Common use of Minimum Net Collateral Property Availability Clause in Contracts

Minimum Net Collateral Property Availability. Following the satisfaction of the Initial Mortgage Collateral Requirement, the Borrower shall not permit the Net Collateral Property Availability to be less than $600,000,000 at any time. During the Amendment Period (including, for the avoidance of doubt, financial covenant compliance for which the Amendment Period Termination Date is the applicable determination date), the Borrower shall deliver to the Administrative Agent duly completed Compliance Certificates as and when required under Section 8.3 certifying as to (i) the Borrower’s calculations of each of the financial covenants set forth in Sections 9.1(a) through (i) above, (ii) compliance with the financial covenants set forth in Sections 9.1(f), (g), (h) and (i), but excluding, for the avoidance of doubt, Sections 9.1(a) through (c) (compliance with which shall not be required during the Amendment Period), and (iii) the other matters contained in the Compliance Certificate. Immediately following the Amendment Period Termination Date, all financial covenants set forth in Section 9.1(a) through (i) shall be in full force and effect and the Borrower shall be required to be in compliance therewith. For the avoidance of doubt and without limiting the Indebtedness of the Borrower or any Subsidiary, Indebtedness of Unconsolidated Subsidiaries of the Borrower shall be limited to the Borrower’s Ownership Share of such Indebtedness of its Unconsolidated Subsidiaries in the calculation of each of the financial covenants set forth in Section 9.1. (i) for the first fiscal quarter ending after the Amendment Period, based upon the fiscal quarter of the Borrower most recently ending, annualized, (ii) for the second fiscal quarter ending after the Amendment Period, based upon the fiscal quarter of the Borrower most recently ending and the immediately preceding fiscal quarter, annualized, (iii) for the third fiscal quarter ending after the Amendment Period, based upon the fiscal quarter of the Borrower most recently ending and the two immediately preceding fiscal quarters, annualized, and (iv) for the fourth fiscal quarter ending after the Amendment Period and for each fiscal quarter thereafter, based upon the fiscal quarter of the Borrower most recently ending and the three immediately preceding fiscal quarters. Notwithstanding the foregoing, the applicable testing period for determining compliance with the covenants contained in Sections 9.1(a)(i), (b)(y), (d)(i), (e)(y), (f) and (i) for the purposes of determining whether the conditions to the occurrence of the Amendment Period Early Termination Date have been met shall be the three consecutive fiscal months of the Borrower immediately preceding the Amendment Period Early Termination Date, annualized.

Minimum Net Collateral Property Availability. Following the satisfaction of the Initial Mortgage Collateral Requirement, the Borrower shall not permit the Net Collateral Property Availability to be less than $600,000,000 at any time. During the Amendment Period (including, for the avoidance of doubt, financial covenant compliance for which the Amendment Period Termination Date is the applicable determination date), the Borrower shall deliver to the Administrative Agent duly completed Compliance Certificates as and when required under Section 8.3 certifying as to (i) the Borrower’s calculations of each of the financial covenants set forth in Sections 9.1(a) through (i) above, (ii) compliance with the financial covenants set forth in Sections 9.1(f), (g), (h) and (i), but excluding, for the avoidance of doubt, Sections SectionsSection 9.1(a) through (ccb) (compliance with which shall not be required during the Amendment Period), and (iii) the other matters contained in thecommencing with the Compliance fiscal quarter ending September 30, 2022, compliance Certificate. Immediately following the Amendment Period Termination Date, all allwith the financial covenants set forth in Section 9.1(a) through (iiSections 9.1(a) and (c) (it being understood and agreed that, as of and for the fiscal quarter ending September 30, 2022, the financial covenants set forth in Sections 9.1(a) and (c) shall be in full force and effect and the Borrower shall be required to be in compliance therewith), and (iv) the other matters contained in the Compliance Certificate. Immediately following the Amendment Period Termination Date, the financial covenant set forth in Sections 9.1(b) shall be in full force and effect, and the Borrower shall be required to be in compliance therewith and with all other financial covenants set forth in Sections 9.1(a) through (i). For the avoidance of doubt and without limiting the Indebtedness of the Borrower or any Subsidiary, Indebtedness of Unconsolidated Subsidiaries of the Borrower shall be limited to the Borrower’s Ownership Share