Common use of Environmental Events Clause in Contracts

Environmental Events. The Borrower will, and will cause BPI to, promptly give notice in writing to the Agent (i) upon Borrower’s or BPI’s obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding any Real Estate Asset or Borrower’s or BPI’s operations, (ii) upon Borrower’s or BPI’s obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate Asset, (iii) upon Borrower’s or BPI’s receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental Laws, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s or BPI’s or any other Person’s operation of any Real Estate Asset, (B) contamination on, from or into any Real Estate Asset, or (C) investigation or remediation of off-site locations at which Borrower or BPI or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, or (iv) upon Borrower’s or BPI’s obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which Borrower or BPI or any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to therein.

Environmental Events. The Borrower will, and will cause BPI MCRC and each of their respective Subsidiaries to, promptly give notice in writing to the Administrative Agent (i) upon the Borrower’s, MCRC’s or BPIsuch Subsidiary’s obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding affecting any Real Estate Asset or the Borrower’s, MCRC’s or BPIsuch Subsidiary’s operationsoperations or the operations of any of their Subsidiaries, (ii) upon the Borrower’s, MCRC’s or BPIsuch Subsidiary’s obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority Governmental Authority and which is material in amount or nature or which could materially adversely affect the value of such Real Estate AssetEstate, (iii) upon the Borrower’s, MCRC’s or BPIsuch Subsidiary’s receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental LawsLaws or any matter that may be a Disqualifying Environmental Event, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) the Borrower’s, MCRC’s or BPIsuch Subsidiary’s or any other Person’s operation of any Real Estate AssetEstate, (B) contamination on, from or into any Real Estate AssetEstate, or (C) investigation or remediation of off-site locations at which Borrower the Borrower, MCRC or BPI such Subsidiary or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, or (iv) upon the Borrower’s, MCRC’s or BPIsuch Subsidiary’s obtaining knowledge that any expense or loss has been incurred by such governmental authority Governmental Authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which Borrower the Borrower, MCRC or BPI such Subsidiary or any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate AssetEstate; provided any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets Material Adverse Effect or financial condition of the Borrower and its Subsidiaries, taken as constitute a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), Disqualifying Environmental Event with respect to the extent such matters are disclosed in the Form 10-K referred to thereinany Unencumbered Property.

Environmental Events. The Borrower will, and will cause BPI to, promptly give notice notify the Agent in writing to of any of the Agent following events: (i) upon Borrower’s or BPI’s obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding any Real Estate Asset or Borrower’s or BPI’s operations, operations which violation could have a Material Adverse Effect; (ii) upon Borrower’s or BPI’s obtaining knowledge of any potential or known Release Release, or threat of Release, of any Hazardous Substance at, from, or into any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate Asset, Estate; (iii) upon Borrower’s or BPI’s receipt of any notice of material violation of any Environmental Laws or of any material Release or threatened Release of Hazardous Substances in violation of any Environmental LawsSubstances, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s or BPI’s or any other Person’s operation of any Real Estate Assetto the extent it may result in a Material Adverse Effect, (B3) contamination on, from or into any Real Estate Assetto the extent it may result in a Material Adverse Effect, or (C) investigation or remediation of off-site locations at which Borrower or BPI or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, ; or (iv) upon Borrower’s or BPI’s obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which Borrower or BPI or any Partially-Owned Real Estate Entity of the Related Companies may be liable or for which a lien may be imposed on any Real Estate Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed liability may result in the Form 10-K referred to thereina Material Adverse Effect.

Environmental Events. The Borrower will, and will cause BPI each Guarantor to, promptly give notice in writing to the Administrative Agent (i) upon the Borrower’s or BPIsuch Guarantor’s obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding affecting any Real Estate Asset or the Borrower’s or BPIsuch Guarantor’s operationsoperations or the operations of any of their Subsidiaries, (ii) upon the Borrower’s or BPIsuch Guarantor’s obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially adversely affect the value of such Real Estate AssetEstate, (iii) upon the Borrower’s or BPIsuch Guarantor’s receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental LawsLaws or any matter that may be a Disqualifying Environmental Event, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) the Borrower’s or BPIsuch Guarantor’s or any other Person’s operation of any Real Estate AssetEstate, (B) contamination on, from or into any Real Estate AssetEstate, or (C) investigation or remediation of off-site locations at which the Borrower or BPI such Guarantor or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, or (iv) upon the Borrower’s or BPIsuch Guarantor’s obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which the Borrower or BPI such Guarantor or any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate AssetEstate; provided any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets Material Adverse Effect or financial condition of the Borrower and its Subsidiaries, taken as constitute a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), Disqualifying Environmental Event with respect to the extent such matters are disclosed in the Form 10-K referred to thereinany Unencumbered Property.

Environmental Events. The (i) Borrower will, and will cause BPI to, promptly give notice in writing to the Agent Lender (i1) upon Borrower’s or BPI’s Borrower obtaining knowledge of any potential or known Release, or threat of Release, of any Hazardous Substances in any material respect at or from the Mortgaged Property; (2) of any violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding any Real Estate Asset or Borrower’s or BPI’s operations, (ii) upon Borrower’s or BPI’s obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it that First Mortgage Borrower reports in writing or is reportable by it such Person in writing (or for which any written report supplemental to any governmental authority and which oral report is material in amount or nature or which could materially affect the value of such Real Estate Asset, (iiimade) upon Borrower’s or BPI’s receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental Laws, including a notice or claim of liability or potential responsibility from any third party (including without limitation to any federal, state or local governmental officialsenvironmental agency; and (3) and including notice upon becoming aware thereof, of any formal inquiry, proceeding, demandinvestigation, investigation or other action with regard action, including a notice from any agency of potential environmental liability, of any federal, state or local environmental agency or board, that in either case involves the Mortgaged Property or has the potential to materially adversely affect the assets, liabilities, financial conditions or operations of Borrower or First Mortgage Borrower or the Lender’s liens or security title on the Collateral pursuant to the Loan Documents. (Aii) Borrower’s or BPI’s Borrower will not permit First Mortgage Borrower to do any of the following: (1) use any of the Mortgaged Property or any other Person’s operation of any Real Estate Assetportion thereof as a facility for the handling, (B) contamination onprocessing, from storage or into any Real Estate Asset, or (C) investigation or remediation of off-site locations at which Borrower or BPI or any of its predecessors are alleged to have directly or indirectly disposed disposal of Hazardous Substances, except for small quantities of Hazardous Substances used in the ordinary course of business and in compliance with all applicable Environmental Laws and the presence of asbestos or (iv) upon Borrower’s or BPI’s obtaining knowledge that any expense or loss has been incurred by such governmental authority asbestos containing materials located in connection the improvements as of the date hereof which are to be maintained, contained and removed in accordance with the assessmentterms of the First Mortgage Loan Documents and this Agreement, (2) cause or permit to be located on the Mortgaged Property any underground tank or other underground storage receptacle for Hazardous Substances except in full compliance with Environmental Laws, (3) generate any Hazardous Substances on the Mortgaged Property, (4) conduct any activity at the Mortgaged Property or use the Mortgaged Property in any manner so as to cause a Release of Hazardous Substances on, containmentupon or into the Mortgaged Property or any surrounding properties or any threatened Release of Hazardous Substances which might give rise to liability under any Environmental Law, removal or (5) directly or remediation indirectly transport or arrange for the transport of any Hazardous Substances (except in compliance with respect all Environmental Laws). (iii) Borrower shall, if any Release or disposal of Hazardous Substances shall occur or shall have occurred on the Mortgaged Property (including without, limitation, any such Release or disposal occurring prior to which the acquisition of such Mortgaged Property by First Mortgage Borrower), cause First Mortgage Borrower to cause the prompt containment and removal of such Hazardous Substances and remediation of the Mortgaged Property in full compliance with all applicable laws and regulations and to the reasonable satisfaction of the Lender; provided, that Borrower shall be deemed to be in compliance with Environmental Laws for the purpose of this subparagraph (iii) so long as First Mortgage Borrower or BPI a responsible third party with sufficient financial resources is taking reasonable action to remediate or manage any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate Asset; any event of which events described in clauses (i) through (iv) above would have a material adverse effect on noncompliance to the business, assets or financial condition satisfaction of the Borrower Lender and no action shall have been commenced by any enforcement agency. The Lender may engage its Subsidiaries, taken as a whole. As of own Environmental Auditor to review the date hereof, environmental assessments and Borrower’s compliance with the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to thereincovenants contained herein.

Environmental Events. (a) The Borrower will, and Company will cause BPI to, promptly give notice in writing to the Administrative Agent upon becoming aware thereof (i) upon Borrower’s or BPI’s obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding any Real Estate Asset or Borrower’s or BPI’s operationsLaw, (ii) upon Borrower’s or BPI’s obtaining knowledge of any known Release inquiry, proceeding, investigation or other action, including a request for information or a notice of potential liability under any Environmental Law from any Person or (iii) of the discovery of the release or threatened release of any Hazardous Substance Material at, fromon, upon, under or from any of the Real Properties or any facility or equipment thereat in excess of reportable quantities or allowable standards or levels under any Environmental Law, or into in a manner and/or amount which could reasonably be expected to result in liability under any Environmental Law, in each case which would have a Material Adverse Effect. (b) In the event of the presence of any Hazardous Material on, at, upon or under any of the Real Estate Asset Properties which it reports is in writing violation of, or is reportable which could reasonably be expected to result in liability under, any Environmental Law, in each case which would have a Material Adverse Effect, the Company or any of its Subsidiaries, upon discovery thereof, shall take all necessary steps to initiate and expeditiously complete all response, corrective and other action required under any Environmental Law to mitigate and eliminate any such adverse effect. (c) The Company shall as promptly as practicable notify the Administrative Agent of the occurrence of any event specified in Section 6.17(b) and shall thereafter keep the Administrative Agent informed on a periodic basis of any actions taken in response to such event and the results of such actions. (d) The Company shall provide the Administrative Agent with copies of any notice, submittal or documentation provided by it in writing the Company or any of its Subsidiaries to any governmental authority and or third party under any Environmental Law if the matter which is material in amount or nature or which could materially affect the value subject of such Real Estate Assetthe notice, (iii) upon Borrower’s or BPI’s receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental Laws, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation submittal or other action with regard documentation could reasonably be expected to (A) Borrower’s result in a materially Adverse Effect. Such notice, submittal or BPI’s or documentation shall be provided to the Administrative Agent promptly and, in any other Person’s operation of any Real Estate Assetevent, (B) contamination on, from or into any Real Estate Asset, or (C) investigation or remediation of off-site locations at which Borrower or BPI or any of its predecessors are alleged within 5 Business Days after such material is provided to have directly or indirectly disposed of Hazardous Substances, or (iv) upon Borrower’s or BPI’s obtaining knowledge that any expense or loss has been incurred by such the governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which Borrower or BPI or any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to thereinthird party.

