Common use of Additional Pool Property Clause in Contracts

Additional Pool Property. From time to time during the term of this Agreement, following the Borrower's written request ("Additional Borrowing Base Request"), the Administrative Agent shall initially accept one or more Individual Properties as Pool Properties upon the satisfaction of the following conditions, in a manner reasonably acceptable to the Administrative Agent: (i) The Borrower shall have obtained Preliminary Approval for the addition of such Individual Property. (ii) The Borrower (or applicable Credit Party) shall have satisfied all of requirements set forth in the definition of Pool Property as to such Individual Property. (iii) The Borrower shall have delivered to the Administrative Agent a Borrowing Base Certificate and Compliance Certificate evidencing compliance with Section 5.02 after giving effect to such addition. (iv) The Borrower shall have delivered to the Administrative Agent a certification that the Property is free of any material environmental, structural, architectural, mechanical or title defects and otherwise meets all the requirements of a Pool Property. (v) The owner of the Pool Property must have joined in, and assumed all obligations of a "Subsidiary Borrower" under the Loan Documents, all in form and substance satisfactory to the Administrative Agent, including, without limitation, (a) entering into a Joinder Agreement in the form attached hereto as Exhibit F executed by such owner and delivered to the Administrative Agent, and (b) such owner delivering such organizational documents, directors' or comparable resolutions, secretary's, incumbency and like certificates, opinions of counsel, such information about such owner as the Administrative Agent may reasonably request (including the information required under Section 9.14 and other customary "know your customer" requirements) to conduct its customary background and internal compliance due diligence, the results of which shall be satisfactory to the Administrative Agent, and other documents as required by the Administrative Agent in connection with such joinder provided the same are consistent with the terms of this Agreement. (vi) the Borrower (and any other applicable Subsidiary) shall have entered into a Pledge Agreement in form and substance satisfactory to Administrative Agent with respect to the Borrower's 100% ownership interests in the owner of such Pool Property and such other collateral documents and certificates with respect to the ownership interests in connection with such joinder as required by and in form and substance satisfactory to Administrative Agent. (vii) Borrower shall have delivered to the Administrative Agent with respect to such Individual Property (a) descriptive information of the Real Property and operating statements, (b) an Appraisal with respect to such Individual Property, (c) an Environmental Assessment, property condition assessment, probable maximum loss studies and reliance letter (for properties in a seismic zone), and a flood determination with respect thereto, (d) certificates of insurance as to the insurance maintained by such Credit Party on such Individual Property (including flood insurance if necessary) from the insurer or an independent insurance broker dated as of the date of determination, identifying insurers, types of insurance, insurance limits, and policy terms, and (e) such other due diligence information as the Administrative Agent may reasonably require with respect thereto. (viii) The Borrower shall pay or reimburse the Administrative Agent for all reasonable legal fees and expenses and other costs and expenses incurred by Administrative Agent in connection with the additional Pool Property. (ix) The Administrative Agent shall give the Borrower prompt written notice of its determination with respect to the admission or rejection of any Individual Property as a Pool Property. To the extent that an Individual Property does not meet the requirements to qualify as a Pool Property, as defined, the Borrower may nevertheless request that such Individual Property be included as a Pool Property and the Required Lenders may, in their sole and absolute discretion, agree to the acceptance of such Individual Property as an additional Pool Property.

Appears in 2 contracts

Samples: Credit Agreement (MVP REIT II, Inc.), Credit Agreement (MVP REIT, Inc.)

