Common use of Default Release Clause in Contracts

Default Release. Notwithstanding the requirements of Section 3.3 to the contrary, in the event Administrative Agent has delivered a notice to Borrower of a non-monetary Event of Default which relates specifically to a Collateral Property (a “Default Property”) and Borrower has exercised commercially reasonable efforts to cure such Event of Default and is unable to cure such Event of Default and (ii) such Event of Default is not the result of the willful misconduct or bad faith actions of Borrower or any of its Affiliates and such Event of Default relates solely to the Default Property, then Borrower shall have the right to obtain a release of the Default Property (a “Default Release”) in accordance with Section 3.3 hereof (and in the case of the Fieldstone Marketplace Property, the release of the Lien of the Equity Pledge), but without satisfaction of (a) in the case of a Stabilized Property, the requirement to obtain Administrative Agent’s written consent or (b) the requirement that any release be pursuant to an arm’s length sale or refinance.