Environmental Events. The Borrower will, and will cause BPI to, promptly give notice notify the Agent in writing to of any of the Agent following events: (i) upon Borrower’s or BPI’s 's obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding a Mortgaged Property or any Real Estate Asset or Borrower’s or BPI’s operations, 's operations which violation could have a Material Adverse Effect; (ii) upon Borrower’s or BPI’s 's obtaining knowledge of any potential or known Release Release, or threat of Release, of any Hazardous Substance Materials at, from, or into a Mortgaged Property or any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate Asset, Mortgaged Property or which could have a Material Adverse Effect; (iii) upon Borrower’s or BPI’s 's receipt of any notice of material violation of any Environmental Laws or of any material Release or threatened Release of Hazardous Substances in violation of any Environmental LawsMaterials, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s or BPI’s 's or any other Person’s 's operation of a Mortgaged Property or any Real Estate Assetif the same would have a Material Adverse Effect, (B3) contamination on, from or into a Mortgaged Property or any Real Estate Assetif the same would have a Material Adverse Effect, or (C) investigation or remediation of off-site locations at which Borrower or BPI or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, Materials; or (iv) upon Borrower’s or BPI’s 's obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances Materials with respect to which Borrower or BPI Borrower, Guarantor or any Partially-Owned Real Estate Entity of the Related Companies may be liable or for which a lien may be imposed on any Real Estate Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to thereinMortgaged Property.

Environmental Events. The Each Borrower will, and will cause BPI each Guarantor to, promptly give notice in writing to the Administrative Agent (i) upon such Borrower’s 's or BPI’s such Guarantor's obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding any Real Estate Asset or such Borrower’s 's or BPI’s operationssuch Guarantor's operations or the operations of any of their Subsidiaries, (ii) upon such Borrower’s 's or BPI’s such Guarantor's obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate AssetEstate, (iii) upon such Borrower’s 's or BPI’s such Guarantor's receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental LawsLaws or any matter that may be a Disqualifying Environmental Event, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) such Borrower’s 's or BPI’s such Guarantor's or any other Person’s 's operation of any Real Estate AssetEstate, (B) contamination on, from or into any Real Estate AssetEstate, or (C) investigation or remediation of off-site locations at which such Borrower or BPI such Guarantor or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, or (iv) upon such Borrower’s 's or BPI’s such Guarantor's obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which such Borrower or BPI such Guarantor or any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate AssetEstate; any of which events described in clauses (i) through (iv) above would could reasonably be expected to have a material adverse effect on the businessMaterial Adverse Effect, assets or financial condition of the Borrower and its Subsidiaries, taken as constitutes a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), Disqualifying Environmental Event with respect to the extent such matters are disclosed in the Form 10-K referred to thereinany Unencumbered Property.

Environmental Events. The Borrower will, and will cause BPI each Guarantor to, promptly give notice in writing to the Administrative Agent (i) upon the Borrower’s 's or BPI’s such Guarantor's obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding affecting any Real Estate Asset or the Borrower’s 's or BPI’s operationssuch Guarantor's operations or the operations of any of their Subsidiaries, (ii) upon the Borrower’s 's or BPI’s such Guarantor's obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially adversely affect the value of such Real Estate AssetEstate, (iii) upon the Borrower’s 's or BPI’s such Guarantor's receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental LawsLaws or any matter that may be a Disqualifying Environmental Event, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) the Borrower’s 's or BPI’s such Guarantor's or any other Person’s 's operation of any Real Estate AssetEstate, (B) contamination on, from or into any Real Estate AssetEstate, or (C) investigation or remediation of off-site locations at which the Borrower or BPI such Guarantor or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, or (iv) upon the Borrower’s 's or BPI’s such Guarantor's obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which the Borrower or BPI such Guarantor or any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate AssetEstate; provided any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets Material Adverse Effect or financial condition of the Borrower and its Subsidiaries, taken as constitute a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), Disqualifying Environmental Event with respect to the extent such matters are disclosed in the Form 10-K referred to thereinany Unencumbered Property.

Environmental Events. The Borrower will, and the Trust will cause BPI to, promptly give notice in writing to the Agent (i) upon Borrower’s or BPIthe Trust’s obtaining knowledge of any material violation (as determined by the Borrower or BPI the Trust in the exercise of its reasonable discretion) of any Environmental Law regarding any Real Estate Asset or Borrower’s or BPIthe Trust’s operations, (ii) upon Borrower’s or BPIthe Trust’s obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature could reasonably be expected to be a Disqualifying Environmental Event with respect to any of the Eligible Unencumbered Properties or which could materially affect the value of such Real Estate Assetreasonably be expected to have a Material Adverse Effect, (iii) upon Borrower’s or BPIthe Trust’s receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental LawsLaws or any matter that could reasonably be expected to be a Disqualifying Environmental Event with respect to any of the Eligible Unencumbered Properties, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s or BPIthe Trust’s or any other Person’s operation of any Real Estate Assetsuch Eligible Unencumbered Property, (B) contamination on, from or into any Real Estate Assetsuch Eligible Unencumbered Property, or (C) investigation or remediation of off-site locations at which Borrower or BPI the Trust or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, or (iv) upon Borrower’s or BPIthe Trust’s obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which Borrower or BPI the Trust or any Subsidiary or Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to therein.

Environmental Events. (a) The Borrower will, and will cause BPI each of its Restricted Subsidiaries to, comply with any and all Environmental Laws, other than noncompliance which could not reasonably be expected to result in liability under Environmental Laws which would have a Material Adverse Effect; PROVIDED that the Borrower will, and will cause each of its Restricted Subsidiaries to, comply with any and all Environmental Laws, to the extent any noncompliance would (x) constitute or create a default under any lease of Real Property as to which a Credit Party is a tenant which would entitle the lessor of such Real Property to terminate said lease or (y) materially diminish the value of any Real Property owned by any Credit Party. (b) The Borrower will, and will cause each of its Restricted Subsidiaries to, promptly give notice in writing to the Administrative Agent upon becoming aware thereof (i) upon Borrower’s or BPI’s obtaining knowledge of any material violation of any Environmental Law, (as determined ii) any Environmental Notice or (iii) any release or threatened release of any Hazardous Material at, on, into, under or from any Real Property or any facility or equipment thereat in excess of reportable or allowable standards or levels under any Environmental Law, or in a manner and/or amount which could reasonably be expected to either (x) result in liability under any Environmental Law, in each case, in excess of $500,000 individually or in the aggregate with any other liability under any Environmental Laws (other than any such events disclosed in Schedule 5.21 or referred to in the reports listed on said Schedule) or (y) materially interfere with the continued operation of the Real Property which is the site or subject of the violation, notice or release. (c) The Borrower will, and will cause each of its Restricted Subsidiaries to, promptly provide the Administrative Agent with copies of any notice, submittal or documentation provided by the Borrower or BPI in the exercise any of its reasonable discretion) of Restricted Subsidiaries to any Governmental Authority or third party under any Environmental Law regarding if the matter which is the subject of the notice, submittal or other documentation could reasonably be expected to have a Material Adverse Effect. Such notice, submittal or documentation shall be provided to the Administrative Agent promptly and, in any event, within ten Business Days after such material is provided to the Governmental Authority or third party. (d) In the event of the presence of Hazardous Materials on any Real Estate Asset or Borrower’s or BPI’s operations, (ii) upon Borrower’s or BPI’s obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and Property which is material in amount or nature violation of, or which could materially affect the value of such Real Estate Assetreasonably be expected to result in liability under, (iii) upon Borrower’s or BPI’s receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental Laws, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s or BPI’s or any other Person’s operation of any Real Estate Asset, (B) contamination on, from or into any Real Estate Asset, or (C) investigation or remediation of off-site locations at which Borrower or BPI or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, or (iv) upon Borrower’s or BPI’s obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which Borrower or BPI or any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b)each case, to the extent such matters are disclosed violation, or liability, could reasonably be expected to (x) have a Material Adverse Effect, or (y) entitle the lessor of any Real Property with respect to which a Credit Party is the tenant to terminate the subject lease, or (z) materially diminish the value of any Real Property owned by any Credit Party, then, in each case, the Form 10-K referred Borrower or any of its Restricted Subsidiaries, upon discovery thereof, shall take appropriate steps to thereininitiate and expeditiously complete all response, corrective and other action required under any Environmental Laws to mitigate and eliminate any such liability.