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Additional Pool Property. From time to time during the term of this Agreement, Agreement following the Borrower's ’s written request ("Additional Borrowing Base Request"), the Administrative Agent shall initially accept one or more Individual Properties as Pool Properties upon the satisfaction of the following conditions, in a manner reasonably acceptable to the Administrative Agent: (i) The Borrower shall have obtained Preliminary Approval for the addition of such Individual Property. (ii) The Borrower (or applicable Credit Party) shall have satisfied all of requirements set forth in the definition of Pool Property as to such Individual Property. (iii) The Borrower shall have delivered to the Administrative Agent a Borrowing Base Certificate and Compliance Certificate evidencing compliance with Section 5.02 and Section 5.12 after giving effect to such addition. (iv) The Borrower shall have delivered to the Administrative Agent a certification that the Property is free of any material environmental, structural, architectural, mechanical or title defects and otherwise meets all the requirements of a Pool Property. (v) The owner of the Pool Property must have joined in, and assumed all obligations of a "Subsidiary Borrower" Guarantor” under the Loan Documents, all in form and substance satisfactory to the Administrative Agent, including, without limitation, (a) entering into a Joinder Agreement in the form attached hereto as Exhibit F executed by such owner and delivered to the Administrative Agent, and (b) such owner delivering such organizational documents, directors' or comparable resolutions, secretary's’s, incumbency and like certificates, opinions of counsel, such information about such owner as the Administrative Agent may reasonably request (including the information required under Section 9.14 and other customary "know your customer" requirements) to conduct its customary background and internal compliance due diligence, the results of which shall be satisfactory to the Administrative Agent, counsel and other documents as required by the Administrative Agent in connection with such joinder provided the same are consistent with the terms of this Agreement. (vi) Prior to the occurrence of a Security Interest Termination Event, the Borrower (and any other applicable Subsidiary) shall have entered into a Pledge Agreement in form and substance satisfactory to Administrative Agent with respect to the Borrower's ’s 100% ownership interests in the owner of such the Pool Property and such other collateral documents and certificates with respect to the ownership interests in connection with such joinder as required by and in form and substance satisfactory to Administrative Agent. (vii) Borrower shall have delivered to such information about the Administrative Agent with respect to such Individual Pool Property including, without limitation, (a) descriptive information of on the Real Property and Property, leasing status, tenant leases, operating statements, and rent rolls, and (b) an Appraisal with respect prior to such Individual Propertythe Security Interest Termination Event, (c) an Environmental Assessment, property condition assessment, probable maximum loss studies and reliance letter (for properties in a seismic zone), and a flood determination with respect thereto, (d) certificates of insurance as to the insurance maintained by such Credit Party on such Individual Property (including flood insurance if necessary) from the insurer or an independent insurance broker dated as of the date of determination, identifying insurers, types of insurance, insurance limits, and policy terms, and (ec) such other due diligence information as the Administrative Agent may reasonably require with respect thereto.for such Pool Property (viii) The Borrower shall pay or reimburse the Administrative Agent for all reasonable legal fees and expenses and other costs and expenses incurred by Administrative Agent in connection with the additional Pool Property. (ix) The Administrative Agent shall give the Borrower prompt written notice of its determination with respect to the admission or rejection of any Individual Property as a Pool Property. To the extent that an Individual Property does not meet the requirements to qualify as a Pool Property, as defined, the Borrower may nevertheless request that such Individual Property be included as a Pool Property and the Required Lenders may, in their sole and absolute discretion, agree to the acceptance of such Individual Property as an additional Pool Property.

Appears in 1 contract

Samples: Credit Agreement (Griffin Capital Essential Asset REIT II, Inc.)

