Common use of Second Extension Option Clause in Contracts

Second Extension Option. At the written request of Borrower made at least thirty (30) days prior to the First Extended Maturity Date, the Maturity Date shall be further extended to the one-year anniversary of the First Extended Maturity Date (the "Second Extended Maturity Date") provided that the following conditions are satisfied: (a) no Event of Default or Unmatured Event of Default shall have occurred and be continuing as of the First Extended Maturity Date; (b) all representations and warranties made by Borrower and the REIT contained in this Agreement and the other Loan Documents shall be true and correct in all material respects as of the First Extended Maturity Date except to the extent they related to a specific date; (c) Agent shall have received Officer's Certificates of the REIT dated as of the First Extended Maturity Date stating that the executive officer who is the signatory thereto, which officer shall be the chief executive officer or the chief financial officer of the REIT, has reviewed, or caused under his supervision to be reviewed, the terms of this Agreement and the other Loan Documents, and has made, or caused to be made under his supervision, a review in reasonable detail of the transactions and condition of Borrower, the REIT, the Subsidiaries, and the Agreement Parties, and that (A) such review has not disclosed the existence as of the date of such Officer's Certificate, and that the signer does not have knowledge of the existence as of the date of such Officer's Certificate, of any condition or event which constitutes an Event of Default or Unmatured Event of Default and (B) all representations and warranties made by such entities contained in this Agreement and the other Loan Documents are true and correct in all material respects as of the date of such Officer's Certificate except to the extent they relate to a specific date; and (d) on or before the First Extended Maturity Date, Agent shall have received, on behalf of Agent and Lenders, an extension fee in the amount of thirty-five hundredths of one percent (0.35%) of the amount of the Facility.

Second Extension Option. At the written request of Borrower made to Agent at least thirty (30) days prior to the First Extended Maturity Date, the Maturity Date shall be further extended to the one-year anniversary of the First Extended Maturity Date (the "Second Extended Maturity Date") provided that the following conditions are satisfied: (ai) no Event of Default or Unmatured Event of Default shall have occurred and be continuing as of the First Extended Maturity Date; (bii) all representations and warranties made by Borrower and the REIT contained in this Agreement and the other Loan Documents shall be true and correct in all material respects as of the First Extended Maturity Date except to the extent they related to a specific date; (ciii) Agent shall have received an Officer's Certificates Certificate of the REIT dated as of the First Extended Maturity Date stating that the executive officer who is the signatory thereto, which officer shall be the chief executive officer or the chief financial officer of the REIT, has reviewed, or caused under his supervision to be reviewed, the terms of this Agreement and the other Loan Documents, and has made, or caused to be made under his supervision, a review in reasonable detail of the transactions and condition of Borrower, the REIT, the Subsidiaries, and the Agreement Parties, and that (A) such review has not disclosed the existence as of the date of such Officer's Certificate, and that the signer does not have knowledge of the existence as of the date of such Officer's Certificate, of any condition or event which constitutes an Event of Default or Unmatured Event of Default and (B) all representations and warranties made by such entities contained in this Agreement and the other Loan Documents are true and correct in all material respects as of the date of such Officer's Certificate except to the extent they relate to a specific date; and (div) on or before the First Extended Maturity Date, Agent shall have received, on behalf for the benefit of Agent and the Lenders, an extension fee in the amount of thirty-five hundredths of one percent (0.35%) of the amount of the Facility.

