Common use of Extension of Termination Date Clause in Contracts

Extension of Termination Date. The Borrower shall have the right, exercisable two (2) times, to request that the Administrative Agent and the Lenders agree to extend the Term Loan Maturity Date by two years for each such extension. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 90 days but not more than 180 days prior to the current Term Loan Maturity Date a written request for such extension (an “Extension Request”). The Administrative Agent shall notify the Lenders if it receives an Extension Request promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Term Loan Maturity Date shall be extended for two years effective upon receipt by the Administrative Agent of the Extension Request and payment of the applicable fee referred to in the following clause (y): (x) immediately prior to such extension and immediately after giving effect thereto, (A) no Default or Event of Default shall exist and (B) the representations and warranties made or deemed made by the Borrower or any other Loan Party in any Loan Document to which such Loan Party is a party shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on the effective date of such increase except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents, and (y) the Borrower shall have paid the Fees payable under Section 3.5.(b). At any time prior to the effectiveness of any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from a Financial Officer certifying the matters referred to in the immediately preceding clauses (x)(A) and (x)(B).

Appears in 2 contracts

Sources: Term Loan Agreement (Broadstone Net Lease Inc), Term Loan Agreement (Broadstone Net Lease Inc)

Extension of Termination Date. The Subject to the terms of this Section, the Borrower shall have the right, exercisable up to two (2) times, to request that the Administrative Agent and the Lenders agree to extend the Term Loan Maturity Termination Date by two years for six-months in the case of each such extension. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 90 30 days but not more than 180 90 days prior to the current Term Loan Maturity Date Termination Date, a written request for such extension (an “Extension Request”). The Administrative Agent shall notify forward to each Lender a copy of the Lenders if it receives an Extension Request delivered to the Administrative Agent promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Term Loan Maturity Termination Date shall be extended for two years six-months effective upon receipt by the Administrative Agent of the Extension Request and payment of the applicable fee referred to in the following clause (yc): (xa) immediately prior to such extension and immediately after giving effect thereto, (A) no Default or Event of Default shall exist and exist, (Bb) the representations and warranties made or deemed made by the Borrower or any and each other Loan Party in any the Loan Document Documents to which such Loan Party any of them is a party shall would be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall will be true and correct in all respects) on immediately after giving effect to the effective date requested extension of such increase the Termination Date, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct accurate in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been is true and correct accurate in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents, and (yc) the Borrower shall have paid the Fees payable under Section 3.5.(b3.6. (d). At any time prior to the effectiveness of any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from a Financial Responsible Officer of the Borrower certifying the matters referred to in the immediately preceding clauses (x)(Aa) and (x)(Bb).

Appears in 2 contracts

Sources: Credit Agreement (National Retail Properties, Inc.), Credit Agreement (National Retail Properties, Inc.)

Extension of Termination Date. The Borrower shall have the right, exercisable two (2) timesone time, to request that the Administrative Agent and the Lenders agree to extend the Term Loan Maturity Termination Date by two years for each such extensionone year. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 90 days but not more than 180 days prior to the current Term Loan Maturity Date Termination Date, a written request for such extension (an “Extension Request”). The Administrative Agent shall notify the Lenders if it receives an Extension Request promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Term Loan Maturity Termination Date shall be extended for two years one year effective upon receipt by the Administrative Agent of the Extension Request and payment of the applicable fee referred to in the following clause (yii): (i) (x) immediately prior to such extension and immediately after giving effect thereto, (A) no Default or Event of Default shall exist and (By) the representations and warranties made or deemed made by the Borrower or any and each other Loan Party in any the Loan Document Documents to which such Loan Party any of them is a party party, shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the effective date of such increase extension with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents, and (yii) the Borrower shall have paid to the Fees Agent for the account of each Lender a fee equal to 0.20% of the amount of such Lender’s outstanding Loans as of the date of the Extension Request. Such fee shall be due and payable under Section 3.5.(b)in full on the date the Agent receives the Extension Request. At any time prior to the effectiveness of any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from a Financial Responsible Officer certifying the matters referred to in the immediately preceding clauses (x)(Ai)(x) and (x)(Bi)(y). 1.4 The Loan Agreement is amended by deleting Sections 7.12(a), (b) and (c) in their entireties and replacing them with the following: (a) As soon as available, and in any event within 30 days of the date on which either of the following conditions first applies to any Subsidiary that is not already a Guarantor, the Borrower shall deliver to the Agent each of the following in form and substance satisfactory to the Agent: (i) an Accession Agreement executed by such Subsidiary (or if the Guaranty is not then in effect, the Guaranty executed by such Subsidiary), and (ii) the items that would have been delivered under subsections (iv) through (viii) and (xiv) of Section 5.1.(a) if such Subsidiary had been required to become a Guarantor on the Agreement Date:

Appears in 2 contracts

Sources: Term Loan Agreement (UDR, Inc.), Term Loan Agreement (United Dominion Realty L P)

Extension of Termination Date. The Borrower Company shall have the right, exercisable two (2) times, right to request that the Administrative Agent and the Lenders agree to extend the Term Loan Maturity Termination Date by for either (i) an additional six-month period, which extension right under this clause (i) shall be exercisable two years for each times during the term of this Agreement, or (ii) an additional one-year period, which extension right under this clause (ii) shall be exercisable once during the term of this Agreement; provided that, in either case, if such extensionsix-month or one-year period, as applicable, shall end on a date that is not a Business Day, it shall end on the immediately preceding Business Day. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 90 30 days but not more than 180 120 days prior to the current Term Loan Maturity Date Termination Date, a written request for such extension (an “Extension Request”). The Administrative Agent shall notify the Lenders if it receives an Extension Request promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Term Loan Maturity Termination Date shall be extended for two years six months or one year, as applicable, effective upon receipt by the Administrative Agent of the Extension Request and payment of the applicable fee referred to in the following clause (y): (x) immediately prior on and as of the date of receipt by the Administrative Agent of written notice of the Borrower’s request to such extension extend the Termination Date and immediately after giving effect theretoas of the then existing Termination Date, (A) no Default or Event of Default shall exist and (B) the representations and warranties made or deemed made by the each Borrower or any and each other Loan Party in any the Loan Document Documents to which such Loan Party any of them is a party party, shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) with the same force and effect as if made on the effective date and as of such increase date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents, and (y) the Borrower Borrowers shall have paid the Fees payable under Section 3.5.(b3.5.(c). At any time prior to the effectiveness of any such extension, upon the Administrative Agent’s request, the Borrower Company shall deliver to the Administrative Agent a certificate from a Financial Responsible Officer certifying the matters referred to in the immediately preceding clauses (x)(A) and (x)(B).

Appears in 1 contract

Sources: Credit Agreement (Park Hotels & Resorts Inc.)

