Common use of Deferred Assets Clause in Contracts

Deferred Assets. (a) The Parties acknowledge and agree that, to the extent that the Initial Closing has occurred prior to the Effective Date, then each of the French Properties, French Purchased Commercial Loans and French Purchased Interests (and any related French Underlying Properties and French Underlying Commercial Loans) shall constitute “Deferred Assets” pursuant to the terms of the Agreement. (b) Except to the extent that any Required Third Party Consent and/or any required consent or approval of any Governmental Entity has not been received or waived prior to the next succeeding Deferred Closing following the Effective Date in respect of any such French Purchased Interests, French Property or French Commercial Loan, as applicable, then such French Purchased Interests, French Properties and French Purchased Commercial Loans shall be Transferred to the applicable Purchaser Party at such next succeeding Deferred Closing, in accordance with the terms and conditions of the Agreement, as amended by this Amendment.