Additional Pool Property. From time to time during the term of this Agreement, following the Borrower's ’s written request ("Additional Borrowing Base Request"), the Administrative Agent shall initially accept one or more Individual Properties as Pool Properties upon the satisfaction of the following conditions, in a manner reasonably acceptable to the Administrative Agent: (i) The Borrower shall have obtained Preliminary Approval for the addition of such Individual Property. (ii) The Borrower (or applicable Credit Party) shall have satisfied all of requirements set forth in the definition of Pool Property as to such Individual Property. (iii) The Borrower shall have delivered to the Administrative Agent a Borrowing Base Certificate and Compliance Certificate evidencing compliance with Section 5.02 after giving effect to such addition. (iv) The Borrower shall have delivered to the Administrative Agent a certification that that (A) the Individual Property is free of any material environmental, structural, architectural, mechanical or title defects and otherwise meets all the requirements of a Pool Property and the representation and warranties made under this Agreement and the other Loan Documents with respect thereto are true and correct in all material respects and (B) each Subsidiary thereof that is required to become a Subsidiary Borrower in connection with such Individual Property being accepted as a Pool Property, has no Indebtedness or liabilities other than trade payables incurred in the ordinary course of business. (v) The owner of the Pool Property must have joined in, and assumed all obligations of a "Subsidiary Borrower" under the Loan Documents, all in form and substance satisfactory to the Administrative Agent, including, without limitation, (a) entering into a Joinder Agreement in the form attached hereto as Exhibit F executed by such owner and delivered to the Administrative Agent, and (b) such owner delivering such organizational documents, directors' or comparable resolutions, secretary's’s, incumbency and like certificates, opinions of counsel, such information about such owner as the Administrative Agent may reasonably request (including the information required under Section 9.14 and other customary "know your customer" requirements) to conduct its customary background and internal compliance due diligence, the results of which shall be satisfactory to the Administrative Agent, and other documents as required by the Administrative Agent in connection with such joinder provided the same are consistent with the terms of this Agreement. (vi) the Borrower No less than ten (and any other applicable Subsidiary10) shall have entered into a Pledge Agreement in form and substance satisfactory to Administrative Agent with respect Business Days prior to the Borrower's 100% ownership interests in the owner proposed date of acceptance of such Individual Property as a Pool Property and such other collateral documents and certificates with respect to the ownership interests in connection with such joinder as required by and in form and substance satisfactory to Administrative Agent. (vii) Property, Borrower shall have delivered to the Administrative Agent with respect to such Individual Property (a) descriptive information of the Real Property and operating statements, (b) an Appraisal with respect to such Individual PropertyProperty in form and substance satisfactory to the Administrative Agent and dated not more than ninety (90) days prior to the inclusion of such Individual Property in the Borrowing Base, and (c) an Environmental Assessment, property condition assessment, probable maximum loss studies and reliance letter (for properties in a seismic zone), and a flood determination the Real Estate Collateral Documents with respect thereto, (d) certificates all of insurance as which instruments, documents or agreements shall be in form and substance satisfactory to the insurance maintained by such Credit Party on such Individual Property (including flood insurance if necessary) from the insurer or an independent insurance broker dated as of the date of determination, identifying insurers, types of insurance, insurance limits, and policy terms, and (e) such other due diligence information as the Administrative Agent may reasonably require with respect theretoAgent. (viiivii) The Borrower shall pay or reimburse the Administrative Agent for all reasonable legal fees and expenses and other costs and expenses incurred by Administrative Agent in connection with the additional Pool Property. (ixviii) The Administrative Agent shall give the Borrower prompt written notice of its determination with respect to the admission or rejection of any Individual Property as a Pool Property. . (ix) To the extent that an Individual Property does not meet the requirements to qualify as a Pool Property, as defined, the Borrower may nevertheless request that such Individual Property be included as a Pool Property and the Required Lenders may, in their sole and absolute discretion, agree to the acceptance of such Individual Property as an additional Pool Property.

Appears in 1 contract

Samples: Credit Agreement (Mobile Infrastructure Corp)

