Common use of Terms of Extension Clause in Contracts

Terms of Extension. The terms of each extension of any applicable Existing Maturity Date shall be determined by Borrower and the applicable extending Lenders and set forth in an amendment (an “Extension Amendment”); provided that, (i) the extended Loans and Commitments will rank pari passu in right of payment and with respect to security with the other Loans and Commitments and the Borrower and Guarantors of the extended Loans and Commitments shall be the same as the Borrower and Guarantors with respect to the other Loans and Commitments, (ii) the interest rate margin, rate floors, fees, original issue discount and premium applicable to any extended Loans and Commitments shall be determined by the Borrower and the applicable extending Lenders, (iii) all borrowings under extended Revolving Commitments, reductions of extended Revolving Commitments, and repayments thereunder shall be made on a pro rata basis with all other Revolving Commitments (except for (I) payments of interest and fees at different rates on extended Revolving Commitments (and related Revolving Loans) and (II) repayments required upon the Maturity Date of the non-extended Revolving Commitments), (iv) extended Term Loans may have call protection as may be agreed by the Borrower and the extending Lenders thereof; provided that no extended Term Loan may be optionally prepaid prior to the date on which the non-extended Term Loans are repaid in full, unless such optional prepayment is accompanied by at least a pro rata optional prepayment of such non-extended Term Loans, (v) all or any of the scheduled amortization payments of principal of an extended Term Loan may be delayed to later dates than the scheduled amortization payments of principal of the non-extended Term Loans, (vi) in no event shall the final maturity date of any extended Term Loan at the time of establishment thereof be earlier than the then latest Maturity Date of any then-existing Term Loan hereunder, (vii) in no event shall the final maturity date of any extended Revolving Loan at the time of establishment thereof be earlier than the then latest Maturity Date of any then-existing Revolving Loan hereunder, (viii) the weighted average life to maturity of any extended Term Loan at the time of establishment thereof shall be no shorter than the remaining weighted average life to maturity of any then-existing Term Loan hereunder, (ix) any extended Term Loan may participate on a pro rata basis or less than a pro rata basis (but not greater than a pro rata basis) in any voluntary or mandatory repayments or prepayments hereunder, (x) the Extension Amendment may provide for other covenants and terms that apply solely to any period after the latest Maturity Date that is in effect on the effective date of the Extension Amendment (immediately prior to the establishment of such extended Loans or Commitments); and (xi) the terms of any extended Loans and Commitments shall be substantially identical to the terms of such Loans or Commitments, as applicable, prior to such extension (except (x) to the extent any such terms apply only after the expiration of the Loans and Commitments not so extended and (y) as otherwise set forth in clauses (i) through (x) above).

Terms of Extension. In the event that Tenant effectively exercises the option(s) herein granted, then all of the terms and provisions as are applicable during the Primary Term shall likewise be applicable during the Extension Terms except: (a) Tenant shall have no further right to renew or extend the Term after the expiration or termination of the second Extension Term; and (b) The terms of each extension of any applicable Existing Maturity Date Annual Base Rent which shall be determined by Borrower due and the applicable extending Lenders and payable in equal monthly installments during each Extension Term as set forth in an amendment Section 6 of this Lease, shall be the “Fair Market Rate,” as determined below. (c) Within thirty (30) days after Landlord has received the Exercise Notice, Landlord shall deliver to Tenant Landlord’s assessment of the Fair Market Rate for the Extension Term together with supporting documentation therefor (the “Landlord’s Assessment”). Tenant shall notify Landlord whether it agrees or disagrees with the Landlord’s Assessment within thirty (30) days after it is delivered to Tenant. Failure of Tenant to deliver any such notice to Landlord shall be deemed disapproval by Tenant of Landlord’s Assessment. If Tenant notifies Landlord that it disagrees with the Landlord’s Assessment (an “Extension AmendmentObjection Notice”); provided that, (i) then the extended Loans and Commitments will rank pari passu in right of payment and with respect to security with the other Loans and Commitments and the Borrower and Guarantors Objection Notice shall specify Tenant’s assessment of the extended Loans Fair Market Rate and Commitments supporting documentation