Extension of Termination Date. The Borrower shall have the right, exercisable two (2) times, to request that the Administrative Agent and the Lenders agree to extend the Term Loan Maturity Date by two years one year for each such extension. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 90 days but not more than 180 days prior to the current Term Loan Maturity Date a written request for such extension (an “Extension Request”). The Administrative Agent shall notify the Lenders if it receives an Extension Request promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Term Loan Maturity Date shall be extended for two years one year effective upon receipt by the Administrative Agent of the Extension Request and payment of the applicable fee referred to in the following clause (y): (x) immediately prior to such extension and immediately after giving effect thereto, (A) no Default or Event of Default shall exist and (B) the representations and warranties made or deemed made by the Borrower or any other Loan Party in any Loan Document to which such Loan Party is a party shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on the effective date of such increase except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents, and (y) the Borrower shall have paid the Fees payable under Section 3.5.(b). At any time prior to the effectiveness of any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from a Financial Officer certifying the matters referred to in the immediately preceding clauses (x)(A) and (x)(B).

Appears in 1 contract

Sources: Term Loan Agreement (Broadstone Net Lease Inc)

Extension of Termination Date. The Borrower shall have the right, exercisable two (2) timesone time, to request that the Administrative Agent and the Lenders agree to extend the Term Loan Maturity Termination Date by two years for each such extensionone year. The Borrower may To exercise such right only by executing the Borrower shall execute and delivering deliver a written request (the “Extension Request”) to the Administrative Agent at least 90 days but not more than 180 days prior to the current Term Loan Maturity Date a written request for such extension (an “Extension Request”)Termination Date. The Administrative Agent shall notify forward to each Lender a copy of the Lenders if it receives an Extension Request delivered to the Administrative Agent promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Term Loan Maturity Termination Date shall be extended for two years one year effective upon receipt by the Administrative Agent of the Extension Request and payment of the applicable fee referred to in the following clause (y): (x) immediately prior to such extension and immediately after giving effect thereto, (A) no Default or Event of Default shall exist and (B) the representations and warranties made or deemed made by the Parent, the Borrower or any and each other Loan Party in any Loan Document to which such Loan Party is a party shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on the effective date of such increase extension except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents, hereunder and (y) the Borrower shall have paid the Fees payable under Section 3.5.(b3.5.(d). At any time prior to the effectiveness of any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from a Financial Responsible Officer of the Borrower certifying the matters referred to in the immediately preceding clauses (x)(A) and (x)(B).

Appears in 1 contract

Sources: Credit Agreement (Chambers Street Properties)

Extension of Termination Date. The Subject to the terms of this Section, the Borrower shall have the right, exercisable up to two (2) times, to request that the Administrative Agent and the Lenders agree to extend the Term Loan Maturity Termination Date by two years for six-months in the case of each such extension. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 90 30 days but not more than 180 90 days prior to the current Term Loan Maturity Date Termination Date, a written request for such extension (an “Extension Request”). The Administrative Agent shall notify forward to each Lender a copy of the Lenders if it receives an Extension Request delivered to the Administrative Agent promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Term Loan Maturity Termination Date shall be extended for two years six-months effective upon receipt by the Administrative Agent of the Extension Request and payment of the applicable fee referred to in the following clause (yc): (xa) immediately prior to such extension and immediately after giving effect thereto, (A) no Default or Event of Default shall exist and exist, (Bb) the representations and warranties made or deemed made by the Borrower or any and each other Loan Party in any the Loan Document Documents to which such Loan Party any of them is a party shall would be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall will be true and correct in all respects) on immediately after giving effect to the effective date requested extension of such increase the Termination Date, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct accurate in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been is true and correct accurate in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents, and (yc) the Borrower shall have paid the Fees payable under Section 3.5.(b3.6. (d). At any time prior to the effectiveness of any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from a Financial Responsible Officer of the Borrower certifying the matters referred to in the immediately preceding clauses (x)(Aa) and (x)(Bb). (g) The Credit Agreement is further amended by replacing the reference to “$1,000,000,000” in Section 2.14. thereof with “$1,600,000,000”. (h) The Credit Agreement is further amended by restating Section 3.6.(d) thereof in its entirety to read as follows:

Appears in 1 contract

Sources: Credit Agreement (National Retail Properties, Inc.)

Extension of Termination Date. The Borrower shall have the right, exercisable two (2) timesone time, to request that the Administrative Agent and the Lenders agree to extend the Term Loan Maturity Termination Date by two years for each such extensionto May 18, 2016 (the “Extended Termination Date”). The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 90 30 days but not more than 180 60 days prior to the current Term Loan Maturity Date Termination Date, a written request for such extension (an the “Extension Request”). The Administrative Agent shall notify the Lenders if it receives an the Extension Request promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Term Loan Maturity Termination Date shall be extended for two years to the Extended Termination Date effective upon receipt by the Administrative Agent of the Extension Request and payment of the applicable fee referred to in the following clause (yx): (xw) immediately prior to such extension and immediately after giving effect thereto, (A) no Default or Event of Default shall exist and (B) the representations and warranties made or deemed made by the Parent, the Borrower or any and each other Loan Party in any the Loan Document Documents to which such Loan Party any of them is a party party, shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the effective date of such increase extension with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents, and (yx) the Borrower shall have paid the Fees payable under Section 3.5.(b3.5.(d), (y) at the time of receipt by the Administrative Agent of the Extension Request, the Borrower shall have received binding commitments reasonably satisfactory to the Administrative Agent pursuant to which financial institutions have agreed to provide financing in an aggregate principal amount sufficient to refinance at least (A) 50.0% of the outstanding principal amount of Non-Recourse Indebtedness of the Borrower’s Subsidiaries as of the Agreement Date scheduled to mature during the 2015 calendar year minus (B) the amount of such Secured Debt that has been defeased, satisfied or refinanced prior to the Borrower’s delivery of the Extension Request to the Administrative Agent and (z) no later than 10 Business Days prior to the current Termination Date, the Borrower shall have delivered to the Administrative Agent copies of the binding commitments descried in clause (y) above. At any time prior to the effectiveness of any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from a Financial Officer the chief executive officer, chief financial officer or vice president-treasurer of the Parent certifying the matters referred to in the immediately preceding clauses (x)(A) and (x)(B).

