Extract to table

Extension Options The Commitment Letter provides for two (2) one-year extension options, each subject to the satisfaction of the following conditions: (i) No event of default under the loan documents shall have occurred and be continuing at the time of the extension request or at the commencement of the extension period; (ii) The debt service coverage ratio ("DSCR") shall be not less than 1

25x, calculated based on the Property's trailing twelve-month net operating income divided by the projected annual debt service for the applicable extension period; (iii) The Borrower shall pay an extension fee equal to 0

Given VHG's status as a publicly traded company, the guaranty provisions must be carefully calibrated to avoid creating material contingent liabilities that would require public disclosure under SEC reporting obligations

Existing Mortgage Discharge: The existing Tidewater mortgage recorded in Official Records Book 2892, Page 0445, of the Public Records of Monroe County, Florida, must be satisfied and discharged at closing

Given the seasonal nature of the Florida Keys resort market, with significant revenue variability between high season (December through April) and low season (May through November), the cash management trigger mechanics must be carefully structured to avoid false positives that could result in premature cash trapping