Borrower Call Option Clause Samples

Borrower Call Option. (a) If, after completion of the Capital Expenditures for the initial development of the Contributed Properties as described in the initial APOD, (i) the Administrative Agent either (x) states that the “success” conditions to the continuation of development of the Contributed Properties set forth in the APOD have not been met or (y) fails to confirm that such “success” conditions have been met within ten (10) Business Days of receipt of a written request by the Borrower to do the same and (ii) the Administrative Agent, upon the written request of the Borrower, shall (x) have confirmed in writing that it will not permit further Covered Capital Expenditures for the continued development of the Contributed Properties or (y) fails to provide written approval of further Covered Capital Expenditures within ten (10) Business Days of receipt of a written request by the Borrower to do the same, then the Borrower shall be permitted to deliver a call notice to the Administrative Agent, which call notice shall set forth its intention to dispose of such Contributed Property if consent to expenditures (which expenditures shall be set forth in reasonable detail in such notice) for the continued development of the Contributed Properties is withheld. If the Administrative Agent does not consent in writing to such expenses within ten (10) Business Days of receipt of such call notice, then the Loan Parties shall be permitted to assign such Contributed Property to a Person that is not a Loan Party without any payment requirement or penalty.