Common use of Determination of Minimum Collateral Percentage Generally Clause in Contracts

Determination of Minimum Collateral Percentage Generally. Effective as of the date of this Agreement, and until a new Collateral Percentage becomes effective, the Collateral Percentage is zero percent (0%). Subject to the provisions of this Article III, NAI may from time to time designate a new Collateral Percentage between 0% and 100% by written notice delivered to Agent, BNPLC and the Participants in the form of ATTACHMENT 3. Any new Collateral Percentage so designated shall not become effective, however, until the commencement of the later of (A) the first Base Rent Period to commence on or after the first Business Day of October, 2000, or (B) the next following Base Rent Period which is at least ten Business Days after (1) the receipt of such notice by Agent, BNPLC and the Participants, and (2) the approval in writing by a "Majority" under (and as defined in) the Participation Agreement of the new Collateral Percentage designated by NAI (which approval may be withheld in the sole and absolute discretion of BNPLC or any Participant); provided, however, the prior approval of a Majority under the Participation Agreement will not be required for a designation by NAI of a Collateral Percentage above zero percent (0%) that is to become effective as of the commencement the first Base Rent Period starting after the second anniversary of the Effective Date, if the notice from NAI designating such Collateral Percentage is delivered to Agent, BNPLC and the Participants at least ten Business Days prior to such Base Rent Period. In any event, if NAI provides more than one notice of a change in the Collateral Percentage to be effective on a particular Base Rent Date, then the latest such notice from NAI which satisfies the requirements of the preceding sentence (and of Sections 3.2 and 3.3) will control. After any Collateral Percentage becomes effective as provided in this Article, it shall remain in effect until a different Collateral Percentage becomes effective as provided in this Article.

Determination of Minimum Collateral Percentage Generally. Effective as of the date of this Agreement, and until a new Collateral Percentage becomes effective, the Collateral Percentage is zero percent (0%). Subject to the provisions of this Article III, NAI may from time to time designate a new Collateral Percentage between 0% and 100% by written notice delivered to Agent, BNPLC and the Participants in the form of ATTACHMENT 3. Any new Collateral Percentage so designated shall not become effective, however, until the commencement of the later of (A) the first Base Rent Period to commence on or after the first Business Day of OctoberJanuary, 20002002, or (B) the next following Base Rent Period which is at least ten Business Days after (1) the receipt of such notice by Agent, BNPLC and the Participants. Further, and (2) after the approval first change in writing by a "Majority" under (and as defined in) the Participation Agreement of the new Collateral Percentage designated by NAI (which approval may be withheld in the sole and absolute discretion of BNPLC or any Participant); provided, however, the prior approval of a Majority under the Participation Agreement will not be required for resulting from a designation by NAI of a Collateral Percentage above greater than zero percent (0%) that is to ), any subsequent change resulting from NAI's designation of a new Collateral Percentage shall not become effective as before the first Business Day of the commencement the first Base Rent Period starting that commences at least ninety days after the second anniversary effective date of the Effective Date, if last preceding change in the notice from NAI designating such Collateral Percentage is delivered to Agent, BNPLC and the Participants at least ten Business Days prior to such Base Rent Period. In any event, if NAI provides more than one notice of a change in the Collateral Percentage to be effective on a particular Base Rent Date, then the latest such notice from NAI which satisfies the requirements of the preceding sentence this Section (and of Sections 3.2 and 3.3) will control. After any Collateral Percentage becomes effective as provided in this Article, it shall remain in effect until a different Collateral Percentage becomes effective as provided in this Article.

Determination of Minimum Collateral Percentage Generally. Effective as of the date of this Agreement, and until a new Collateral Percentage becomes effective, the Collateral Percentage is zero percent (0%). Subject to the provisions of this Article III, NAI may from time to time designate a new Collateral Percentage between 0% and 100% by written notice delivered to Agent, BNPLC and the Participants in the form of ATTACHMENT 3. Any new Collateral Percentage so designated shall not become effective, however, until the commencement of the later of (A) the first Base Rent Period to commence on or after the first Business Day of OctoberSeptember, 20002001, or (B) the next following Base Rent Period which is at least ten Business Days after (1) the receipt of such notice by Agent, BNPLC and the Participants. Further, and (2) after the approval first change in writing by a "Majority" under (and as defined in) the Participation Agreement of the new Collateral Percentage designated by NAI (which approval may be withheld in the sole and absolute discretion of BNPLC or any Participant); provided, however, the prior approval of a Majority under the Participation Agreement will not be required for resulting from a designation by NAI of a Collateral Percentage above greater than zero percent (0%) that is to ), any subsequent change resulting from NAI's designation of a new Collateral Percentage shall not become effective as before the first Business Day of the commencement the first Base Rent Period starting that commences at least ninety days after the second anniversary effective date of the Effective Date, if last preceding change in the notice from NAI designating such Collateral Percentage is delivered to Agent, BNPLC and the Participants at least ten Business Days prior to such Base Rent Period. In any event, if NAI provides more than one notice of a change in the Collateral Percentage to be effective on a particular Base Rent Date, then the latest such notice from NAI which satisfies the requirements of the preceding sentence this Section (and of Sections 3.2 and 3.3) will control. After any Collateral Percentage becomes effective as provided in this Article, it shall remain in effect until a different Collateral Percentage becomes effective as provided in this Article.