Environmental Events. The Borrower will, and will cause BPI to, promptly give notice in writing to the Agent (with copies to the Agent for each Lender) (i) upon Borrower’s, the Subsidiary Guarantor’s or BPIthe Trust’s obtaining knowledge of any material violation (as determined by the Borrower Borrower, the Subsidiary Guarantor or BPI the Trust in the exercise of its reasonable discretion) of any Environmental Law regarding any Real Estate Asset or Borrower’s, the Subsidiary Guarantor’s or BPIthe Trust’s operations, (ii) upon Borrower’s, the Subsidiary Guarantor’s or BPIthe Trust’s obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate Asset, (iii) upon Borrower’s, the Subsidiary Guarantor’s or BPIthe Trust’s receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental LawsLaws or any matter that may be a Disqualifying Environmental Event with respect to any of the Eligible Borrowing Base Properties, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s or BPIthe Trust’s or any other Person’s operation of any Real Estate Asset, (B) contamination on, from or into any Real Estate Asset, or (C) investigation or remediation of off-site locations at which Borrower Borrower, the Subsidiary Guarantor or BPI the Trust or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, or (iv) upon Borrower’s, the Subsidiary Guarantor’s or BPIthe Trust’s obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which Borrower Borrower, the Subsidiary Guarantor or BPI the Trust or any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to therein.

Environmental Events. The Borrower will, and will cause BPI to, promptly give notice in writing to the Agent (i) upon the Borrower’s or BPI’s obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding any Real Estate Asset or the Borrower’s or BPI’s operations, (ii) upon the Borrower’s or BPI’s obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate Asset, (iii) upon the Borrower’s or BPI’s receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental Laws, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) the Borrower’s or BPI’s or any other Person’s operation of any Real Estate Asset, (B) contamination on, from or into any Real Estate Asset, or (C) investigation or remediation of off-site locations at which the Borrower or BPI or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, or (iv) upon the Borrower’s or BPI’s obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which the Borrower or BPI or any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to therein.

Environmental Events. The Borrower will, and will cause BPI to, promptly give notice notify the Agent in writing to (and the Agent shall promptly thereafter notify the Lenders) of any of the following events: (i) upon Borrower’s or BPI’s obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding any property which is subject to any Structured Finance Collateral Asset or any Real Estate Asset or Borrower’s or BPI’s operations, operations which violation could have a Material Adverse Effect; (ii) upon Borrower’s or BPI’s obtaining knowledge of any potential or known Release Release, or threat of Release, of any Hazardous Substance Material at, from, or into any property which is subject to any Structured Finance Collateral Asset or any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate Asset, Structured Finance Collateral Asset or which could have a Material Adverse Effect; (iii) upon Borrower’s or BPI’s receipt of any notice of material violation of any Environmental Laws or of any material Release or threatened Release of Hazardous Substances in violation of any Environmental LawsMaterials, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s or BPI’s or any other Person’s operation of any property which is subject to any Structured Finance Collateral Asset or any Real Estate Assetif the same would have a Material Adverse Effect, (B) contamination on, from or into any property which is subject to any Structured Finance Collateral Asset or any Real Estate Assetif the same would have a Material Adverse Effect, or (C) investigation or remediation of off-site locations at which Borrower or BPI or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, Materials; or (iv) upon Borrower’s or BPI’s obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances Materials with respect to which Borrower or BPI Borrower, Guarantor or any Partially-Owned Real Estate Entity of the Related Companies may be liable or for which a lien may be imposed on a Structured Finance Collateral Asset or any Real Estate property which is subject to any Structured Finance Collateral Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to therein.

Environmental Events. The Borrower will, and will cause BPI to, promptly give notice in writing to the Agent of any of the following, if and to the extent any of the events described in clauses (i) through (iv) below would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole: (i) upon the Borrower’s or BPI’s obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding any Real Estate Asset or the Borrower’s or BPI’s operations, (ii) upon the Borrower’s or BPI’s obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate Asset, (iii) upon the Borrower’s or BPI’s receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental Laws, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) the Borrower’s or BPI’s or any other Person’s operation of any Real Estate Asset, (B) contamination on, from or into any Real Estate Asset, or (C) investigation or remediation of off-site locations at which the Borrower or BPI or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, or (iv) upon the Borrower’s or BPI’s obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which the Borrower or BPI or any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to therein.

Environmental Events. The Borrower will, and will cause BPI to, promptly give notice notify the Agent in writing to of any of the Agent following events: (i) upon Borrower’s or BPI’s 's obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding an Unencumbered Property or an Unencumbered Development Property or any Real Estate Asset or Borrower’s or BPI’s operations, 's operations which violation could have a Material Adverse Effect; (ii) upon Borrower’s or BPI’s 's obtaining knowledge of any potential or known Release Release, or threat of Release, of any Hazardous Substance at, from, or into an Unencumbered Property or an Unencumbered Development Property or any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate Asset, Unencumbered Property or Unencumbered Development Property or which could have a Material Adverse Effect; (iii) upon Borrower’s or BPI’s 's receipt of any notice of material violation of any Environmental Laws or of any material Release or threatened Release of Hazardous Substances in violation of any Environmental LawsSubstances, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s or BPI’s 's or any other Person’s 's operation of an Unencumbered Property or an Unencumbered Development Property or any Real Estate Assetif the same would have a Material Adverse Effect, (B) contamination on, from or into an Unencumbered Property or an Unencumbered Development Property or any Real Estate Assetif the same would have a Material Adverse Effect, or (C) investigation or remediation of off-site locations at which Borrower or BPI or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, ; or (iv) upon Borrower’s or BPI’s 's obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which Borrower or BPI Borrower, any Co-Borrower, the Company or any Partially-Owned Real Estate Entity of the Related Companies may be liable or for which a lien may be imposed on any Real Estate Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets an Unencumbered Property or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to thereinan Unencumbered Development Property.

Environmental Events. The Borrower will, and will cause BPI to, promptly give notice notify the Agent in writing to of any of the Agent following events: (i) upon Borrower’s or BPI’s 's obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding a Mortgaged Property or any Real Estate Asset or Borrower’s or BPI’s operations, 's operations which violation could have a Material Adverse Effect; (ii) upon Borrower’s or BPI’s 's obtaining knowledge of any potential or known Release Release, or threat of Release, of any Hazardous Substance at, from, or into any Real Estate Asset a Mortgaged Property which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate Asset, Mortgaged Property; (iii) upon Borrower’s or BPI’s 's receipt of any notice of material violation of any Environmental Laws or of any material Release or threatened Release of Hazardous Substances in violation of any Environmental LawsSubstances, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s 's or BPI’s any Person's operation of a Mortgaged Property or any other Person’s operation of any Real Estate Assetto the extent it may result in a Material Adverse Effect, (B3) contamination on, from or into a Mortgaged Property or any other Real Estate Assetto the extent it may result in a Material Adverse Effect, or (C) investigation or remediation of off-site locations at which Borrower or BPI or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, ; or (iv) upon Borrower’s or BPI’s 's obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which Borrower or BPI or any Partially-Owned Real Estate Entity of the Related Companies may be liable or for which a lien may be imposed on a Mortgaged Property or any other Real Estate Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed liability may result in the Form 10-K referred to thereina Material Adverse Effect.

Environmental Events. The Borrower will, and will cause BPI to, promptly give notice in writing to the Agent (with copies to the Agent for each Lender) (i) upon Borrower’s, the Subsidiary Guarantor’s, FP Redland Tech’s or BPIthe Trust’s obtaining knowledge of any material violation (as determined by the Borrower Borrower, the Subsidiary Guarantor, FP Redland Tech or BPI the Trust in the exercise of its reasonable discretion) of any Environmental Law regarding any Real Estate Asset or Borrower’s, the Subsidiary Guarantor’s, FP Redland Tech’s or BPIthe Trust’s operations, (ii) upon Borrower’s, the Subsidiary Guarantor’s, FP Redland Tech’s or BPIthe Trust’s obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate Asset, (iii) upon Borrower’s, the Subsidiary Guarantor’s, FP Redland Tech’s or BPIthe Trust’s receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental LawsLaws or any matter that may be a Disqualifying Environmental Event with respect to any of the Eligible Borrowing Base Properties, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s or BPIthe Trust’s or any other Person’s operation of any Real Estate Asset, (B) contamination on, from or into any Real Estate Asset, or (C) investigation or remediation of off-site locations at which Borrower Borrower, the Subsidiary Guarantor, FP Redland Tech or BPI the Trust or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, or (iv) upon Borrower’s, the Subsidiary Guarantor’s, FP Redland Tech’s or BPIthe Trust’s obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which Borrower Borrower, the Subsidiary Guarantor, FP Redland Tech or BPI the Trust or any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to therein.

Environmental Events. The Each Borrower will, and will cause BPI each Guarantor to, promptly give notice in writing to the Agent Bank (i) upon such Borrower’s 's or BPI’s such Guarantor's obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding any Real Estate Asset or such Borrower’s 's or BPI’s operationssuch Guarantor's operations or the operations of any of their Subsidiaries, (ii) upon such Borrower’s 's or BPI’s such Guarantor's obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate AssetEstate, (iii) upon such Borrower’s 's or BPI’s such Guarantor's receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental LawsLaws or any matter that may be a Disqualifying Environmental Event, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) such Borrower’s 's or BPI’s such Guarantor's or any other Person’s 's operation of any Real Estate AssetEstate, (B) contamination on, from or into any Real Estate AssetEstate, or (C) investigation or remediation of off-site locations at which such Borrower or BPI such Guarantor or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, or (iv) upon such Borrower’s 's or BPI’s such Guarantor's obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which such Borrower or BPI such Guarantor or any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate AssetEstate; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its any Borrower, any Guarantor or any of their respective Subsidiaries, taken as or constitutes a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), Disqualifying Environmental Event with respect to the extent such matters are disclosed in the Form 10-K referred to thereinany Unencumbered Property.

