Common use of Revolving Availability Clause in Contracts

Revolving Availability. From and after the Closing Date and until the Maturity Date, Borrowers may borrow, and subsequently repay and reborrow, amounts constituting Revolving Loan Proceeds (including amounts in the ▇▇▇▇▇▇▇▇▇▇ Holdback to the extent applicable) under this Agreement, so long as (x) the principal amount of the Loan outstanding as Revolving Loan Proceeds at any time does not exceed the Revolving Availability (provided that during the ▇▇▇▇▇▇▇▇▇▇ Lease Holdback Period, advances from the ▇▇▇▇▇▇▇▇▇▇ Holdback constituting a portion of the Revolving Availability shall be reserved for the purposes set forth below except to the extent such amounts have been previously advanced from the ▇▇▇▇▇▇▇▇▇▇ Holdback and repaid in accordance with the terms of this Agreement), and (y) the outstanding principal balance of the Loan (including the principal amount of the Term Loan outstanding) does not exceed the amount of the Aggregate Commitments; provided, however, during the ▇▇▇▇▇▇▇▇▇▇ Lease Holdback Period, a portion of the Revolving Loan Proceeds equal to Twenty-Five Million Dollars ($25,000,000.00) (the “▇▇▇▇▇▇▇▇▇▇ Holdback”) shall be held-back and reserved for advances to pay or reimburse Borrower for costs and expenses for tenant improvements, tenant allowance or any other work required pursuant to the terms of the ▇▇▇▇▇▇▇▇▇▇ Lease. For avoidance of doubt, any proceeds advanced from the ▇▇▇▇▇▇▇▇▇▇ Holdback may be repaid and re-borrowed (subject to the satisfaction and compliance with the Revolving Loan Proceeds Disbursement Conditions defined below) as part of the Revolving Availability. Borrowers shall pay to Administrative Agent, for the ratable benefit of the Lenders, within five (5) days of written Notice from Administrative Agent, any amount necessary to comply with the preceding sentence. Revolving Loan Proceeds shall be disbursed to Borrower (but not more frequently than three (3) disbursements per month), subject to the following terms and conditions (collectively, the “Revolving Loan Proceeds Disbursement Conditions”): (i) no Default or Potential Default shall exist; and (ii) Administrative Agent shall have received Draw Request signed by an Authorized Signer; and (iii) Administrative Agent shall not have suspended (or such suspension, if any, shall not then exist) the disbursements of Revolving Loan Proceeds for a failure of the Properties to satisfy the Ongoing Debt Service Coverage Ratio in accordance with Section 4.22; and (iv) Borrowers’ representations and warranties set forth in this Agreement shall be true and correct in all material respects as of the date of the Draw Request and, unless Administrative Agent is notified to the contrary prior to the disbursement of the advance requested, will be so on the date of the disbursement; and (v) After giving effect to the requested disbursement, Borrowers shall have satisfied a Disbursement Debt Service Coverage Ratio, based on the results of operations of the Properties as of the most recent Test Date, of not less than the Minimum Required Debt Service Coverage Ratio, as evidenced by a compliance certificate delivered by Borrowers to Administrative Agent in accordance with Section 4.8(f); and (vi) the amount of the requested disbursement shall not, (A) when added to the principal amount of the Revolving Loan outstanding, exceed the Revolving Availability (subject to the limitations above with respect to the ▇▇▇▇▇▇▇▇▇▇ Holdback during the ▇▇▇▇▇▇▇▇▇▇ Lease Holdback Period), or (B) when added to the outstanding principal balance of the Loan (including the principal amount of the Term Loan outstanding) exceed the amount of the Aggregate Commitments. Administrative Agent shall fund any disbursement of Revolving Loan Proceeds within five (5) Business Days of the satisfaction of the foregoing conditions, subject to satisfaction of and in accordance with the provisions of Section 1.3.4.

