Common use of Extended Maturity Date Option Clause in Contracts

Extended Maturity Date Option. Not more than 90 days and not less than 30 days prior to the Initial Maturity Date, the Borrower may request in writing that the Lenders extend the term of this Agreement for an additional one hundred eighty (180) day period (the end of such period being the “Extended Maturity Date”). Such extension option shall be subject to the satisfaction of the following requirements: (i) at the time of the request, and at the Initial Maturity Date, there shall not exist any Default or any Event of Default; (ii) the Outstanding Amount shall, as of the Initial Maturity Date, be less than or equal to the lesser of (A) the Aggregate Revolving Commitments; and (B) the Borrowing Base, as reduced as of such date in accordance with the definition of “Borrowing Base” contained herein; (iii) the Borrower shall have delivered to the Administrative Agent, together with its request of extension, pro-forma financial statements and a statement of sources and uses of cash of the REIT Guarantor and its Subsidiaries (including, without limitation, the Excluded Entities) for the eight (8) fiscal quarters following the then-current calendar quarter, along with a pro forma Compliance Certificate demonstrating that, upon giving effect to such pro forma financial projections, the Credit Parties will, during such eight fiscal quarter period, on a pro forma basis, be in compliance with all of the covenants contained in Sections 8.02, 8.03, 8.06 and 8.11; and (iv) the Borrower shall, at the time of the request, deliver to the Administrative Agent (for the pro rata benefit of the Lenders based on their respective Commitments) an extension fee equal to one quarter of one percent (0.25%) of the then-existing Commitments (whether funded or unfunded).

Extended Maturity Date Option. Not more than 90 180 days and not less than 30 120 days prior to the Initial Maturity Date, the Borrower may request in writing that the Lenders extend the term of this Agreement for an additional one hundred eighty twelve (18012) day calendar month period (the end of such period being the “Extended Maturity Date”). Such extension option shall be subject to the satisfaction of the following requirements: (i) one hundred percent (100.0%) of the Lenders shall have consented in writing to such extension prior to the Initial Maturity Date; provided, that (A) each Lender shall provide the Administrative Agent and the Borrower, not less than ninety (90) days prior to the Initial Maturity Date, with written notice regarding whether it agrees to the requested extension, with any failure by a Lender to give timely written notice hereunder being deemed a decision by such Lender not to grant such extension and (B) each decision by a Lender regarding whether to grant a requested extension shall be in such Lender’s sole discretion; (ii) at the time of the request, and at the Initial Maturity Date, there shall not exist any Default, nor any condition, which after notice and/or lapse of time would constitute a Default by the Borrower or any Event of Default; (ii) the Outstanding Amount shall, as of the Initial Maturity Date, be less than or equal to the lesser of (A) the Aggregate Revolving Commitments; and (B) the Borrowing Base, as reduced as of such date in accordance with the definition of “Borrowing Base” contained herein; (iii) the Borrower shall have delivered to the Administrative Agent, together with its request of extension, pro-forma financial statements and a statement of sources and uses of cash of the REIT Guarantor and its Subsidiaries (including, without limitation, the Excluded Entities) for the eight (8) fiscal quarters following the then-current calendar quarter, along with a pro forma Compliance Certificate demonstrating that, upon giving effect to such pro forma financial projections, the other Credit Parties will, during such eight fiscal quarter period, on a pro forma basis, be in compliance with all of the covenants contained in Sections 8.02, 8.03, 8.06 and 8.11Party; and (iviii) the Borrower shall, at the time of the request, deliver to the Administrative Agent (for the pro rata benefit of the Lenders based on their respective Commitments) an extension fee equal to one quarter fifteen hundredths of one percent (0.250.15%) of the then-existing Commitments (whether funded or unfunded).