Appears in 1 contract

Sources: Credit Agreement (Equity Lifestyle Properties Inc)

Extension of Termination Date. The Borrower shall have the right, exercisable two (2) times, to request that the Administrative Agent and the Lenders agree to extend the Term Loan Maturity Date by two years for each such extension. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at At least 90 days but not more than 180 120 days prior to the current Termination Date in respect of the Revolving Credit Facility or the Term Loan Maturity Date Facility, the Borrower, by written notice to the Administrative Agent, may request, with respect to either or both Facilities, a written request for such single consecutive twelve-month extension (an “Extension Request”)of the applicable Termination Date. The Administrative Agent shall promptly notify each Lender of such request and the Lenders if it receives an Extension Request promptly upon receipt thereof. Subject to satisfaction Termination Date in respect of the following conditions, Revolving Credit Facility and/or the Term Loan Maturity Facility, as applicable, in effect at such time shall, effective as at such Termination Date shall (the “Extension Date”), be extended for two years effective upon receipt by an additional twelve-month period, provided that the Borrower shall have paid the Extension Fees as described in Section 2.08(d), and on the applicable Extension Date the following statements shall be true and the Administrative Agent shall have received for the account of each Lender a certificate signed by a Responsible Officer of the Borrower, dated the Extension Request and payment of the applicable fee referred to in the following clause Date, stating that: (y): (x) immediately prior to such extension and immediately after giving effect thereto, (A) no Default or Event of Default shall exist and (Bi) the representations and warranties made or deemed made by the Borrower of any Loan Party contained in Article IV or any other Loan Party Document, or which are contained in any Loan Document to which such Loan Party is a party document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects on and as of the Extension Date, both before and after giving effect to such extension (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on the effective date of such increase except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a any representation or warranty that is qualified by materiality, in which case such representation or warranty materiality shall have been be true and correct in all respects) on and as of such Extension Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (or, if qualified by materiality, in all respects) as of such earlier date, and except that for purposes of this Section 2.16, the representations and warranties contained in Section 4.01(g) shall be deemed to refer to the most recent statements furnished pursuant to Sections 5.03(b) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents(c), respectively, and (yii) no Default or Event of Default has occurred and is continuing, or would result from such extension; and (c) the Borrower shall have paid Loan Parties are in compliance with the Fees payable under covenants contained in Section 3.5.(b). At any time prior to the effectiveness of any 5.04 immediately before and, on a pro forma basis, immediately after such extension, upon together with supporting information demonstrating such compliance. In the Administrative Agent’s requestevent that an extension of the Revolving Credit Facility, the Borrower shall deliver Term Loan Facility or both Facilities is effected pursuant to this Section 2.16 (but subject to the Administrative Agent a certificate from a Financial Officer certifying provisions of Sections 2.05, 2.06 and 6.01), the matters referred aggregate principal amount of all Revolving Credit Advances and/or Term Loan Advances, as the case may be, shall be repaid in full ratably to the Lenders on the Termination Date of such Facility as so extended. As of an Extension Date, any and all references in this Agreement, the immediately preceding clauses (x)(A) and (x)(B)Revolving Notes, if any, the Term Loan Notes, if any, or any of the other Loan Documents to the “Termination Date” with respect to the Revolving Credit Commitments or the Revolving Credit Facility and/or the Term Loan Facility, as applicable, shall refer to the Termination Date in respect of the Revolving Credit Facility and/or the Term Loan Facility, as the case may be, as so extended.

Appears in 1 contract

Sources: Credit Agreement (Summit Hotel Properties, Inc.)

Extension of Termination Date. The Borrower Borrowers shall have the right, exercisable two (2) timesone time, to request that the Administrative Agent and the Lenders agree to extend the Term Loan Maturity Termination Date by two years for each such extensionone year. The Borrower Borrowers may exercise such right only by the Borrower Representative executing and delivering to the Administrative Agent at least 90 days but not more than 180 days prior to the current Term Loan Maturity Date Termination Date, a written request for such extension (an “Extension Request”). The Administrative Agent shall notify forward to each Lender a copy of the Lenders if it receives an Extension Request delivered to the Administrative Agent promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Term Loan Maturity Termination Date shall be extended for two years one year effective upon receipt by the Administrative Agent of the Extension Request and payment of the applicable fee referred to in the following clause (yb): (xa) immediately prior to such extension and immediately after giving effect thereto, (Ai) no Default or Event of Default shall exist and no Default under any of subsections (Ba), (e) or (f) of Section 10.1. shall exist and (ii) the representations and warranties made or deemed made by each Borrower in the Borrower or any other Loan Party in any Loan Document Documents to which such Loan Party any of them is a party party, shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the effective date of such increase extension with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted not prohibited under the Loan Documents, Documents and (yb) the Borrower Borrowers shall have paid the Fees payable under Section 3.5.(b). At any time prior to the effectiveness of any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from a Financial Officer certifying the matters referred to in the immediately preceding clauses (x)(A) and (x)(B3.5.(d).

Appears in 1 contract

Sources: Credit Agreement (Sl Green Operating Partnership, L.P.)

Extension of Termination Date. The Subject to the terms of this Section, the Borrower shall have the right, exercisable up to two (2) times, to request that the Administrative Agent and the Lenders agree to extend the Term Loan Maturity Termination Date by two years for six-months in the case of each such extension. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 90 30 days but not more than 180 90 days prior to the current Term Loan Maturity Date Termination Date, a written request for such extension (an “Extension Request”). The Administrative Agent shall notify forward to each Lender a copy of the Lenders if it receives an Extension Request delivered to the Administrative Agent promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Term Loan Maturity Termination Date shall be extended for two years six-months effective upon receipt by the Administrative Agent of the Extension Request and payment of the applicable fee referred to in the following clause (yc): (xa) immediately prior to such extension and immediately after giving effect thereto, (A) no Default or Event of Default shall exist and exist, (Bb) the representations and warranties made or deemed made by the Borrower or any and each other Loan Party in any the Loan Document Documents to which such Loan Party any of them is a party shall would be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall will be true and correct in all respects) on immediately after giving effect to the effective date requested extension of such increase the Termination Date, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct accurate in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been is true and correct accurate in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents, and (yc) the Borrower shall have paid the Fees payable under Section 3.5.(b3.6.(d). At any time prior to the effectiveness of any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from a Financial Responsible Officer of the Borrower certifying the matters referred to in the immediately preceding clauses (x)(Aa) and (x)(Bb).

Appears in 1 contract

Sources: Credit Agreement (NNN Reit, Inc.)

Extension of Termination Date. The Subject to the terms of this Section, the Borrower shall have the right, exercisable two (2) timesone time, to request that the Administrative Agent and the Lenders agree to extend the Term Loan Maturity Termination Date by two years for each such extensionone year. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 90 days but not more than 180 days prior to the current Term Loan Maturity Date Termination Date, a written request for such extension (an “Extension Request”). The Administrative Agent shall notify forward to each Lender a copy of the Lenders if it receives an Extension Request delivered to the Administrative Agent promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Term Loan Maturity Termination Date shall be extended for two years one year effective upon receipt by the Administrative Agent of the Extension Request and payment of the applicable fee referred to in the following clause (yc): (xa) immediately prior to such extension and immediately after giving effect thereto, (A) no Default or Event of Default shall exist and exist, (Bb) the representations and warranties made or deemed made by the Borrower or any and each other Loan Party in any the Loan Document Documents to which such Loan Party any of them is a party shall would be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall will be true and correct in all respects) on immediately after giving effect to the effective date requested extension of such increase the Termination Date, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct accurate in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been is true and correct accurate in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents, and (yc) the Borrower shall have paid the Fees payable under Section 3.5.(b3.6.(d). At any time prior to the effectiveness of any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from a Financial Responsible Officer of the Borrower certifying the matters referred to in the immediately preceding clauses (x)(Aa) and (x)(Bb). (e) The Credit Agreement is further amended by restating the first sentence of Section 2.14. in its entirety to read as follows: The Borrower shall have the right at any time and from time to time during the period beginning on the Effective Date through and including the date 180 days prior to the Termination Date to request increases in the aggregate amount of the Commitments (provided that after giving effect to any increases in the Commitments pursuant to this Section, the aggregate amount of the Commitments shall not exceed $1,000,000,000) by providing written notice to the Administrative Agent, which notice shall be irrevocable once given. (f) The Credit Agreement is further amended by restating Section 3.6.(d) thereof in its entirety to read as follows:

Appears in 1 contract

Sources: Credit Agreement (National Retail Properties, Inc.)