Additional Pool Property. From time to time during the term of this Agreement, Agreement following the Borrower's ’s written request ("Additional Borrowing Base Request"), the Administrative Agent shall initially accept one or more Individual Properties as Pool Properties upon the satisfaction of the following conditions, in a manner reasonably acceptable to the Administrative Agent: (i) The Borrower shall have obtained Preliminary Approval for the addition of such Individual Property and shall have delivered to Administrative Agent such due diligence information as Administrative Agent may request, including descriptive information on the Property. (ii) The Borrower (or applicable Credit Party) shall have satisfied all of requirements set forth in the definition of Pool Property as to such Individual PropertyProperty and shall have delivered a certification from Borrower and the respective Subsidiary Guarantor that the Pool Property meets the requirements of a Pool Property and the respective Subsidiary Guarantor has no other debt or liabilities, other than trade payables incurred in the ordinary course of business. (iii) The Borrower shall have delivered to the Administrative Agent a Borrowing Base Certificate and Compliance Certificate evidencing compliance with Section 5.02 reflecting that, after giving effect to such additionaddition the Total Outstandings will be less than or equal to the Maximum Loan Available Amount. (iv) The Borrower shall have delivered to the Administrative Agent a certification that the Property is free of any material environmental, structural, architectural, mechanical or title defects and otherwise meets all the requirements of a Pool Property. (v) The Subject to the terms of Section 5.17 hereof, the owner of the Pool Property must have joined in, and assumed all obligations of a "Subsidiary Borrower" Guarantor” under the Loan Documents, all in form and substance satisfactory to the Administrative Agent, including, without limitation, (a) entering into a Joinder Agreement in the form attached hereto as Exhibit F executed by such owner and delivered to the Administrative Agent, and (b) such owner delivering such organizational documents, directors' or comparable resolutions, secretary's’s, incumbency and like certificates, opinions of counsel, such information about such owner as the Administrative Agent may reasonably request (including the information required under Section 9.14 and other customary "know your customer" requirements) to conduct its customary background and internal compliance due diligence, the results of which shall be satisfactory to the Administrative Agent, counsel and other documents as required by the Administrative Agent in connection with such joinder provided the same are consistent with the terms of this Agreement. (vi) the Borrower (and any other applicable Subsidiary) shall have entered into a Pledge Agreement in form and substance satisfactory to Administrative Agent with respect to the Borrower's 100% ownership interests in the owner of such Pool Property and such other collateral documents and certificates with respect to the ownership interests in connection with such joinder as required by and in form and substance satisfactory to Administrative Agent. (vii) Borrower shall have delivered to the Administrative Agent with respect to such Individual Property (a) descriptive information of the Real Property and operating statements, (b) an Appraisal with respect to such Individual Property, (c) an Environmental Assessment, property condition assessment, probable maximum loss studies and reliance letter (for properties in a seismic zone), and a flood determination with respect thereto, (d) certificates of insurance as to the insurance maintained by such Credit Party on such Individual Property (including flood insurance if necessary) from the insurer or an independent insurance broker dated as of the date of determination, identifying insurers, types of insurance, insurance limits, and policy terms, and (e) such other due diligence information as the Administrative Agent may reasonably require with respect thereto. (viii) The Borrower shall pay or reimburse the Administrative Agent for all reasonable legal fees and expenses and other costs and expenses incurred by Administrative Agent in connection with the additional Pool Property. (ixvii) The Administrative Agent shall give the Borrower prompt written notice of its determination with respect to the admission or rejection of any Individual Property as a Pool Property. To the extent that an Individual Property does not meet the requirements to qualify as a Pool Property, as defined, the Borrower may nevertheless request that such Individual Property be included as a Pool Property and the Required Majority Lenders may, in their sole and absolute discretion, agree to the acceptance of such Individual Property as an additional Pool Property.

Appears in 1 contract

Samples: Credit Agreement (Griffin Capital Essential Asset REIT II, Inc.)

