Common use of ELIGIBILITY OF PROJECTS Clause in Contracts

ELIGIBILITY OF PROJECTS. (a) As of the Agreement Execution Date, the Administrative Agent has approved for inclusion as Qualifying Unencumbered Projects those Projects identified on Schedule 3.1, and such Projects shall become the initial Qualifying Unencumbered Projects. (b) If, after the Agreement Execution Date, Borrower desires to include any additional Projects as Qualifying Unencumbered Projects Borrower shall so notify the Administrative Agent in writing and obtain the approval of the Administrative Agent. The Administrative Agent’s approval shall be conclusive and no approval from the Lenders shall be required so long as such additional Projects meet the criteria set forth in the definition of “Eligible Unencumbered Project”. If such additional Project does not meet such criteria it shall only be included in Qualifying Unencumbered Projects if the Required Lenders shall have also approved the inclusion of such Project. No Property will be approved by the Administrative Agent unless it is an Eligible Unencumbered Project and unless and until the Borrower delivers to the Administrative Agent the following, in form and substance satisfactory to the Administrative Agent: (i) a description of such Project, such description to include the age, location, size and occupancy rate of such Project; (ii) a certificate of Borrower certifying that insurance of the type required hereunder is in effect with respect to such Project and that, to the best of Borrower’s knowledge, there are no material environmental concerns with respect to such Project; and (iii) such other information, including operating statements and site plans, that the Administrative Agent may reasonably request in order to evaluate such Project. (c) If, after receipt and review of the foregoing, unless Administrative Agent has reasonably determined that the additional Project does not satisfy the requirements to be an Eligible Unencumbered Project, the Administrative Agent will notify the Borrower and each Lender within five (5) Business Days after receipt of all of the above items that it is prepared to proceed with the acceptance of such Project as an Unencumbered Project. If the Administrative Agent has determined that the additional Project does not satisfy the requirements to be an Eligible Unencumbered Project and therefore that addition of such Property as a Qualifying Unencumbered Project requires Required Lender approval, the Administrative Agent shall so notify the Borrower and the Lenders and shall forward to the Lenders all documents and information submitted by Borrower with respect to such additional Project. In such event each Lender shall notify the Administrative Agent whether it approves of the designation of such Project as a Qualifying Unencumbered Project, notwithstanding such non-compliance, within ten (10) Business Days of receipt of such notice and all such documents and information. If a Lender shall fail to so notify the Administrative Agent, then such Lender shall be deemed to have approved of such Project. Upon approval of such Project by the Administrative Agent, or, if required, by Required Lenders, and upon execution and delivery of all of the documents required to be provided under Section 3.2, such Project shall become a Qualifying Unencumbered Project.

ELIGIBILITY OF PROJECTS. (a) As of the Agreement Execution Date, the Administrative Agent has approved for inclusion as Qualifying Unencumbered Projects those Projects identified on Schedule 3.1, and such Projects shall become the initial Qualifying Unencumbered Projects. (b) If, after the Agreement Execution Date, Borrower desires to include any additional Projects as Qualifying Unencumbered Projects Borrower shall so notify the Administrative Agent in writing and obtain the approval of the Administrative Agent. The Administrative Agent’s approval shall be conclusive and no approval from the Lenders shall be required so long as such additional Projects meet the criteria set forth in the definition of “Eligible Unencumbered Project”. If such additional Project does not meet such criteria it shall only be included in Qualifying Unencumbered Projects if the Required Lenders shall have also approved the inclusion of such Project. No Property will be approved by the Administrative Agent unless it is an Eligible Unencumbered Project and unless and until the Borrower delivers to the Administrative Agent the following, in form and substance satisfactory to the Administrative Agent: (i) a description of such Project, such description to include the age, location, size and occupancy rate of such Project; (ii) a certificate of Borrower certifying that insurance of the type required hereunder is in effect with respect to such Project and that, to the best of Borrower’s knowledge, there are no material environmental concerns with respect to such Project; and (iii) such other information, including operating statements and site plans, that the Administrative Agent may reasonably request in order to evaluate such Project. (c) If, after receipt and review of the foregoing, unless Administrative Agent has reasonably determined that the additional Project does not satisfy the requirements to be an Eligible Unencumbered Project, the Administrative Agent will notify the Borrower and each Lender within five (5) Business Days after receipt of all of the above items that it is prepared to proceed with the acceptance of such Project as an Unencumbered Project. If the Administrative Agent has determined that the additional Project does not satisfy the requirements to be an Eligible Unencumbered Project and therefore that addition of such Property as a Qualifying Unencumbered Project requires Required Lender approval, the Administrative Agent shall so notify the Borrower and the Lenders and shall forward to the Lenders all documents and information submitted by Borrower with respect to such additional Project. In such event each Lender shall notify the Administrative Agent whether it approves of the designation of such Project as a Qualifying Unencumbered Project, notwithstanding such non-compliance, within ten (10) Business Days of receipt of such notice and all such documents and information. If a Lender shall fail to so notify the Administrative Agent, then such Lender shall be deemed to have approved of such Project. Upon approval of such Project by the Administrative Agent, or, if required, by Required Lenders, and upon execution and delivery of all of the documents required to be provided under Section 3.2, such Project shall become a Qualifying Unencumbered ProjectProject .

