Common use of Qualifying Unencumbered Properties Clause in Contracts

Qualifying Unencumbered Properties. The Borrower may from time to time but no more frequently than quarterly deliver notice to the Administrative Agent stating that the Borrower intends to designate a Property to become a Qualifying Unencumbered Property. Such notice shall (a) set forth the name of such Property (or, if such Property has no name, such notice shall otherwise identify such Property), and (b) be accompanied by a statement of income, certified by the chief executive officer, chief financial officer or vice president-treasurer of the Parent, for each such Property for the then most recently completed fiscal quarter (or, if such statement of income is unavailable, a pro forma financial statement setting forth the Net Operating Income with respect to such Property for the then current fiscal quarter). If any such Property meets the requirements set forth in the definition of “Qualifying Unencumbered Properties” and the Administrative Agent fails to deliver written notice to the Borrower stating that the Requisite Lenders have disapproved the designation of such Property as a Qualifying Unencumbered Property (it being understood that such notice shall provide the Borrower with information regarding why such designation was disapproved by the Requisite Lenders and that the Requisite Lenders will not unreasonably disapprove such designation) within 20 days after receipt of such information by the Administrative Agent, such Property shall become a Qualifying Unencumbered Property.

Qualifying Unencumbered Properties. The Borrower may from time to time but no more frequently than quarterly deliver notice to the Administrative Agent stating that the Borrower intends to designate a Property to become a Qualifying Unencumbered Property. Such notice shall (ai) set forth the name of such Property (or, if such Property has no name, such notice shall otherwise identify such Property), and (bii) be accompanied by a statement of income, certified by the chief executive officer, chief financial officer or vice president-treasurer of the ParentREIT, for each such Property for the then most recently completed fiscal quarter Fiscal Quarter (or, if such statement of income is unavailable, a pro forma financial statement setting forth the Net Operating Income with respect to such Property for the then current fiscal quarterFiscal Quarter). If any such Property meets the requirements set forth in the definition of “"Qualifying Unencumbered Properties” " and the Administrative Agent fails to deliver written notice to the Borrower stating that the Requisite Lenders have disapproved the designation of such Property as a Qualifying Unencumbered Property (it being understood that such notice shall provide the Borrower with information regarding why such designation was disapproved by the Requisite Lenders and that the Requisite Lenders will not unreasonably disapprove such designation) within 20 twenty (20) days after receipt of such information by the Administrative Agent, such Property shall become a Qualifying Unencumbered Property.

Qualifying Unencumbered Properties. The Borrower may from time to time but no more frequently than quarterly deliver notice to the Administrative Agent Lender stating that the Borrower intends to designate a Property to become a Qualifying Unencumbered Property. Such notice shall (ai) set forth the name of such Property (or, if such Property has no name, such notice shall otherwise identify such Property), and (bii) be accompanied by a statement of income, certified by the chief executive officer, chief financial officer or vice president-treasurer of the ParentREIT, for each such Property for the then most recently completed fiscal quarter Fiscal Quarter (or, if such statement of income is unavailable, a pro forma financial statement setting forth the Net Operating Income with respect to such Property for the then current fiscal quarterFiscal Quarter). If any such Property meets the requirements set forth in the definition of “"Qualifying Unencumbered Properties” " and the Administrative Agent Lender fails to deliver written notice to the Borrower stating that the Requisite Lenders have Lender has disapproved the designation of such Property as a Qualifying Unencumbered Property (it being understood that such notice shall provide the Borrower with information regarding why such designation was disapproved by the Requisite Lenders Lender and that the Requisite Lenders Lender will not unreasonably disapprove such designation) within 20 twenty (20) days after receipt of such information by the Administrative AgentLender, such Property shall become a Qualifying Unencumbered Property.

Qualifying Unencumbered Properties. The Borrower may from time to time but no more frequently than quarterly deliver notice to the Administrative Agent stating that the Borrower intends to designate a Property to become a Qualifying Unencumbered Property. Such notice shall (ai) set forth the name of such Property (or, if such Property has no name, such notice shall otherwise identify such Property), and (bii) be accompanied by a statement of income, certified by the chief executive officer, chief financial officer or vice president-treasurer of the ParentBorrower, for each such Property for the then most recently completed fiscal quarter Fiscal Quarter (or, if such statement of income is unavailable, a pro forma financial statement setting forth the Net Operating Income with respect to such Property for the then current fiscal quarterFiscal Quarter). If any such Property meets the requirements set forth in the definition of “"Qualifying Unencumbered Properties” " and the Administrative Agent fails to deliver written notice to the Borrower stating that the Requisite Lenders have disapproved the designation of such Property as a Qualifying Unencumbered Property (it being understood that such notice shall provide the Borrower with information regarding why such designation was disapproved by the Requisite Lenders and that the Requisite Lenders will not unreasonably disapprove such designation) within 20 twenty (20) days after receipt of such information by the Administrative Agent, such Property shall become a Qualifying Unencumbered Property.

Qualifying Unencumbered Properties. The Borrower may from time to time but no more frequently than quarterly deliver notice to the Administrative Agent stating that the Borrower intends to designate a Property to become a Qualifying Unencumbered Property. Such notice shall (ai) set forth the name of such Property (or, if such Property has no name, such notice shall otherwise identify such Property), and (bii) be accompanied by a statement of income, certified by the chief executive officer, chief financial officer or vice president-treasurer of the ParentBorrower, for each such Property for the then most recently completed fiscal quarter Fiscal Quarter (or, if such statement of income is unavailable, a pro forma financial statement setting forth the Net Operating Income with respect to such Property for the then current fiscal quarterFiscal Quarter). If any such Property meets the requirements set forth in the definition of “"Qualifying Unencumbered Properties” " and the Administrative Agent fails to deliver written notice to the Borrower stating that the Requisite Lenders have disapproved the designation of such Property as a Qualifying Unencumbered Property (it being understood that such notice shall provide the Borrower with 47 52 information regarding why such designation was disapproved by the Requisite Lenders and that the Requisite Lenders will not unreasonably disapprove such designation) within 20 twenty (20) days after receipt of such information by the Administrative Agent, such Property shall become a Qualifying Unencumbered Property.

Qualifying Unencumbered Properties. The Borrower may from time to time but no more frequently than quarterly deliver notice to the Administrative Agent stating that the Borrower intends to designate a Property to become a Qualifying Unencumbered Property. Such notice shall (ai) set forth the name of such Property (or, if such Property has no name, such notice shall otherwise identify such Property), and (bii) be accompanied by a statement of income, certified by the chief executive officer, chief financial officer or vice president-treasurer of the ParentREIT, for each such Property for the then most recently completed fiscal quarter Fiscal Quarter (or, if such statement of income is unavailable, a pro forma financial statement setting forth the Net Operating Income with respect to such Property for the then current fiscal quarterFiscal Quarter). If any such Property meets the requirements set forth in the definition of “"Qualifying Unencumbered Properties” " and the Administrative Agent fails to deliver written notice to the Borrower stating that the Requisite Lenders have disapproved the designation of such Property as a Qualifying Unencumbered Property (it being understood that such notice shall provide the Borrower with information regarding why such designation was disapproved by the Requisite Lenders and that the Requisite Lenders will not unreasonably disapprove such designation) within 20 twenty (20) days after receipt of such information by the Administrative Agent, such Property shall become a Qualifying Unencumbered Property.