Common use of Call Date Clause in Contracts

Call Date. Notwithstanding anything to the contrary contained in this Agreement, (i) the Outstanding Principal Amount under all Notes shall become automatically due and payable on the fifth (5th) anniversary of the expiration of the Stub Interest Period (the “First Call Date”) if (a) the Borrower shall not have delivered written notice (the “First Call Notice”) to the Administrative Agent not more than one hundred twenty (120) days and not less than thirty (30) days prior to the First Call Date of its intent to extend the Loans until the sixth (6th) anniversary of the expiration of the Stub Interest Period, (b) on or prior to the First Call Date the Borrower has not paid to the Administrative Agent in accordance with the Fee Letter for the benefit of the Lenders an extension fee equal to ten (10) basis points (0.10%) times the Outstanding Principal Amount under all Notes as of the First Call Date, (c) on the First Call Date a Default or an Event of Default exists, (d) the Borrower shall not have demonstrated, to the reasonable satisfaction of the Administrative Agent, as of the First Call Date, that the Debt Service Coverage Ratio for all the Projects then securing the Loans equals or exceeds 1.15:1.00, or (e) the Borrower shall not have demonstrated, to the reasonable satisfaction of the Administrative Agent, as of the First Call Date, that the Debt Yield equals or exceeds eight percent (8.0%); provided, however, in the event that the required Debt Yield or Debt Service Coverage Ratio is not met, then the Borrower may, in order to satisfy the condition in clauses (d) and (e), pay down the Outstanding Principal Balance of the Loans, in an amount such that the required Debt Yield and Debt Service Coverage Ratio is achieved (subject to the provisions of Section 2.06(a)(i) and the provisions of Section 5.05, as supplemented by the provisions of Section 2.06(b)); and (ii) the Outstanding Principal Amount under all Notes shall become automatically due and payable on the sixth (6th) anniversary of the expiration of the Stub Interest Period (the “Second Call Date”) if (a) the Borrower shall not have delivered written notice (the “Second Call Notice”) to the Administrative Agent not more than one hundred twenty (120) days and not less than thirty (30) days prior to the Second Call Date of its intent to extend the Loans until the seventh (7th) anniversary of the expiration of the Stub Interest Period, (b) on or prior to the Second Call Date the Borrower has not paid to the Administrative Agent in accordance with the Fee Letter for the benefit of the Lenders an extension fee equal to ten (10) basis points (0.10%) times the Outstanding Principal Amount under all Notes as of the Second Call Date, (c) on the Second Call Date a Default or an Event of Default exists, (d) the Borrower shall not have demonstrated, to the reasonable satisfaction of the Administrative Agent, as of the Second Call Date, that the Debt Service Coverage Ratio for all the Projects then securing the Loans equals or exceeds 1.15:1.00, or (e) the Borrower shall not have demonstrated, to the reasonable satisfaction of the Administrative Agent, as of the Second Call Date, that the Debt Yield equals or exceeds eight percent (8.0%); provided, however, in the event that the required Debt Yield or Debt Service Coverage Ratio is not met, then the Borrower may, in order to satisfy the condition in clauses (d) and (e), pay down the Outstanding Principal Balance of the Loans, in an amount such that the required Debt Yield and Debt Service Coverage Ratio is achieved (subject to the provisions of Section 2.06(a)(i) and the provisions of Section 5.05, as supplemented by the provisions of Section 2.06(b)).

