Common use of Solvency Analysis Clause in Contracts

Solvency Analysis. A certificate of the chief financial officer of the Company to the effect that, as of the Closing Date and after giving effect to the initial extension of credit hereunder and to the other transac- tions contemplated hereby, (i) the aggregate value of all Properties of the Company and its Subsidiaries at their present fair saleable value (i.e., the amount that may be realized within a reasonable time, considered to be six months to one year, either through collection or sale at the regular market value, conceiving the latter as the amount that could be obtained for the Property in question within such period by a capable and diligent businessman from an interested buyer who is willing to purchase under ordinary selling conditions), exceed the amount of all the debts and liabilities (including contingent, subordinated, unmatured and unliquidated liabilities) of the Company and its Subsidiaries, (ii) the Company and its Subsidiaries will not, on a consolidated basis, have an unreasonably small capital with which to conduct their business opera- tions as heretofore conducted and (iii) the Company and its Subsidiaries will have, on a consolidated basis, suf- ficient cash flow to enable them to pay their debts as they mature. Such certificate shall also state that the financial projections and underlying assumptions upon which such conclusions are based are fair and reasonable and accurately computed.

Solvency Analysis. A certificate of a Responsible Officer of ----------------- the chief financial officer of the Company Borrower to the effect that, as of the Closing Date and after giving effect to the initial extension of credit Loans hereunder and to the other transac- tions transactions contemplated hereby, : (i) the aggregate value of all Properties of the Company Borrower and its Subsidiaries at their present fair saleable value (i.e., the amount that may be realized within a reasonable time, considered to be six months to one year, either through collection or sale at the regular market value, conceiving the latter as the amount that could be obtained for the Property in question within such period by a capable and diligent businessman from an interested buyer who is willing to purchase under ordinary selling conditions), exceed the amount of all the debts and liabilities (including contingent, subordinated, unmatured and unliquidated liabilities) of the Company Borrower and its Subsidiaries, ; (ii) the Company Borrower and its Subsidiaries will not, on a consolidated basis, have an unreasonably small capital with which to conduct their business opera- tions operations as heretofore conducted and conducted; and (iii) the Company Borrower and its Subsidiaries will have, on a consolidated basis, suf- ficient sufficient cash flow to enable them to pay their debts as they mature. Such certificate shall also state include a statement to the effect that the financial projections and underlying assumptions upon which contained in such conclusions are based analysis are fair and reasonable and accurately computed.

Solvency Analysis. A certificate of the chief financial officer of the Company to the effect Borrower certifying that, as of the Closing Effective Date and after giving effect to the initial extension of credit hereunder and to the other transac- tions transactions contemplated hereby, (i) the aggregate value of all Properties properties of the Company Borrower and its Subsidiaries at their present fair saleable value (i.e., the amount that which may be realized within a reasonable time, considered to be six months to one yeareighteen months, either through collection or sale at the regular market value, conceiving the latter as the amount that which could be obtained for the Property properties in question within such period by a capable and diligent businessman from an interested buyer who is willing to purchase under ordinary selling conditions), exceed exceeds the amount of all the debts and liabilities (including contingent, subordinated, unmatured and unliquidated liabilities) of the Company Borrower and its Subsidiaries, (ii) the Company Borrower and its Subsidiaries will not, on a consolidated basis, have an unreasonably small capital with which to conduct their business opera- tions operations as heretofore conducted and (iii) the Company Borrower and its Subsidiaries will have, on a consolidated basis, suf- ficient sufficient cash flow to enable them to pay their debts as they mature. Such certificate shall also state that the financial projections and underlying assumptions upon which such conclusions are based are fair and reasonable and accurately computed.

Solvency Analysis. A certificate of the chief An analysis from a senior financial officer of the Company Borrower to the effect that, as of the Closing Date and after giving effect to the initial extension of credit Loan hereunder and to the other transac- tions transactions contemplated hereby, : (i) the aggregate value of all Properties of the Company Borrower and its Subsidiaries at their present fair saleable value (i.e., the amount that may be realized Credit Agreement within a reasonable time, considered to be six months to one year, either through collection or sale at the regular market value, conceiving the latter as the amount that could be obtained for the Property in question within such period by a capable and diligent businessman from an interested buyer who is willing to purchase under ordinary selling conditions), exceed the amount of all the debts and liabilities (including contingent, subordinated, unmatured and unliquidated liabilities) of the Company Borrower and its Subsidiaries, , (ii) the Company Borrower and its Subsidiaries will not, on a consolidated basis, have an unreasonably small capital with which to conduct their business opera- tions operations as heretofore conducted and and (iii) the Company Borrower and its Subsidiaries will have, on a consolidated basis, suf- ficient sufficient cash flow to enable them to pay their debts as they mature. Such certificate shall also state include a statement to the effect that the financial projections and underlying assumptions upon which contained in such conclusions are based are analysis are, fair and reasonable and accurately computed.

