Common use of Year 2000 Covenant Clause in Contracts

Year 2000 Covenant. Borrower shall ensure that the following are Year 2000 Compliant in a timely manner, but in no event later than December 31, 1999: (a) Borrower itself; and (b) any other major commercial properties and entities in which Borrower holds a controlling interest. Borrower shall further make reasonable inquiries of and request reasonable validation that each of the following are similarly Year 2000 Compliant: (x) all major tenants or other entities from which Borrower receives payments; and (y) all major contractors, suppliers, service providers and vendors of Borrower. As used in this paragraph, "major" shall mean properties or entities the failure of which to be Year 2000 Compliant would have a material adverse economic impact upon Borrower. The term "Year 2000 Compliant" shall mean, in regard to any property or entity, that all software, hardware, equipment, goods or systems utilized by or material to the physical operations, business operations, or financial reporting of such property or entity (collectively, the "systems") will properly perform date sensitive functions before, during and after the year 2000. In furtherance of this covenant, Borrower shall, in addition to any other necessary actions, perform a comprehensive review and assessment of all systems of Borrower, and shall adopt a detailed plan, with itemized budget, for the testing, remediation, and monitoring of such systems. Borrower shall, within thirty business days of Lender's written request, provide to Lender such certifications or other evidence of Borrower's compliance with the terms of this paragraph as Lender may from time to time reasonably require.

Year 2000 Covenant. Borrower shall ensure that the following are Year 2000 Compliant in a timely manner, but in no event later than December 31, 1999: ; (a) Borrower itself; and (b) any other major commercial properties each Unencumbered Asset in the Unencumbered Pool and entities in which Borrower holds a controlling interesteach Consolidated Entity. Borrower shall further make reasonable inquiries of and request reasonable validation that each of the following are similarly Year 2000 200 Compliant: (x) all major tenants or other entities from which Borrower receives payments; and (y) all major contractors, suppliers, service providers provider and vendors of Borrower. As used in this paragraph, "major" shall mean means properties or entities the that failure of which to be Year 2000 Compliant would have a material adverse economic impact upon Borrower. The term "Year 2000 Compliant" shall mean, in regard to any property or entity, that all software, hardware, equipment, goods or systems utilized by or material to the physical operations, business operations, or financial reporting of such property or entity (collectively, the "systems") will properly perform date sensitive functions before, during and after the year 2000. In furtherance of this covenant, Borrower shall, in addition to any other necessary actions, perform a comprehensive review and assessment of all systems of Borrower, and shall adopt a detailed plan, with itemized budget, for the testing, remediation, and monitoring of such systems. Borrower shall, within thirty business days of LenderAgent's written request, provide to Lender Agent such certifications certificates or other evidence of Borrower's compliance with the terms of this paragraph as Lender Agent may from time to time reasonably require.

Year 2000 Covenant. Borrower shall ensure covenants and represents that the following are Year 2000 Compliant in a timely manner, but in no event later than December 31, 1999Compliant: (a) Borrower itself; and (b) any other major commercial properties each Unencumbered Asset in the Unencumbered Pool and entities in which Borrower holds a controlling interesteach Consolidated Entity. Borrower shall further make covenants and represents that it has made reasonable inquiries of and request reasonable validation that each of the following are similarly Year 2000 200 Compliant: (x) all major tenants or other entities from which Borrower receives payments; and (y) all major contractors, suppliers, service providers provider and vendors of Borrower. As used in this paragraphSection 6.13, "major" shall mean means properties or entities the that failure of which to be Year 2000 Compliant would have a material adverse economic impact upon Borrower. The term "Year 2000 Compliant" shall mean, in regard to any property or entity, that all software, hardware, equipment, goods or systems utilized by or material to the physical operations, business operations, or financial reporting of such property or entity (collectively, the "systems") will properly perform date sensitive functions before, during and after the year 2000. In furtherance of this covenantthese covenants, Borrower shall, in addition to any other necessary actions, perform a comprehensive review and assessment of all systems of Borrower, and shall adopt a detailed plan, with itemized budget, for the testing, remediation, and monitoring of such systems. Borrower shall, within thirty business days of LenderAgent's written request, provide to Lender Agent such certifications certificates or other evidence of Borrower's compliance with the terms of this paragraph as Lender Agent may from time to time reasonably require.

Year 2000 Covenant. Borrower shall ensure that the following Borrower and its Affiliates are Year 2000 Compliant in a timely manner, but in no event later than December 31, 1999: (a) Borrower itself; and (b) any other major commercial properties and entities in which Borrower holds a controlling interest. Borrower shall further make reasonable inquiries of and request reasonable validation that each of the following are similarly Year 2000 Compliant: (x) all major tenants or other entities from which Borrower receives payments; and (y) all major contractors, suppliers, service providers and vendors of BorrowerBorrower are similarly Year 2000 Compliant. As used in this paragraph, "major" shall mean properties or entities the failure of which to be Year 2000 Compliant would have a material adverse economic impact upon Borrower. The term "Year 2000 Compliant" shall mean, in regard to any property or entity, mean that all software, hardware, equipment, goods or systems utilized by or material to the physical operations, business operations, or financial reporting of such property or entity (collectively, the "systems") will properly perform date sensitive functions before, during and after the year 2000. In furtherance of this covenant, Borrower shall, in addition to any other necessary actions, perform a comprehensive review and assessment of all systems of Borrower, and shall adopt a detailed plan, with itemized budget, for the testing, remediation, and monitoring of such systems. Borrower shall, within thirty business days of Lender's written request, has provided Agent with satisfactory documentation and shall provide to Lender Agent such additional certifications or other evidence of Borrower's compliance with the terms of this paragraph as any Lender may from time to time reasonably require.