Definition of Post-Foreclosure Conditions

  1. Post-Foreclosure Conditions means both of the following: (A) Borrower shall have delivered a Clean Audit, at Borrower's sole cost and expense, which is dated no earlier than ten (10) Business Days prior to the date the Foreclosing Successor takes title to the Secured Pool Property and on which the Foreclosing Successor is entitled to rely; and (B) no claims, litigation, demands, defenses, judgments, suits or proceedings with respect to a matter covered by Section 13.9(a)(iii) shall have occurred or been threatened in writing prior to the date the Foreclosing Successor shall have taken title to the Property.

Definition of Post-Foreclosure Conditions in Credit Agreement

Post-Foreclosure Conditions means both of the following: (A) Borrower shall have delivered a Clean Audit, at Borrower's sole cost and expense, which is dated no earlier than ten (10) Business Days prior to the date the Foreclosing Successor takes title to the Secured Pool Property and on which the Foreclosing Successor is entitled to rely; and (B) no claims, litigation, demands, defenses, judgments, suits or proceedings with respect to a matter covered by Section 13.9(a)(iii) shall have occurred or been threatened in writing prior to the date the Foreclosing Successor shall have taken title to the Property.