Extension of Termination Date. The Borrower shall have the right, exercisable two (2) times, to request that the Administrative Agent and extension of the Lenders agree to extend the Term Loan Maturity Termination Date by two years for each such extensiontwelve months. The Borrower may exercise request such right an extension only by executing and delivering to the Administrative Agent Lender at least 90 60 days but not more than 180 90 days prior to the date one year prior to the current Term Loan Maturity Date Termination Date, a written request for such extension (an “Extension Request”). The Administrative Agent shall notify the Lenders if it receives an Extension Request promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Term Loan Maturity Termination Date shall be extended for two years effective upon receipt by the Administrative Agent of the Extension Request and payment of the applicable fee referred to in the following clause twelve months: (y): (xa) immediately prior to such extension and immediately after giving effect thereto, (Ai) no Default or Event of Default shall exist and (Bii) the representations and warranties made or deemed made by the Borrower or any and each other Loan Party in any the Loan Document Documents to which such Loan Party any of them is a party party, shall be true and correct in all material respects (except in on and as of the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on the effective date of such increase extension with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted not prohibited under the Loan Documents, and ; (yb) the Borrower shall have paid the Fees payable under Section 3.5.(bthe Fee Letter payable with respect to such extension; (c) the Lender shall have received such information as it may have requested from the Borrower in connection with such Extension Request in form and substance satisfactory to the Lender; and (d) the Lender, in its sole and absolute discretion, approves such Extension Request. The Lender shall notify the Borrower of the approval or denial of an Extension Request as soon as reasonably practical following receipt by the Lender of all information requested under the immediately preceding clause (c). At any time ; provided, however, if by the date 180 days prior to the effectiveness of any such extension, upon the Administrative Agent’s requestcurrent Termination Date, the Lender shall have not notified the Borrower of the approval or denial of an Extension Request, then the Lender shall deliver be deemed to the Administrative Agent a certificate from a Financial Officer certifying the matters referred to in the immediately preceding clauses (x)(A) and (x)(B)have denied such Extension Request.

Appears in 1 contract

Sources: Credit and Security Agreement (Five Star Quality Care Inc)

Extension of Termination Date. The Borrower shall have the right, exercisable two (2) timesone time, to request that the Administrative Agent and the Lenders agree to extend the Term Loan Maturity Revolving Termination Date by two years for each such extensiona five month period. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 90 30 days but not more than 180 days prior to the current Term Loan Maturity Date Revolving Termination Date, a written request for such extension (an “Extension Request”). The Administrative Agent shall notify the Revolving Lenders if it receives an Extension Request promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Term Loan Maturity Revolving Termination Date shall be extended for two years five months effective upon receipt by the Administrative Agent of the Extension Request and payment of the applicable fee referred to in the following clause (y): (x) immediately prior to such extension and immediately after giving effect thereto, (A) no Default or Event of Default shall exist and (B) the representations and warranties made or deemed made by the Borrower or any other Loan Party in any Loan Document to which such Loan Party is a party shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on the effective date of such increase extension except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents, and (y) the Borrower shall have paid the Fees payable under Section 3.5.(b). At any time prior to the effectiveness of any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from a Financial Officer certifying the matters referred to in the immediately preceding clauses (x)(A) and (x)(B).

Appears in 1 contract

Sources: Revolving Credit and Term Loan Agreement (Broadstone Net Lease, Inc.)

Extension of Termination Date. The Borrower shall have the right, exercisable two (2) times, to request that the Administrative Agent and the Lenders agree to extend either or both of the Term Loan Maturity Termination Date by two years for each such extensionone year. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 90 45 days but not more than 180 90 days prior to the current Term Loan Maturity Termination Date a written request for such extension (an “Extension Request”). The Administrative Agent shall notify the Lenders if it receives an Extension Request promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Term Loan Maturity Termination Date shall be extended for two years one year effective upon receipt by the Administrative Agent of the Extension Request and payment of the applicable fee referred to in the following clause (yz): (x) immediately prior to such extension and immediately after giving effect thereto, (A) no Default or Event of Default shall exist and (B) the representations and warranties made or deemed made by the Borrower or any other Loan Party in any Loan Document to which such Loan Party is a party shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on the effective date of such increase except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents, (y) the Administrative Agent shall have received all Appraisals that it has decided to obtain pursuant to Section 4.3., if any, and (yz) the Borrower shall have paid the Fees payable under Section 3.5.(b3.5.(d). At any time prior to the effectiveness of any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from a Financial Officer the chief executive officer or the chief financial officer of the Parent certifying the matters referred to in the immediately preceding clauses (x)(A) and (x)(B).

Appears in 1 contract

Sources: Credit Agreement (Trade Street Residential, Inc.)

Extension of Termination Date. The Borrower shall have the right, exercisable two (2) timesone time, to request that the Administrative Agent and the Lenders agree to extend the Term Loan Maturity Termination Date by two years for each such extensionone year. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 90 60 days but not more than 180 days prior to the current Term Loan Maturity Date Termination Date, a written request for such extension (an “Extension Request”). The Administrative Agent shall notify the Lenders if it receives an Extension Request promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Term Loan Maturity Termination Date shall be extended for two years one year effective upon receipt by the Administrative Agent of the Extension Request and payment of the applicable fee referred to in the following clause (y): (x) immediately prior to such extension and immediately after giving effect thereto, (A) no Default or Event of Default shall exist and (B) the representations and warranties made or deemed made by the Borrower or any and each other Loan Party in any the Loan Document Documents to which such Loan Party any of them is a party party, shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the effective date of such increase extension with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents, Documents and (y) the Borrower shall have paid the Fees payable under Section 3.5.(b3.5.(d). At any time prior Any extension shall constitute certification by the Borrower to the effectiveness of any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from a Financial Officer certifying effect that the matters referred to in the immediately preceding clauses (x)(A) and (x)(B)) are true and correct and the Borrower shall be deemed to have represented to the Administrative Agent and the Lenders that the foregoing conditions have been satisfied.