Second Extension Option. At Borrower shall have the right to extend the First Extended Term Loan Maturity Date to the Second Extended Term Loan Maturity Date (the “Second Extension Option”) upon satisfying each and every of the following conditions: (a) Borrower shall have delivered written request of Borrower made at least thirty notice to Administrative Agent requesting the extension not more than ninety (3090) days or less than ten (10) days prior to the First Extended Term Loan Maturity Date, which notice shall (A) clearly and explicitly state that Borrower is exercising the Maturity Date shall be further extended option to the one-year anniversary of extend the First Extended Term Loan Maturity Date (to the "Second Extended Term Loan Maturity Date", (B) provided be delivered in the manner specified for delivery of notices pursuant to the provisions of this Agreement to the notice parties for Administrative Agent set forth herein (as said notice parties and addresses may have been amended pursuant to the provisions of this Agreement), (C) contain Borrower’s certification that (x) there is no existing Default or Event of Default under this Agreement or the following conditions are satisfied:other Loan Documents, and (y) contain a certification that Borrower has no offsets, defenses or counterclaims with respect to the Credit Facility, this Agreement or the other Loan Documents; (b) Borrower shall pay to Administrative Agent the extension fee set forth in the Fee Letter, which extension fee shall be paid to Administrative Agent not later than the First Extended Term Loan Maturity Date; (c) There is no existing Default or Event of Default as of the date of delivery of the notice required in subsection (a) no Event of Default or Unmatured Event of Default shall have occurred and be continuing as of the First Extended Term Loan Maturity Date; (bd) Borrower shall have made all amortization payments in accordance with Section 2.11(b); (e) All the representations and warranties made by Borrower and the REIT contained in this Agreement and the other Loan Documents shall be true and correct in all material respects as of the date of delivery of the notice required in subsection (a) and the First Extended Term Loan Maturity Date Date, except to the extent they related any such representation or warranty relates to a specific earlier date; (cf) Agent Borrower shall have received Officer's Certificates of execute all amendments to the REIT dated as of the First Extended Maturity Date stating that the executive officer who is the signatory thereto, which officer shall be the chief executive officer or the chief financial officer of the REIT, has reviewed, or caused under his supervision to be reviewed, the terms of this Agreement and the other Loan Documents, and has made, or caused to be made under his supervision, a review in reasonable detail of the transactions and condition of Borrower, the REIT, the Subsidiaries, and the Agreement Parties, and that (A) such review has not disclosed the existence as of the date of such Officer's Certificate, and that the signer does not have knowledge of the existence as of the date of such Officer's Certificate, of any condition or event which constitutes an Event of Default or Unmatured Event of Default and (B) all representations and warranties made by such entities contained in this Agreement and the other Loan Documents are true and correct reasonably required by Administrative Agent in all material respects as of the date of connection with such Officer's Certificate except to the extent they relate to a specific dateextension; and (dg) on or before the First Extended Maturity Date, Agent Borrower shall have received, on behalf reimbursed Administrative Agent for all costs and expenses of Administrative Agent and Lenders, an in connection with the exercise of such extension fee in the amount of thirty-five hundredths of one percent (0.35%) of the amount of the Facilityoption.

Second Extension Option. At the written request of Borrower made to Agent at least thirty (30) days prior to the First Extended Maturity Date, the Maturity Date shall be further extended to the one-year anniversary of the First Extended Maturity Date (the "Second Extended Maturity Date") provided that the following conditions are satisfied: (a) The Initial Maturity Date was previously extended to the First Extended Maturity Date in accordance with Section 3.01; (b) no Event of Default or Unmatured Event of Default shall have occurred and be continuing as of the First Extended Maturity Date; (bc) all representations and warranties made by Borrower Borrower, the REIT, MHC Trust and the REIT T1000 Trust contained in this Agreement and the other Loan Documents shall be true and correct in all material respects as of the First Extended Maturity Date except to the extent they related to a specific date; (cd) Agent shall have received Officer's Certificates of the REIT dated as of the First Extended Maturity Date stating that the executive officer who is the signatory thereto, which officer shall be the chief executive officer or the chief financial officer of the REIT, has reviewed, or caused under his supervision to be reviewed, the terms of this Agreement and the other Loan Documents, and has made, or caused to be made under his supervision, a review in reasonable detail of the transactions and condition of Borrower, the REIT, MHC Trust, the Subsidiaries, and the Agreement Parties, and that (A) such review has not disclosed the existence as of the date of such Officer's Certificate, and that the signer does not have knowledge of the existence as of the date of such Officer's Certificate, of any condition or event which constitutes an Event of Default or Unmatured Event of Default and (B) all representations and warranties made by such entities contained in this Agreement and the other Loan Documents are true and correct in all material respects as of the date of such Officer's Certificate except to the extent they relate to a specific date; and (de) on or before the First Extended Maturity Date, Agent shall have received, on behalf of Agent and Lenders, an extension fee in the amount of thirtyone-five hundredths fifth of one percent (0.350.20%) of the amount then-outstanding principal balance of the FacilityLoan.