Common use of Borrower Requests for Property Removal Clause in Contracts

Borrower Requests for Property Removal. The Borrower may voluntarily remove any Real Estate from the calculation of theUnencumbered Pool Availability in its sole discretion, by delivering to the Administrative Agent, no later than five (5) Business Days prior to the date on which such removal is to be effected, notice of such removal, together with a statement that no Default or Event of Default then exists or would, upon the occurrence of such event or with passage of time, result from such removal, the identity of the PoolUnencumbered Property being removed, and a calculation of the value attributable to such PoolUnencumbered Property. Simultaneously with the delivery of the items required pursuant above, the Borrower shall deliver to the Administrative Agent a pro forma Compliance Certificate and Pool Certificate demonstrating, after giving effect to such removal or disqualification, compliance with the covenants contained in ARTICLE VI.

Borrower Requests for Property Removal. The Borrower may voluntarily remove any Real Estate from the calculation of theUnencumbered the Unencumbered Pool Availability in its sole discretion, by delivering to the Administrative Agent, no later than five (5) Business Days prior to the date on which such removal is to be effected, notice of such removal, together with a statement that no Default or Event of Default then exists or would, upon the occurrence of such event or with passage of time, result from such removal, the identity of the PoolUnencumbered Property being removed, and a calculation of the value attributable to such PoolUnencumbered Property. Simultaneously with the delivery of the items required pursuant above, the Borrower shall deliver to the Administrative Agent a pro forma Compliance Certificate and Pool Certificate demonstrating, after giving effect to such removal or disqualification, compliance with the covenants contained in ARTICLE VI.