Common use of Removal of Unencumbered Properties Clause in Contracts

Removal of Unencumbered Properties. The Borrower may at any time and from time to time remove Unencumbered Properties by providing an updated Schedule 3.13 reflecting which Properties will no longer constitute Unencumbered Properties; provided that in connection therewith Borrower shall demonstrate to Administrative Agent that following removal of such Unencumbered Property that the Borrower continues to comply with Sections 6.12(a), (b) and (c) and provided Borrower complies with Section 6.12(a), (b) and (c) and there is no Event of Default at such time, such Property shall no longer constitute an Unencumbered Property for purposes hereof. If, as a result of a transaction permitted by this Section 2.23(c), a Subsidiary Guarantor no longer owns any Unencumbered Property, then such Subsidiary Guarantor shall automatically be released from the Guaranty and shall cease to be a Guarantor, and the Pledge Agreement shall be deemed to be automatically amended to release the equity of such Subsidiary from the Equity Pledge. Borrower shall be deemed to have made each of the representations and warranties in Article III as of the time each Unencumbered Property is removed, except to the extent that such representations or warranties specifically refer to an earlier date, in which case they were true and correct as of such earlier date.

Removal of Unencumbered Properties. The Borrower may at any time and from time to time remove Unencumbered Properties by providing an updated Schedule 3.13 reflecting which Properties will no longer constitute Unencumbered Properties; provided that in connection therewith Borrower shall demonstrate to Administrative Agent that following removal of such Unencumbered Property that the Borrower continues to comply with Sections 6.12(a), (b) and (c) (based on the information as of the prior quarter) and provided Borrower complies with Section 6.12(a), (b) and (c) (based on the information as of the prior quarter) and there is no Event of Default at such time, such Property shall no longer constitute an Unencumbered Property for purposes hereof. If, as a result of a transaction permitted by this Section 2.23(c), If a Subsidiary Guarantor no longer owns any Unencumbered Property (including as a result of a Property ceasing to be an Unencumbered Property), then such Subsidiary Guarantor shall automatically be released from the Guaranty and shall cease to be a Guarantor, Guarantor subject to and the Pledge Agreement shall be deemed to be automatically amended to release the equity of such Subsidiary from the Equity Pledgein accordance with Section 5.11. Borrower shall be deemed to have made each of the representations and warranties in Article III Section 3.13 with respect to the remaining Unencumbered Properties as of the time each Unencumbered Property is removed, except to the extent that such representations or warranties specifically refer to an earlier date, in which case they were true and correct as of such earlier date.

Removal of Unencumbered Properties. The Borrower may at any time and from time to time remove Unencumbered Properties by providing an updated Schedule 3.13 reflecting which Properties will no longer constitute Unencumbered Properties; provided that in connection therewith Borrower shall demonstrate to Administrative Agent that following removal of such Unencumbered Property that the Borrower continues to comply with Sections 6.12(a), (b) and (cu) (based on the information as of the prior quarter) and provided Borrower complies with Section 6.12(a), (b) and (c) (based on the information as of the prior quarter) and there is no Event of Default at such time, such Property shall no longer constitute an Unencumbered Property for purposes hereof. If, as a result of a transaction permitted by this Section 2.23(c), If a Subsidiary Guarantor no longer owns any Unencumbered Property (including as a result of a Property ceasing to be an Unencumbered Property), then such Subsidiary Guarantor shall automatically be released from the Guaranty and shall cease to be a Guarantor, Guarantor subject to and in accordance with Section 5.11 and the Pledge Agreement shall be deemed to be automatically amended to release the equity of ownership interest in such Subsidiary from the Equity Pledge. Borrower shall be deemed to have made each of the representations and warranties in Article III Section 3.13 with respect to the remaining Unencumbered Properties as of the time each Unencumbered Property is removed, except to the extent that such representations or warranties specifically refer to an earlier date, in which case they were true and correct as of such earlier date.

Removal of Unencumbered Properties. The Borrower may at any time and from time to time remove Unencumbered Properties by providing an updated Schedule 3.13 reflecting which Properties will no longer constitute Unencumbered Properties; provided that in connection therewith Borrower shall demonstrate to Administrative Agent that following removal of such Unencumbered Property that the Borrower continues to comply with Sections 6.12(a), (b) and (c) (based on the information as of the prior quarter) and provided Borrower complies with Section 6.12(a), (b) and (c) (based on the information as of the prior quarter) and there is no Event of Default at such time, such Property shall no longer constitute an Unencumbered Property for purposes hereof. If, as a result of a transaction permitted by this Section 2.23(c), If a Subsidiary Guarantor no longer owns any Unencumbered Property or a Property ceases to be an Unencumbered Property, then such Subsidiary Guarantor shall automatically be released from the Guaranty and shall cease to be a Guarantor, Guarantor subject to and the Pledge Agreement shall be deemed to be automatically amended to release the equity of such Subsidiary from the Equity Pledgein accordance with Section 5.11. Borrower shall be deemed to have made each of the representations and warranties in Article III Section 3.13 with respect to the remaining Unencumbered Properties as of the time each Unencumbered Property is removed, except to the extent that such representations or warranties specifically refer to an earlier date, in which case they were true and correct as of such earlier date.

Removal of Unencumbered Properties. The Borrower may at any time and from time to time remove Unencumbered Properties by providing an updated Schedule 3.13 reflecting which Properties will no longer constitute Unencumbered Properties; provided that in connection therewith Borrower shall demonstrate to Administrative Agent that following removal of such Unencumbered Property that the Borrower continues to comply with Sections 6.12(a), (b) and (c) (based on the information as of the prior quarter) and provided Borrower complies with Section 6.12(a), (b) and (c) (based on the information as of the prior quarter) and there is no Event of Default at such time, such Property shall no longer constitute an Unencumbered Property for purposes hereof. If, as a result of a transaction permitted by this Section 2.23(c), If a Subsidiary Guarantor no longer owns any Unencumbered Property (including as a result of a Property ceasing to be an Unencumbered Property), then such Subsidiary Guarantor shall automatically be released from the Guaranty and shall cease to be a Guarantor, Guarantor subject to and in accordance with Section 5.11 and the Pledge Agreement shall be deemed to be automatically amended to release the equity of ownership interest in such Subsidiary from the Equity Pledge. Borrower shall be deemed to have made each of the representations and warranties in Article III Section 3.13 with respect to the remaining Unencumbered Properties as of the time each Unencumbered Property is removed, except to the extent that such representations or warranties specifically refer to an earlier date, in which case they were true and correct as of such earlier date.