Common use of Termination of Designation as Unencumbered Pool Property Clause in Contracts

Termination of Designation as Unencumbered Pool Property. From time to time Borrower may request, upon not less than 30 days prior written notice to Lender, that an Unencumbered Pool Property cease to be an Unencumbered Pool Property. Lender shall grant such request if all of the following conditions are satisfied: (a) no Default or Event of Default shall have occurred and be continuing both at the time of such request and immediately after giving effect to such request; and (b) Borrower shall have delivered to Lender an Unencumbered Pool Certificate demonstrating on a pro forma basis, and Lender shall have determined, that the outstanding principal balance of the Loans, together with the aggregate amount of Letter of Credit Liabilities, will not exceed the Maximum Loan Availability after giving effect to such request and any prepayment to be made and/or the acceptance of any Property as an additional or replacement Unencumbered Pool Property to be given concurrently with such request.

Termination of Designation as Unencumbered Pool Property. From time to time Borrower may request, upon not less than 30 days prior written notice to Lender, that an Unencumbered Pool Property cease to be an Unencumbered Pool Property. Lender shall grant such request if all of the following conditions are satisfied: (a) no Default or Event of Default shall have occurred and be continuing both at the time of such request and immediately after giving effect to such request; and (b) Borrower shall have delivered to Lender an Unencumbered Pool Certificate demonstrating on a pro forma basis, and Lender shall have determined, that the outstanding principal balance of the Loans, together with the aggregate amount of Letter of Credit Liabilities, will not exceed the Maximum Loan Availability after giving effect to such request and any any (c) prepayment to be made and/or the acceptance of any Property as an additional or replacement Unencumbered Pool Property to be given concurrently with such request.