Call Date. Notwithstanding anything to the contrary contained in this Agreement, (i) the Outstanding Principal Amount under all Notes shall become automatically due and payable on the fifth (5th) anniversary of the expiration of the Stub Interest Period (the “First Call Date”) if (a) the Borrower shall not have delivered written notice (the “First Call Notice”) to the Administrative Agent not more than one hundred twenty eighty (120180) days and not less than thirty ninety (3090) days prior to the First Call Date of its intent to extend the Loans until the sixth (6th) anniversary of the expiration of the Stub Interest Period, (b) on or prior to the First Call Date the Borrower has not paid to the Administrative Agent in accordance with the Fee Letter for the benefit of the Lenders an extension fee equal to ten (10) basis points (0.10%) times the Outstanding Principal Amount under all Notes as of the First Call Date, (c) on the First Call Date a Default or an Event of Default exists, (d) so long as Administrative Agent shall have provided written notice requiring extension of the existing Hedge Agreement to Borrower within thirty (30) days after receipt of the First Call Notice and prior to the First Call Date, on or prior to the First Call Date, the Borrower has not extended any existing Hedge Agreement required by Section 8.19(a), or entered into a new or replacement Hedge Agreement which has an All-in-Rate that is sufficient to satisfy a Debt Service Coverage Ratio for all the Projects then securing the Loans of at least 1.25:1.00, and which otherwise satisfies the terms of Section 8.19(a) with an expiration date of not earlier than six (6) months prior to the sixth (6th) anniversary of the expiration of the Stub Interest Period, (e) the Borrower shall not have demonstrated, to the reasonable satisfaction of the Administrative Agent, as of the First Call Date, that the Debt Service Coverage Ratio for all the Projects then securing the Loans equals or exceeds 1.15:1.001.25:1.00, or (ef) the Borrower shall not have demonstrated, to the reasonable satisfaction Loan-to-Value Ratio for each of the Projects then securing the Loans does not exceed sixty percent (60%) based on a new or updated Appraisal obtained by the Administrative Agent, as of Agent for each such Project not more than forty-five (45) days prior to the First Call Date, that such Appraisal to be at Borrower’s expense and satisfactory to the Debt Yield equals or exceeds eight percent (8.0%)Administrative Agent in all respects; provided, however, in the event that the required Debt Yield or Debt Service Coverage Loan-to-Value Ratio is not met, then the Borrower may, in order to satisfy the condition in clauses (d) and (e)this clause, pay down the Outstanding Principal Balance of the Loans, Loans in an amount such that the required Debt Yield and Debt Service Coverage Loan-to-Value Ratio is achieved (subject to the provisions of Section 2.06(a)(i) and the provisions of Section 5.05, as supplemented by the provisions of Section 2.06(b)); and (ii) the Outstanding Principal Amount under all Notes shall become automatically due and payable on the sixth (6th) anniversary of the expiration of the Stub Interest Period (the “Second Call Date”) if (a) the Borrower shall not have delivered written notice (the “Second Call Notice”) to the Administrative Agent not more than one hundred twenty (120) days and not less than thirty forty-five (3045) days prior to the Second Call Date of its intent to extend the Loans until the seventh (7th) anniversary of the expiration of the Stub Interest Period, (b) on or prior to the Second Call Date the Borrower has not paid to the Administrative Agent in accordance with the Fee Letter for the benefit of the Lenders an extension fee equal to ten (10) basis points (0.10%) times the Outstanding Principal Amount under all Notes as of the Second Call Date, (c) on the Second Call Date a Default or an Event of Default exists, (d) so long as Administrative Agent shall have provided written notice requiring extension of the existing Hedge Agreement to Borrower within thirty (30) days after receipt of the Second Call Notice and prior to the Second Call Date, on or prior to the Second Call Date, the Borrower has not extended any existing Hedge Agreement required by Section 8.19(a), or entered into a new or replacement Hedge Agreement which has an All-in-Rate that is sufficient to satisfy a Debt Service Coverage Ratio for all the Projects then securing the Loans of at least 1.25:1.00, and which otherwise satisfies the terms of Section 8.19(a) with an expiration date of not earlier than six (6) months prior to the seventh (7th) anniversary of the expiration of the Stub Interest Period, or (e) the Borrower shall not have demonstrated, to the reasonable satisfaction of the Administrative Agent, as of the Second Call Date, that the Debt Service Coverage Ratio for all the Projects then securing the Loans equals or exceeds 1.15:1.00, or (e) the Borrower shall not have demonstrated, to the reasonable satisfaction of the Administrative Agent, as of the Second Call Date, that the Debt Yield equals or exceeds eight percent (8.0%); provided, however, in the event that the required Debt Yield or Debt Service Coverage Ratio is not met, then the Borrower may, in order to satisfy the condition in clauses (d) and (e), pay down the Outstanding Principal Balance of the Loans, in an amount such that the required Debt Yield and Debt Service Coverage Ratio is achieved (subject to the provisions of Section 2.06(a)(i) and the provisions of Section 5.05, as supplemented by the provisions of Section 2.06(b))1.25:1.00.

