Second Extension of Maturity Date. In the event Borrower has previously extended the Maturity date in accordance with Section 2.5(1), Borrower may, at its option, extend the term of the then outstanding principal amount of the Loans for a period of one (1) year to the second anniversary of the original Maturity Date (as extended by the First Extension Period) (the applicable period being, the “Second Extension Period”), subject to the satisfaction of the following conditions:
Appears in 2 contracts
Samples: Construction Loan Agreement, Construction Loan Agreement (Maguire Properties Inc)
Second Extension of Maturity Date. In the event Borrower has previously extended the Maturity date Date in accordance with Section 2.5(1), Borrower may, at its option, extend the term of the then outstanding principal amount of the Loans for a period commencing on the last day of one (1) year to the second anniversary of the original Maturity Date (as extended by the First Extension Period) Period and ending on July 31, 2011; provided, however, if such day is not a Business Day, such period shall be deemed to end the immediately preceding Business Day (the applicable period being, the “Second Extension Period”), subject to the satisfaction of the following conditions:
Appears in 2 contracts
Samples: Mezzanine Loan Agreement (Morgans Hotel Group Co.), Loan Agreement (Morgans Hotel Group Co.)
