Common use of Eligible Property Requirements Clause in Contracts

Eligible Property Requirements. The Parent and the Borrower shall not permit at any time (a) the product of Unencumbered Adjusted NOI determined on an aggregate basis for the two consecutive fiscal quarters most recently ended multiplied by 2 to be less than $11,000,000 or (b) the number of Eligible Properties to be less than 8. For the purpose of calculating clause (a) of this Section 9.1.(i), if an Eligible Property or Non-Core Property has been acquired during the two consecutive fiscal quarters most recently ended, the Parent may include in such calculation the Unencumbered Adjusted NOI of such Property calculated on a proforma basis, so long as the Administrative Agent shall have given its prior written consent, which consent shall not be unreasonably withheld.

Eligible Property Requirements. The Parent and the Borrower shall not permit at any time (a) the product of Unencumbered Adjusted NOI determined on an aggregate basis for the two consecutive fiscal quarters most recently ended multiplied by 2 to be less than $11,000,000 13,000,000 or (b) the number of Eligible Properties to be less than 8. For the purpose of calculating clause (a) of this Section 9.1.(i), if an Eligible Property or Non-Core Property has been acquired during the two consecutive fiscal quarters most recently ended, the Parent may include in such calculation the Unencumbered Adjusted NOI of such Property calculated on a proforma basis, so long as the Administrative Agent shall have given its prior written consent, which consent shall not be unreasonably withheld.