Acceptance Generally Clause Samples

Acceptance Generally. Subject to compliance with the terms and conditions of Section 7.1, the Banks have accepted the properties listed on Schedule 1.1(C) as of the Closing Date as Collateral Pool Properties. If the Borrower desires that the Banks accept an additional property as a Collateral Property, the Borrower shall so notify the Agent and the Agent shall promptly notify each other Bank. No such additional property will be evaluated by the Banks as a potential Collateral Pool Property unless the Borrower delivers to the Agent in form and substance acceptable to the Agent the items set forth on Schedule 1.1(R). If, after receipt and review of the items set forth on Schedule 1.1(R), the Agent is prepared to proceed with acceptance of such property as a Collateral Pool Property, the Agent will so notify the Borrower, and the Agent will obtain an Appraisal of such property in order to determine the As Is Value thereof. After approving such As Is Value , the Agent will submit the foregoing documents and information and the As Is Value to the Banks, for their consideration in deciding whether to accept or reject the property as a Collateral Pool Property; such decision will be made by all of the Banks. The Banks agree to make a decision with respect to such property within fifteen (15) Business Days after the receipt of such documents and information and the As Is Value, provided that the failure of any Bank to respond within such time period shall be deemed to constitute such Bank's acceptance of such property as a Collateral Pool Property. If the Banks agree to accept such property as a Collateral Pool Property, upon execution and delivery of documents and completion of all other closing requirements imposed by the Agent (including without limitation provision of the documents or supplements thereto described on Schedule 1.1(R), and such other items or documents as may be appropriate under the circumstances, including updates and modifications of any documents previously delivered), such property shall become a Collateral Pool Property.