Determination of Minimum Collateral Percentage Generally. Effective as of the date of this Agreement, and until a new Collateral Percentage becomes effective, the Collateral Percentage is zero percent (0%). Subject to the provisions of this Article III, NAI may from time to time designate a new Collateral Percentage between 0% and 100% by written notice delivered to Agent, BNPLC and the Participants in the form of ATTACHMENT 3. Any new Collateral Percentage so designated shall not become effective, however, until the commencement of the later of (A) the first Base Rent Period to commence on or after the first Business Day second anniversary of October, 2000the Effective Date, or (B) the next following Base Rent Period which is at least ten Business Days after (1) the receipt of such notice by Agent, BNPLC and the Participants, and (2) the approval in writing by a "Majority" under (and as defined in) the Participation Agreement of the new Collateral Percentage designated by NAI (which approval may be withheld in the sole and absolute discretion of BNPLC or any Participant); provided, however, the prior approval of a Majority under the Participation Agreement will not be required for a designation by NAI of a Collateral Percentage above zero percent (0%) that is to become effective as of the commencement the first Base Rent Period starting after the second anniversary of the Effective Date, if the notice from NAI designating such Collateral Percentage is delivered to Agent, BNPLC and the Participants at least ten Business Days prior to such Base Rent Period. In any event, if NAI provides more than one notice of a change in the Collateral Percentage to be effective on a particular Base Rent Date, then the latest such notice from NAI which satisfies the requirements of the preceding sentence (and of Sections 3.2 and 3.3) will control. After any Collateral Percentage becomes effective as provided in this Article, it shall remain in effect until a different Collateral Percentage becomes effective as provided in this Article.

Determination of Minimum Collateral Percentage Generally. Effective as of the date of this Agreement, and until a new Collateral Percentage becomes effective, the Collateral Percentage is zero percent (0%). Subject to the provisions of this Article III, NAI may from time to time designate a new Collateral Percentage between 0% and 100% by written notice delivered to Agent, BNPLC and the Participants in the form of ATTACHMENT 3. Any new Collateral Percentage so designated shall not become effective, however, until the commencement of the later of (A) the first Base Rent Period to commence on or after the first Business Day of OctoberJanuary, 20002001, or (B) the next following Base Rent Period which is at least ten Business Days after (1) the receipt of such notice by Agent, BNPLC and the Participants. Further, and (2) after the approval first change in writing by a "Majority" under (and as defined in) the Participation Agreement of the new Collateral Percentage designated by NAI (which approval may be withheld in the sole and absolute discretion of BNPLC or any Participant); provided, however, the prior approval of a Majority under the Participation Agreement will not be required for resulting from a designation by NAI of a Collateral Percentage above greater than zero percent (0%) that is to ), any subsequent change resulting from NAI's designation of a new Collateral Percentage shall not become effective as before the first Business Day of the commencement the first Base Rent Period starting that commences at least ninety days after the second anniversary effective date of the Effective Date, if last preceding change in the notice from NAI designating such Collateral Percentage is delivered to Agent, BNPLC and the Participants at least ten Business Days prior to such Base Rent Period. In any event, if NAI provides more than one notice of a change in the Collateral Percentage to be effective on a particular Base Rent Date, then the latest such notice from NAI which satisfies the requirements of the preceding sentence this Section (and of Sections 3.2 and 3.3) will control. After any Collateral Percentage becomes effective as provided in this Article, it shall remain in effect until a different Collateral Percentage becomes effective as provided in this Article.

Determination of Minimum Collateral Percentage Generally. Effective as of the date of this Agreement, and until a new Collateral Percentage becomes effective, the Collateral Percentage is zero percent (0%). Subject to the provisions of this Article III, NAI may from time to time designate a new Collateral Percentage between 0% and 100% by written notice delivered to Agent, BNPLC and the Participants in the form of ATTACHMENT 3. Any new Collateral Percentage so designated shall not become effective, however, until the commencement of the later of (A) the first Base Rent Period to commence on or after the first Business Day of OctoberJanuary, 20002001, or (B) the next following Base Rent Period which is at least ten Business Days after (1) the receipt of such notice by Agent, BNPLC and the Participants. Further, and (2) after the approval first change in writing by a "Majority" under (and as defined in) the Participation Agreement of the new Collateral Percentage designated by NAI (which approval may be withheld in the sole and absolute discretion of BNPLC or any Participant); provided, however, the prior approval of a Majority under the Participation Agreement will not be required for resulting from a designation by NAI of a Collateral Percentage above greater than zero percent (0%) that is to ), any subsequent change resulting from NAI's designation of a new Collateral Percentage shall not become effective as before the first Business Day of the commencement the first Base Rent Period starting that commences at least ninety days after the second anniversary effective date of the Effective Date, if last preceding change in the notice from NAI designating such Collateral Percentage is delivered to Agent, BNPLC and the Participants at least ten Business Days prior to such Base Rent Period. In any event, if NAI provides more than one notice of a change in the Collateral Percentage to be effective on a particular Base Rent Date, then the latest such notice from NAI which satisfies the requirements of the preceding sentence this Section (and of Sections 3.2 and 3.3) will control. After any Collateral Percentage becomes effective as provided in this Article, it shall remain in effect until a different Collateral Percentage becomes effective as provided in this Article.