Common use of Waivers by Requisite Lenders Clause in Contracts

Waivers by Requisite Lenders. (i) If any Real Estate Asset fails to satisfy any of the requirements contained in the definition of Unencumbered Asset then the applicable Real Estate Asset may nevertheless be deemed to be an Unencumbered Asset hereunder if the Requisite Lenders vote to accept such Real Estate Asset as an Unencumbered Asset. (ii) Notwithstanding the foregoing, Borrower, upon prior written request to the Agent, shall be permitted a six month waiver without the consent of the Requisite Lenders of the Occupancy Rate requirements of the definition of "Unencumbered Asset" for a particular Unencumbered Asset under the following conditions: (A) there shall be a termination or expiration of any Lease(s) in a particular Real Estate Asset resulting in occupancy below 70% but greater than 50%, (B) during six (6) months from the date of such expiration(s) or termination(s) Borrower is diligently attempting to re-establish an Occupancy Rate of at least 70%, (C) the Value of All Unencumbered Assets is at least $650 Million at the time of the waiver request, and (D) Unencumbered Assets with an aggregate Unencumbered Asset Value no larger than the greater of (1) that of the Unencumbered Asset for which the Borrower seeks the waiver or (2) 10% of the Value of All Unencumbered Assets, shall fail to meet the Occupancy Rate requirements of the definition of "Unencumbered Asset."

Waivers by Requisite Lenders. (ia) If any Real Estate Asset fails to satisfy any of the requirements contained in the definition of Unencumbered Asset then the applicable Real Estate Asset may nevertheless be deemed to be an Unencumbered Asset hereunder if the Requisite Lenders vote to accept such Real Estate Asset as an Unencumbered Asset. (iib) Notwithstanding the foregoing, Borrower, upon prior written request to the Agent, shall be permitted a six month waiver without the consent of the Requisite Lenders of the Occupancy Rate requirements of the definition of "“Unencumbered Asset" ” for a particular Unencumbered Asset under the following conditions: (Ai) there shall be a termination or expiration of any Lease(s) in a particular Real Estate Asset resulting in occupancy below 70% but greater than 50%, (Bii) during six (6) months from the date of such expiration(s) or termination(s) Borrower is diligently attempting to re-establish an Occupancy Rate of at least 70%% , (Ciii) the Value of All Unencumbered Assets is at least $650 Million at the time of the waiver request, and (Div) to the extent waiver(s) are then in effect for Unencumbered Assets with an aggregate pursuant to the provisions of this § 5.2, the Unencumbered Asset Value no larger than for all Unencumbered Assets for which such a waiver exists plus the greater of (1) that Unencumbered Asset Value of the Unencumbered Asset for which the Borrower seeks the waiver or (2) shall not exceed 10% of the Value of All Unencumbered Assets. (c) Notwithstanding the foregoing, shall fail for so long as title to meet the Occupancy Rate requirements 000 Xxxxx Xxxxxx Property is held, pursuant to the documents described on Schedule 5.2(c) as in effect on the date hereof, by Borrower’s nominee, 000 Xxxxx Xxxxxx Owner, as a “replacement property” in connection with a transaction intended to qualify for tax deferred treatment under Section 1031 of the Code but in no event after January 24, 2005, Lenders hereby waive (i) the requirement of clause (i) of the definition of "“Unencumbered Asset” with respect to the 000 Xxxxx Xxxxxx Property and (ii) the provisions of clause (iii) of the definition of “Unencumbered Asset” with respect to the 000 Xxxxx Xxxxxx Property insofar as such provisions would prohibit the promissory note and mortgage described on Schedule 5.2(c). Borrower shall cause 000 Xxxxx Xxxxxx Owner to become a Guarantor in accordance with the provisions of § 5.6(a) hereof simultaneously with the conveyance of the membership interests in 000 Xxxxx Xxxxxx Owner to Borrower in accordance with the Nominee Agreement and the Qualified Exchange Accommodation Agreement described on Schedule 5.2(c) hereof."

Waivers by Requisite Lenders. (i) If any Real Estate Asset fails to satisfy any of the requirements contained in the definition of Unencumbered Asset then the applicable Real Estate Asset may nevertheless be deemed to be an Unencumbered Asset hereunder if the Requisite Lenders vote to accept such Real Estate Asset as an Unencumbered Asset. (ii) Notwithstanding the foregoing, Borrower, upon prior written request to the Agent, shall be permitted a six month waiver without the consent of the Requisite Lenders of the Occupancy Rate requirements of the definition of "“Unencumbered Asset" ” for a particular Unencumbered Asset under the following conditions: (A) there shall be a termination or expiration of any Lease(s) in a particular Real Estate Asset resulting in occupancy below 70% but greater than 50%, (B) during six (6) months from the date of such expiration(s) or termination(s) Borrower is diligently attempting to re-establish an Occupancy Rate of at least 70%% , (C) the Value of All Unencumbered Assets is at least $650 Million at the time of the waiver request, and (D) Unencumbered Assets with an aggregate Unencumbered Asset Value no larger than the greater of (1) that of the Unencumbered Asset for which the Borrower seeks the waiver or (2) 10% of the Value of All Unencumbered Assets, shall fail to meet the Occupancy Rate requirements of the definition of "“Unencumbered Asset” shall have an aggregate Unencumbered Asset Value no greater than 10% of the Value of All Unencumbered Assets."

Waivers by Requisite Lenders. (ia) If any Real Estate Asset fails to satisfy any of the requirements contained in the definition of Unencumbered Asset then the applicable Real Estate Asset may nevertheless be deemed to be an Unencumbered Asset hereunder if the Requisite Lenders vote to accept such Real Estate Asset as an Unencumbered Asset. (iib) Notwithstanding the foregoing, Borrower, upon prior written request to the Agent, shall be permitted a six month waiver without the consent of the Requisite Lenders of the Occupancy Rate requirements of the definition of "Unencumbered Asset" for a particular Unencumbered Asset under the following conditions: (Ai) there shall be a termination or expiration of any Lease(s) in a particular Real Estate Asset resulting in occupancy below 70% but greater than 50%, (Bii) during six (6) months from the date of such expiration(s) or termination(s) Borrower is diligently attempting to re-establish an Occupancy Rate of at least 70%, (Ciii) the Value of All Unencumbered Assets is at least $650 Million at the time of the waiver request, and (Div) to the extent waiver(s) are then in effect for Unencumbered Assets with an aggregate pursuant to the provisions of this § 5.2, the Unencumbered Asset Value no larger than for all Unencumbered Assets for which such a waiver exists plus the greater of (1) that Unencumbered Asset Value of the Unencumbered Asset for which the Borrower seeks the waiver or (2) shall not exceed 10% of the Value of All Unencumbered Assets, shall fail to meet the Occupancy Rate requirements of the definition of "Unencumbered Asset."