Appears in 1 contract

Sources: Credit Agreement (Colonial Realty Limited Partnership)

Extension of Termination Date. The Borrower shall have the right, exercisable two (2) times, to may request that the Administrative Agent and the Lenders agree to extend the Term Loan Maturity current Termination Date by two years for each such extension. The Borrower may exercise such right only one year by executing and delivering to the Administrative Agent at least 90 days but not more than 180 days prior to the current Term Loan Maturity Date Termination Date, a written request for such extension in the form of Exhibit M (an “Extension Request”). The Administrative Agent shall notify forward to each Lender a copy of the Lenders if it receives an Extension Request delivered to the Administrative Agent promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Term Loan Maturity Termination Date shall be extended for two years one year effective upon receipt by the Administrative Agent of the Extension Request and payment of the applicable fee referred to in the following clause (y): (x) immediately prior to such extension and immediately after giving effect thereto, (A) no Default or Event of Default shall exist and (B) the representations and warranties made or deemed made by the Borrower or any and each other Loan Party in any the Loan Document Documents to which such Loan Party any of them is a party party, shall be true and correct in all material respects (except in to the case of a representation or warranty extent otherwise qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the effective date of such increase extension with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in to the case of a representation or warranty extent otherwise qualified by materiality, in which case such representation or warranty shall have been be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents, Documents or waived or consented to by Requisite Lenders in accordance with the provisions of Section 13.7. and (y) the Borrower shall have paid the Fees payable under Section 3.5.(b3.6.(f). At any time Immediately prior to to, or as of the effectiveness of date of, any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from a Financial Officer the chief executive officer or chief financial officer certifying the matters referred to in the immediately preceding clauses (x)(A) and (x)(B). The Termination Date may be extended only one time pursuant to this Section.

Appears in 1 contract

Sources: Credit Agreement (Realty Income Corp)

Extension of Termination Date. The Borrower shall have the right, exercisable two (2) timesone time, to request that the Administrative Agent and the Lenders agree to extend the Term Loan Maturity Termination Date by two years for each such extensionone year. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 90 days but not more than 180 days prior to the current Term Loan Maturity Date Termination Date, a written request for such extension (an “Extension Request”). The Administrative Agent shall notify forward to each Lender a copy of the Lenders if it receives an Extension Request delivered to the Agent promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Term Loan Maturity Termination Date shall be extended for two years effective upon receipt by the Administrative Agent of the Extension Request and payment of the applicable fee referred to in the following clause for (y): (xa) immediately prior to such extension and immediately after giving effect thereto, (Ai) no Default or Event of Default shall exist and (Bii) the representations and warranties made or deemed made by the Borrower or any and each other Loan Party in any the Loan Document Documents to which such Loan Party any of them is a party shall be true and correct in all material respects (except in to the case of a representation or warranty extent otherwise qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the effective date of such increase extension with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in to the case of a representation or warranty extent otherwise qualified by materiality, in which case such representation or warranty shall have been true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted not prohibited under the Loan Documents, Documents and (yb) the Borrower shall have paid the Fees payable under Section 3.5.(b3.6.(d). At any time prior to the effectiveness of any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from a Financial Officer the chief financial officer or treasurer certifying the matters referred to referenced in the immediately preceding clauses (x)(Aa) and (x)(Bb).

Appears in 1 contract

Sources: Credit Agreement (Corporate Office Properties Trust)

Extension of Termination Date. The Borrower shall have the right, exercisable two (2) timesone time, to request that the Administrative Agent and the Lenders agree to extend the Term Loan Maturity current Termination Date by two years for each such extensionone year. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 90 30 days but not more than 180 90 days prior to the current Term Loan Maturity Date Termination Date, a written request for such extension (an “Extension Request”). The Administrative Agent shall notify the Lenders if it receives an Extension Request promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Term Loan Maturity Termination Date shall be extended for two years one year effective upon receipt by the Administrative Agent of the Extension Request and payment of the applicable fee referred to in the following clause (yii): (xi) immediately prior to such extension and immediately after giving effect thereto, (Ax) no Default or Event of Default shall exist and (By) the representations and warranties made or deemed made by the Borrower or any and each other Loan Party in any the Loan Document Documents to which such Loan Party any of them is a party party, shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the effective date of such increase extension with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents, Documents and (yii) the Borrower shall have paid the Fees payable under Section 3.5.(b3.5.(d). At any time prior to the effectiveness of any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from a Financial Officer the chief executive officer or chief financial officer certifying the matters referred to in the immediately preceding clauses (x)(Ai)(x) and (x)(Bi)(y).

Appears in 1 contract

Sources: Credit Agreement (Diversified Healthcare Trust)

Extension of Termination Date. The Borrower (a) So long as no Default or Event of Default shall have occurred and be continuing on the rightdate of which notice is given in accordance with the following clause (i) or on the Termination Date, exercisable two Borrower may, subject to prior credit committee approval and prior written consent of Lender, extend the Termination Date to a date that is one (21) timesyear after the then effective Termination Date on an annual basis (or as otherwise agreed by Borrower, to request that the Administrative Agent and the Lenders agree Lender), upon: (i) delivery of a written request therefor to extend the Term Loan Maturity Date by two years for each such extension. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 90 days but not more than 180 days ninety [***] (or as otherwise agreed by Bo▇▇▇▇▇▇, Administrative Agent and Lender), prior to the current Term Loan Maturity Date a written request for such extension (an “Extension Request”). The Administrative Agent shall notify the Lenders if it receives an Extension Request promptly upon receipt thereof. Subject to satisfaction one-year anniversary of the following conditionsClosing Date, the Term Loan Maturity Date shall be extended for two years effective upon and each subsequent anniversary date thereafter; (ii) receipt by the Administrative Agent of a certificate of Borrower dated the Extension Request and payment date of the applicable fee referred to in the following clause (y): (x) immediately prior to such extension and immediately after giving effect thereto, request stating that (A) no Default or Event of Default shall exist then exists and is continuing, (B) Borrower is in compliance with the financial covenants set forth in Section 2 of the Pricing Side Letter, and (C) as of the date of such extension, the representations and warranties made or deemed made by the Borrower or any contained in Section 6 and in each other Loan Party in any Loan Document to which such Loan Party is a party shall be are true and correct in all material respects (except in respects, with the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true same force and correct in all respects) effect as if made on the effective date and as of such increase date; except to the extent that such representations and warranties expressly relate solely specifically refer to an any earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materialitydate, in which case such representation or warranty shall have been they were true and correct in all respects) on and as of such earlier date) date and except that for changes the purposes of this Section 2.4, the representations and warranties contained in factual circumstances specifically and expressly permitted under Section 6.3 will be deemed, as of the Loan Documents, and (y) the Borrower shall have paid the Fees payable under Section 3.5.(b). At any time prior to the effectiveness date of any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to refer to the Administrative Agent a certificate from a Financial Officer certifying the matters referred then-most recent financial statements furnished pursuant to in the immediately preceding clauses (x)(Aa) and (x)(Bb), respectively, of Section 7.1 and (iii) the execution and delivery of an amendment to the Acknowledgment Agreement extending the Suspension Date and Outside Termination Date (as each such term is defined in the Acknowledgment Agreement); any such amendment shall be granted in ▇▇▇▇▇▇▇ ▇▇▇’s sole and absolute discretion. Such extension shall be evidenced by delivery of written confirmation of the same by Administrative Agent to Bo▇▇▇▇▇▇.

