None of Borrower, Equity Owner, Operating Lessee Pledgor, Mortgage Borrower or Operating Lessee is a party to any agreement or instrument or subject to any restriction for which a default or violation by Borrower, Equity Owner, Operating Lessee Pledgor, Mortgage Borrower or Operating Lessee (as applicable) is reasonably likely to result in a Material Adverse Effect. None of Borrower, Equity Owner, Operating Lessee Pledgor, Mortgage Borrower or Operating Lessee is in default in any material respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement or instrument to which it is a party or by which Borrower, Equity Owner, Operating Lessee Pledgor, Mortgage Borrower, Operating Lessee, any Individual Property or the Collateral is bound. None of Borrower, Equity Owner, Operating Lessee Pledgor, Mortgage Borrower or Operating Lessee has any material financial obligation under any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which Borrower, Equity Owner, Operating Lessee Pledgor, Mortgage Borrower or Operating Lessee is a party or by which Borrower, Equity Owner, Operating Lessee Pledgor, Mortgage Borrower, Operating Lessee, the Properties or the Collateral are otherwise bound, other than (a) in the case of Borrower and Equity Owner. obligations incurred in the ordinary course of the operation of the Collateral as permitted pursuant to clause (w) of the definition of “Special Purpose Entity” set forth in Section 1.1 hereof, (b) in the case of Mortgage Borrower, Operating Lessee, and Operating Lessee Pledgor, obligations incurred in the ordinary course of the operation of the Collateral as permitted pursuant to clause (w) of the definition of “Special Purpose Entity” set forth in Section 1.1 of the Mortgage Loan Agreement or (c) obligations under or identified in the Loan Documents or Mortgage Loan Documents.