Environmental Events. The Borrower will, and will cause BPI to, promptly give notice notify the Agent in writing to of any of the Agent following events: (i) upon Borrower’s or BPI’s 's obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding an Unencumbered Property or an Unencumbered Development Property or any Real Estate Asset or Borrower’s or BPI’s operations, 's operations which violation is reasonably likely to have a Material Adverse Effect; (ii) upon Borrower’s or BPI’s 's obtaining knowledge of any potential or known Release Release, or threat of Release, of any Hazardous Substance at, from, or into an Unencumbered Property or an Unencumbered Development Property or any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate Asset, Unencumbered Property or Unencumbered Development Property or which could have a Material Adverse Effect; (iii) upon Borrower’s or BPI’s 's receipt of any notice of material violation of any Environmental Laws or of any material Release or threatened Release of Hazardous Substances in violation of any Environmental LawsSubstances, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s or BPI’s 's or any other Person’s 's operation of an Unencumbered Property or an Unencumbered Development Property or any Real Estate Assetif the same would have a Material Adverse Effect, (B) contamination on, from or into an Unencumbered Property or an Unencumbered Development Property or any Real Estate Assetif the same would have a Material Adverse Effect, or (C) investigation or remediation of off-site locations at which Borrower or BPI or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, ; or (iv) upon Borrower’s or BPI’s 's obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which Borrower or BPI Borrower, any Guarantor, the Company or any Partially-Owned Real Estate Entity of the Related Companies may be liable or for which a lien may be imposed on any Real Estate Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets an Unencumbered Property or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to thereinan Unencumbered Development Property.

Environmental Events. The Borrower will, and the Trust will cause BPI to, promptly give notice in writing to the Agent (with copies to the Agent for each Lender) (i) upon Borrower’s or BPIthe Trust’s obtaining knowledge of any material violation (as determined by the Borrower or BPI the Trust in the exercise of its reasonable discretion) of any Environmental Law regarding any Real Estate Asset or Borrower’s or BPIthe Trust’s operations, (ii) upon Borrower’s or BPIthe Trust’s obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate Asset, (iii) upon Borrower’s or BPIthe Trust’s receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental LawsLaws or any matter that may be a Disqualifying Environmental Event with respect to any of the Eligible Unencumbered Properties, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s or BPIthe Trust’s or any other Person’s operation of any Real Estate Asset, (B) contamination on, from or into any Real Estate Asset, or (C) investigation or remediation of off-site locations at which Borrower or BPI the Trust or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, or (iv) upon Borrower’s or BPIthe Trust’s obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which Borrower or BPI the Trust or any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to therein.

Environmental Events. The Borrower will, and will cause BPI to, promptly give notice notify the Agent in writing to (and the Agent shall promptly thereafter notify the Lenders) of any of the following events: (i) upon Borrower’s or BPI’s 's obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding any property which is subject to any Structured Finance Collateral Asset or any Real Estate Asset or Borrower’s or BPI’s operations, 's operations which violation could have a Material Adverse Effect; (ii) upon Borrower’s or BPI’s 's obtaining knowledge of any potential or known Release Release, or threat of Release, of any Hazardous Substance Material at, from, or into any property which is subject to any Structured Finance Collateral Asset or any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate Asset, Structured Finance Collateral Asset or which could have a Material Adverse Effect; (iii) upon Borrower’s or BPI’s 's receipt of any notice of material violation of any Environmental Laws or of any material Release or threatened Release of Hazardous Substances in violation of any Environmental LawsMaterials, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s or BPI’s 's or any other Person’s 's operation of any property which is subject to any Structured Finance Collateral Asset or any Real Estate Assetif the same would have a Material Adverse Effect, (B) contamination on, from or into any property which is subject to any Structured Finance Collateral Asset or any Real Estate Assetif the same would have a Material Adverse Effect, or (C) investigation or remediation of off-site locations at which Borrower or BPI or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, Materials; or (iv) upon Borrower’s or BPI’s 's obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances Materials with respect to which Borrower or BPI Borrower, Guarantor or any Partially-Owned Real Estate Entity of the Related Companies may be liable or for which a lien may be imposed on a Structured Finance Collateral Asset or any Real Estate property which is subject to any Structured Finance Collateral Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to therein.

Environmental Events. The Borrower will, and will cause BPI to, promptly give notice Promptly notify the Agent in writing to of any of the Agent following events: (i) upon Borrower’s or BPIany Guarantor’s obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding a Portfolio Property (including any Real Estate Asset Borrowing Base Property) or Borrower’s or BPIany Guarantor’s operations, operations which violation is reasonably likely to have a Material Adverse Effect; (ii) upon Borrower’s or BPIany Guarantor’s obtaining knowledge of any known Release Release, or reasonably likely threat of Release, of any Hazardous Substance Materials at, from, or into a Portfolio Property (including any Real Estate Asset Borrowing Base Property) which it reports in writing or is reportable by it in writing to any governmental authority Governmental Authority and which is material in amount or nature or which reasonably could materially affect the value of such Real Estate Asset, have a Material Adverse Effect; (iii) upon Borrower’s or BPIany Guarantor’s receipt of any notice of material violation of any Environmental Laws or of any material Release or threatened Release of Hazardous Substances in violation of any Environmental Laws2076882.7 Materials, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s or BPIany Guarantor’s or any other Person’s operation of a Portfolio Property (including any Real Estate AssetBorrowing Base Property) if the same would have a Material Adverse Effect, (B) contamination on, from or into an Portfolio Property (including any Real Estate AssetBorrowing Base Property) if the same would have a Material Adverse Effect, or (C) investigation or remediation of off-site locations at which Borrower or BPI Borrower, any Guarantor or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, Materials if the same would have a Material Adverse Effect; or (iv) upon Borrower’s or BPIany Guarantor’s obtaining knowledge that any material expense or loss has been incurred by such governmental authority Governmental Authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances Materials with respect to which Borrower or BPI Borrower, any Guarantor, or any Partially-Owned Real Estate Entity may of the Related Companies is reasonably expected to be liable or for which a lien may is reasonably expected to be imposed on any Real Estate Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to thereinan Borrowing Base Property.

Environmental Events. The (i) Borrower will, and will cause BPI to, promptly give notice in writing to the Agent Lender (i1) upon Borrower’s or BPI’s Borrower obtaining knowledge of any potential or known Release, or threat of Release, of any Hazardous Substances in any material respect at or from the Mortgaged Property; (2) of any violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding any Real Estate Asset that First Mortgage Borrower or Borrower’s or BPI’s operations, (ii) upon Borrower’s or BPI’s obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it Senior Mezzanine Borrower reports in writing or is reportable by it such Person in writing (or for which any written report supplemental to any governmental authority and which oral report is material in amount or nature or which could materially affect the value of such Real Estate Asset, (iiimade) upon Borrower’s or BPI’s receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental Laws, including a notice or claim of liability or potential responsibility from any third party (including without limitation to any federal, state or local governmental officialsenvironmental agency; and (3) and including notice upon becoming aware thereof, of any formal inquiry, proceeding, demandinvestigation, investigation or other action with regard action, including a notice from any agency of potential environmental liability, of any federal, state or local environmental agency or board, that in either case involves the Mortgaged Property or has the potential to materially adversely affect the assets, liabilities, financial conditions or operations of Borrower, Senior Mezzanine Borrower or First Mortgage Borrower or the Lender’s liens or security title on the Collateral pursuant to the Loan Documents. (Aii) Borrower’s Borrower will not permit First Mortgage Borrower or BPI’s Senior Mezzanine Borrower to do any of the following: (1) use any of the Mortgaged Property or any other Person’s operation of any Real Estate Assetportion thereof as a facility for the handling, (B) contamination onprocessing, from storage or into any Real Estate Asset, or (C) investigation or remediation of off-site locations at which Borrower or BPI or any of its predecessors are alleged to have directly or indirectly disposed disposal of Hazardous Substances, except for small quantities of Hazardous Substances used in the ordinary course of business and in compliance with all applicable Environmental Laws and the presence of asbestos or (iv) upon Borrower’s or BPI’s obtaining knowledge that any expense or loss has been incurred by such governmental authority asbestos containing materials located in connection the improvements as of the date hereof which are to be maintained, contained and removed in accordance with the assessmentterms of the First Mortgage Loan Documents and this Agreement, (2) cause or permit to be located on the Mortgaged Property any underground tank or other underground storage receptacle for Hazardous Substances except in full compliance with Environmental Laws, (3) generate any Hazardous Substances on the Mortgaged Property, (4) conduct any activity at the Mortgaged Property or use the Mortgaged Property in any manner so as to cause a Release of Hazardous Substances on, containmentupon or into the Mortgaged Property or any surrounding properties or any threatened Release of Hazardous Substances which might give rise to liability under any Environmental Law, removal or (5) directly or remediation indirectly transport or arrange for the transport of any Hazardous Substances (except in compliance with respect all Environmental Laws). (iii) Borrower shall, if any Release or disposal of Hazardous Substances shall occur or shall have occurred on the Mortgaged Property (including without, limitation, any such Release or disposal occurring prior to which the acquisition of such Mortgaged Property by First Mortgage Borrower), cause First Mortgage Borrower to cause the prompt containment and removal of such Hazardous Substances and remediation of the Mortgaged Property in full compliance with all applicable laws and regulations and to the reasonable satisfaction of the Lender; provided , that Borrower shall be deemed to be in compliance with Environmental Laws for the purpose of this subparagraph (iii) so long as First Mortgage Borrower or BPI a responsible third party with sufficient financial resources is taking reasonable action to remediate or manage any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate Asset; any event of which events described in clauses (i) through (iv) above would have a material adverse effect on noncompliance to the business, assets or financial condition satisfaction of the Borrower Lender and no action shall have been commenced by any enforcement agency. The Lender may engage its Subsidiaries, taken as a whole. As of own Environmental Auditor to review the date hereof, environmental assessments and Borrower’s compliance with the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to thereincovenants contained herein.

Environmental Events. The Borrower will, and will cause BPI -------------------- each Guarantor to, promptly give notice in writing to the Agent (with copies for each Bank) (i) upon Borrower’s 's or BPI’s such Guarantor's obtaining knowledge of any material violation (as determined by the Borrower or BPI such Guarantor in the exercise of its reasonable discretion) of any Environmental Law regarding any Real Estate Asset or Borrower’s 's or BPI’s such Guarantor's operations, (ii) upon Borrower’s 's or BPI’s such Guarantor's obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate Asset, (iii) upon Borrower’s 's or BPI’s such Guarantor's receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental LawsLaws or any matter that may be a Disqualifying Environmental Event, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s 's or BPI’s such Guarantor's or any other Person’s 's operation of any Real Estate Asset, (B) contamination on, from or into any Real Estate Asset, or (C) investigation or remediation of off-site locations at which Borrower or BPI such Guarantor or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, or (iv) upon Borrower’s or BPI’s obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which Borrower or BPI or any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to therein.