Appears in 1 contract

Sources: Credit and Security Agreement (loanDepot, Inc.)

Extension of Termination Date. The Borrower shall have the right, exercisable two (2) timesone time, to request that the Administrative Agent and the Lenders agree to extend the Term Loan Maturity Termination Date by two years for each such extensionone year. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 90 30 days but not more than 180 90 days prior to the current Term Loan Maturity Date Termination Date, a written request for such extension (an “Extension Request”). The Administrative Agent shall notify the Lenders if it receives an Extension Request promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Term Loan Maturity Termination Date shall be extended for two years one year effective upon receipt by the Administrative Agent of the Extension Request and payment of the applicable fee referred to in the following clause (ye): (xa) immediately prior to such extension and immediately after giving effect thereto, (Ai) no Default or Event of Default shall exist and (Bii) the representations and warranties made or deemed made by the REIT Guarantor, the Borrower or any and each other Loan Party in any the Loan Document Documents to which such Loan Party any of them is a party party, shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the effective date of such increase extension with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents, (b) at least one time during period from September 4, 2016 through September 4, 2017, the balance of all outstanding Revolving Loans shall have equaled $0 for a period of no less than 15 consecutive days, (c) the REIT Guarantor and the Borrower have been and shall be, as applicable, in compliance with the covenants contained in clauses (a) and (yc) of Section 9.1., (d) if ▇▇▇▇▇ Fargo is the sole Lender hereunder, the amount of the Commitment of ▇▇▇▇▇ Fargo shall be less than or equal to $25,000,000 and (e) the Borrower shall have paid the Fees payable under Section 3.5.(b3.5.(d). At any time prior to the effectiveness of any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from a Financial an Authorized Officer certifying the matters referred to in the immediately preceding clauses (x)(Aa), (b) and (x)(Bc).

Appears in 1 contract

Sources: Credit Agreement (Carey Watermark Investors Inc)

Extension of Termination Date. The Borrower shall have the right, exercisable two (2) times, to request that the Administrative Agent and the Lenders agree to extend the Term Loan Maturity current Termination Date by two years for six months in each such case. For each desired extension. The , the Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 90 30 days but not more than 180 90 days prior to the current Term Loan Maturity Date Termination Date, a written request for such extension (an “Extension Request”). The Administrative Agent shall notify the Lenders if it receives an Extension Request promptly upon receipt thereof. Subject to satisfaction of the following conditions, for each Extension Request, the Term Loan Maturity Termination Date shall be extended for two years six months effective upon receipt by the Administrative Agent of the such Extension Request and payment of the applicable fee referred to in the following clause (yii): (xi) immediately prior to such extension and immediately after giving effect thereto, (Ax) no Default or Event of Default shall exist and (By) the representations and warranties made or deemed made by the Borrower or any and each other Loan Credit Party in any Loan Document the Credit Documents to which such Loan Party any of them is a party party, shall be true and correct in all material respects (except or in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the effective date of such increase extension with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except or in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents, Credit Documents and (yii) the Borrower shall have paid the Fees payable under Section 3.5.(b2.09(e). At any time prior to the effectiveness of any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from a Financial Officer the chief executive officer or chief financial officer certifying the matters referred to in the immediately preceding clauses (x)(Ai)(x) and (x)(Bi)(y).

Appears in 1 contract

Sources: Credit Agreement (Healthcare Realty Trust Inc)

Extension of Termination Date. The Borrower shall have the right, exercisable two (2) times, to request that the Administrative Agent and the Lenders agree to extend the Term Loan Maturity Termination Date by two years for six-months in the case of each such extension. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 90 30 days but not more than 180 90 days prior to the current Term Loan Maturity Date Termination Date, a written request for such extension (an “Extension Request”). The Administrative Agent shall notify the Lenders if it receives an Extension Request promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Term Loan Maturity Termination Date shall be extended for two years six-months effective upon receipt by the Administrative Agent of the Extension Request and payment of the applicable fee referred to in the following clause (yiii): (x) immediately prior to such extension and immediately after giving effect thereto, (A) no Default or Event of Default shall exist and (B) the representations and warranties made or deemed made by the Borrower or any and each other Loan Party in any the Loan Document Documents to which such Loan Party any of them is a party party, shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the effective date of such increase extension with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted not prohibited under the Loan Documents, Documents and (y) the Borrower shall have paid the Fees payable under Section 3.5.(b3.5.(e). At any time prior to the effectiveness of any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from a Financial Officer the chief executive officer or chief financial officer certifying the matters referred to in the immediately preceding sub-clauses (x)(A) and (x)(B).

Appears in 1 contract

Sources: Credit Agreement (Washington Real Estate Investment Trust)

Extension of Termination Date. The Borrower shall have the right, exercisable two (2) timesone time, to request that the Administrative Agent and the Lenders agree to extend the Term Loan Maturity Termination Date by two years for each such extensionsix-months. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 90 15 days but not more than 180 90 days prior to the current Term Loan Maturity Date Termination Date, a written request for such extension (an “Extension Request”). The Administrative Agent shall notify the Lenders if it receives an Extension Request promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Term Loan Maturity The Termination Date shall be extended for two years six-months effective upon receipt by the Administrative Agent of the Extension Request and payment the satisfaction of the applicable fee referred to in the following clause (y): conditions: (x) immediately prior to such extension and immediately after giving effect thereto, (A) no Default or Event of Default shall exist and (B) the representations and warranties made or deemed made by the Borrower or any and each other Loan Party in any the Loan Document Documents to which such Loan Party any of them is a party party, shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the effective date of such increase extension with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted not prohibited under the Loan Documents, Documents and (y) on or before the then current Termination Date, the Borrower shall have paid the Fees payable under Section 3.5.(b). At any time prior to the effectiveness of any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from a Financial Officer the chief executive officer or chief financial officer certifying the matters referred to in the immediately preceding sub-clauses (x)(A) and (x)(B).

