Revolving Credit Agreement

3 Months Ended

Feb. 29, 2016

Revolving Credit Agreement

Revolving Credit Agreement

6.Revolving Credit Agreement

Griffin has a $12,500 revolving credit line with Webster Bank (the “Webster Credit Line”) that expires May 1, 2016. Interest on borrowings under the Webster Credit Line is at the one month LIBOR rate plus 2.75%. The Webster Credit Line is collateralized by Griffin’s properties in Griffin Center South, aggregating approximately 235,000 square feet, and an approximately 48,000 square foot single-story office building in Griffin Center. There have been no borrowings under the Webster Credit Line since its inception. Griffin expects to seek renewal of the Webster Credit Line when it expires.

The Webster Credit Line secures certain unused standby letters of credit aggregating $4,117 that are related to Griffin's development activities.