Extended Maturity Date Option. Not more than 90 days and not less than 30 days prior to the Initial Maturity Date, the The Borrower may request in writing that the Lenders extend the term of this Agreement for an additional one hundred eighty to the first anniversary of the Initial Maturity Date (180) day period (the end of such period being the “Extended Maturity Date”). Such extension option shall be , subject to the satisfaction of the following requirements: (i) delivery by the Borrower of a written notice of such extension not more than ninety (90) days and not less than forty-five (45) days prior to the Initial Maturity Date (ii) no Default or Event of Default shall exist at the time of the request, and at the Initial Maturity Date, there shall not exist any Default or any Event of Default; (ii) the Outstanding Amount shall, as of the Initial Maturity Date, be less than or equal to the lesser of (A) the Aggregate Revolving Commitments; and (B) the Borrowing Base, as reduced as of such date in accordance with the definition of “Borrowing Base” contained hereinextension; (iii) no Material Adverse Effect has occurred in the financial condition of the Borrower shall have delivered and its Subsidiaries, or any other Obligor and its Subsidiaries, taken as a whole, since the Agreement Date; (iv) compliance with each covenant contained in Articles VII, VIII and IX hereof, including but not limited to the Administrative Agent, together with its request of extension, pro-forma financial statements and a statement of sources and uses of cash of the REIT Guarantor and its Subsidiaries (including, without limitation, the Excluded Entities) for the eight (8) fiscal quarters following the then-current calendar quarter, along with a pro forma Compliance Certificate demonstrating that, upon giving effect to such pro forma financial projections, the Credit Parties will, during such eight fiscal quarter period, on a pro forma basis, be in compliance with all of the covenants contained in Sections 8.02, 8.03, 8.06 and 8.11Section 9.1 hereof; and (ivv) delivery by the Borrower shall, at on or before the time of the request, deliver Initial Maturity Date to the Administrative Agent (for the pro rata benefit of the Lenders based on their respective CommitmentsCommitment Percentage) of an extension fee equal to one quarter one-fourth of one percent (0.25.25%) of the then-existing Commitments Aggregate Commitment. Such extension shall be effective as of the date of the delivery of the notice and extension fee under preceding clauses (whether funded or unfunded)i) and (v) respectively, provided that, upon delivery of the foregoing notice, Borrower shall be deemed to have represented and certified that the representations in preceding clauses (ii) – (iv) have been satisfied.

Extended Maturity Date Option. Not more than 90 days and not less than 30 days prior to the Initial Maturity Date, the Borrower may request in writing that the Lenders extend the term of this Agreement for an additional one hundred eighty (180) day period (the end of such period being the “Extended Maturity Date”). Such extension option shall be subject to the satisfaction of the following requirements: (i) at the time of the request, and at the Initial Maturity Date, there shall not exist any Default, nor any condition, which after notice and/or lapse of time would constitute a Default by the Borrower or any Event of Defaultother Credit Party; (ii) the Outstanding Amount shall, as of the Initial Maturity Date, be less than or equal to the lesser of (A) the Aggregate Revolving Commitments; and (B) the Borrowing Base, as reduced as of such date in accordance with the definition of “Borrowing Base” contained herein; (iii) the Borrower shall have delivered to the Administrative Agent, together with its request of extension, pro-forma financial statements and a statement of sources and uses of cash of the REIT Guarantor and its Subsidiaries (including, without limitation, the Excluded Entities) for the eight (8) fiscal quarters following the then-current calendar quarter, along with a pro forma Compliance Certificate demonstrating that, upon giving effect to such pro forma financial projections, the Credit Parties will, during such eight fiscal quarter period, on a pro forma basis, be in compliance with all of the covenants contained in Sections 8.02, 8.03, 8.06 and 8.11; and (iv) the Borrower shall, at the time of the request, deliver to the Administrative Agent (for the pro rata benefit of the Lenders based on their respective Commitments) an extension fee equal to one quarter of one percent (0.25%) of the then-existing Commitments (whether funded or unfunded).