Common use of Extension of the Facility Termination Date Clause in Contracts

Extension of the Facility Termination Date. At the written request of Seller delivered to Buyer no earlier than ninety (90) or later than thirty (30) days before the Initial Facility Termination Date or the First Extended Facility Termination Date (defined below), as applicable, Seller shall have two (2) options to extend the Facility Termination Date, the first for an additional one year term ending on the anniversary date of the Initial Facility Termination Date (the “First Extended Facility Termination Date”) and the second for an additional one year term ending on the anniversary date of the First Extended Facility Termination Date (the “Second Extended Facility Termination Date” and, together with the First Extended Facility Termination Date, the “Extended Facility Termination Date”). The extension of the Initial Facility Termination Date and the First Extended Facility Termination Date shall be subject to the following: (a) no Default or Event of Default exists on the date of the request to extend or the current Facility Termination Date, (b) no Margin Call has been made that has not been satisfied on the current Facility Termination Date (provided Buyer shall permit a temporary extension until the related Margin Correction Deadline to permit Seller time to cure any unsatisfied Margin Call), (c) Seller shall have made a timely request to extend, (d) the Debt Yield for all Purchased Assets (on a combined basis) is at least equal to the Required Portfolio Debt Yield Percentage, (e) the Debt Yield for each Purchased Asset is at least equal to the Required Debt Yield Percentage applicable to that Purchased Asset, (f) the PPV for each Purchased Asset is not greater than the Required PPV Percentage, and (g) Seller shall have paid to Buyer the Extension Fee on or before the then current Facility Termination Date.

Extension of the Facility Termination Date. At the written request of Seller delivered to Buyer no earlier than ninety (90) or later than thirty (30) days before the Initial Facility Termination Date, the First Extended Facility Termination Date (defined below) or the First Second Extended Facility Termination Date (defined below), as applicable, Seller shall have two three (23) options to extend the Facility Termination Date, the first for an additional one year term ending on the anniversary date of the Initial Facility Termination Date (the “"First Extended Facility Termination Date”) and "), the second for an additional one year term ending on the anniversary date of the First Extended Facility Termination Date (the “"Second Extended Facility Termination Date” "), and the third for an additional one year term ending on the anniversary date of the Second Extended Facility Termination Date (the "Third Extended Facility Termination Date", and, together with the First Extended Facility Termination Date, Date and the “Second Extended Facility Termination Date”, as applicable, the "Extended Facility Termination Date"). The Each extension of the Initial Facility Termination Date and the First Extended Facility Termination Date shall be subject to the following: (a) no Default or Event of Default exists on the date of the request to extend or the current Facility Termination Date, (b) no Margin Call has been made that has not been satisfied on the current Facility Termination Date (provided Buyer shall permit a temporary extension until the related Margin Correction Deadline to permit Seller time to cure any unsatisfied Margin Call), (c) Seller shall have made a timely request to extend, (d) the Debt Yield for all Purchased Assets (on a combined basis) is at least equal to the Required Portfolio Debt Yield Percentage, (e) the Debt Yield for each Purchased Asset is at least equal to the Required Debt Yield Percentage applicable to that Purchased Asset, (f) the PPV for each Purchased Asset is not greater than the Required PPV Percentage, and (g) Seller shall have paid to Buyer the Extension Fee on or before the then current Facility Termination Date. In addition, if the Facility Termination Date is extended to the First Extended Facility Termination Date as provided in this Section 3.07, Buyer may in its discretion and subject to such terms and conditions as Buyer may require in its discretion extend the Funding Expiration Date for an additional one year term ending on the First Extended Facility Termination Date and, if Buyer so approves of such extension, the Buyer and the Repurchase Parties shall execute a letter agreement acceptable to Buyer which documents such extension and such other terms and provisions as Buyer may require in its discretion.

Extension of the Facility Termination Date. At the written request of Seller delivered to Buyer no earlier than ninety (90) or later than thirty (30) days before the Initial Facility Termination Date or the First Extended Facility Termination Date (defined below), as applicable, Seller shall have two (2) options to extend the Facility Termination Date, the first for an additional one year term ending on the anniversary date of the Initial Facility Termination Date (the “First Extended Facility Termination Date”) and the second for an additional one year term ending on the anniversary date of the First Extended Facility Termination Date (the “Second Extended Facility Termination Date” and, together with the First Extended Facility Termination Date, the “Extended Facility Termination Date”). The extension of the Initial Facility Termination Date and the First Extended Facility Termination Date shall be subject to the following: (a) no Default or Event of Default exists on the date of the request to extend or the current Facility Termination Date, (b) no Margin Call has been made that has not been satisfied on the current Facility Termination Date (provided Buyer shall permit a temporary extension until the related Margin Correction Deadline to permit Seller time to cure any unsatisfied Margin Call), (c) Seller shall have made a timely request to extend, (d) the Debt Yield for all Purchased Assets (on a combined basis) is at least equal to the Required Portfolio Debt Yield Percentage, (e) Seller shall have paid to Buyer the Extension Fee on or before the Initial Facility Termination Date and (f) two or more of ▇▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ or ▇▇ ▇▇▇▇▇ (together with each other successor personnel acceptable to Buyer in its sole and absolute discretion) are serving in their respective capacities as an officer or director of NRFC or Manager. The extension of the First Extended Facility Termination Date shall be subject to the following: (a) no Default or Event of Default exists on the date of the request to extend or the current Facility Termination Date, (b) no Margin Deficit shall be outstanding on the date of the request to extend or the current Facility Termination Date, (c) the Debt Yield for each Purchased Asset (other than a Permitted Asset) is at least equal to the Required Debt Yield Percentage applicable to that Purchased AssetPercentage, (fd) the Debt Yield for all Purchased Assets (other than Permitted Assets) (on a combined basis) is at least equal to the Required Portfolio Debt Yield Percentage, (e) the PPV for each Purchased Asset is (other than a Permitted Asset) does not greater than exceed the Required PPV Percentage, and (f) Seller shall have made a timely request to extend, (g) Seller shall have paid to Buyer the Extension Fee on or before the then current First Extended Facility Termination DateDate and (h) two or more of ▇▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ or ▇▇ ▇▇▇▇▇ (together with each other successor personnel acceptable to Buyer in its sole and absolute discretion) are serving in their respective capacities as an officer or director of NRFC or Manager.