Revolving Credit Agreement	6 Months Ended
May 31, 2019
Revolving Credit Agreement
Revolving Credit Agreement	5. Revolving Credit Agreement Griffin has a $15,000 revolving credit line (the “Webster Credit Line”) with Webster Bank that is scheduled to expire on July 31, 2019. Interest on borrowings under the Webster Credit Line are at the one month LIBOR rate plus 2.75%. The Webster Credit Line is collateralized by Griffin’s properties in Griffin Center South in Bloomfield, Connecticut, aggregating approximately 235,000 square feet, and an approximately 48,000 square foot single-story office building in Griffin Center in Windsor, Connecticut. There have been no borrowings under the Webster Credit Line since its inception in fiscal 2013. As of May 31, 2019, the Webster Credit Line secured certain unused standby letters of credit aggregating $639 that are related to Griffin's development activities. On June 25, 2019, Griffin and Webster Bank agreed to terms on an extension of the Webster Credit Line and also agreed to terms for an additional credit line of $15,000 to be used to finance property acquisitions (the “Acquisition Credit Line”). The terms for the extension of the Webster Credit Line include increasing the borrowing capacity to $19,500 and adding an approximately 31,000 square foot industrial/warehouse building to the collateral for the Webster Credit Line. The Acquisition Credit Line would be available only to fund acquisitions of real estate assets and would be unsecured. If permanent financing on properties acquired using funds drawn on the Acquisition Credit Line is not obtained within 135 days from the date the properties are acquired, a first mortgage would be placed on the properties acquired. Both the Webster Credit Line extension and the Acquisition Credit Line will have two year terms with Griffin having an option to extend each agreement for one additional year. There is no guarantee that definitive loan agreements for the extension of the Webster Credit Line and the Acquisition Credit Line will completed under their current terms, or at all.

5. Revolving Credit Agreement

Griffin has a $15,000 revolving credit line (the “Webster Credit Line”) with Webster Bank that is scheduled to expire on July 31, 2019. Interest on borrowings under the Webster Credit Line are at the one month LIBOR rate plus 2.75%. The Webster Credit Line is collateralized by Griffin’s properties in Griffin Center South in Bloomfield, Connecticut, aggregating approximately 235,000 square feet, and an approximately 48,000 square foot single-story office building in Griffin Center in Windsor, Connecticut. There have been no borrowings under the Webster Credit Line since its inception in fiscal 2013. As of May 31, 2019, the Webster Credit Line secured certain unused standby letters of credit aggregating $639 that are related to Griffin's development activities.

On June 25, 2019, Griffin and Webster Bank agreed to terms on an extension of the Webster Credit Line and also agreed to terms for an additional credit line of $15,000 to be used to finance property acquisitions (the “Acquisition Credit Line”). The terms for the extension of the Webster Credit Line include increasing the borrowing capacity to $19,500 and adding an approximately 31,000 square foot industrial/warehouse building to the collateral for the Webster Credit Line. The Acquisition Credit Line would be available only to fund acquisitions of real estate assets and would be unsecured. If permanent financing on properties acquired using funds drawn on the Acquisition Credit Line is not obtained within 135 days from the date the properties are acquired, a first mortgage would be placed on the properties acquired. Both the Webster Credit Line extension and the Acquisition Credit Line will have two year terms with Griffin having an option to extend each agreement for one additional year. There is no guarantee that definitive loan agreements for the extension of the Webster Credit Line and the Acquisition Credit Line will completed under their current terms, or at all.