Common use of Removal of Properties Clause in Contracts

Removal of Properties. The Borrower may, upon not less than five (5) Business Days’ notice to the Administrative Agent (or such shorter period of time as the Administrative Agent may agree), request removal of a Hotel Property from the Unencumbered Pool, subject to the following conditions: (a) no Default or Event of Default shall have occurred that is continuing (other than a Default or Event of Default that would be cured by removal of such Hotel Property from the Unencumbered Pool) or would result therefrom and (b)(i) so long as the Restriction Period is not then continuing, the Borrower shall have delivered to Administrative Agent a Compliance Certificate, prepared as of the last day of the most recent fiscal quarter, evidencing compliance with the covenants set forth in Section 10.1 as if such Hotel Property had not been included in the Unencumbered Pool or (ii) at any time during the Restriction Period, such removal shall only be permitted to the extent that the request therefor arises in connection with an Asset Disposition permitted pursuant to Section 10.4(v) and the proceeds of such Asset Disposition are applied in accordance with Section 2.8(b)(iv)(C) or such removal is required to cure a Default or Event of Default. Upon Administrative Agent’s confirmation that the conditions to such removal have been satisfied, the Administrative Agent shall so notify (not to be unreasonably withheld or delayed more than five (5) Business Days after request therefor) Borrower and the Lenders in writing specifying the date of such removal.

Removal of Properties. The Borrower may, upon not less than five (5) Business Days’ notice to the Administrative Agent (or such shorter period of time as the Administrative Agent may agree), request removal of a Hotel Property from the Unencumbered Pool, subject to the following conditions: (a) no Default or Event of Default shall have occurred that is continuing (other than a Default or Event of Default that would be cured by removal of such Hotel Property from the Unencumbered Pool) or would result therefrom and (b)(ib) (i) so long as the Restriction Period is not then continuing, the Borrower shall have delivered to Administrative Agent a Compliance Certificate, prepared as of the last day of the most recent fiscal quarter, evidencing compliance with the covenants set forth in Section 10.1 as if such Hotel Property had not been included in the Unencumbered Pool or (ii) at any time during the Restriction Period, such removal shall only be permitted to the extent that the request therefor arises in connection with an Asset Disposition permitted pursuant to Section 10.4(v) and the proceeds of such Asset Disposition are applied in accordance with Section 2.8(b)(iv)(C) or such removal is required to cure a Default or Event of Default. Upon Administrative Agent’s confirmation that the conditions to such removal have been satisfied, the Administrative Agent shall so notify (not to be unreasonably withheld or delayed more than five (5) Business Days after request therefor) Borrower and the Lenders in writing specifying the date of such removal.