Environmental Events. The Each Borrower will, and will cause BPI each Guarantor to, promptly give notice in writing to the Agent (i) upon such Borrower’s 's or BPI’s such Guarantor's obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding affecting any Real Estate Asset or such Borrower’s 's or BPI’s operationssuch Guarantor's operations or the operations of any of their Subsidiaries, (ii) upon such Borrower’s 's or BPI’s such Guarantor's obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially adversely affect the value of such Real Estate AssetEstate, (iii) upon such Borrower’s 's or BPI’s such Guarantor's receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental LawsLaws or any matter that may be a Disqualifying Environmental Event, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) such Borrower’s 's or BPI’s such Guarantor's or any other Person’s 's operation of any Real Estate AssetEstate, (B) contamination on, from or into any Real Estate AssetEstate, or (C) investigation or remediation of off-site locations at which such Borrower or BPI such Guarantor or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, or (iv) upon such Borrower’s 's or BPI’s such Guarantor's obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which such Borrower or BPI such Guarantor or any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate AssetEstate; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets Material Adverse Effect or financial condition of the Borrower and its Subsidiaries, taken as constitute a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), Disqualifying Environmental Event with respect to the extent such matters are disclosed in the Form 10-K referred to thereinany Unencumbered Property.

Environmental Events. The Borrower will, and will cause BPI to, promptly give notice in writing to the Agent (with copies to the Agent for each Bank) (i) upon Borrower’s 's or BPI’s 's obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding any Real Estate Asset or Borrower’s 's or BPI’s 's operations, (ii) upon Borrower’s 's or BPI’s 's obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate Asset, (iii) upon Borrower’s 's or BPI’s 's receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental LawsLaws or any matter that may be a Disqualifying Environmental Event with respect to any of the Borrowing Base Properties, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s 's or BPI’s 's or any other Person’s 's operation of any Real Estate Asset, (B) contamination on, from or into any Real Estate Asset, or (C) investigation or remediation of off-site locations at which Borrower or BPI or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, or (iv) upon Borrower’s 's or BPI’s 's obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which Borrower or BPI or any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole, or constitutes a Disqualifying Environmental Event with respect to any of the Borrowing Base Properties. As of the date hereof, the Borrower has notified the Agent and the Banks of the matters referenced on Schedule 8.5(bSCHEDULE 8.5(B), to the extent such matters are disclosed in the Form 10-K referred to therein.

Environmental Events. The (i) Borrower will, and will cause BPI to, promptly give notice in writing to the Agent Lender (i1) upon Borrower’s or BPI’s Borrower obtaining knowledge of any potential or known Release, or threat of Release, of any Hazardous Substances in any material respect at or from the Mortgaged Property; (2) of any violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding any Real Estate Asset that First Mortgage Borrower or Borrower’s or BPI’s operations, (ii) upon Borrower’s or BPI’s obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it Senior Mezzanine Borrower reports in writing or is reportable by it such Person in writing (or for which any written report supplemental to any governmental authority and which oral report is material in amount or nature or which could materially affect the value of such Real Estate Asset, (iiimade) upon Borrower’s or BPI’s receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental Laws, including a notice or claim of liability or potential responsibility from any third party (including without limitation to any federal, state or local governmental officialsenvironmental agency; and (3) and including notice upon becoming aware thereof, of any formal inquiry, proceeding, demandinvestigation, investigation or other action with regard action, including a notice from any agency of potential environmental liability, of any federal, state or local environmental agency or board, that in either case involves the Mortgaged Property or has the potential to materially adversely affect the assets, liabilities, financial conditions or operations of Borrower, Senior Mezzanine Borrower or First Mortgage Borrower or the Lender’s liens or security title on the Collateral pursuant to the Loan Documents. (Aii) Borrower’s Borrower will not permit First Mortgage Borrower or BPI’s Senior Mezzanine Borrower to do any of the following: (1) use any of the Mortgaged Property or any other Person’s operation of any Real Estate Assetportion thereof as a facility for the handling, (B) contamination onprocessing, from storage or into any Real Estate Asset, or (C) investigation or remediation of off-site locations at which Borrower or BPI or any of its predecessors are alleged to have directly or indirectly disposed disposal of Hazardous Substances, except for small quantities of Hazardous Substances used in the ordinary course of business and in compliance with all applicable Environmental Laws and the presence of asbestos or (iv) upon Borrower’s or BPI’s obtaining knowledge that any expense or loss has been incurred by such governmental authority asbestos containing materials located in connection the improvements as of the date hereof which are to be maintained, contained and removed in accordance with the assessmentterms of the First Mortgage Loan Documents and this Agreement, (2) cause or permit to be located on the Mortgaged Property any underground tank or other underground storage receptacle for Hazardous Substances except in full compliance with Environmental Laws, (3) generate any Hazardous Substances on the Mortgaged Property, (4) conduct any activity at the Mortgaged Property or use the Mortgaged Property in any manner so as to cause a Release of Hazardous Substances on, containmentupon or into the Mortgaged Property or any surrounding properties or any threatened Release of Hazardous Substances which might give rise to liability under any Environmental Law, removal or (5) directly or remediation indirectly transport or arrange for the transport of any Hazardous Substances (except in compliance with respect all Environmental Laws). (iii) Borrower shall, if any Release or disposal of Hazardous Substances shall occur or shall have occurred on the Mortgaged Property (including without, limitation, any such Release or disposal occurring prior to which the acquisition of such Mortgaged Property by First Mortgage Borrower), cause First Mortgage Borrower to cause the prompt containment and removal of such Hazardous Substances and remediation of the Mortgaged Property in full compliance with all applicable laws and regulations and to the reasonable satisfaction of the Lender; provided, that Borrower shall be deemed to be in compliance with Environmental Laws for the purpose of this subparagraph (iii) so long as First Mortgage Borrower or BPI a responsible third party with sufficient financial resources is taking reasonable action to remediate or manage any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate Asset; any event of which events described in clauses (i) through (iv) above would have a material adverse effect on noncompliance to the business, assets or financial condition satisfaction of the Borrower Lender and no action shall have been commenced by any enforcement agency. The Lender may engage its Subsidiaries, taken as a whole. As of own Environmental Auditor to review the date hereof, environmental assessments and Borrower’s compliance with the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to thereincovenants contained herein.

Environmental Events. The Borrower will promptly give notice to each of the Agents and each of the Banks (a) of any violation of any Environmental Law that the Borrower or any of its Subsidiaries reports in writing or is reportable by such Person in writing (or for which any written report supplemental to any oral report is made) to any federal, state or local environmental agency and (b) upon becoming aware thereof, of any inquiry, proceeding, investigation, or other action, including a notice from any agency of potential environmental liability, of any federal, state or local environmental agency or board, that has the potential to materially affect the assets, liabilities, financial conditions or operations of the Borrower or any of its Subsidiaries, or the Collateral Agent's mortgages, deeds of trust or security interests pursuant to the Security Documents. Notification of Claim against Collateral. The Borrower will, immediately upon becoming aware thereof, notify each of the Agents and each of the Banks in writing of any setoff, claims (including, with respect to the Real Estate, environmental claims), withholdings or other defenses to which any of the Collateral, or the Collateral Agent's rights with respect to the Collateral, are subject. The Borrower will, immediately upon becoming aware thereof, notify each of the Agents and each of the Banks in writing of any proposed sale or 115 transfer of any Permitted Inventory Location by the owner thereof. Notice of Litigation and Judgments. The Borrower will, and will cause BPI each of its Subsidiaries to, promptly give notice to each of the Agents and each of the Banks in writing to the Agent within fifteen (i15) upon Borrower’s or BPI’s obtaining knowledge days of becoming aware of any material violation (as determined by the Borrower litigation or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding any Real Estate Asset or Borrower’s or BPI’s operations, (ii) upon Borrower’s or BPI’s obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it reports proceedings threatened in writing or is reportable by it in writing to any governmental authority pending litigation and which is material in amount or nature or which could materially affect proceedings affecting the value of such Real Estate Asset, (iii) upon Borrower’s or BPI’s receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental Laws, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s or BPI’s or any other Person’s operation of any Real Estate Asset, (B) contamination on, from or into any Real Estate Asset, or (C) investigation or remediation of off-site locations at which Borrower or BPI or any of its predecessors are alleged Subsidiaries or to which the Borrower or any of its Subsidiaries is or becomes a party involving an uninsured claim against the Borrower or any of its Subsidiaries that could reasonably be expected to have directly or indirectly disposed of Hazardous Substances, or (iv) upon Borrower’s or BPI’s obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which Borrower or BPI or any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate Asset; any of which events described in clauses (i) through (iv) above would have a material materially adverse effect on the businessBorrower or any of its Subsidiaries and stating the nature and status of such litigation or proceedings. The Borrower will, assets or financial condition and will cause each of its Subsidiaries to, give notice to each of the Borrower Agents and its Subsidiaries, taken as a whole. As each of the date hereofBanks, in writing, in form and detail satisfactory to the Agents, within ten (10) days of any judgment not covered by insurance, final or otherwise, against the Borrower has notified the Agent or any of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed its Subsidiaries in the Form 10-K referred to thereinan amount in excess of $500,000.00. Corporate Existence; Maintenance of Properties.