Additional Pool Property. From time to time during the term of this Agreement, following the Borrower's written request ("Additional Borrowing Base Request"), the Administrative Agent shall initially accept one or more Individual Properties as Pool Properties upon the satisfaction of the following conditions, in a manner reasonably acceptable to the Administrative Agent: (i) The Borrower shall have obtained Preliminary Approval for the addition of such Individual Property. (ii) The Borrower (or applicable Credit Party) shall have satisfied all of requirements set forth in the definition of Pool Property as to such Individual Property. (iii) The Borrower shall have delivered to the Administrative Agent a Borrowing Base Certificate and Compliance Certificate evidencing compliance with Section 5.02 after giving effect to such addition. (iv) The Borrower shall have delivered to the Administrative Agent a certification that (A) the Individual Property is free of any material environmental, structural, architectural, mechanical or title defects and otherwise meets all the requirements of a Pool Property and (B) each Subsidiary thereof that is required to become a Subsidiary Guarantor under SECTION 5.17 in connection with such Individual Property being accepted as a Pool Property, has no Indebtedness or liabilities other than trade payables incurred in the ordinary course of business. (v) The owner of Subject to SECTION 5.17, the applicable Pool Property Owner must have joined in, and assumed all obligations of a "Subsidiary BorrowerGuarantor" under the Loan Documents, all in form and substance satisfactory the Equity Interests of such Pool Property Owner shall have been pledged to the Administrative Agent, including, without limitation, (a) entering into a Joinder Agreement in the form attached hereto Agent as Exhibit F executed by such owner and delivered Collateral pursuant to the Administrative Agent, and (b) such owner delivering such organizational documents, directors' or comparable resolutions, secretary's, incumbency and like certificates, opinions of counsel, such information about such owner as the Administrative Agent may reasonably request (including the information required under Section 9.14 and other customary "know your customer" requirements) to conduct its customary background and internal compliance due diligence, the results of which shall be satisfactory to the Administrative Agent, and other documents as required by the Administrative Agent in connection with such joinder provided the same are consistent with the terms of this Pledge Agreement. (vi) the Borrower (and any other applicable Subsidiary) shall have entered into a Pledge Agreement in form and substance satisfactory to Administrative Agent with respect to the Borrower's 100% ownership interests in the owner of such Pool Property and such other collateral documents and certificates with respect to the ownership interests in connection with such joinder as required by and in form and substance satisfactory to Administrative Agent. (vii) Borrower shall have delivered to the Administrative Agent with respect to such Individual Property (a) descriptive information of the Real Property and operating statements, (b) an Appraisal with respect to such Individual Property, (c) an Environmental Assessment, property condition assessment, probable maximum loss studies and reliance letter (for properties in a seismic zone), and a flood determination with respect thereto, (dc) certificates of insurance as to the insurance maintained by such Credit Party on such Individual Property (including flood insurance if necessary) from the insurer or an independent insurance broker dated as of the date of determination, identifying insurers, types of insurance, insurance limits, and policy terms, and (ed) such other due diligence information as the Administrative Agent may reasonably require with respect thereto. (viiivii) The Borrower shall pay or reimburse the Administrative Agent for all reasonable legal fees and expenses and other costs and expenses incurred by Administrative Agent in connection with the additional Pool Property. (ixviii) The Administrative Agent shall give the Borrower prompt written notice of its determination with respect to the admission or rejection of any Individual Property as a Pool Property. To the extent that an Individual Property does not meet the requirements to qualify as a Pool Property, as defined, the Borrower may nevertheless request that such Individual Property be included as a Pool Property and the Required Lenders may, in their sole and absolute discretion, agree to the acceptance of such Individual Property as an additional Pool Property.

Appears in 1 contract

Samples: Credit Agreement (Parking REIT, Inc.)

