Common use of Unsecured Conversion Clause in Contracts

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 's satisfaction of the following requirements as of the date of such Unsecured Conversion (the “"Conversion Requirements”"): (i) An Early Maturity Date Event has not occurred; (ii) Administrative Agent has received evidence reasonably satisfactory to Administrative Agent that the then current Total Asset Value is not less than $500,000,000.00;1,000,000,000.00; and (iiiii) 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 '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 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 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 Total Asset Value is not less than $500,000,000.00;; and (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.