EXIST UNDER ANY LOAN DOCUMENT; (V) BORROWER SHALL HAVE PROVIDED TO AGENT
EVIDENCE OF THE CONTINUATION OF THE POLICIES AND THE PAYMENT OF ANY PREMIUMS
THEN DUE THEREFOR; (VI) APPROPRIATE EXTENSIONS, TO THE EXTENT REQUIRED TO KEEP
SUCH DOCUMENT IN FULL FORCE AND EFFECT AND FREE FROM ANY DEFAULT, SHALL HAVE
BEEN GRANTED UNDER THE PUBLIC PROJECT AGREEMENTS AND FOR A PERIOD OF TIME AT
LEAST EQUAL TO THE FORCE MAJEURE EXTENSION PERIOD; (VII) BORROWER SHALL HAVE
PROVIDED TO AGENT EVIDENCE OF THE CONTINUATION OF THE INITIAL ADVANCE INTEREST
RATE CAP THROUGH THE EXTENDED MATURITY DATE ON TERMS AND CONDITIONS REASONABLY
SATISFACTORY TO AGENT, TO THE EXTENT BORROWER WAS REQUIRED TO PURCHASE THE
INITIAL ADVANCE INTEREST RATE CAP IN ACCORDANCE WITH THE TERMS HEREOF, OR, IF NO
INITIAL ADVANCE INTEREST RATE CAP WAS SO REQUIRED, BORROWER AND AGENT SHALL HAVE
ENTERED INTO A WRITTEN AGREEMENT REASONABLY SATISFACTORY TO AGENT WITH RESPECT
TO INTEREST RATE PROTECTION DURING THE FORCE MAJEURE EXTENSION PERIOD (PROVIDED
THAT IF, IN AGENT'S DISCRETION, THE COST OF ANY INTEREST RATE PROTECTION
REQUIRED BY THIS CLAUSE (VII) IS PROHIBITIVE, BORROWER MAY DEPOSIT WITH OR
DELIVER TO AGENT OTHER SECURITY IN LIEU THEREOF SATISFACTORY TO AGENT); AND
(VIII) EACH
47
GUARANTOR SHALL ACKNOWLEDGE AND CONFIRM TO AGENT, ON OR PRIOR TO THE MATURITY
DATE, THE EXERCISE OF THE EXTENSION PERIOD BY BORROWER.
THE PERIOD OF THE
EXTENSION OPTION UNDER THIS SECTION 3.19(B) SHALL BE DETERMINED BY AGENT IN ITS
REASONABLE JUDGMENT AND SHALL BE EQUAL TO THE NUMBER OF DAYS BY WHICH
SUBSTANTIAL COMPLETION HAS BEEN OR IS REASONABLY EXPECTED TO BE DELAYED DUE TO
SUCH FORCE MAJEURE EVENT, ASSUMING THAT BORROWER AND THE GENERAL CONTRACTOR TAKE
ALL STEPS COMMERCIALLY REASONABLE TO MITIGATE THE EFFECTS OF SUCH FORCE MAJEURE
EVENT; PROVIDED, HOWEVER, THAT (X) IN NO EVENT SHALL ALL EXTENSIONS PURSUANT TO
THIS SECTION 3.19(B) BE MORE THAN 180 DAYS IN THE AGGREGATE (THE PERIOD OF SUCH
EXTENSIONS BEING HEREINAFTER COLLECTIVELY REFERRED TO AS THE "FORCE MAJEURE
EXTENSION PERIOD") AND (Y) ANY SUCH EXTENSION SHALL IN ALL EVENTS END IF, AND AS
OF THE DATE THAT, BORROWER IS NOT IN COMPLIANCE WITH THE IMMEDIATELY SUCCEEDING
SENTENCE.
IF A FORCE MAJEURE EVENT SHALL HAVE OCCURRED, BORROWER SHALL (1)
PERIODICALLY (AT LEAST ONCE EVERY TWO WEEKS) ADVISE AGENT OF THE STATUS OF SUCH
FORCE MAJEURE EVENT AND ITS EFFECT ON COMPLETION OF THE PROJECT AND (2) TAKE ALL
STEPS, AND CAUSE THE GENERAL CONTRACTOR TO TAKE ALL STEPS, COMMERCIALLY
REASONABLE TO MITIGATE THE EFFECTS OF SUCH FORCE MAJEURE EVENT.
IF THE MATURITY
DATE IS EXTENDED IN ACCORDANCE WITH THIS SECTION 3.19(B), ALL REFERENCES TO THE
ORIGINAL MATURITY DATE, THE FIRST EXTENDED MATURITY DATE, OR THE SECOND EXTENDED
MATURITY DATE SHALL BE INTERPRETED SO THAT SUCH REFERENCES ARE TO SUCH DATE, AS
EXTENDED BY THE APPLICABLE FORCE MAJEURE EXTENSION PERIOD.
(C)
BORROWER SHALL PAY AT THE TIME OF AND AS A
CONDITION TO THE EXTENSION OF THE TERM OF THE PROJECT LOAN DESCRIBED IN SECTIONS
3.19(A) AND (B) ABOVE, (I) ALL