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Additional Pool Property. From time to time during the term of this Agreement, Agreement following the Borrower's ’s written request ("Additional Borrowing Base Request"), the Administrative Agent shall initially accept one or more Individual Properties as Pool Properties upon the satisfaction of the following conditions, in a manner reasonably acceptable to the Administrative Agent: (i) The Borrower shall have obtained Preliminary Approval for the addition of such Individual Property and shall have delivered to Administrative Agent such due diligence information as Administrative Agent may request, including descriptive information on the Property. (ii) The Borrower (or applicable Credit PartyParty or Pool Property Owner) shall have satisfied all of requirements set forth in the definition of Pool Property as to such Individual PropertyProperty and shall have delivered a certification from Borrower and the respective Subsidiary Guarantor that the Pool Property meets the requirements of a Pool Property and the respective Subsidiary Guarantor has no other debt or liabilities, other than trade payables incurred in the ordinary course of business. (iii) The Borrower shall have delivered to the Administrative Agent a Borrowing Base Certificate and Compliance Certificate evidencing compliance with Section 5.02 reflecting that, after giving effect to such additionaddition the Total Outstandings will be less than or equal to the Maximum Loan Available Amount. (iv) The Borrower shall have delivered to the Administrative Agent a certification that the Property is free of any material environmental, structural, architectural, mechanical or title defects and otherwise meets all the requirements of a Pool Property. (v) The Subject to the terms of Section 5.17 hereof, the owner of the Pool Property must have joined in, and assumed all obligations of a "Subsidiary Borrower" Guarantor” under the Loan Documents, all in form and substance satisfactory to the Administrative Agent, including, without limitation, (a) entering into a Joinder Agreement in the form attached hereto as Exhibit F executed by such owner and delivered to the Administrative Agent, and (b) such owner delivering such organizational documents, directors' or comparable resolutions, secretary's’s, incumbency and like certificates, opinions of counsel, such information about such owner as the Administrative Agent may reasonably request (including the information required under Section 9.14 and other customary "know your customer" requirements) to conduct its customary background and internal compliance due diligence, the results of which shall be satisfactory to the Administrative Agent, counsel and other documents as required by the Administrative Agent in connection with such joinder provided the same are consistent with the terms of this Agreement. (vi) the Borrower (and any other applicable Subsidiary) shall have entered into a Pledge Agreement in form and substance satisfactory to Administrative Agent with respect to the Borrower's 100% ownership interests in the owner of such Pool Property and such other collateral documents and certificates with respect to the ownership interests in connection with such joinder as required by and in form and substance satisfactory to Administrative Agent. (vii) Borrower shall have delivered to the Administrative Agent with respect to such Individual Property (a) descriptive information of the Real Property and operating statements, (b) an Appraisal with respect to such Individual Property, (c) an Environmental Assessment, property condition assessment, probable maximum loss studies and reliance letter (for properties in a seismic zone), and a flood determination with respect thereto, (d) certificates of insurance as to the insurance maintained by such Credit Party on such Individual Property (including flood insurance if necessary) from the insurer or an independent insurance broker dated as of the date of determination, identifying insurers, types of insurance, insurance limits, and policy terms, and (e) such other due diligence information as the Administrative Agent may reasonably require with respect thereto. (viii) The Borrower shall pay or reimburse the Administrative Agent for all reasonable legal fees and expenses and other costs and expenses incurred by Administrative Agent in connection with the additional Pool Property. (ixvii) The Administrative Agent shall give the Borrower prompt written notice of its determination with respect to the admission or rejection of any Individual Property as a Pool Property. To the extent that an Individual Property does not meet the requirements to qualify as a Pool Property, as defined, the Borrower may nevertheless request that such Individual Property be included as a Pool Property and the Required Majority Lenders may, in their sole and absolute discretion, agree to the acceptance of such Individual Property as an additional Pool Property.

Appears in 1 contract

Samples: Credit Agreement (Griffin Capital Essential Asset REIT II, Inc.)

