Common use of Spinoff Clause in Contracts

Spinoff. The parties hereto acknowledge and agree that (a) notwithstanding the fact that the Spinoff will be consummated substantially contemporaneously with, but subsequent to, the Funding Date, upon the consummation of the Spinoff, the Spinoff shall be deemed for all purposes hereunder to have occurred simultaneously with the initial funding hereunder on the Funding Date, (b) notwithstanding anything set forth herein or in any other Loan Document, the Spinoff is expressly permitted hereunder and (c) nothing set forth herein or in any other Loan Document shall limit the Parent Borrower’s ability to consummate the Spinoff and the transactions contemplated thereby.