Call Date. Notwithstanding anything to the contrary contained in this Agreement, (i) the Outstanding Principal Amount under all Notes shall become automatically due and payable on the fifth (5th) anniversary of the expiration of the Stub Interest Period (i.e., April 1, 2016) (the “First Call Date”) if (a) the Borrower shall not have delivered written notice (the “First Call Notice”) to the Administrative Agent not more than one hundred twenty (120) days and not less than thirty (30) days prior to the First Call Date of its intent to extend the Loans until the sixth (6th) anniversary of the expiration of the Stub Interest Period, (b) on or prior to the First Call Date the Borrower has not paid to the Administrative Agent in accordance with the Fee Letter for the benefit of the Lenders an extension fee equal to ten (10) basis points (0.10%) times the Outstanding Principal Amount under all Notes as of the First Call Date, (c) on the First Call Date a Default or an Event of Default exists, (d) the Borrower shall not have demonstrated, to the reasonable satisfaction of the Administrative Agent, as of the First Call Date, that the Debt Service Coverage Ratio for all the Projects then securing the Loans equals or exceeds 1.15:1.00, or (e) the Borrower shall not have demonstrated, to the reasonable satisfaction of the Administrative Agent, as of the First Call Date, that the Debt Yield equals or exceeds eight percent (8.0%), or (f) on or prior to the First Call Date the Borrower shall not have provided a certificate from an Authorized Officer certifying the Adjusted Net Operating Income for the trailing three (3) month period preceding the date of determination for which results are available (adjusted to reflect results of operations on an annualized basis) for purposes of calculating the Debt Yield and determining whether the Borrower shall be required to make principal payments pursuant to Section 3.01(a) during the sixth Loan Year; provided, however, in the event that the required Debt Yield or Debt Service Coverage Ratio is not met, then the Borrower may, in order to satisfy the condition in clauses (d) and (e), pay down the Outstanding Principal Balance of the Loans, in an amount such that the required Debt Yield and Debt Service Coverage Ratio is achieved (subject to the provisions of Section 2.06(a)(i) and the provisions of Section 5.05, as supplemented by the provisions of Section 2.06(b)); and (ii) the Outstanding Principal Amount under all Notes shall become automatically due and payable on the sixth (6th) anniversary of the expiration of the Stub Interest Period (i.e., April 1, 2017) (the “Second Call Date”) if (a) the Borrower shall not have delivered written notice (the “Second Call Notice”) to the Administrative Agent not more than one hundred twenty (120) days and not less than thirty (30) days prior to the Second Call Date of its intent to extend the Loans until the seventh (7th) anniversary of the expiration of the Stub Interest Period, (b) on or prior to the Second Call Date the Borrower has not paid to the Administrative Agent in accordance with the Fee Letter for the benefit of the Lenders an extension fee equal to ten (10) basis points (0.10%) times the Outstanding Principal Amount under all Notes as of the Second Call Date, (c) on the Second Call Date a Default or an Event of Default exists, (d) the Borrower shall not have demonstrated, to the reasonable satisfaction of the Administrative Agent, as of the Second Call Date, that the Debt Service Coverage Ratio for all the Projects then securing the Loans equals or exceeds 1.15:1.00, or (e) the Borrower shall not have demonstrated, to the reasonable satisfaction of the Administrative Agent, as of the Second Call Date, that the Debt Yield equals or exceeds eight percent (8.0%); or (f) on or prior to the Second Call Date the Borrower shall not have provided a certificate from an Authorized Officer certifying the Adjusted Net Operating Income for the trailing three (3) month period preceding the date of determination for which results are available (adjusted to reflect results of operations on an annualized basis) for purposes of calculating the Debt Yield and determining whether the Borrower shall be required to make principal payments pursuant to Section 3.01(b) during the seventh Loan Year; provided, however, in the event that the required Debt Yield or Debt Service Coverage Ratio is not met, then the Borrower may, in order to satisfy the condition in clauses (d) and (e), pay down the Outstanding Principal Balance of the Loans, in an amount such that the required Debt Yield and Debt Service Coverage Ratio is achieved (subject to the provisions of Section 2.06(a)(i) and the provisions of Section 5.05, as supplemented by the provisions of Section 2.06(b)).