Environmental Events. The Borrower Representative will, and will cause BPI each Guarantor to, promptly give notice in writing to the Administrative Agent (i) upon such Borrower’s or BPIsuch Guarantor’s obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding any Real Estate Asset or such Borrower’s or BPIsuch Guarantor’s operationsoperations or the operations of any of their Subsidiaries, (ii) upon such Borrower’s or BPIsuch Guarantor’s obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate AssetEstate, (iii) upon such Borrower’s or BPIsuch Guarantor’s receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental LawsLaws or any matter that may be a Disqualifying Environmental Event, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) such Borrower’s or BPIsuch Guarantor’s or any other Person’s operation of any Real Estate AssetEstate, (B) contamination on, from or into any Real Estate AssetEstate, or (C) investigation or remediation of off-site locations at which Borrower or BPI such Borrower, such Guarantor any Subsidiary or any of its their respective predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, or (iv) upon such Borrower’s or BPIsuch Guarantor’s obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which such Borrower or BPI , such Guarantor any Subsidiary or any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate AssetEstate; any of which events described in clauses (i) through (iv) above would could reasonably be expected to have a material adverse effect on the businessMaterial Adverse Effect, assets or financial condition of the Borrower and its Subsidiaries, taken as constitutes a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), Disqualifying Environmental Event with respect to the extent such matters are disclosed in the Form 10-K referred to thereinany Unencumbered Property.

Environmental Events. The Borrower will, and will cause BPI to, promptly give notice notify Agent in writing to (and Agent shall promptly thereafter notify the Agent Lenders) of any of the following events: (i) upon Borrower’s or BPI’s obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding an Unencumbered Asset or any Real Estate Asset or Borrower’s or BPI’s operations, operations which violation could have a Material Adverse Effect; (ii) upon Borrower’s or BPI’s obtaining knowledge of any potential or known Release Release, or threat of Release, of any Hazardous Substance Material at, from, or into an Unencumbered Asset or any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate Asset, Unencumbered Asset or which could have a Material Adverse Effect; (iii) upon Borrower’s or BPI’s receipt of any notice of material violation of any Environmental Laws or of any material Release or threatened Release of Hazardous Substances in violation of any Environmental LawsMaterials, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s or BPI’s or any other Person’s operation of an Unencumbered Asset or any Real Estate Assetif the same would have a Material Adverse Effect, (B) contamination on, from or into an Unencumbered Asset or any Real Estate Assetif the same would have a Material Adverse Effect, or (C) investigation or remediation of off-site locations at which Borrower or BPI or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, Materials; or (iv) upon Borrower’s or BPI’s obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances Materials with respect to which Borrower or BPI Borrower, Guarantor or any Partially-Owned Real Estate Entity of the Related Companies may be liable or for which a lien may be imposed on any Real Estate an Unencumbered Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to therein.

Environmental Events. The Borrower will, and will cause BPI to, promptly give notice notify the Agent in writing to of any of the Agent following events: (i) upon Borrower’s or BPI’s 's obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding a Mortgaged Property or any Real Estate Asset or Borrower’s or BPI’s operations, 's operations which violation could have a Material Adverse Effect; (ii) upon Borrower’s or BPI’s 's obtaining knowledge of any potential or known Release Release, or threat of Release, of any Hazardous Substance at, from, or into a Mortgaged Property or any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate Asset, Mortgaged Property or which could have a Material Adverse Effect; (iii) upon Borrower’s or BPI’s 's receipt of any notice of material violation of any Environmental Laws or of any material Release or threatened Release of Hazardous Substances in violation of any Environmental LawsSubstances, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s or BPI’s 's or any other Person’s 's operation of a Mortgaged Property or any Real Estate Assetif the same would have a Material Adverse Effect, (B3) contamination on, from or into a Mortgaged Property or any Real Estate Assetif the same would have a Material Adverse Effect, or (C) investigation or remediation of off-site locations at which Borrower or BPI or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, ; or (iv) upon Borrower’s or BPI’s 's obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which Borrower or BPI Borrower, Guarantor or any Partially-Owned Real Estate Entity of the Related Companies may be liable or for which a lien may be imposed on any Real Estate Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to thereinMortgaged Property.

Environmental Events. The Borrower will, and the Trust will cause BPI to, promptly give notice in writing to the Agent (with copies to the Agent for each Lender) (i) upon Borrower’s or BPIthe Trust’s obtaining knowledge of any material violation (as determined by the Borrower or BPI the Trust in the exercise of its reasonable discretion) of any Environmental Law regarding any Real Estate Asset or Borrower’s or BPIthe Trust’s operations, (ii) upon Borrower’s or BPIthe Trust’s obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate Asset, (iii) upon Borrower’s or BPIthe Trust’s receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental LawsLaws or any matter that may be a Disqualifying Environmental Event with respect to any of the Eligible Unencumbered Properties, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s or BPIthe Trust’s or any other Person’s operation of any Real Estate Asset, (B) contamination on, from or into any Real Estate Asset, or (C) investigation or remediation of off-site locations at which Borrower or BPI the Trust or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, or (iv) upon Borrower’s or BPIthe Trust’s obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which Borrower or BPI the Trust or any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to therein.

Environmental Events. The Borrower will, and will cause BPI to, promptly give notice notify Agent in writing to (and Agent shall promptly thereafter notify the Agent Lenders) of any of the following events: (i) upon Borrower’s or BPI’s 's obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding an Unencumbered Asset or any Real Estate Asset or Borrower’s or BPI’s operations, 's operations which violation could have a Material Adverse Effect; (ii) upon Borrower’s or BPI’s 's obtaining knowledge of any potential or known Release Release, or threat of Release, of any Hazardous Substance Material at, from, or into an Unencumbered Asset or any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate Asset, Unencumbered Asset or which could have a Material Adverse Effect; (iii) upon Borrower’s or BPI’s 's receipt of any notice of material violation of any Environmental Laws or of any material Release or threatened Release of Hazardous Substances in violation of any Environmental LawsMaterials, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s or BPI’s 's or any other Person’s 's operation of an Unencumbered Asset or any Real Estate Assetif the same would have a Material Adverse Effect, (B) contamination on, from or into an Unencumbered Asset or any Real Estate Assetif the same would have a Material Adverse Effect, or (C) investigation or remediation of off-site locations at which Borrower or BPI or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, Materials; or (iv) upon Borrower’s or BPI’s 's obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances Materials with respect to which Borrower or BPI Borrower, Guarantor or any Partially-Owned Real Estate Entity of the Related Companies may be liable or for which a lien may be imposed on any Real Estate an Unencumbered Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to therein.

Environmental Events. The Borrower will, and will cause BPI to, promptly give notice notify the Agent in writing to of any of the Agent following events: (i) upon Borrower’s or BPI’s 's obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding a Mortgaged Property or any Real Estate Asset or Borrower’s 's operations which violation could have a material adverse effect on the business or BPI’s operations, financial condition of the Borrower; (ii) upon Borrower’s or BPI’s 's obtaining knowledge of any potential or known Release Release, or threat of Release, of any Hazardous Substance at, from, or into any Real Estate Asset a Mortgaged Property which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate Asset, Mortgaged Property; (iii) upon Borrower’s or BPI’s 's receipt of any notice of material violation of any Environmental Laws or of any material Release or threatened Release of Hazardous Substances in violation of any Environmental LawsSubstances, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s 's or BPI’s any Person's operation of a Mortgaged Property or any other Person’s operation of any Real Estate Assetto the extent it may result in a material adverse effect on the business or financial condition of the Borrower, (B) contamination on, from or into a Mortgaged Property or any other Real Estate Assetto the extent it may result in a material adverse effect on the business or financial condition of the Borrower, or (C) investigation or remediation of off-site locations at which Borrower or BPI or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, ; or (iv) upon Borrower’s or BPI’s 's obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which Borrower or BPI or any Partially-Owned Real Estate Entity of the Related Companies may be liable or for which a lien may be imposed on a Mortgaged Property or any other Real Estate Asset; any of which events described to the extent such liability may result in clauses (i) through (iv) above would have a material adverse effect on the business, assets business or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to thereinBorrower.

Environmental Events. The Each Borrower will, and will cause BPI each Guarantor to, promptly give notice in writing to the Administrative Agent (i) upon such Borrower’s 's or BPI’s such Guarantor's obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding any Real Estate Asset or such Borrower’s 's or BPI’s operationssuch Guarantor's operations or the operations of any of their Subsidiaries, (ii) upon such Borrower’s 's or BPI’s such Guarantor's obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate AssetEstate, (iii) upon such Borrower’s 's or BPI’s such Guarantor's receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental LawsLaws or any matter that may be a Disqualifying Environmental Event, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) such Borrower’s 's or BPI’s such Guarantor's or any other Person’s 's operation of any Real Estate AssetEstate, (B) contamination on, from or into any Real Estate AssetEstate, or (C) investigation or remediation of off-site locations at which Borrower or BPI such Borrower, such Guarantor any Subsidiary or any of its their respective predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, or (iv) upon such Borrower’s 's or BPI’s such Guarantor's obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which such Borrower or BPI , such Guarantor any Subsidiary or any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate AssetEstate; any of which events described in clauses (i) through (iv) above would could reasonably be expected to have a material adverse effect on the businessMaterial Adverse Effect, assets or financial condition of the Borrower and its Subsidiaries, taken as constitutes a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), Disqualifying Environmental Event with respect to the extent such matters are disclosed in the Form 10-K referred to thereinany Unencumbered Property.

Environmental Events. The Borrower will, and will cause BPI to, promptly give notice in writing to the Agent of any of the following, if and to the extent any of the events described in clauses (i) through (iv) below would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole: (i) upon the Borrower’s or BPI’s obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding any Real Estate Asset or the Borrower’s or BPI’s operations, (ii) upon the Borrower’s or BPI’s obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate Asset, (iii) upon the Borrower’s or BPI’s receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental Laws, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) the Borrower’s or BPI’s or any other Person’s operation of any Real Estate Asset, (B) contamination on, from or into any Real Estate Asset, or (C) investigation or remediation of off-site locations at which the Borrower or BPI or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, or (iv) upon the Borrower’s or BPI’s obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which the Borrower or BPI or any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to therein.

