Ineligibility of Properties. A Property shall be excluded from the calculation of Collateral Property Availability if, at any time: (i) such Property fails to qualify as an Eligible Property, and such failure is not cured within thirty (30) days after the Borrower obtains knowledge of such failure, (ii) the Collateral Agent shall cease to hold a valid and perfected first priority mortgage, deed of trust or deed to secure debt, as applicable, Lien in such Property, or (iii) there shall have occurred and be continuing a default (after giving effect to any applicable cure period) under any Security Document relating to such Property. Such Property shall not be released from the Liens of the applicable Security Instruments unless the requirements of Section 7.15(b) are satisfied with respect thereto. Upon the occurrence of any such event or circumstance described in the foregoing clause (i), (ii) or (iii), Collateral Property Availability shall be recalculated excluding such ineligible Property.
Ineligibility of Properties. A Property shall cease to be an Eligible Property if, at any time: (i) such Property shall cease to meet the criteria set forth in the definition of Eligible Property, or (ii) prior to the Collateral Release Date, (x) the Administrative Agent shall cease to hold a valid and perfected first priority Lien in the Pledged Equity and other Collateral with respect such Property, or (y) there shall have occurred and be continuing a default (after giving effect to any applicable cure period) under any Security Document relating to such Pledged Equity and other Collateral with respect to such Property.
Ineligibility of Properties. Upon any PoolUnencumbered Property ceasing to qualify to be included in the calculation ofUnencumbered Pool Availability, such Real Estate shall no longer be included in the calculation of the Unencumbered Pool AvailabilityCovenants. Within five (5) Business Days after any such disqualification, the Borrower shall deliver to the Administrative Agent a certificate reflecting such disqualification, together with the identity of the disqualified asset, a statement as to whether any Default or Event of Default arises as a result of such disqualification, and a calculation of the Unencumbered Pool AvailabilityCovenants attributable to such asset. Simultaneously with the delivery of the items required pursuant above, the Borrower shall deliver to the Administrative Agent a pro forma Compliance Certificate and Pool Certificate demonstrating, after giving effect to such removal or disqualification, compliance with the covenants contained in ARTICLE VI.
Ineligibility of Properties. A Property shall cease to be an Eligible Property if, at any time, such Property shall cease to meet the criteria set forth in the definition of Eligible Property.
Ineligibility of Properties. Upon any Pool Property ceasing to qualify to be included in the calculation of Pool Availability, such Real Estate shall no longer be included in the calculation of the Pool Availability. Within five (5) Business Days after any such disqualification, the Borrower shall deliver to the Administrative Agent a certificate reflecting such disqualification, together with the identity of the disqualified asset, a statement as to whether any Default or Event of Default arises as a result of such disqualification, and a calculation of the Pool Availability attributable to such asset. Simultaneously with the delivery of the items required pursuant above, the Borrower shall deliver to the Administrative Agent a pro forma Compliance Certificate and Pool Certificate demonstrating, after giving effect to such removal or disqualification, compliance with the covenants contained in ARTICLE VI.
Ineligibility of Properties. Upon any Unencumbered Property ceasing to qualify to be included in the Unencumbered Pool, such Real Estate shall no longer be included in the calculation of the Unencumbered Pool Covenants. Within five (5) Business Days after any such disqualification, the Borrower shall deliver to the Administrative Agent a certificate reflecting such disqualification, together with the identity of the disqualified asset, a statement as to whether any Default or Event of Default arises as a result of such disqualification, and a calculation of the Unencumbered Pool Covenants attributable to such asset. Simultaneously with the delivery of the items required pursuant above, the Borrower shall deliver to the Administrative Agent a pro forma Compliance Certificate demonstrating, after giving effect to such removal or disqualification, compliance with the covenants contained in ARTICLE VI.
