Common use of Suspended Unencumbered Properties Clause in Contracts

Suspended Unencumbered Properties. If, after the date when it was initially accepted as an Unencumbered Property, any Unencumbered Property shall become a Suspended Unencumbered Property, then (i) such Suspended Unencumbered Property shall not be included in the calculations of the financial covenants set forth in §9.6 or §9.7 for so long as such Unencumbered Property remains a Suspended Unencumbered Property and (ii) the Borrower shall, within three (3) Business Days after becoming aware that such Real Estate is Suspended Unencumbered Property, provide the Agent and the Lenders with written notice thereof, together with an updated Compliance Certificate and Unencumbered Pool Certificate showing the effect of removing such Real Estate as an Unencumbered Property and such other information regarding such Real Estate as reasonably requested by the Agent (on behalf of itself or any Lender). If any Unencumbered Property becomes a Suspended Unencumbered Property but such Suspended Unencumbered Property subsequently satisfies the requirements of §5.1, such Suspended Unencumbered Property shall thereafter be reclassified as Unencumbered Property. In addition, to the extent that a Default or an Event of Default shall have occurred solely as a result of any Real Estate having been improperly included as an Unencumbered Property for any prior fiscal periods, such Default or Event of Default shall be deemed to not have occurred for all purposes of the Loan Documents so long as the Borrower delivers to the Agent one or more Compliance Certificates, prepared as of the last day of the most recent fiscal quarter and each other fiscal quarter during which such Real Estate was improperly included as an Unencumbered Property, evidencing compliance with the financial covenants set forth in §9, calculated excluding such Real Estate as an Unencumbered Pool Property, evidencing pro forma compliance and certifying that no other Default or Event of Default then exists.

Suspended Unencumbered Properties. If, after the date when it was initially accepted as an Unencumbered Property, any Unencumbered Property shall become a Suspended Unencumbered Property, then (i) such Suspended Unencumbered Property shall not be included in the calculations of the financial covenants set forth in §9.6 9.6, §9.7, §9.8, or §9.7 9.9 for so long as such Unencumbered Property remains a Suspended Unencumbered Property and (ii) the Borrower shall, within three (3) Business Days after becoming aware that such Real Estate is Suspended Unencumbered Property, provide the Agent and the Lenders with written notice thereof, together with an updated Compliance Certificate and Unencumbered Pool Certificate showing the effect of removing such Real Estate as an Unencumbered Property and such other information regarding such Real Estate as reasonably requested by the Agent (on behalf of itself or any Lender). If any Unencumbered Property becomes a Suspended Unencumbered Property but such Suspended Unencumbered Property subsequently satisfies the requirements of §5.1, such Suspended Unencumbered Property shall thereafter be reclassified as Unencumbered Property. In addition, to the extent that a Default or an Event of Default shall have occurred solely as a result of any Real Estate having been improperly included as an Unencumbered Property for any prior fiscal periods, such Default or Event of Default shall be deemed to not have occurred for all purposes of the Loan Documents so long as the Borrower delivers to the Agent one or more Compliance Certificates, prepared as of the last day of the most recent fiscal quarter and each other fiscal quarter during which such Real Estate was improperly included as an Unencumbered Property, evidencing compliance with the financial covenants set forth in §9, calculated excluding such Real Estate as an Unencumbered Pool Property, evidencing pro forma compliance and certifying that no other Default or Event of Default then exists.

Suspended Unencumbered Properties. If, after the date when it was initially accepted as an Unencumbered Property, any Unencumbered Property shall become a Suspended Unencumbered Property, then (i) such Suspended Unencumbered Property shall not be included in the calculations of the financial covenants set forth in §9.6 9.6, or §9.7 9.7, §9.8, or §9.9 for so long as such Unencumbered Property remains a Suspended Unencumbered Property and (ii) the Borrower shall, within three (3) Business Days after becoming aware that such Real Estate is Suspended Unencumbered Property, provide the Agent and the Lenders with written notice thereof, together with an updated Compliance Certificate and Unencumbered Pool Certificate showing the effect of removing such Real Estate as an Unencumbered Property and such other information regarding such Real Estate as reasonably requested by the Agent (on behalf of itself or any Lender). If any Unencumbered Property becomes a Suspended Unencumbered Property but such Suspended Unencumbered Property subsequently satisfies the requirements of §5.1, such Suspended Unencumbered Property shall thereafter be reclassified as Unencumbered Property. In addition, to the extent that a Default or an Event of Default shall have occurred solely as a result of any Real Estate having been improperly included as an Unencumbered Property for any prior fiscal periods, such Default or Event of Default shall be deemed to not have occurred for all purposes of the Loan Documents so long as the Borrower delivers to the Agent one or more Compliance Certificates, prepared as of the last day of the most recent fiscal quarter and each other fiscal quarter during which such Real Estate was improperly included as an Unencumbered Property, evidencing compliance with the financial covenants set forth in §9, calculated excluding such Real Estate as an Unencumbered Pool Property, evidencing pro forma compliance and certifying that no other Default or Event of Default then exists.

Suspended Unencumbered Properties. If, after the date when it was initially accepted as an Unencumbered Property, any Unencumbered Property shall become a Suspended Unencumbered Property, then (i) such Suspended Unencumbered Property shall not be included 63 in the calculations of the financial covenants set forth in §9.6 or §9.7 for so long as such Unencumbered Property remains a Suspended Unencumbered Property and (ii) the Borrower shall, within three (3) Business Days after becoming aware that such Real Estate is Suspended Unencumbered Property, provide the Agent and the Lenders with written notice thereof, together with an updated Compliance Certificate and Unencumbered Pool Certificate showing the effect of removing such Real Estate as an Unencumbered Property and such other information regarding such Real Estate as reasonably requested by the Agent (on behalf of itself or any Lender). If any Unencumbered Property becomes a Suspended Unencumbered Property but such Suspended Unencumbered Property subsequently satisfies the requirements of §5.1, such Suspended Unencumbered Property shall thereafter be reclassified as Unencumbered Property. In addition, to the extent that a Default or an Event of Default shall have occurred solely as a result of any Real Estate having been improperly included as an Unencumbered Property for any prior fiscal periods, such Default or Event of Default shall be deemed to not have occurred for all purposes of the Loan Documents so long as the Borrower delivers to the Agent one or more Compliance Certificates, prepared as of the last day of the most recent fiscal quarter and each other fiscal quarter during which such Real Estate was improperly included as an Unencumbered Property, evidencing compliance with the financial covenants set forth in §9, calculated excluding such Real Estate as an Unencumbered Pool Property, evidencing pro forma compliance and certifying that no other Default or Event of Default then exists.