Common use of KBS REIT Covenant Compliance Clause in Contracts

KBS REIT Covenant Compliance. KBS REIT’s failure to satisfy any covenant contained in Exhibit F shall constitute an Event of Default hereunder unless within thirty (30) days after the earlier of the date on which (i) written notice of such failure is delivered by Lender to Borrower, or (ii) Borrower fails to deliver a KBS REIT Compliance Certificate when and as required by Section 6.2(a) above, which certificate (if delivered) would have indicated that KBS REIT was not in compliance with one or more of such covenants, either (A) KBS REIT corrects any non-compliance issues to Lender’s satisfaction, or (B) Borrower repays principal outstanding under the Loan in an amount necessary to cause Compliance Ratio to be less than or equal to fifty percent (50%); provided that Borrower acknowledges a cure under this subsection (o) shall not obviate any Borrower obligation to comply with similar covenants under loans secured by the Other Security Agreements. An Event of Default shall be deemed “continuing” until cured or waived in writing in accordance with Section 11.4.

KBS REIT Covenant Compliance. KBS REIT’s failure to satisfy any covenant contained in Exhibit F shall constitute an Event of Default hereunder unless within thirty (30) days after the earlier of the date on which (i) written notice of such failure is delivered by Lender to Borrower, or (ii) Borrower fails to deliver a KBS REIT Compliance Certificate when and as required by Section 6.2(a) above, which certificate (if delivered) would have indicated that KBS REIT was not in compliance with one or more of such covenants, either (A) KBS REIT corrects any non-compliance issues to Lender’s satisfaction, or (B) Borrower repays principal outstanding under the Loan in an amount necessary to cause Compliance Ratio to be less than or equal to fifty forty-five percent (5045%); provided that Borrower acknowledges a cure under this subsection (o) shall not obviate any Borrower obligation to comply with similar covenants under loans secured by the Other Security Agreements. An Event of Default shall be deemed “continuing” until cured or waived in writing in accordance with Section 11.4.