Common use of Maturity Extensions Clause in Contracts

Maturity Extensions. (a) The Borrowers have the right to extend the Initial Maturity Date by twelve (12) months at their sole option, provided that: (i) the Initial Maturity Date is extended with respect to all Notes then outstanding; (ii) the Borrowers notify the Holders in writing at least sixty (60) days prior to the Initial Maturity Date; and (iii) on or prior to the Initial Maturity Date the Borrowers pay to the Holders a fee equal to one percent (1.0%) of the principal amount outstanding under all Notes then outstanding by wire transfer of immediately available funds to the account(s) designated by the Holders. (b) In accordance with Section 2.2(f)(iii)(A) of the Securities Purchase Agreement, if the sum of the Tranche 4 Advance and Incremental Advances committed during the Commitment Period is greater than or equal to $100,000,000, then in the event that the Borrowers (x) have not elected to exercise their right to extend the Initial Maturity Date to the Extended Maturity Date, the Holder shall have up to three (3) options to extend the Maturity Date, with the first option being a three (3)-year extension option, and the second and third options each being one (1)-year extension options, and (y) have elected to exercise their right to extend the Initial Maturity Date to the Extended Maturity Date, the Holder shall have up to three (3) options to extend the Maturity Date, with the first option being a two (2)-year extension option, and the second and third options each being one (1)-year extension options. Such options to extend the Maturity Date may be exercised unilaterally as to and on behalf of all Holders (and not less than all Holders) and as to all outstanding Notes (and not less than all outstanding Notes) by the Gotham Purchasers, in each case by providing written notice to the Company at least ninety (90) days prior to the Initial Maturity Date or Extended Maturity Date, as applicable, or prior to the then applicable Maturity Date, if the Maturity Date has been previously extended pursuant to the exercise of any such extension option by the Gotham Purchasers on behalf of the Holders. If any such extension option is exercised, the term “Maturity Date” as used herein shall refer to the extended maturity date resulting from such extension.