Common use of XXXX Event Clause in Contracts

XXXX Event. Notwithstanding anything to the contrary herein, no XXXX Event may be closed until the date that is (a) if there are no real Properties secured by Mortgages in a “special flood hazard area”, ten (10) Business Days or (b) if there is any real Property secured by Mortgages in a “special flood hazard area”, thirty (30) days (in each case, the “Notice Period”), after Administrative Agent has delivered to the Lenders the following documents in respect of such real Property: (i) a completed flood hazard determination from a third-party vendor; (ii) if such real Property is located in a “special flood hazard area”, (A) a notification to the applicable Loan Parties of that fact and (if applicable) notification to the applicable Loan Parties that flood insurance coverage is not available and (B) evidence of the receipt by the applicable Loan Parties of such notice; and (iii) if required by applicable Flood Insurance Regulations, evidence of required flood insurance; provided that any such XXXX Event may be closed prior to the Notice Period if Administrative Agent shall have received confirmation from each Lender that such Lender has completed any necessary flood insurance due diligence to its reasonable satisfaction.

XXXX Event. Notwithstanding anything to the contrary hereinforegoing, no XXXX Event may be closed until the date that is (a) if there are no real Properties secured by Mortgages property subject to a Mortgage in a “special flood hazard area”, ten (10) Business Days or (b) if there is are any real Property secured by Mortgages property subject to a Mortgage in a “special flood hazard area”, thirty (30) days (in each case, the “Notice Period”), after Administrative the Agent has delivered to the Lenders the following documents in respect of such real Propertyproperty: (i) a completed “Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard Determination with respect to each real property subject to a Mortgage (together with a notice about special flood hazard determination from a third-party vendor; (ii) if area status and flood disaster assistance duly executed by the Borrower or the applicable Loan Party in the event any such real Property property subject to a Mortgage is located in a “special flood hazard area”, (A) a notification to the applicable Loan Parties of that fact and (if applicable) notification to the applicable Loan Parties that flood insurance coverage is not available and (B) evidence of the receipt by the applicable Loan Parties of such notice; and (iii) if flood insurance as required by applicable Flood Insurance Regulations, evidence of required flood insuranceSection 6.7(a); provided that any such XXXX Event may be closed prior to the Notice Period if Administrative the Agent shall have received confirmation from each applicable Lender that such Lender has completed any necessary flood insurance due diligence to its reasonable satisfaction.