Increased Availability. The Loan Documents are hereby amended as follows: (a) On the Effective Date (as defined below), Lenders shall make available to or for the benefit of Borrower additional sums so that the total principal amount available to be borrowed by Borrower under the Loan Agreement and the Note shall be Three Hundred Fifty Million Dollars ($350,000,000) (inclusive of the amounts currently owing under the Loan Agreement). As used herein and in the other Loan Documents going forward following the Effective Date, the term "Loan" shall be deemed to include the additional commitment described above. (b) On or immediately following the Effective Date, the Lenders that shall be the Lenders under the Loan Agreement following the Effective Date shall, in accordance with their Pro Rata Shares of the new Maximum Commitment Amount, repay to each of the existing Lenders (or reallocate between the existing Lenders, other than the "Exiting Lender" described below, and the "New Lender" described below, in a manner which Agent determines would minimize any LIBOR breakage fees or costs) the amounts currently owing under the Loan Agreement and other Loan Documents (i.e., 200,000,000, plus interest accrued thereon through the date of payment at the interest rates previously in effect prior to the Effective Date under the Loan Agreement, and all other sums owing thereunder), and following this first disbursement of the Loan under the modified Loan Agreement, Borrower may thereafter borrow from the Lenders the additional committed sums specified herein (i.e., an additional $150,000,000 in new commitments), subject to the satisfaction of the terms and conditions to advances set forth in the Loan Agreement and other Loan Documents, including without limitation Sections 2 and 5 of the Loan Agreement, and subject to the additional conditions and terms specified below in Section 9 of this Agreement. Advances of the additional commitments (other than the "accordion" amounts as set forth in Section 3(c) below and in Section 2.17 of the Loan Agreement) will be available in up to a maximum of three borrowings, which may be drawn down by no later than December 31, 2012, and may only be borrowed in minimum amounts of Twenty-Five Million Dollars or more. To the extent repaid, advances under the Loan Agreement may not be reborrowed. (c) Following the Effective Date, the accordion feature more fully described in Section 2.17 of the Loan Agreement shall be increased from One Hundred Million Dollars ($100,000,000) to One Hundred Fifty Million Dollars ($150,000,000), so that, should the accordion feature be fully exercised in accordance with the provisions of Section 2.17 of the Loan Agreement, the Maximum Commitment Amount may be increased to (but not above) a maximum aggregate amount of Five Hundred Million Dollars ($500,000,000), subject to the satisfaction of all of the terms and conditions specified in Section 2.17 of the Loan Agreement and any other applicable provisions thereof.
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Increased Availability. The Loan Documents are hereby amended as follows:
(a) On the Effective Date (as defined below)Date, Lenders shall make available to or for the benefit of Borrower additional sums so that the total principal amount available to be borrowed by Borrower under the Loan Agreement and the Note shall be Three Hundred Fifty Million Dollars $100,000,000, of which $75,000,000 shall constitute the new Facility A Committed Amount, and of which $25,000,000 shall constitute the new Facility B Committed Amount ($350,000,000) (inclusive of such additional sums being referred to herein as the amounts currently owing under the Loan Agreement"Additional Advance"). As used herein and in the other Loan Documents going forward following the Effective Dateforward, the term "Loan" shall be deemed to include the additional Additional Advance. U.S. Bank National Association and East-West Bank agree that they shall each make available such portion of the Additional Advance to be made hereunder in an amount such that following the making of such Additional Advance, (i) U.S. Bank National Association shall have a commitment described abovefor Facility A of $48,750,000 and a commitment for Facility B of $16,250,000, and its Commitment Percentages shall be as set forth on Exhibit E to the Loan Agreement (as amended hereby), and (ii) East-Bank shall have a commitment for Facility A of $26,250,000 and a commitment for Facility B of $8,750,000, and its Commitment Percentages shall be as set forth on Exhibit E to the Loan Agreement (as amended hereby). On the Effective Date, the Exhibit E attached to this Agreement shall be deemed substituted in place of the Exhibit E attached to the Loan Agreement.
(b) On or immediately following the Effective Date, the Lenders that shall be the Lenders under the Loan Agreement following the Effective Date shall, in accordance with their Pro Rata Shares of the new Maximum Commitment Amount, repay to each of the existing Lenders (or reallocate between the existing Lenders, other than the "Exiting Lender" described below, and the "New Lender" described below, in a manner which Agent determines would minimize any LIBOR breakage fees or costs) the amounts currently owing under the Loan Agreement and other Loan Documents (i.e., 200,000,000, plus interest accrued thereon through the date of payment at the interest rates previously in effect prior to the Effective Date under the Loan Agreement, and all other sums owing thereunder), and following this first disbursement of the Loan under the modified Loan Agreement, Borrower may thereafter borrow from the Lenders the additional committed sums specified herein (i.e., an additional $150,000,000 in new commitments), subject to the satisfaction of the terms and conditions to advances set forth Each reference in the Loan Agreement Documents to "Sixty Five Million Dollars" and other Loan Documents"$65,000,000" is hereby deleted in its entirety and replaced with "Seventy Five Million Dollars" and "$75,000,000", including without limitation Sections 2 and 5 of respectively. Each reference in the Loan Agreement, Documents to "Ten Million Dollars" and subject to the additional conditions and terms specified below in Section 9 of this Agreement. Advances of the additional commitments "$10,000,000" (other than the "accordion" amounts as set forth references in Section 3(c5.8(a) below and in Section 2.17 of the Loan Agreement) will be available is hereby deleted in up its entirety and replaced with "Twenty Five Million Dollars" and "$25,000,000", respectively. Each reference in the Loan Documents to a maximum of three borrowings, which may be drawn down by no later than December 31, 2012, and may only be borrowed in minimum amounts of Twenty"Seventy-Five Million Dollars or more. To the extent repaid, advances under the Loan Agreement may not be reborrowed.
(c) Following the Effective Date, the accordion feature more fully described Dollars" and "$75,000,000" is hereby deleted in Section 2.17 of the Loan Agreement shall be increased from its entirety and replaced with "One Hundred Million Dollars (Dollars" and "$100,000,000) ", respectively. Each reference in the Loan Documents to One "Forty-Three Million Dollars" and "$43,000,000" is hereby deleted in its entirety and replaced with "Forty-Eight Million Seven Hundred Fifty Million Dollars (Thousand Dollars" and "$150,000,000)48,750,000", so that, should the accordion feature be fully exercised respectively. Each reference in accordance with the provisions of Section 2.17 of the Loan AgreementDocuments to "Seven Million Dollars" and "$7,000,000" is hereby deleted in its entirety and replaced with "Sixteen Million Two Hundred Fifty Thousand Dollars" and "$16,250,000", the Maximum Commitment Amount may be increased to (but not above) a maximum aggregate amount of Five Hundred Million Dollars ($500,000,000), subject to the satisfaction of all of the terms and conditions specified respectively. Each reference in Section 2.17 of the Loan Agreement Documents to "Twenty-Two Million Dollars" and any other applicable provisions thereof"$22,000,000" is hereby deleted in its entirety and replaced with "Twenty-Six Million Two Hundred Fifty Thousand Dollars" and "$26,250,000", respectively. Each reference in the Loan Documents to "Three Million Dollars" and "$3,000,000" is hereby deleted in its entirety and replaced with "Eight Million Seven Hundred Fifty Thousand Dollars" and "$8,750,000", respectively.
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Sources: Modification Agreement (Kennedy-Wilson Holdings, Inc.)