therefor (“Tenant’s Assessment”). Thereafter, Landlord and Tenant shall be meet to determine the same as Fair Market Rate for the Borrower and Guarantors with respect applicable Extension Term; if they are unable to agree on such Fair Market Rate within fifteen (15) days after Tenant delivers to Landlord an Objection Notice, then the other Loans and Commitments, (ii) the interest rate margin, rate floors, fees, original issue discount and premium applicable to any extended Loans and Commitments Fair Market Rate shall be determined by the Borrower and the applicable extending Lenders, (iii) all borrowings under extended Revolving Commitments, reductions of extended Revolving Commitments, and repayments thereunder shall be made on a pro rata basis with all other Revolving Commitments (except for (I) payments of interest and fees at different rates on extended Revolving Commitments (and related Revolving Loans) and (II) repayments required upon the Maturity Date of the non-extended Revolving Commitments), (iv) extended Term Loans may have call protection as may be agreed by the Borrower and the extending Lenders thereof; provided that no extended Term Loan may be optionally prepaid prior to the date on which the non-extended Term Loans are repaid in full, unless such optional prepayment is accompanied by at least a pro rata optional prepayment of such non-extended Term Loans, (v) all or any of the scheduled amortization payments of principal of an extended Term Loan may be delayed to later dates than the scheduled amortization payments of principal of the non-extended Term Loans, (vi) in no event shall the final maturity date of any extended Term Loan at the time of establishment thereof be earlier than the then latest Maturity Date of any then-existing Term Loan hereunder, (vii) in no event shall the final maturity date of any extended Revolving Loan at the time of establishment thereof be earlier than the then latest Maturity Date of any then-existing Revolving Loan hereunder, (viii) the weighted average life to maturity of any extended Term Loan at the time of establishment thereof shall be no shorter than the remaining weighted average life to maturity of any then-existing Term Loan hereunder, (ix) any extended Term Loan may participate on a pro rata basis or less than a pro rata basis (but not greater than a pro rata basis) in any voluntary or mandatory repayments or prepayments hereunder, (x) the Extension Amendment may provide for other covenants and terms that apply solely to any period after the latest Maturity Date that is in effect on the effective date of the Extension Amendment (immediately prior to the establishment of such extended Loans or Commitments); and (xi) the terms of any extended Loans and Commitments shall be substantially identical to the terms of such Loans or Commitments, as applicable, prior to such extension (except (x) to the extent any such terms apply only after the expiration of the Loans and Commitments not so extended and (y) as otherwise arbitration procedures set forth in clauses (i) through (x) above)Section 5 below.

Terms of Extension. The All terms and provisions of each extension this Lease shall apply to the Extended Term, except for the amount of annual base Rent and additional rent for Operating Expenses and real estate taxes payable therefor, which shall be equal to the current fair market rental rate for all such items of rent and additional rent. In no event, however, shall the base Rent and additional rent be less than the base Rent and additional rent payable f or the last year of the prior Term. In the event that the Tenant fails to provide the notice described in subparagraph (ii) above, within the time set forth therein, the Tenant shall be deemed to have waived its option to extend the Term for the Extended Term. Tenant shall have no further right to extend this Lease beyond the Extended Term. Each reference in the Lease to the "Term" shall be deemed to include any applicable Existing Maturity option term f or which the Tenant has exercised its option to extend unless the context clearly requires a different meaning. Upon the Tenants exercising its option to extend, the parties shall attempt to agree upon the f air market rental value of the Leased Premises. In the event that the parties hereto cannot agree to such fair market rental value on or before the date which is nine (9) months prior to the original Termination Date of this Lease (the "Adjustment Date"), the fair market rental value for such Extended Term shall be determined by Borrower binding appraisal as follows: (a) Either of Landlord or Tenant may give the other written notice after the Adjustment Date designating an independent appraiser ("First Appraiser"). The other party shall within fifteen (15) days thereafter designate a second independent appraiser ("Second Appraiser") and the applicable extending Lenders First Appraiser and set forth Second Appraiser so designated