Second Non-Qualified Extension Option. Borrowers shall have the right to extend the First Non-Qualified Extended Maturity Date to the Second Non-Qualified Extended Maturity Date (the “Second Non-Qualified Extension Option”; and the period commencing on the first (1st) day following the First Non-Qualified Extended Maturity Date and ending on the Second Non-Qualified Extended Maturity Date being referred to herein as the “Second Non-Qualified Extension Term”), provided that all of the following conditions are satisfied:
Appears in 8 contracts
Samples: Loan Agreement (Morgans Hotel Group Co.), First Mezzanine Loan Agreement (Morgans Hotel Group Co.), Third Mezzanine Loan Agreement (Hard Rock Hotel Holdings, LLC)