Appears in 1 contract

Sources: Term Loan Agreement (Washington Real Estate Investment Trust)

Extension of Termination Date. The Borrower shall have the right, exercisable two (2) timesone time, to request that the Administrative Agent and the Lenders agree to extend the Term Loan Maturity Termination Date by two years for each such extensionone year. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 90 days but not more than 180 days prior to the current Term Loan Maturity Date Termination Date, a written request for such extension (an “Extension Request”). The Administrative Agent shall notify forward to each Lender a copy of the Lenders if it receives an Extension Request delivered to the Agent promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Term Loan Maturity Termination Date shall be extended LEGAL02/34146022v6 for two years effective upon receipt by the Administrative Agent of the Extension Request and payment of the applicable fee referred to in the following clause one year: (y): (xa) immediately prior to such extension and immediately after giving effect thereto, (Ai) no Default or Event of Default shall exist and (Bii) the representations and warranties made or deemed made by the Borrower or any and each other Loan Party in any the Loan Document Documents to which such Loan Party any of them is a party shall be true and correct in all material respects (except in to the case of a representation or warranty extent otherwise qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the effective date of such increase extension with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in to the case of a representation or warranty extent otherwise qualified by materiality, in which case such representation or warranty shall have been true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted not prohibited under the Loan Documents, Documents and (yb) the Borrower shall have paid the Fees payable under Section 3.5.(b3.6.(a). At any time prior to the effectiveness of any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from a Financial Officer the chief financial officer or treasurer certifying the matters referred to referenced in the immediately preceding clauses (x)(Aa) and (x)(Bb). (d) The Term Loan Agreement is amended by restating Section 3.6. in its entirety as follows:

Appears in 1 contract

Sources: Term Loan Agreement (Corporate Office Properties, L.P.)

Extension of Termination Date. The Borrower shall have the right, exercisable two (2) times, to request that the Administrative Agent and the Lenders agree to extend the Term Loan Maturity Date by two years for each such extension. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at At least 90 days but not more than 180 120 days prior to the current Termination Date in respect of the Revolving Credit Facility or the Term Loan Maturity Date Facility, the Borrower, by written notice to the Administrative Agent, may request, with respect to either or both Facilities, a written request for such single consecutive twelve-month extension (an “Extension Request”)of the applicable Termination Date. The Administrative Agent shall promptly notify each Lender of such request and the Lenders if it receives an Extension Request promptly upon receipt thereof. Subject to satisfaction Termination Date in respect of the following conditions, Revolving Credit Facility and/or the Term Loan Maturity Facility, as applicable, in effect at such time shall, effective as at such Termination Date shall (the “Extension Date”), be extended for two years effective upon receipt by an additional twelve-month period, provided that the Borrower shall have paid the Extension Fees as described in Section 2.08(d), and on the applicable Extension Date the following statements shall be true and the Administrative Agent shall have received for the account of each Lender a certificate signed by a Responsible Officer of the Borrower, dated the Extension Request and payment of the applicable fee referred to in the following clause Date, stating that: (y): (x) immediately prior to such extension and immediately after giving effect thereto, (A) no Default or Event of Default shall exist and (Bi) the representations and warranties made or deemed made by the Borrower of any Loan Party contained in Article IV or any other Loan Party Document, or which are contained in any Loan Document to which such Loan Party is a party document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects on and as of the Extension Date, both before and after giving effect to such extension (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on the effective date of such increase except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a any representation or warranty that is qualified by materiality, in which case such representation or warranty materiality shall have been be true and correct in all respects) on and as of such Extension Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (or, if qualified by materiality, in all respects) as of such earlier date, and except that for purposes of this Section 2.16, the representations and warranties contained in Section 4.01(g) shall be deemed to refer to the most recent statements furnished pursuant to Sections 5.03(b) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents(c), respectively, and (yii) no Default or Event of Default has occurred and is continuing, or would result from such extension; and (c) the Borrower shall have paid Loan Parties are in compliance with the Fees payable under covenants contained in Section 3.5.(b). At any time prior to the effectiveness of any 5.04 immediately before and, on a pro forma basis, immediately after such extension, upon together with supporting information demonstrating such compliance. In the Administrative Agent’s requestevent that an extension of the Revolving Credit Facility, the Borrower shall deliver Term Loan Facility or both Facilities is effected pursuant to this Section 2.16 (but subject to the Administrative Agent a certificate from a Financial Officer certifying provisions of Sections 2.05, 2.06 and 6.01), the matters referred aggregate principal amount of all Revolving Credit Advances and/or Term Loan Advances, as the case may be, shall be repaid in full ratably to the Lenders on the Termination Date of such Facility as so extended. As of an Extension Date, any and all references in this Agreement, the immediately preceding clauses (x)(A) and (x)(B)Revolving Notes, if any, the Term Notes, if any, or any of the other Loan Documents to the “Termination Date” with respect to the Revolving Credit Commitments or the Revolving Credit Facility and/or the Term Loan Facility, as applicable, shall refer to the Termination Date in respect of the Revolving Credit Facility and/or the Term Loan Facility, as the case may be, as so extended.

Appears in 1 contract

Sources: Credit Agreement (Summit Hotel Properties, Inc.)

Extension of Termination Date. The Borrower shall have the right, exercisable two (2) timesone time, to request that the Administrative Agent and the Lenders agree to extend the Term Loan Maturity Termination Date by two years for each such extensionone year. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 90 days but not more than 180 days prior to the current Term Loan Maturity Date Termination Date, a written request for such extension (an “Extension Request”). The Administrative Agent shall notify forward to each Lender a copy of the Lenders if it receives an Extension Request delivered to the Agent promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Term Loan Maturity Termination Date shall be extended for two years effective upon receipt by the Administrative Agent of the Extension Request and payment of the applicable fee referred to in the following clause one year: (y): (xa) immediately prior to such extension and immediately after giving effect thereto, (Ai) no Default or Event of Default shall exist and (Bii) the representations and warranties made or deemed made by the Borrower or any and each other Loan Party in any the Loan Document Documents to which such Loan Party any of them is a party shall be true and correct in all material respects (except in to the case of a representation or warranty extent otherwise qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the effective date of such increase extension with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in to the case of a representation or warranty extent otherwise qualified by materiality, in which case such representation or warranty shall have been true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted not prohibited under the Loan Documents, Documents and (yb) the Borrower shall have paid the Fees payable under Section 3.5.(b3.6.(a). At any time prior to the effectiveness of any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from a Financial Officer the chief financial officer or treasurer certifying the matters referred to referenced in the immediately preceding clauses (x)(Aa) and (x)(Bb).