of such Indebtedness of its Unconsolidated Subsidiaries in the calculation of each of the financial covenants set forth in Section 9.1. (i) for the first fiscal quarter ending after the Amendment Period, based upon the fiscal quarter of the Borrower most recently ending, annualized, (ii) for the second fiscal quarter ending after the Amendment Period, based upon the fiscal quarter of the Borrower most recently ending and the immediately preceding fiscal quarter, annualized, (iii) for the third fiscal quarter ending after the Amendment Period, based upon the fiscal quarter of the Borrower most recently ending and the two immediately preceding fiscal quarters, annualized, and (iv) for the fourth fiscal quarter ending after the Amendment Period and for each fiscal quarter thereafter, based upon the fiscal quarter of the Borrower most recently ending and the three immediately preceding fiscal quarters. Notwithstanding , and (y) commencing with the foregoingfiscal quarter ending September 30, 2022, the applicable testing period for determining compliance with the financial covenants contained set forth in Sections 9.1(a)(i), (b)(y), (d)(i), (e)(y), (f9.1(a) and (c) (including the related defined terms) shall be modified as follows: (i) for the purposes of determining whether fiscal quarter ending September 30, 2022, based upon the conditions to the occurrence of the Amendment Period Early Termination Date have been met shall be the three consecutive fiscal months quarter of the Borrower most recently ending, annualized, (ii) for the fiscal quarter ending December 31, 2022, based upon the fiscal quarter of the Borrower most recently ending and the immediately preceding the Amendment Period Early Termination Datefiscal quarter, annualized, (iii) for the fiscal quarter ending March 31, 2023, based upon the fiscal quarter of the Borrower most recently ending and the two immediately preceding fiscal quarters, annualized, and (iv) for the fiscal quarter ending June 30, 2023 and for each fiscal quarter thereafter, based upon the fiscal quarter of the Borrower most recently ending and the three immediately preceding fiscal quarters.

Minimum Net Collateral Property Availability. Following the satisfaction of the Initial Mortgage Collateral Requirement, the Borrower shall not permit the Net Collateral Property Availability to be less than $600,000,000 at any time. During the Amendment Period (including, for the avoidance of doubt, financial covenant compliance for which the Amendment Period Termination Date is the applicable determination date), the Borrower shall deliver to the Administrative Agent duly completed Compliance Certificates as and when required under Section 8.3 certifying as to (i) the Borrower’s calculations of each of the financial covenants set forth in Sections 9.1(a) through (i) above, (ii) compliance with the financial covenants set forth in Sections 9.1(f), (g), (h) and (i), but excluding, for the avoidance of doubt, Sections 9.1(a) through (c) (compliance with which shall not be required during the Amendment Period), and (iii) the other matters contained in the Compliance Certificate. Immediately following the Amendment Period Termination Date, all financial covenants set forth in Section 9.1(a) through (i) shall be in full force and effect and the Borrower shall be required to be in compliance therewith. For the avoidance of doubt and without limiting the Indebtedness of the Borrower or any Subsidiary, Indebtedness of Unconsolidated Subsidiaries of the Borrower shall be limited to the Borrower’s Ownership Share of such Indebtedness of its Unconsolidated Subsidiaries in the calculation of each of the financial covenants set forth in Section 9.1. (i) for the first fiscal quarter ending after the Amendment Period, based upon the fiscal quarter of the Borrower most recently ending, annualized, (ii) for the second fiscal quarter ending after the Amendment Period, based upon the fiscal quarter of the Borrower most recently ending and the immediately preceding fiscal quarter, annualized, (iii) for the third fiscal quarter ending after the Amendment Period, based upon the fiscal quarter of the Borrower most recently ending and the two immediately preceding fiscal quarters, annualized, and (iv) for the fourth fiscal quarter ending after the Amendment Period and for each fiscal quarter thereafter, based upon the fiscal quarter of the Borrower most recently ending and the three immediately preceding fiscal quarters. Notwithstanding the foregoing, the applicable testing period for determining compliance with the covenants contained in Sections 9.1(a)(i), (b)(y), (d)(i), (e)(y), (f) and (i) for the purposes of determining whether the conditions to the occurrence of the Amendment Period Early Termination Date have been met shall be the three consecutive fiscal months of the Borrower immediately preceding the Amendment Period Early Termination Date, annualized.

