Removal/Disapproval of Inventory for Loan Funding Availability. If, at any time, the Lender determines, in its reasonable discretion, that any part of the Loan Inventory is not acceptable for inclusion in the calculation of the Loan Funding Availability as a result of an unforeseen material adverse change in the condition of such portion of the Loan Inventory or as a result of the existence of hazardous wastes or materials in or on any Inventory which are in violation of any warranty, representation or covenant of the Loan Documents regarding such hazardous wastes or materials, the Lender may exclude such portion of the Loan Inventory from the calculation of the Loan Funding Availability. If, after such exclusion, the then outstanding principal amount under the Note would exceed the Loan Funding Availability, the Borrower shall pay to the Lender on the Reconciliation Date immediately following the exclusion of such Loan Inventory, a principal payment on the Loan in an amount sufficient to eliminate such excess of the aggregate outstanding principal balance of the Loan over the Loan Funding Availability, together with accrued and unpaid interest on such excess.
Removal/Disapproval of Inventory for Loan Funding Availability. If, at any time Borrower does not have an Investment Grade Rating from any two (2) of Mxxxx’x, S&P, and Fitch, Administrative Agent determines, in its reasonable discretion, that any part of the Loan Inventory is not acceptable for inclusion in the calculation of the Loan Funding Availability as a result of an unforeseen material adverse change in the condition of such portion of the Loan Inventory or as a result of the existence of Hazardous Materials in or on any Inventory which are in violation of any warranty, representation, or covenant of the Loan Documents regarding such Hazardous Materials, Administrative Agent may exclude such portion of the Loan Inventory from the calculation of the Loan Funding Availability. If, after such exclusion, the then outstanding principal amount under Senior Unsecured Indebtedness would exceed the Loan Funding Availability, Borrower shall pay to Administrative Agent on the Reconciliation Date immediately following the exclusion of such Loan Inventory, a principal payment on the Loans (or provide to Administrative Agent evidence satisfactory to Administrative Agent that other Senior Unsecured Indebtedness has been reduced) or unpaid draws under Letters of Credit in an amount sufficient to eliminate such excess of the aggregate outstanding principal balance of the Senior Unsecured Indebtedness over the Loan Funding Availability, together with accrued and unpaid interest on such excess.