Revolving Availability. From On and after the Closing Date and until the Maturity Date, Borrowers may borrow, and subsequently repay and reborrow, amounts constituting Revolving Loan Proceeds (including amounts in the ▇▇▇▇▇▇▇▇▇▇ Holdback to the extent applicable) under this Agreement, so long as (x) the principal amount of the Loan outstanding as Revolving Loan Proceeds at any time does not exceed the Revolving Availability (provided that during the ▇▇▇▇▇▇▇▇▇▇ Lease Holdback Period, advances from the ▇▇▇▇▇▇▇▇▇▇ Holdback constituting a portion of the Revolving Availability shall be reserved for the purposes set forth below except to the extent such amounts have been previously advanced from the ▇▇▇▇▇▇▇▇▇▇ Holdback and repaid in accordance with the terms of this Agreement)Availability, and (y) the outstanding principal balance of the Loan (including the principal amount of the Term Loan outstanding) does not exceed the amount of the Aggregate Commitments; provided, however, during the ▇▇▇▇▇▇▇▇▇▇ Lease Holdback Period, a portion of the Revolving Loan Proceeds equal to Twenty-Five Million Dollars ($25,000,000.00) (the “▇▇▇▇▇▇▇▇▇▇ Holdback”) shall be held-back and reserved for advances to pay or reimburse Borrower for costs and expenses for tenant improvements, tenant allowance or any other work required pursuant to the terms of the ▇▇▇▇▇▇▇▇▇▇ Lease. For avoidance of doubt, any proceeds advanced from the ▇▇▇▇▇▇▇▇▇▇ Holdback may be repaid and re-borrowed (subject to the satisfaction and compliance with the Revolving Loan Proceeds Disbursement Conditions defined below) as part of the Revolving Availability. Borrowers shall pay to Administrative Agent, for the ratable benefit of the Lenders, within five (5) days of written Notice from Administrative Agent, any amount necessary to comply with the preceding sentence. Revolving Loan Proceeds shall be disbursed to Borrower (but not more frequently than three (3) disbursements per month), subject to the following terms and conditions (collectively, the “Revolving Loan Proceeds Disbursement Conditions”):conditions: (i) no Default or Potential Default shall exist; and (ii) Administrative Agent shall have received Draw Request signed by an Authorized Signer; and (iii) Administrative Agent shall not have suspended (or such suspension, if any, shall not then exist) the disbursements of Revolving Loan Proceeds for a failure of the Properties to satisfy the Ongoing Debt Service Coverage Ratio in accordance with Section 4.22; and (iv) Borrowers’ representations and warranties set forth in this Agreement shall be true and correct in all material respects as of the date of the Draw Request and, unless Administrative Agent is notified to the contrary prior to the disbursement of the advance requested, will be so on the date of the disbursement; and (v) After giving effect to the requested disbursement, Borrowers shall have satisfied a Disbursement Debt Service Coverage Ratio, based on the results of operations of the Properties as of the most recent Test Date, of not less than the Minimum Required Debt Service Coverage Ratio, as evidenced by a compliance certificate delivered by Borrowers to Administrative Agent in accordance with Section 4.8(f); and (vi) the amount of the requested disbursement shall not, (A) when added to the principal amount of the Revolving Loan outstanding, exceed the Revolving Availability (subject to the limitations above with respect to the ▇▇▇▇▇▇▇▇▇▇ Holdback during the ▇▇▇▇▇▇▇▇▇▇ Lease Holdback Period)Availability, or (B) when added to the outstanding principal balance of the Loan (including the principal amount of the Term Loan outstanding) exceed the amount of the Aggregate Commitments. Administrative Agent shall fund any disbursement of Revolving Loan Proceeds within five (5) Business Days of the satisfaction of the foregoing conditions, subject to satisfaction of and in accordance with the provisions of Section 1.3.4.

Revolving Availability. From and after the Closing Date and until the Maturity Date, Borrowers may borrow, and subsequently repay and reborrow, amounts constituting Revolving Loan Proceeds (including amounts in the ▇▇▇▇▇▇▇▇▇▇ Holdback to the extent applicable) under this Agreement, so long as (x) the principal amount of the Loan outstanding as Revolving Loan Proceeds at any time does not exceed the Revolving Availability (provided that during the ▇▇▇▇▇▇▇▇▇▇ Lease Holdback Period, advances from the ▇▇▇▇▇▇▇▇▇▇ Holdback constituting a portion of the Revolving Availability shall be reserved for the purposes set forth below except to the extent such amounts have been previously advanced from the ▇▇▇▇▇▇▇▇▇▇ Holdback and repaid in accordance with the terms of this Agreement)Availability, and (y) the outstanding principal balance of the Loan (including the principal amount of the Term Loan outstanding) does not exceed the amount of the Aggregate Commitments; provided, however, during the ▇▇▇▇▇▇▇▇▇▇ Lease Holdback Period, a portion of the Revolving Loan Proceeds equal to Twenty-Five Million Dollars ($25,000,000.00) (the “▇▇▇▇▇▇▇▇▇▇ Holdback”) shall be held-back and reserved for advances to pay or reimburse Borrower for costs and expenses for tenant improvements, tenant allowance or any other work required pursuant to the terms of the ▇▇▇▇▇▇▇▇▇▇ Lease. For avoidance of doubt, any proceeds advanced from the ▇▇▇▇▇▇▇▇▇▇ Holdback may be repaid and re-borrowed (subject to the satisfaction and compliance with the Revolving Loan Proceeds Disbursement Conditions defined below) as part of the Revolving Availability. Borrowers shall pay to Administrative Agent, for the ratable benefit of the Lenders, within five (5) days of written Notice from Administrative Agent, any amount necessary to comply with the preceding sentence. Revolving Loan Proceeds shall be disbursed to Borrower (but not more frequently than three (3) disbursements per month), subject to the following terms and conditions (collectively, the “Revolving Loan Proceeds Disbursement Conditions”):conditions: (i) no Default or Potential Default shall exist; and; (ii) Administrative Agent shall have received Draw Request signed by an Authorized Signer; and (iii) Administrative Agent shall not have suspended (or such suspension, if any, shall not then exist) the disbursements of Revolving Loan Proceeds for a failure of the Properties to satisfy the Ongoing Debt Service Coverage Ratio in accordance with Section 4.22; and; (iv) Borrowers’ representations and warranties set forth in this Agreement shall be true and correct in all material respects as of the date of the Draw Request and, unless Administrative Agent is notified to the contrary prior to the disbursement of the advance requested, will be so on the date of the disbursement; and (v) After giving effect to the requested disbursement, Borrowers shall have satisfied a Disbursement Debt Service Coverage Ratio, based on the results of operations of the Properties as of the most recent Test Date, of not less than the Minimum Required Debt Service Coverage Ratio, as evidenced by a compliance certificate delivered by Borrowers to Administrative Agent in accordance with Section 4.8(f); and (vi) the amount of the requested disbursement shall not, (A) when added to the principal amount of the Revolving Loan outstanding, exceed the Revolving Availability (subject to the limitations above with respect to the ▇▇▇▇▇▇▇▇▇▇ Holdback during the ▇▇▇▇▇▇▇▇▇▇ Lease Holdback Period)Availability, or (B) when added to the outstanding principal balance of the Loan (including the principal amount of the Term Loan outstanding) exceed the amount of the Aggregate Commitments. Administrative Agent shall fund any disbursement of Revolving Loan Proceeds within five (5) Business Days of the satisfaction of the foregoing conditions, subject to satisfaction of and in accordance with the provisions of Section 1.3.4.