Replies to post #375 on Gramercy Property Trust Inc. (GPT)

[PlanMaestro]

Defaulted Loan under Indenture

For purposes of the definition of “Defaulted Security,” the “Maturity Extension Requirements” will be satisfied with respect to any extension if the maturity date is extended

(i) in the case of Loans other than ARD Loans, to a new maturity date that is
(A) not more than two (2) years after the original maturity date and
(B) not less than ten years prior to the Stated Maturity and

(ii) in the case of ARD Loans, such that
(A) the anticipated repayment date will not be less than 15 years prior to the Stated Maturity and
(B) the new maturity date is not less than six (6) months prior to the Stated Maturity;

provided, however, that notwithstanding the requirements in the foregoing clauses (i) and (ii), “Maturity Extension Requirements” will be deemed satisfied with respect to any extensions as to which the Rating Agency Condition has been satisfied.
 
For the avoidance of doubt, the parties hereto understand and agree that any initial permissible 60 day extension period described in paragraphs (i) and (ii) of this definition shall in no event be combined with any subsequent permissible 30 day extension period described in paragraphs (i) and (ii) of this definition.