Permitted Conversion to Delaware Statutory Trust. Notwithstanding the foregoing or anything herein to the contrary, and provided that no Event of Default has occurred and is continuing, upon thirty (30) days’ written notice to Lender, each Borrower shall be permitted to convert from a Delaware single member limited liability company to a Delaware Statutory Trust (a “Conversion”), at Borrower’s sole cost and expense, provided that the following conditions are met:
Appears in 4 contracts
Samples: Loan Agreement (American Realty Capital Trust III, Inc.), Loan Agreement (American Realty Capital Trust III, Inc.), Loan Agreement (American Realty Capital Trust III, Inc.)