ELIGIBILITY OF PROJECTS. ncbcrex.htm 14534489\V-10 (a) As of the Agreement Execution Date, the Administrative Agent has Lenders have approved for inclusion as Qualifying Unencumbered Projects those Projects identified on Schedule 3.1, and such Projects shall become the initial Qualifying Unencumbered Projects. Lenders acknowledge that two of such Projects are encumbered as of the Agreement Execution Date. Borrower hereby agrees, and irrevocably directs the Administrative Agent, to fund such portion of the proceeds of the initial Advance hereunder as is needed to cause such Projects to be released from the applicable Liens to repay that portion of the Indebtedness secured thereby required to be repaid under the applicable "pay off" letters delivered to the Administrative Agent pursuant to Section 5.1 hereof. (b) If, after the Agreement Execution Date, Borrower desires to that the Lenders include any additional Projects as Qualifying Unencumbered Projects Borrower shall so notify the Administrative Agent in writing and obtain the approval of the Administrative Agent. The Administrative Agent’s approval shall be conclusive and no approval from the Lenders shall be required so long as such additional Projects meet the criteria set forth in the definition of “Eligible Unencumbered Project”. If such additional Project does not meet such criteria it shall only be included in Qualifying Unencumbered Projects if the Required Lenders shall have also approved the inclusion of such Projectwriting. No Property will be approved evaluated by the Administrative Agent Lenders unless it is an Eligible Unencumbered Project and unless and until the Borrower delivers to the Administrative Agent the following, in form and substance satisfactory to the Administrative Agent: (i) a description of such ProjectProject , such description to include the age, location, size and occupancy rate of such ProjectProject ; (ii) a certificate of Borrower certifying that insurance of the type required hereunder is in effect with respect to such Project and that, to the best of Borrower’s 's knowledge, there are no material environmental concerns with respect to such Project; and (iii) such other information, including operating statements and site plans, that the Administrative Agent may reasonably request in order to evaluate such Project. (c) If, after receipt and review of the foregoing, unless Administrative Agent has reasonably determined that the additional Project does not satisfy the requirements to be an Eligible Unencumbered Project, the Administrative Agent will notify the Borrower and each Lender within five (5) Business Days after receipt of all of the above items that it is prepared to proceed with the acceptance of such Project as an Unencumbered Project. If the Administrative Agent has determined that the additional Project does not satisfy the requirements to be an Eligible Unencumbered Project and therefore that addition of such Property as a Qualifying Unencumbered Project requires Required Requisite Lender approval, the Administrative Agent shall so notify the Borrower and the Lenders and shall forward to the Lenders all documents and information submitted by Borrower with respect to such additional Project. In such event each Lender shall notify the Administrative Agent whether it approves of the designation of such Project as a Qualifying Unencumbered Project, notwithstanding such non-compliance, within ten (10) Business Days of receipt of such notice and all such documents and information. If a Lender shall fail to so notify the Administrative Agent, then such Lender shall be deemed to have approved of such Project. Upon approval of such Project by the Administrative Agent, or, if required, by Required Requisite Lenders, and upon execution and delivery of all of the documents required to be provided under Section 3.2, such Project shall become a Qualifying Unencumbered ProjectProject .