal in the amount set forth in the amortization schedule attached hereto as Schedule VII together with each monthly payment of interest, Borrower shall make a payment to Lender of principal in the amount set forth in the amortization schedule attached hereto as Schedule IX together with each monthly payment of interest from and after July 9, 2008.
Appears in 1 contract
Payment on Maturity Date. (a) 3.%2.%3.%4. Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Mortgage and the other Loan Documents, including, without limitation, all interest that would accrue on the outstanding principal balance of the Loan through and including the end of the Interest Period in which the Maturity Date occurs (even if such Interest Period extends beyond the Maturity Date).
(ba) Borrower will have one three (13) option options to extend the Maturity Date of the Loan for a period of consecutive one (1) yearyear periods (each, an “Extension Option”). In order to exercise the first such extension right, Borrower shall deliver to Lender written notice of such extension on or before the day that is thirty (30) days prior to the Maturity Payment Date (the "Election Date") occurring in June, 2015, and, upon giving of such notice of extension, and subject to the satisfaction of each of the conditions set forth below in this Section 2.3.2(b2.3.3(b) on or before the applicable date that is five (5) Business Days prior specified below, the Initial Maturity Date as theretofore in effect will be extended to the Maturity First Extended Date. In order to exercise the second such extension right, Borrower shall deliver to Lender written notice of such extension on or before the Payment Date occurring in June, 2016 and, upon the giving of such notice of extension, and subject to the satisfaction of each of the conditions set forth below in this Section 2.3.3(b) on or before the applicable date specified below, the Maturity Date as theretofore in effect will be extended to July 9the Second Extended Date. In order to exercise the third such extension right, 2009Borrower shall deliver to Lender written notice of such extension on or before the Payment Date occurring in June, 2017 and, upon the giving of such notice of extension, and subject to the satisfaction of each of the conditions set forth below in this Section 2.3.3(b) on or before the applicable date specified below, the Maturity Date as theretofore in effect will be extended to the Third Extended Date. The Maturity Date shall be extended pursuant to Borrower's notice ’s notices as aforesaid, provided that in each case the following conditions are satisfied: (i) no Event of Default shall be in existence either at on the time date of Borrower's ’s notice or at on the then-current then‑current Maturity Date, (ii) on or prior to the applicable Maturity Date, Borrower shall enter into an interest rate protection agreement (or extend the then existing Interest Rate Protection Agreement Cap Agreement) through the term of the applicable extension under the same terms and conditions of the initial Interest Rate Protection Cap Agreement (including its provided that the LIBOR strike priceprice thereunder shall be the then-applicable Strike Price) last entered into in connection with the Loan and shall provide with respect to any new Interest Rate Cap Agreement an Assignment assignment of Protection Agreement interest rate cap agreement with respect thereto in the form of the Assignment of Protection Interest Rate Cap Agreement, together with an opinion of counsel to the counterparty with respect thereto (together with an opinion of counsel to Borrower solely with respect to the enforceability thereof against Borrower), each reasonably acceptable to Lender, (iii) Borrower shall pay with respect to the third extension only, the Debt Yield as determined by Lender an extension fee in an amount equal to twenty five hundredths of one percent based upon each trailing twelve (0.25%12) month period ending on the last day of the then outstanding principal amount of second (2nd) calendar month immediately preceding the Loan calendar month in which the then‑current Maturity Date occurs (as calculated after taking into account any Extension Prepayment made by Borrower pursuant to Section 2.4.5 hereof) shall equal or exceed the applicable Required Extension Debt Yield, and (iv) if in the event that any portion of any Mezzanine Loan Debt Service Coverage Ratio for the Property shall be less (other than 2.5:1.0 on the Election Datecontingent obligations) is then outstanding, Mezzanine Borrower under each applicable Mezzanine Loan shall have confirmed its understanding that instead exercised and complied with all conditions to the applicable Extension Option (as respectively defined in each applicable Mezzanine Loan Agreement) as of making a payment to Lender of principal in the amount set forth in the amortization schedule attached hereto as Schedule VII together with each monthly payment of interest, date Borrower shall make a payment to Lender of principal in the amount set forth in the amortization schedule attached hereto as Schedule IX together with each monthly payment of interest from and after July 9, 2008exercises such Extension Option.
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