Solvency Analysis. A certificate of from the chief financial officer of the Company Borrower to the effect that, as of the Closing Effective Date and after giving effect to the initial extension of credit hereunder and to the other transac- tions transactions contemplated hereby, (i) the aggregate value of all Properties of the Company Borrower and its Subsidiaries at their present fair saleable value (i.e.I.E., the amount that which may be realized within a reasonable time, considered to be six months to one year, either through collection or sale at the regular market value, conceiving the latter as the amount that which could be obtained for the Property in question within such period by a capable and diligent businessman business person from an interested buyer who is willing to purchase under ordinary selling conditions), exceed exceeds the amount of all the debts and liabilities (including contingent, subordinated, unmatured and unliquidated liabilities) of the Company Borrower and its Subsidiaries, (ii) the Company Borrower and its Subsidiaries will not, on a consolidated basis, have an unreasonably small capital with which to conduct their business opera- tions operations as heretofore conducted and (iii) the Company Borrower and its Subsidiaries will have, on a consolidated basis, suf- ficient sufficient cash flow to enable them to pay their debts as they mature. Such certificate shall also state that the financial projections and underlying assumptions upon which such conclusions are based are fair and reasonable and accurately computed.

Solvency Analysis. A certificate of the chief a senior financial officer of the Company to the effect Borrower certifying that, as of the Closing Effective Date and after giving effect to the initial extension of credit hereunder and to the other transac- tions transactions contemplated hereby, (i) the aggregate value of all Properties properties of the Company Borrower and its Subsidiaries at their present fair saleable value (i.e., the amount that which may be realized within a reasonable time, considered to be six months to one yeareighteen months, either through collection or sale at the regular market value, conceiving the latter as the amount that which could be obtained for the Property properties in question within such period by a capable and diligent businessman from an interested buyer who is willing to purchase under ordinary selling conditions), exceed exceeds the amount of all the debts and liabilities (including contingent, subordinated, unmatured and unliquidated liabilities) of the Company Borrower and its Subsidiaries, (ii) the Company Borrower and its Subsidiaries will not, on a consolidated basis, have an unreasonably small capital with which to conduct their business opera- tions operations as heretofore conducted and (iii) the Company Borrower and its Subsidiaries will have, on a consolidated basis, suf- ficient sufficient cash flow to enable them to pay their debts as they mature. Such certificate shall also state that the financial projections and underlying assumptions upon which such conclusions are based are fair and reasonable and accurately computed.

Solvency Analysis. A certificate of the chief financial officer a Responsible Officer ----------------- of the Company Borrower to the effect that, as of the Closing Date and after giving effect to the initial extension of credit Loans hereunder and to the other transac- tions transactions contemplated hereby, : (i) the aggregate value of all Properties of the Company Borrower and its Subsidiaries at their present fair saleable value (i.e., the amount that may be realized within a reasonable time, considered to be six months to one year, either through collection or sale at the regular market value, conceiving the latter as the amount that could be obtained for the Property in question within such period by a capable and diligent businessman from an interested buyer who is willing to purchase under ordinary selling conditions), exceed the amount of all the debts and liabilities (including contingent, subordinated, unmatured and unliquidated liabilities) of the Company Borrower and its Subsidiaries, ; (ii) the Company Borrower and its Subsidiaries will not, on a consolidated basis, have an unreasonably small capital with which to conduct their business opera- tions operations as heretofore conducted and conducted; and (iii) the Company Borrower and its Subsidiaries will have, on a consolidated basis, suf- ficient sufficient cash flow to enable them to pay their debts as they mature. Such certificate shall also state include a statement to the effect that the financial projections and underlying assumptions upon which contained in such conclusions are based analysis are fair and reasonable and accurately computed.

Solvency Analysis. A certificate of the chief financial officer Chief Financial Officer of the Company to the effect that, as of the Closing Effective Date and after giving effect to the initial extension of credit hereunder and to the other transac- tions transactions contemplated hereby, (i) the aggregate value of all Properties of the Company and its Subsidiaries at their present fair saleable value (i.e., the amount that may be realized within a reasonable time, considered to be six months to one year, either through collection or sale at the regular market value, conceiving the latter as the amount that could be obtained for the Property in question within such period by a capable and diligent businessman from an interested buyer who is willing to purchase under ordinary selling conditions), exceed the amount of all the debts and liabilities (including contingent, subordinated, unmatured and unliquidated liabilities) of the Company and its Subsidiaries, (ii) the Company and its Subsidiaries will not, on a consolidated basis, have an unreasonably small capital with which to conduct their business opera- tions operations as heretofore conducted and (iii) the Company and its Subsidiaries will have, on a consolidated basis, suf- ficient sufficient cash flow to enable them to pay their debts Credit Agreement as they mature. Such certificate shall also state that the financial projections and underlying assumptions upon which such conclusions are based are fair and reasonable and accurately computed.