Minimum Net Collateral Property Availability. Following the satisfaction of the Initial Mortgage Collateral Requirement, the Borrower shall not permit the Net Collateral Property Availability to be less than $600,000,000 at any time. During the Amendment Period (including, for the avoidance of doubt, financial covenant compliance for which the Amendment Period Termination Date is the applicable determination date), the Borrower shall deliver to the Administrative Agent duly completed Compliance Certificates as and when required under Section 8.3 certifying as to (i) the Borrower’s calculations of each of the financial covenants set forth in Sections 9.1(a) through (i) above, (ii) compliance with the financial covenants set forth in Sections 9.1(f9.1(d), (f), (g), (h) and (i), but excluding, for the avoidance of doubt, Sections 9.1(a) through (cSection 9.1(b) (compliance with which shall not be required during the Amendment Period), and (iii) commencing with the other matters contained in fiscal quarter ending September 30, 2022, compliance with the Compliance Certificate. Immediately following the Amendment Period Termination Date, all financial covenants set forth in Section Sections 9.1(a) through and (ic) (it being understood and agreed that, as of and for the fiscal quarter ending September 30, 2022, the financial covenants set forth in Sections 9.1(a) and (c) shall be in full force and effect and the Borrower shall be required to be in compliance therewith), and (iv) the other matters contained in the Compliance Certificate. Immediately following the Amendment Period Termination Date, the financial covenant set forth in Sections 9.1(b) shall be in full force and effect, and the Borrower shall be required to be in compliance therewith and with all other financial covenants set forth in Sections 9.1(a) through (i). For the avoidance of doubt and without limiting the Indebtedness of the Borrower or any Subsidiary, Indebtedness of Unconsolidated Subsidiaries of the Borrower shall be limited to the Borrower’s Ownership Share of such Indebtedness of its Unconsolidated Subsidiaries in the calculation of each of the financial covenants set forth in Section 9.1. (i) for the first fiscal quarter ending after the Amendment Period, based upon the fiscal quarter of the Borrower most recently ending, annualized, (ii) for the second fiscal quarter ending after the Amendment Period, based upon the fiscal quarter of the Borrower most recently ending and the immediately preceding fiscal quarter, annualized, (iii) for the third fiscal quarter ending after the Amendment Period, based upon the fiscal quarter of the Borrower most recently ending and the two immediately preceding fiscal quarters, annualized, and (iv) for the fourth fiscal quarter ending after the Amendment Period and for each fiscal quarter thereafter, based upon the fiscal quarter of the Borrower most recently ending and the three immediately preceding fiscal quarters. Notwithstanding , and (y) commencing with the foregoingfiscal quarter ending September 30, 2022, the applicable testing period for determining compliance with the financial covenants contained set forth in Sections 9.1(a)(i), (b)(y), (d)(i), (e)(y), (f9.1(a) and (c) (including the related defined terms) shall be modified as follows: (i) for the purposes of determining whether fiscal quarter ending September 30, 2022, based upon the conditions to the occurrence of the Amendment Period Early Termination Date have been met shall be the three consecutive fiscal months quarter of the Borrower most recently ending, annualized, (ii) for the fiscal quarter ending December 31, 2022, based upon the fiscal quarter of the Borrower most recently ending and the immediately preceding the Amendment Period Early Termination Datefiscal quarter, annualized, (iii) for the fiscal quarter ending March 31, 2023, based upon the fiscal quarter of the Borrower most recently ending and the two immediately preceding fiscal quarters, annualized, and (iv) for the fiscal quarter ending June 30, 2023 and for each fiscal quarter thereafter, based upon the fiscal quarter of the Borrower most recently ending and the three immediately preceding fiscal quarters.