Environmental Events. The Borrower will, and will cause BPI to, promptly give notice notify the Agent in writing to (and the Agent shall promptly thereafter notify the Lenders) of any of the following events: (i) upon Borrower’s or BPI’s obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding an Unencumbered Asset or any Real Estate Asset or Borrower’s or BPI’s operations, operations which violation could have a Material Adverse Effect; (ii) upon Borrower’s or BPI’s obtaining knowledge of any potential or known Release Release, or threat of Release, of any Hazardous Substance Material at, from, or into an Unencumbered Asset or any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate Asset, Unencumbered Asset or which could have a Material Adverse Effect; (iii) upon Borrower’s or BPI’s receipt of any notice of material violation of any Environmental Laws or of any material Release or threatened Release of Hazardous Substances in violation of any Environmental LawsMaterials, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s or BPI’s or any other Person’s operation of an Unencumbered Asset or any Real Estate Assetif the same would have a Material Adverse Effect, (B) contamination on, from or into an Unencumbered Asset or any Real Estate Assetif the same would have a Material Adverse Effect, or (C) investigation or remediation of off-site locations at which Borrower or BPI or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, Materials; or (iv) upon Borrower’s or BPI’s obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances Materials with respect to which Borrower or BPI Borrower, Guarantor or any Partially-Owned Real Estate Entity of the Related Companies may be liable or for which a lien may be imposed on any Real Estate an Unencumbered Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to therein.

Environmental Events. The Borrower will, and will cause BPI to, promptly give notice in writing to the Agent (with copies to the Agent for each Bank) (i) upon Borrower’s 's or BPI’s 's obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding any Real Estate Asset or Borrower’s 's or BPI’s 's operations, (ii) upon Borrower’s 's or BPI’s 's obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it reports in writing or is -55- reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate Asset, (iii) upon Borrower’s 's or BPI’s 's receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental LawsLaws or any matter that may be a Disqualifying Environmental Event with respect to any of the Borrowing Base Properties, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s 's or BPI’s 's or any other Person’s 's operation of any Real Estate Asset, (B) contamination on, from or into any Real Estate Asset, or (C) investigation or remediation of off-site locations at which Borrower or BPI or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, or (iv) upon Borrower’s 's or BPI’s 's obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which Borrower or BPI or any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole, or constitutes a Disqualifying Environmental Event with respect to any of the Borrowing Base Properties. As of the date hereof, the Borrower has notified the Agent and the Banks of the matters referenced on Schedule SCHEDULE 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to therein.

Environmental Events. The Borrower will, and will cause BPI to, promptly give notice notify the Agent in writing to (and the Agent shall promptly thereafter notify the Lenders) of any of the following events: (i) upon Borrower’s or BPI’s 's obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding an Unencumbered Asset or any Real Estate Asset or Borrower’s or BPI’s operations, 's operations which violation could have a Material Adverse Effect; (ii) upon Borrower’s or BPI’s 's obtaining knowledge of any potential or known Release Release, or threat of Release, of any Hazardous Substance Material at, from, or into an Unencumbered Asset or any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate Asset, Unencumbered Asset or which could have a Material Adverse Effect; (iii) upon Borrower’s or BPI’s 's receipt of any notice of material violation of any Environmental Laws or of any material Release or threatened Release of Hazardous Substances in violation of any Environmental LawsMaterials, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s or BPI’s 's or any other Person’s 's operation of an Unencumbered Asset or any Real Estate Assetif the same would have a Material Adverse Effect, (B) contamination on, from or into an Unencumbered Asset or any Real Estate Assetif the same would have a Material Adverse Effect, or (C) investigation or remediation of off-site locations at which Borrower or BPI or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, Materials; or (iv) upon Borrower’s or BPI’s 's obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances Materials with respect to which Borrower or BPI Borrower, Guarantor or any Partially-Owned Real Estate Entity of the Related Companies may be liable or for which a lien may be imposed on any Real Estate an Unencumbered Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to therein.

Environmental Events. The Each Borrower will, and will cause BPI each Guarantor to, promptly give notice in writing to the Administrative Agent (i) upon such Borrower’s or BPIsuch Guarantor’s obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding any Real Estate Asset or such Borrower’s or BPIsuch Guarantor’s operationsoperations or the operations of any of their Subsidiaries, (ii) upon such Borrower’s or BPIsuch Guarantor’s obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate AssetEstate, (iii) upon such Borrower’s or BPIsuch Guarantor’s receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental LawsLaws or any matter that may be a Disqualifying Environmental Event, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) such Borrower’s or BPIsuch Guarantor’s or any other Person’s operation of any Real Estate AssetEstate, (B) contamination on, from or into any Real Estate AssetEstate, or (C) investigation or remediation of off-site locations at which Borrower or BPI such Borrower, such Guarantor any Subsidiary or any of its their respective predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, or (iv) upon such Borrower’s or BPIsuch Guarantor’s obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which such Borrower or BPI , such Guarantor any Subsidiary or any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate AssetEstate; any of which events described in clauses (i) through (iv) above would could reasonably be expected to have a material adverse effect on the businessMaterial Adverse Effect, assets or financial condition of the Borrower and its Subsidiaries, taken as constitutes a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), Disqualifying Environmental Event with respect to the extent such matters are disclosed in the Form 10-K referred to thereinany Unencumbered Property.

Environmental Events. The Borrower will, and will cause BPI to, promptly give notice in writing to the Agent (i) upon Borrower’s, the Subsidiary Guarantor’s or BPIthe Trust’s obtaining knowledge of any material violation (as determined by the Borrower Borrower, the Subsidiary Guarantor or BPI the Trust in the exercise of its reasonable discretion) of any Environmental Law regarding any Real Estate Asset or Borrower’s, the Subsidiary Guarantor’s or BPIthe Trust’s operations, (ii) upon Borrower’s, the Subsidiary Guarantor’s or BPIthe Trust’s obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature could reasonably be expected to be a Disqualifying Environmental Event, with respect to any of the Eligible Borrowing Base Properties or which could materially affect the value of such Real Estate Assetreasonably be expected to have a Material Adverse Effect, (iii) upon Borrower’s, the Subsidiary Guarantor’s or BPIthe Trust’s receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental LawsLaws or any matter that could reasonably be expected to be a Disqualifying Environmental Event with respect to any of the Eligible Borrowing Base Properties, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s or BPIthe Trust’s or any other Person’s operation of any Real Estate Assetsuch Eligible Borrowing Base Property, (B) contamination on, from or into any Real Estate AssetEligible Borrowing Base Property, or (C) investigation or remediation of off-site locations at which Borrower Borrower, the Subsidiary Guarantor or BPI the Trust or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, or (iv) upon Borrower’s, the Subsidiary Guarantor’s or BPIthe Trust’s obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which Borrower Borrower, the Subsidiary Guarantor or BPI the Trust or any Subsidiary or Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to therein.

Environmental Events. The Borrower will, and the Trust will cause BPI to, promptly give notice in writing to the Agent (with copies to the Agent for each Lender) (i) upon Borrower’s 's or BPI’s the Trust's obtaining knowledge of any material violation (as determined by the Borrower or BPI the Trust in the exercise of its reasonable discretion) of any Environmental Law regarding any Real Estate Asset or Borrower’s 's or BPI’s the Trust's operations, (ii) upon Borrower’s 's or BPI’s the Trust's obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate Asset, (iii) upon Borrower’s 's or BPI’s the Trust's receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental LawsLaws or any matter that may be a Disqualifying Environmental Event with respect to any of the Eligible Unencumbered Properties, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s 's or BPI’s the Trust's or any other Person’s 's operation of any Real Estate Asset, (B) contamination on, from or into any Real Estate Asset, or (C) investigation or remediation of off-site locations at which Borrower or BPI the Trust or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, or (iv) upon Borrower’s 's or BPIthe Trust’s obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which Borrower or BPI the Trust or any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to therein.

Environmental Events. The Borrower will, and will cause BPI to, promptly give notice notify the Agent in writing to of any of the Agent following events: (i) upon Borrower’s or BPI’s 's obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding an Unencumbered Property or an Unencumbered Development Property or any Real Estate Asset or Borrower’s or BPI’s operations, 's operations which violation could have a Material Adverse Effect; (ii) upon Borrower’s or BPI’s 's obtaining knowledge of any potential or known Release Release, or threat of Release, of any Hazardous Substance at, from, or into an Unencumbered Property or an Unencumbered Development Property or any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate Asset, Unencumbered Property or Unencumbered Development Property or which could have a Material Adverse Effect; (iii) upon Borrower’s or BPI’s 's receipt of any notice of material violation of any Environmental Laws or of any material Release or threatened Release of Hazardous Substances in violation of any Environmental LawsSubstances, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s or BPI’s 's or any other Person’s 's operation of an Unencumbered Property or an Unencumbered Development Property or any Real Estate Assetif the same would have a Material Adverse Effect, (B) contamination on, from or into an Unencumbered Property or an Unencumbered Development Property or any Real Estate Assetif the same would have a Material Adverse Effect, or (C) investigation or remediation of off-site locations at which Borrower or BPI or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, ; or (iv) upon Borrower’s or BPI’s 's obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which Borrower or BPI Borrower, Guarantor or any Partially-Owned Real Estate Entity of the Related Companies may be liable or for which a lien may be imposed on any Real Estate Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets an Unencumbered Property or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to thereinan Unencumbered Development Property.

Environmental Events. The Borrower will, and the Trust will cause BPI to, promptly give notice in writing to the Agent (with copies to the Agent for each Lender) (i) upon Borrower’s or BPIthe Trust’s obtaining knowledge of any material violation (as determined by the Borrower or BPI the Trust in the exercise of its reasonable discretion) of any Environmental Law regarding any Real Estate Asset or Borrower’s or BPIthe Trust’s operations, (ii) upon Borrower’s or BPIthe Trust’s obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate Asset, (iii) upon Borrower’s or BPIthe Trust’s receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental LawsLaws or any matter that may be a Disqualifying Environmental Event with respect to any of the Collateral Properties, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s or BPIthe Trust’s or any other Person’s operation of any Real Estate Asset, (B) contamination on, from or into any Real Estate Asset, or (C) investigation or remediation of off-site locations at which Borrower or BPI the Trust or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, or (iv) upon Borrower’s or BPIthe Trust’s obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which Borrower or BPI the Trust or any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to therein.

