Common use of Agreement to Pledge Clause in Contracts

Agreement to Pledge. The Collateral Agent, upon receipt of a Collateral Transmittal describing the AP Mortgages to be covered by an AP Notice and an Agreement to Pledge as of that date, shall (subject to the eligibility requirements set forth in the Credit Agreement) include such AP Mortgages as Eligible Collateral in the Collateral Value Determination (as defined Paragraph 6(a) below). The Company shall deliver the Required Mortgage Documents for each such AP Mortgage not later than the ninth (9th) Business Day after the date such AP Mortgage is first so included as a Eligible Collateral. When a delivery of what purports to be the Required Mortgage Documents for an AP Mortgage is received by the Collateral Agent on a given Business Day, such AP Mortgage shall no longer be treated as an AP Mortgage for purposes of the Borrowing Base Sublimits, and shall be included in any Collateral Value Determination or other calculation involving the value of the Borrowing Base on such Business Day prior to the Collateral Agent's review thereof on the assumption that such AP Mortgage is Eligible Collateral. The Collateral Agent shall review such Required Mortgage Documents in accordance with the steps described on Exhibit 1 hereto before the opening of business of the Collateral Agent on the next succeeding Business Day and shall make a decision on the eligibility of the applicable Mortgage Loan for that Business Day.

Agreement to Pledge. The Collateral Agent, upon receipt of a Collateral Transmittal describing the AP Mortgages to be covered by an AP Notice and an Agreement to Pledge as of that date, shall (subject to the eligibility requirements set forth in the Credit Agreement) include such AP Mortgages as Eligible Collateral in the Collateral Value Determination (as defined Paragraph 6(a) below). The Company shall deliver the Required Mortgage Documents for each such AP Mortgage not later than the ninth (9th) Business Day after the date such AP Mortgage is first so included as a an Eligible Collateral. When a delivery of what purports to be the Required Mortgage Documents for an AP Mortgage is received by the Collateral Agent on a given Business Day, such AP Mortgage shall no longer be treated as an AP Mortgage for purposes of the Borrowing Base Sublimits, and shall be included in any Collateral Value Determination or other calculation involving the value of the Borrowing Base on such Business Day prior to the Collateral Agent's review thereof on the assumption that such AP Mortgage is Eligible Collateral. The Collateral Agent shall review such Required Mortgage Documents in accordance with the steps described on Exhibit 1 hereto before the opening of business of the Collateral Agent on the next succeeding Business Day and shall make a decision on the eligibility of the applicable Mortgage Loan for that Business Day.. (c)

Agreement to Pledge. The Collateral Agent, upon receipt of a Collateral Transmittal describing the AP Mortgages to be covered by an AP Notice and an Agreement to Pledge as of that date, shall (subject to the eligibility requirements set forth in the Credit Agreement) include such AP Mortgages as Eligible Collateral in the Collateral Value Determination (as defined Paragraph 6(a) below). The Company shall deliver the Required Mortgage Documents for each such AP Mortgage not later than the ninth (9th) Business Day after the date such AP Mortgage is first so included as a an Eligible Collateral. When a delivery of what purports to be the Required Mortgage Documents for an AP Mortgage is received by the Collateral Agent on a given Business Day, such AP Mortgage shall no longer be treated as an AP Mortgage for purposes of the Borrowing Base Sublimits, and shall be included in any Collateral Value Determination or other calculation involving the value of the Borrowing Base on such Business Day prior to the Collateral Agent's review thereof on the assumption that such AP Mortgage is Eligible Collateral. The Collateral Agent shall review such Required Mortgage Documents in accordance with the steps described on Exhibit 1 hereto before the opening of business of the Collateral Agent on the next succeeding Business Day and shall make a decision on the eligibility of the applicable Mortgage Loan for that Business Day.