Appears in 1 contract

Sources: Term Loan Agreement (Corporate Office Properties Trust)

Extension of Termination Date. The Borrower shall have may elect to extend the right, exercisable Termination Date for a term of twelve (12) months up to two (2) timestimes (each, to request that the Administrative Agent and the Lenders agree to extend the Term Loan Maturity Date by two years for each such extension. The Borrower may exercise such right only by executing and delivering an Extension Term”), subject to the Administrative following terms and conditions: (a) the Borrower shall have given the Agent at least 90 days but not more than 180 days prior to the current Term Loan Maturity Date a written request for such extension (an “Extension Request”). The Administrative Agent shall notify the Lenders if it receives an Extension Request promptly upon receipt thereof. Subject to satisfaction notice of the following conditions, the Term Loan Maturity Date shall be extended for two years effective upon receipt by the Administrative Agent Borrower’s exercise of the Extension Term option by delivering a Request for Extension Term in a form approved by the Agent no earlier than ninety (90) days, and payment of at least thirty (30) days, before the applicable fee referred to in Termination Date, or the following clause extended Termination Date, as applicable; (y): (x) immediately prior to such extension and immediately after giving effect thereto, (Ab) no Default or Event of Default shall exist and as of the date of the notice required in subsection (Ba) above, as of the Termination Date, or as of the extended Termination Date, as applicable; (c) all representations and warranties made contained in Section 5 of this Agreement shall be true and accurate in all material respects at the Termination Date or deemed made by the Borrower extended Termination Date, as applicable (except to the extent that any such representation or any other Loan Party warranty (i) relates to a specific earlier date, in any Loan Document to which case such Loan Party is a party representation or warranty shall be true and correct in all material respects as of such earlier date, or (except in the case of a representation or warranty ii) is already qualified by materialitymateriality or Material Adverse Effect, in which case such representation or warranty shall be true and correct in all respects); (d) on the effective Borrower shall have delivered to the Agent an updated Beneficial Ownership Certification, if there have been any changes in relation to the Borrower since the date of such increase except delivery of the Beneficial Ownership Certification previously delivered to the extent that such representations and warranties expressly relate solely to an earlier date Agent; and (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents, and (ye) the Borrower shall have paid to the Fees Agent (to be shared by the Lenders based on the Pro Rata Share of each Lender not including a Defaulting Lender) an extension fee equal to 0.05% of the Commitments in effect on the extension date, which fee shall be payable under Section 3.5.(b). At any time on or prior to the effectiveness of any such extensionTermination Date or the extended Termination Date, upon as applicable. If the Administrative Agent’s requestAgent determines in its reasonable discretion that the conditions to extension have been satisfied, the Agent shall so notify the Borrower and the Lenders and so long as no Default or Event of Default exists (as set forth in (b) above), the Termination Date shall deliver be extended as provided herein without further action by any party. In connection with any extension of the Termination Date, the Borrower, the Agent, and the Lenders may make such amendments to this Agreement as the Administrative Agent a certificate from a Financial Officer certifying determines to be reasonably necessary to evidence the matters referred to in the immediately preceding clauses (x)(A) and (x)(B)extension.

Appears in 1 contract

Sources: Credit Agreement (Greystone Housing Impact Investors LP)

Extension of Termination Date. The Borrower shall have the rightBorrowers may request, exercisable two (2) times, to request that the Administrative Agent and the Lenders agree to extend the Term Loan Maturity Date by two years for each such extension. The Borrower may exercise such right only by executing and delivering written notice to the Administrative Agent Agent, (i) at least 90 30 days but not more than 180 the day occurring 60 days and one year prior to the current Term Loan Maturity Termination Date, a six-month extension of the Termination Date a written request for such with respect to the Commitments then outstanding and (ii) thereafter, an additional six-month extension provided at least 30 days but not more than the day occurring 60 days and one year prior to the Termination Date (as extended pursuant to clause (i) of this sentence) (each, an “Extension Request”). The Administrative Agent shall promptly notify the Lenders if it receives an each Lender of such Extension Request promptly upon receipt thereof. Subject to satisfaction and the Termination Date in effect at such time shall, effective as of the following conditionsapplicable Extension Date (as defined below), the Term Loan Maturity Date shall be extended for two years effective upon receipt by an additional six-month period, provided that, on such Extension Date (a) the Administrative Agent shall have received payment in full of the Extension Request extension fee set forth in Section 2.08(d) and payment (b) the following statements shall be true and the Administrative Agent shall have received for the benefit of each Lender Party a certificate signed by a duly authorized officer of the Operating Partnership, dated the applicable fee referred to in the following clause Extension Date, stating that: (y): (x) immediately prior to such extension and immediately after giving effect thereto, (A) no Default or Event of Default shall exist and (Bi) the representations and warranties made or deemed made by the Borrower or any other Loan Party contained in any Loan Document to which such Loan Party is a party shall be Section 4.01 are true and correct in all material respects (except in the case of a representation unless qualified as to materiality or warranty qualified by materialityMaterial Adverse Effect, in which case such representation or warranty representations and warranties shall be true and correct in all respects) on the effective date and as of such increase Extension Date (except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct accurate in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been true and correct in all respects) , as applicable, on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents)), and (yii) the Borrower shall have paid the Fees payable under Section 3.5.(b). At any time prior to the effectiveness of any no Default has occurred and is continuing or would result from such extension. “Extension Date” means, upon in the Administrative Agent’s requestcase of each extension option, the Borrower shall deliver to first date after the Administrative Agent a certificate from a Financial Officer certifying delivery by the matters referred to Borrowers of the related Extension Request that the conditions set forth in the immediately preceding clauses (x)(Aa) and (x)(B)b) above are satisfied. In the event that an extension is effected pursuant to this Section 2.16, the aggregate principal amount of all Advances shall be repaid in full ratably to the Lenders on the Termination Date as so extended. As of the Extension Date, any and all references in this Agreement or any of the other Loan Documents to the “Termination Date” shall refer to the Termination Date as so extended.

Appears in 1 contract

Sources: Global Senior Credit Agreement (Digital Realty Trust, L.P.)

Extension of Termination Date. The Borrower shall have the right, exercisable two (2) timesone time, to request that the Administrative Agent and the Lenders agree to extend the Term Loan Maturity Termination Date by two years for each such extensionone year. The Borrower may exercise such right only by executing and delivering to the Administrative Agent at least 90 days but not more than 180 days prior to the current Term Loan Maturity Date Termination Date, a written request for such extension (an “Extension Request”)extension. The Administrative Agent shall notify the Lenders if it receives an Extension Request such a request promptly upon receipt thereof. Subject to satisfaction of the following conditions, the Term Loan Maturity Termination Date shall be extended for two years one year effective upon receipt by the Administrative Agent of the Extension Request and payment of the applicable fee referred to in the following clause (y): (x) immediately prior to such extension and immediately after giving effect thereto, (A) no Default or Event of Default shall exist and (B) the representations and warranties made or deemed made by the Parent, the Borrower or any and each other Loan Party in any the Loan Document Documents to which such Loan Party any of them is a party party, shall be true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall be true and correct in all respects) on and as of the effective date of such increase extension with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except in the case of a representation or warranty qualified by materiality, in which case such representation or warranty shall have been be true and correct in all respects) on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted under the Loan Documents, Documents and (y) the Borrower shall have paid the Fees payable under Section 3.5.(b3.5.(d). At any time prior to the effectiveness of any such extension, upon the Administrative Agent’s request, the Borrower shall deliver to the Administrative Agent a certificate from a Financial Officer the chief executive officer or chief financial officer of the Parent certifying the matters referred to in the immediately preceding clauses (x)(A) and (x)(B).

Appears in 1 contract

Sources: Credit Agreement (Excel Trust, Inc.)