or appointed shall meet within ten (10) days after the Second Appraiser is appointed. If, within fifteen (15) days after the second Appraiser is appointed, the First Appraiser and Second Appraiser do not agree upon the then fair market rental value of the Leased Premises, they shall themselves appoint a Third Appraiser who shall be a competent and impartial person; and in an amendment the event of their being unable to agree upon such appointment within fifteen (an “Extension Amendment”); 15) days after the time aforesaid, the Third Appraiser shall be selected by the parties themselves if they can agree thereon within a further period of fifteen (15) days. If the parties do not so agree then either party, on behalf of both, may request such appointment by the then President of the Rhode Island Board of Realtors or any similar association. (b) In the event of the failure, refusal or inability of any appraiser to act, a new appraiser shall be appointed in his stead, which appointment shall be made in the same manner as hereinbefore provided thatfor the appointment of such appraiser so failing, (i) refusing or being unable to act. Each party shall pay the extended Loans fees and Commitments will rank pari passu expenses of the one of the two original appraisers appointed by such party, or in right whose stead, as above provided, such appraiser was appointed, and one-half of payment the fees and with respect expenses of the Third Appraiser, and all other expenses, if any, shall be borne equally by both parties. Any appraiser designated to security serve in accordance with the other Loans and Commitments and the Borrower and Guarantors provisions of this option to extend shall be disinterested, shall be qualified to appraise real estate in Rhode Island of the extended Loans type covered by this option to extend, shall be a member of the American Institute of Real Estate Appraisers (or any successor association or body of comparable standing if such Institute is not then in existence), and Commitments shall have been actively engaged in the appraisal of commercial real estate in Rhode Island for a period of not less than five (5) years immediately preceding his appointment. Each party will also pay their own attorneys' fees. (c) The appraisers shall determine the fair market rental value of the Leased Premises as of the date of appraisal. A decision joined in by two of the three appraisers shall be the same as decision of the Borrower Appraisers and Guarantors shall be binding on the parties. After reaching a decision, the appraisers shall give written notice thereof to Landlord and Tenant. (d) If the appraisers fail to reach a decision within thirty (30) days after the appointment of the Third Appraiser, the Appraisers shall average the three appraisals if no appraisal is more than ten (10%) percent in variation from the other two (2) appraisals and such average shall be the fair market rental value of the Leased Premises. If there is any such variation of more than ten (10%) percent, the appraisal process shall start over with respect the appointment of new appraisers. Notwithstanding the foregoing to the other Loans contrary, the Landlord and Commitments, (ii) the interest rate margin, rate floors, fees, original issue discount Tenant may at any time terminate the aforesaid appraisal process should they agree on a fair market rental value for the Leased Premises for the extended term in question. In the event for any reason whatsoever the parties have not executed a written instrument setting forth the annual base Rent and premium applicable to any extended Loans and Commitments shall be determined additional rent for the Extended Term by the Borrower originally scheduled Termination Date for the initial Term (including, without limitation, as a result of any dispute or disagreement as to the annual base Rent for the Option Term), the Tenant shall continue pay the annual base Rent specified in Section 1.01 increased by ten (10%) percent (together with all additional rent) and when the new rent has been determined, the Tenant shall pay to the Landlord any underpayment and the applicable extending Lenders, Landlord shall refund any overpayment within a period of thirty (iii30) all borrowings under extended Revolving Commitments, reductions of extended Revolving Commitments, and repayments thereunder shall be made on a pro rata basis with all other Revolving Commitments (except for (I) payments of interest and fees at different rates on extended Revolving Commitments (and related Revolving Loans) and (II) repayments required upon the Maturity Date of the non-extended Revolving Commitments), (iv) extended Term Loans may have call protection as may be agreed by the Borrower and the extending Lenders thereof; provided that no extended Term Loan may be optionally prepaid prior to the date on which the non-extended Term Loans are repaid in full, unless such optional prepayment is accompanied by at