Common use of Spin-Off Transaction Clause in Contracts

Spin-Off Transaction. (a) Within three (3) Business Days following the Closing Date, the REIT Guarantor and the Borrower will cause Ensign to effect the Spin-Off Transaction. (b) Within three (3) Business Days following the Closing Date, the Administrative Agent shall have received a copy of each Ensign Master Lease duly executed by the parties thereto and an officer’s certificate of the Borrower certifying that (i) the Spin-Off Dividend has been effected and (ii) each Ensign Master Lease is in full force and effect as of such date of delivery.

Spin-Off Transaction. (a) Within three (3) Business Days following the Closing Date, the REIT Guarantor and the Borrower will cause Ensign to effect shall have effected the Spin-Off Transaction. (b) Within three (3) Business Days following the Closing Date, the Administrative Agent shall have received a copy of each Ensign PropCo Master Lease duly executed by the parties thereto and an officer’s certificate of the Borrower certifying that (i) the Spin-Off Dividend Transaction has been effected and (ii) each Ensign PropCo Master Lease is in full force and effect as of such date of delivery.