. TheAmended and Restated Loan Facility requires the repayment of $100million of the loans outstanding thereunder on the original maturity date of July7, 2017, and extends the maturity with respect to $400million of the loansoutstanding thereunder until January7, 2018. The Amended and Restated Loan Facility also provides Holdings with options to further extend the maturity of the loan for up to an additional six months, to July6, 2018, subject to thesatisfaction of certain conditions and the payment of certain fees.
In connection with the Amended and Restated Loan Facility, Holdings paid a one-time extension fee equal to $8million dollars to the extending Loan Lenders. The Amended and Restated Loan Facility will have an annual base interest rate of 8%, with accrued interest payable monthlyduring the term of the Amended and Restated Loan Facility. The Amended and Restated Loan Facility is guaranteed by Holdings and is secured by a first priority lien on 20 real properties owned by the Borrowers.
The Amended and Restated Loan Facility has customary events of default, including (subject to certain materiality thresholds and graceperiods) payment default, failure to comply with covenants, material inaccuracy of representation or warranty, and bankruptcy or insolvency proceedings. If there is an event of default, the Loan Lenders may declare all or any portion of theoutstanding indebtedness to be immediately due and payable, exercise any rights they might have under any of the Amended and Restated Loan Facility documents (including against the collateral), and require the Borrowers to pay a default interestrate equal to the greater of (i) 2.5% in excess of the base interest rate and (ii)the prime rate plus 1%.
The foregoing descriptionof the Amended and Restated Loan Facility does not purport to be complete and is qualified in its entirety by reference to the Amended and Restated Loan Agreement filed as Exhibit 99.36 hereto and incorporated by reference herein.
In connection with the Amended and Restated Loan Facility, on May22, 2017, the Loan Lenders also entered into an Amended and Restated Co-Lender Agreement (the “Amended Co-Lender Agreement”) to revise the previous Co-Lender Agreement to reflect thearrangements among the Loan Lenders with respect to the Amended and Restated Loan Facility, including, among other things, the anticipated repayment in full of the notes held by certain of the Loan Lenders on July7, 2017, with the proceeds ofthe required $100 million repayment of the loans outstanding under the Amended and Restated Loan Facility.