Common use of Certain Additional Rights of Lender (VCOC) Clause in Contracts

Certain Additional Rights of Lender (VCOC). Notwithstanding anything to the contrary contained in this Agreement, Lender shall have: (a) upon not less than fifteen (15) Business Days’ prior written notice to Borrower, the right to request and to hold a meeting at Lender’s office in New York, New York no more than two (2) times during any calendar year to consult with an officer of Borrower that is familiar with the financial condition of each Borrower or other Loan Party and the operation of the Individual Properties regarding such significant business activities and business and financial developments of Borrower or other Loan Party as are specified by Lender in writing in the request for such meeting; provided, however, that such consultations shall not include discussions of environmental compliance programs or disposal of hazardous substances; and (b) the right, in accordance with the terms of this Agreement, to examine the books and records of Borrower and the other Loan Parties at any reasonable times upon reasonable notice no more than four (4) times during any calendar year, provided that any such examination shall be conducted so as not to unreasonably interfere with the business of Borrower, the other Loan Parties, guests or any Tenants or other occupants of any Individual Property. The rights described above in this Section 10.25 may be exercised by Lender on behalf of any Person which Controls Lender.

Appears in 1 contract

Sources: Loan Agreement (BRE Select Hotels Corp)

Certain Additional Rights of Lender (VCOC). Notwithstanding anything to the contrary contained in this Agreement, Lender shall have: (a) upon not less than fifteen (15) Business Days’ prior written notice to Borrower▇▇▇▇▇▇▇▇, the right to request and to hold a meeting at Lender▇▇▇▇▇▇’s office in New York, New York no more than two (2) times during any calendar year to consult with an officer of Borrower that is familiar with the financial condition of each Individual Borrower or other Loan Party and the operation of the each Individual Properties Property regarding such significant business activities and business and financial developments of Borrower or other Loan Party as are specified by Lender ▇▇▇▇▇▇ in writing in the request for such meeting; provided, however, that such consultations shall not include discussions of environmental compliance programs or disposal of hazardous substances; and (b) the right, in accordance with the terms Section 5.1.11(a) of this Agreement, to examine the books and records of Borrower and the other Loan Parties at any reasonable times upon reasonable notice no more than four (4) times during any calendar year, provided that any such examination shall be conducted so as not to unreasonably interfere with the business of Borrower, the other Loan Parties, guests or any Tenants or other occupants of any Individual Property. The rights described above in this Section 10.25 may be exercised by Lender ▇▇▇▇▇▇ on behalf of any Person which Controls Lender.

Appears in 1 contract

Sources: Loan Agreement (VICI Properties L.P.)

Certain Additional Rights of Lender (VCOC). Notwithstanding anything to the contrary contained in this Agreement, Lender shall have: (a) upon not less than fifteen (15) Business Days’ prior written notice to an Individual Borrower, the right to request and to hold a meeting at Lender’s office in New York, New York no more than two (2) times during any calendar year to consult with an officer of an Individual Borrower that is familiar with the financial condition of each such Individual Borrower or other Loan Party and the operation of the Individual Properties Property owned by it regarding such significant business activities and business and financial developments of such Individual Borrower or other Loan Party as are is specified by Lender in writing in the request for such meeting; provided, however, that such consultations shall not include discussions of environmental compliance programs or disposal of hazardous substances; and (b) the right, in accordance with the terms of this Agreement, to examine the books and records of any Individual Borrower and the other Loan Parties or Individual Operating Lessee at any reasonable times upon reasonable notice no more than four (4) times during any calendar year, provided that any such examination shall be conducted so as not to unreasonably interfere with the business of Borrower, the other Loan Partiessuch Individual Borrower or Individual Operating Lessee, guests or any Tenants or other occupants of any the related Individual Property. The rights described above in this Section 10.25 10.24 may be exercised by Lender on behalf of any Person which Controls Lender.

Appears in 1 contract

Sources: Loan Agreement (Park Hotels & Resorts Inc.)

Certain Additional Rights of Lender (VCOC). Notwithstanding anything to the contrary contained in this Agreement, Lender shall have: (a) upon not less than fifteen (15) Business Days’ prior written notice to Borrower, the right to request and to hold a meeting at Lender’s office in New York, New York no more than two (2) times during any calendar year to consult with an officer of Borrower that is familiar with the financial condition of each Individual Borrower or other Loan Party and the operation of the each Individual Properties Property regarding such significant business activities and business and financial developments of Borrower or other Loan Party as are specified by Lender in writing in the request for such meeting; provided, however, that such consultations shall not include discussions of environmental compliance programs or disposal of hazardous substances; and (b) the right, in accordance with the terms Section 5.1.11(a) of this Agreement, to examine the books and records of Borrower and the other Loan Parties at any reasonable times upon reasonable notice no more than four (4) times during any calendar year, provided that any such examination shall be conducted so as not to unreasonably interfere with the business of Borrower, the other Loan Parties, guests or any Tenants or other occupants of any Individual Property. The rights described above in this Section 10.25 may be exercised by Lender on behalf of any Person which Controls Lender.

Appears in 1 contract

Sources: Loan Agreement (MGM Growth Properties Operating Partnership LP)