least a pro rata optional prepayment of such non-extended Term Loans, (v) all or any of the scheduled amortization payments of principal of an extended Term Loan may be delayed to later dates than the scheduled amortization payments of principal of the non-extended Term Loans, (vi) in no event shall the final maturity date of any extended Term Loan at the time of establishment thereof be earlier than the then latest Maturity Date of any then-existing Term Loan hereunder, (vii) in no event shall the final maturity date of any extended Revolving Loan at the time of establishment thereof be earlier than the then latest Maturity Date of any then-existing Revolving Loan hereunder, (viii) the weighted average life to maturity of any extended Term Loan at the time of establishment thereof shall be no shorter than the remaining weighted average life to maturity of any then-existing Term Loan hereunder, (ix) any extended Term Loan may participate on a pro rata basis or less than a pro rata basis (but not greater than a pro rata basis) in any voluntary or mandatory repayments or prepayments hereunder, (x) the Extension Amendment may provide for other covenants and terms that apply solely to any period after the latest Maturity Date that is in effect on the effective date of the Extension Amendment (immediately prior to the establishment of such extended Loans or Commitments); and (xi) the terms of any extended Loans and Commitments shall be substantially identical to the terms of such Loans or Commitments, as applicable, prior to such extension (except (x) to the extent any such terms apply only after the expiration of the Loans and Commitments not so extended and (y) as otherwise set forth in clauses (i) through (x) above)days.

Terms of Extension. The terms of each extension of any applicable Existing Maturity Date shall be determined by Borrower and the applicable extending Lenders and set forth in an amendment (an “Extension Amendment”); provided that, (i) the extended Loans and Commitments will rank pari passu in right of payment and with respect to security with the other Loans and Commitments ​ and the Borrower and Guarantors of the extended Loans and Commitments shall be the same as the Borrower and Guarantors with respect to the other Loans and Commitments, (ii) the interest rate margin, rate floors, fees, original issue discount and premium applicable to any extended Loans and Commitments shall be determined by the Borrower and the applicable extending Lenders, (iii) all borrowings under extended Revolving Commitments, reductions of extended Revolving Commitments, and repayments thereunder shall be made on a pro rata basis with all other Revolving Commitments (except for (I) payments of interest and fees at different rates on extended Revolving Commitments (and related Revolving Loans) and (II) repayments required upon the Maturity Date of the non-extended Revolving Commitments), (iv) extended Term Loans may have call protection as may be agreed by the Borrower and the extending Lenders thereof; provided that no extended Term Loan may be optionally prepaid prior to the date on which the non-extended Term Loans are repaid in full, unless such optional prepayment is accompanied by at least a pro rata optional prepayment of such non-extended Term Loans, (v) all or any of the scheduled amortization payments of principal of an extended Term Loan may be delayed to later dates than the scheduled amortization payments of principal of the non-extended Term Loans, (vi) in no event shall the final maturity date of any extended Term Loan at the time of establishment thereof be earlier than the then latest Maturity Date of any then-existing Term Loan hereunder, (vii) in no event shall the final maturity date of any extended Revolving Loan at the time of establishment thereof be earlier than the then latest Maturity Date of any then-existing Revolving Loan hereunder, (viii) the weighted average life to maturity of any extended Term Loan at the time of establishment thereof shall be no shorter than the remaining weighted average life to maturity of any then-existing Term Loan hereunder, (ix) any extended Term Loan may participate on a pro rata basis or less than a pro rata basis (but not greater than a pro rata basis) in any voluntary or mandatory repayments or prepayments hereunder, (x) the Extension Amendment may provide for other covenants and terms that apply solely to any period after the latest Maturity Date that is in effect on the effective date of the Extension Amendment (immediately prior to the establishment of such extended Loans or Commitments); and (xi) the terms of any extended Loans and Commitments shall be substantially identical to the terms of such Loans or Commitments, as applicable, prior to such extension (except (x) to the extent any such terms apply only after the expiration of the Loans and Commitments not so extended and (y) as otherwise set forth in clauses (i) through (x) above).