Additional Pool Property. From time to time during the term of this Agreement, Agreement following the Borrower's ’s written request ("Additional Borrowing Base Request"), the Administrative Agent shall initially accept one or more Individual Properties as Pool Properties upon the satisfaction of the following conditions, in a manner reasonably acceptable to the Administrative Agent: (i) The Borrower shall have obtained Preliminary Approval for the addition of such Individual Property and shall have delivered to Administrative Agent such due diligence information as Administrative Agent may request, including descriptive information on the Property. The Administrative Agent acknowledges and agrees that Preliminary Approval is provided hereby to the Borrower (including, for the avoidance of doubt, any such ground leased properties) for each of the Real Properties listed in Schedule 5.12 as the “Acquisition Properties”. (ii) The Borrower (or applicable Credit PartyParty or Pool Property Owner) shall have satisfied all of requirements set forth in the definition of Pool Property as to such Individual PropertyProperty and shall have delivered a certification from Borrower and the respective Subsidiary Guarantor that the Pool Property meets the requirements of a Pool Property and the respective Subsidiary Guarantor has no other debt or liabilities, other than trade payables incurred in the ordinary course of business, intercompany Indebtedness, Capital Lease Obligations or equipment financings not to exceed one percent (1%) of Pool Value in the aggregate, and guarantees in respect of Unsecured Debt of the Borrower. (iii) The Borrower shall have delivered to the Administrative Agent a Borrowing Base Certificate and Compliance Certificate evidencing compliance with Section 5.02 reflecting that, after giving effect to such additionaddition the Total Outstandings will be less than or equal to the Maximum Loan Available Amount. (iv) The Borrower shall have delivered to the Administrative Agent a certification that the Property is free of any material environmental, structural, architectural, mechanical or title defects and otherwise meets all the requirements of a Pool Property. (v) The Subject to the terms of Section 5.17 hereof, the owner of the Pool Property must have joined in, and assumed all obligations of a "Subsidiary Borrower" Guarantor” under the Loan Documents, all in form and substance satisfactory to the Administrative Agent, including, without limitation, (a) entering into a Joinder Agreement in the form attached hereto as Exhibit F executed by such owner and delivered to the Administrative Agent, and (b) such owner delivering such organizational documents, directors' or comparable resolutions, secretary's’s, incumbency and like certificates, opinions of counsel, such information about such owner as the Administrative Agent may reasonably request (including the information required under Section 9.14 and other customary "know your customer" requirements) to conduct its customary background and internal compliance due diligence, the results of which shall be satisfactory to the Administrative Agent, counsel and other documents as required by the Administrative Agent in connection with such joinder provided the same are consistent with the terms of this Agreement. (vi) the Borrower (and any other applicable Subsidiary) shall have entered into a Pledge Agreement in form and substance satisfactory to Administrative Agent with respect to the Borrower's 100% ownership interests in the owner of such Pool Property and such other collateral documents and certificates with respect to the ownership interests in connection with such joinder as required by and in form and substance satisfactory to Administrative Agent. (vii) Borrower shall have delivered to the Administrative Agent with respect to such Individual Property (a) descriptive information of the Real Property and operating statements, (b) an Appraisal with respect to such Individual Property, (c) an Environmental Assessment, property condition assessment, probable maximum loss studies and reliance letter (for properties in a seismic zone), and a flood determination with respect thereto, (d) certificates of insurance as to the insurance maintained by such Credit Party on such Individual Property (including flood insurance if necessary) from the insurer or an independent insurance broker dated as of the date of determination, identifying insurers, types of insurance, insurance limits, and policy terms, and (e) such other due diligence information as the Administrative Agent may reasonably require with respect thereto. (viii) The Borrower shall pay or reimburse the Administrative Agent for all reasonable legal fees and expenses and other costs and expenses incurred by Administrative Agent in connection with the additional Pool Property. (ixvii) The Administrative Agent shall give the Borrower prompt written notice of its determination with respect to the admission or rejection of any Individual Property as a Pool Property. To the extent that an Individual Property does not meet the requirements to qualify as a Pool Property, as defined, the Borrower may nevertheless request that such Individual Property be included as a Pool Property and the Required Majority Lenders may, in their sole and absolute discretion, agree to the acceptance of such Individual Property as an additional Pool Property.

Appears in 1 contract

Samples: Credit Agreement (Griffin Realty Trust, Inc.)

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