Environmental Events. The Borrower will, and will cause BPI to, promptly give notice in writing to the Agent (with copies to the Agent for each Lender) (i) upon Borrower’s, the Subsidiary Guarantor’s or BPIthe Trust’s obtaining knowledge of any material violation (as determined by the Borrower Borrower, the Subsidiary Guarantor or BPI the Trust in the exercise of its reasonable discretion) of any Environmental Law regarding any Real Estate Asset or Borrower’s, the Subsidiary Guarantor’s or BPIthe Trust’s operations, (ii) upon Borrower’s, the Subsidiary Guarantor’s or BPIthe Trust’s obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate AssetAssetcould reasonably be expected to be a Disqualifying Environmental Event, with respect to any of the Eligible Borrowing Base Properties or which could reasonably be expected to have a Material Adverse Effect, (iii) upon Borrower’s, the Subsidiary Guarantor’s or BPIthe Trust’s receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental LawsLaws or any matter that maycould reasonably be expected to be a Disqualifying Environmental Event with respect to any of the Eligible Borrowing Base Properties, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s or BPIthe Trust’s or any other Person’s operation of any Real Estate AssetAssetsuch Eligible Borrowing Base Property, (B) contamination on, from or into any Real Estate AssetAssetEligible Borrowing Base Property, or (C) investigation or remediation of off-site locations at which Borrower Borrower, the Subsidiary Guarantor or BPI the Trust or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, or (iv) upon Borrower’s, the Subsidiary Guarantor’s or BPIthe Trust’s obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which Borrower Borrower, the Subsidiary Guarantor or BPI the Trust or any Subsidiary or Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to therein.

Environmental Events. The Borrower (a) Holdings will, and will cause BPI each of its Subsidiaries to, comply with any and all Environmental Laws, other than noncompliance which could not reasonably be expected to result in liability under Environmental Laws which would have a Material Adverse Effect; PROVIDED that Holdings will, and will cause each of its Subsidiaries to, comply with any and all Environmental Laws, to the extent any noncompliance would (x) constitute or create a default under any lease of Real Property as to which a Credit Party is a tenant which would entitle the lessor of such Real Property to terminate said lease or (y) materially diminish the value of any Real Property owned by any Credit Party. (b) Holdings will, and will cause each of its Subsidiaries to, promptly give notice in writing to the Administrative Agent upon becoming aware thereof (i) upon Borrower’s or BPI’s obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding any Real Estate Asset or Borrower’s or BPI’s operationsLaw, (ii) upon Borrower’s any Environmental Notice or BPI’s obtaining knowledge of (iii) any known Release release or threatened release of any Hazardous Substance Material at, fromon, into, under or from any Real Property or any facility or equipment thereat in excess of reportable or allowable standards or levels under any Environmental Law, or into in a manner and/or amount which could reasonably be expected to either (x) result in liability under any Environmental Law, in each case, in excess of $500,000 individually or in the aggregate with any other liability under any Environmental Laws (other than any such events disclosed in Schedule 5.21 or referred to in the reports listed on said Schedule) or (y) materially interfere with the continued operation of the Real Property which is the site or subject of the violation, notice or release. (c) Holdings will, and will cause each of its Subsidiaries to, promptly provide the Administrative Agent with copies of any notice, submittal or documentation provided by Holdings or any of its Subsidiaries to any Governmental Authority or third party under any Environmental Law if the matter which is the subject of the notice, submittal or other documentation could reasonably be expected to have a Material Adverse Effect. Such notice, submittal or documentation shall be provided to the Administrative Agent promptly and, in any event, within ten Business Days after such material is provided to the Governmental Authority or third party. (d) In the event of the presence of Hazardous Materials on any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and Property which is material in amount or nature violation of, or which could materially affect the value of such Real Estate Assetreasonably be expected to result in liability under, (iii) upon Borrower’s or BPI’s receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental Laws, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s or BPI’s or any other Person’s operation of any Real Estate Asset, (B) contamination on, from or into any Real Estate Asset, or (C) investigation or remediation of off-site locations at which Borrower or BPI or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, or (iv) upon Borrower’s or BPI’s obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which Borrower or BPI or any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b)each case, to the extent such matters are disclosed violation, or liability, could reasonably be expected to (x) have a Material Adverse Effect, or (y) entitle the lessor of any Real Property with respect to which a Credit Party is the tenant to terminate the subject lease, or (z) materially diminish the value of any Real Property owned by any Credit Party, then, in each case, Holdings or any of its Subsidiaries, upon discovery thereof, shall take appropriate steps to initiate and expeditiously complete all response, corrective and other action required under any Environmental Laws to mitigate and eliminate any such liability. (e) The Borrower will furnish or cause to be furnished to each Bank, within six months of the Form 10-K referred Effective Date, a report detailing the progress being made towards addressing outstanding environmental issues pertaining to thereinthe Real Properties as identified by ERM -- Rocky Mountain, Inc. in its report entitled "Review of Previous Environmental Assessments of Color Spot Properties and Limited Site Investigation of the Fallbrook Property" dated December 23, 1996.

Environmental Events. The Borrower will, and will cause BPI each Guarantor to, promptly give notice in writing to the Agent (with copies for each Bank) (i) upon Borrower’s 's or BPI’s such Guarantor's obtaining knowledge of any material violation (as determined by the Borrower or BPI such Guarantor in the exercise of its reasonable discretion) of any Environmental Law regarding any Real Estate Asset or Borrower’s 's or BPI’s such Guarantor's operations, (ii) upon Borrower’s 's or BPI’s such Guarantor's obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate Asset, (iii) upon Borrower’s 's or BPI’s such Guarantor's receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental LawsLaws or any matter that may be a Disqualifying Environmental Event, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s 's or BPI’s such Guarantor's or any other Person’s 's operation of any Real Estate Asset, (B) contamination on, from or into any Real Estate Asset, or (C) investigation or remediation of off-site locations at which Borrower or BPI such Guarantor or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, or (iv) upon Borrower’s 's or BPI’s such Guarantor's obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which Borrower or BPI such Guarantor or any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), or constitutes a Disqualifying Environmental Event with respect to the extent such matters are disclosed in the Form 10-K referred to thereinany Unencumbered Asset.

Environmental Events. The Borrower will, and will cause BPI each Guarantor to, promptly give notice in writing to the Administrative Agent (i) upon the Borrower’s 's or BPI’s such Guarantor's obtaining knowledge of any material violation (as determined by the Borrower or BPI in the exercise of its reasonable discretion) of any Environmental Law regarding affecting any Real Estate Asset or the Borrower’s 's or BPI’s operationssuch Guarantor's operations or the operations of any of their Subsidiaries, (ii) upon the Borrower’s 's or BPI’s such Guarantor's obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially adversely affect the value of such Real Estate AssetEstate, (iii) upon the Borrower’s 's or BPI’s such Guarantor's receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental LawsLaws or any matter that may be a Disqualifying Environmental Event, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) the Borrower’s 's or BPI’s such Guarantor's or any other Person’s 's operation of any Real Estate AssetEstate, (B) contamination on, from or into any Real Estate AssetEstate, or (C) investigation or remediation of off-site locations at which the Borrower or BPI such Guarantor or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, or (iv) upon the Borrower’s 's or BPI’s such Guarantor's obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which the Borrower or BPI such Guarantor or any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate AssetEstate; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets Material Adverse Effect or financial condition of the Borrower and its Subsidiaries, taken as constitute a wholeDisqualifying Environmental Event with respect to any Unencumbered Property. As of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to therein.435

Environmental Events. The Borrower will, and will -------------------- cause BPI the Guarantor to, promptly give notice in writing to the Agent (with copies to the Agent for each Bank) (i) upon Borrower’s 's or BPI’s Guarantor's obtaining knowledge of any material violation (as determined by the Borrower or BPI Guarantor in the exercise of its reasonable discretion) of any Environmental Law regarding any Real Estate Asset or Borrower’s 's or BPI’s Guarantor's operations, (ii) upon Borrower’s 's or BPI’s Guarantor's obtaining knowledge of any known Release of any Hazardous Substance at, from, or into any Real Estate Asset which it reports in writing or is reportable by it in writing to any governmental authority and which is material in amount or nature or which could materially affect the value of such Real Estate Asset, (iii) upon Borrower’s 's or BPI’s such Guarantor's receipt of any notice of material violation of any Environmental Laws or of any material Release of Hazardous Substances in violation of any Environmental LawsLaws or any matter that may be a Disqualifying Environmental Event with respect to any of the Borrowing Base Properties, including a notice or claim of liability or potential responsibility from any third party (including without limitation any federal, state or local governmental officials) and including notice of any formal inquiry, proceeding, demand, investigation or other action with regard to (A) Borrower’s 's or BPI’s such Guarantor's or any other Person’s 's operation of any Real Estate Asset, (B) contamination on, from or into any Real Estate Asset, or (C) investigation or remediation of off-site locations at which Borrower or BPI such Guarantor or any of its predecessors are alleged to have directly or indirectly disposed of Hazardous Substances, or (iv) upon Borrower’s 's or BPI’s such Guarantor's obtaining knowledge that any expense or loss has been incurred by such governmental authority in connection with the assessment, containment, removal or remediation of any Hazardous Substances with respect to which Borrower or BPI such Guarantor or any Partially-Owned Real Estate Entity may be liable or for which a lien may be imposed on any Real Estate Asset; any of which events described in clauses (i) through (iv) above would have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole. As , or constitutes a Disqualifying Environmental Event with respect to any of the date hereof, the Borrower has notified the Agent of the matters referenced on Schedule 8.5(b), to the extent such matters are disclosed in the Form 10-K referred to thereinBorrowing Base Properties.