Unsecured Conversion Sample Clauses
Unsecured Conversion. The Borrower may convert the Facility to an unsecured Facility (an “Unsecured Conversion”) upon the Borrower’s satisfaction of the following requirements as of the date of such Unsecured Conversion (the “Conversion Requirements”):
(i) Administrative Agent has received evidence reasonably satisfactory to Administrative Agent that the Total Asset Value is not less than $500,000,000.00;
(ii) No Default or Event of Default exists; and
(iii) a Required Amortization has not occurred and is not then continuing. Upon an Unsecured Conversion, Administrative Agent’s security interest in the Equity Interests in the Subsidiary Guarantors and any other Collateral pursuant to the Collateral Assignment Agreement or any other Loan Documents shall be automatically released and Administrative Agent shall, (i) file termination statements with respect to any previously filed UCC financing statements covering such Equity Interests and Collateral, and (ii) provide any other documents of the release with respect to such Equity Interests and Collateral reasonably requested by the Borrower. The Borrower shall reimburse Administrative Agent for all reasonable out‑of‑pocket costs associated with such release, termination and other documents.
Unsecured Conversion. The Borrower may convert the Facility to an unsecured Facility (an “Unsecured Conversion”) upon the Borrower’s satisfaction of the following requirements as of the date of such Unsecured Conversion (the “Conversion Requirements”):
(i) Administrative Agent has received evidence reasonably satisfactory to Administrative Agent that the then current Total Asset Value is not less than $1,000,000,000.00; and
(ii) No Default or Event of Default exists.
Unsecured Conversion. The Borrower may convert the Facility to an unsecured Facility (an “Unsecured Conversion”) upon the Borrower’s satisfaction of the following requirements as of the date of such Unsecured Conversion (the “Conversion Requirements”):
(i) Administrative Agent has received evidence reasonably satisfactory to Administrative Agent that the Total Asset Value is not less than $1,000,000,000.00;
(ii) no Default or Event of Default exists and
(iii) a Required Amortization has not occurred and is not then continuing.
2.9 Section 4.02(b) of the Credit Agreement is hereby modified in its entirety and shall hereafter read as follows:
Unsecured Conversion. The Borrower may convert the Facility to an unsecured Facility (an "Unsecured Conversion") upon the Borrower's satisfaction of the following requirements as of the date of such Unsecured Conversion (the "Conversion Requirements"):
(i) Administrative Agent has received evidence reasonably satisfactory to Administrative Agent that the Total Asset Value is not less than $750,000,000.00;
(ii) the pool of Qualified Properties has an Asset Value of at least $250,000,000;and
(iii) No Default or Event of Default exists. Upon an Unsecured Conversion, Administrative Agent's Lien on the Collateral shall be automatically released and the Administrative Agent shall execute, file or record, as required by applicable law (i) a release and reconveyance (or similarly required releasing documents pursuant to the laws of the State where the applicable Qualified Properties are located) of the Mortgage Instruments and the Administrative Agent lien on the Qualified Properties, (ii) termination statements with respect to any previously filed UCC financing statements covering the Collateral and (iii) provide any other documents of release with respect to the Collateral reasonably requested by the Borrower and to the extent applicable, the Administrative Agent shall return to Borrower or the applicable Subsidiary Guarantor all Bonds or other Collateral delivered to the Administrative Agent. The Borrower shall reimburse Administrative Agent for all reasonable out-of-pocket costs associated with such releases, termination statements and other documents.
Unsecured Conversion. The Borrower shall have no further option to convert the Facility into an unsecured Facility.