Option to Defease Sample Clauses

Option to Defease. Notwithstanding anything to the contrary contained herein, at any time prior to April 22, 2010, Buyer shall have the right, at Buyer’s option, to elect to defease the Existing Loan in lieu of obtaining the Financing Consent. If Buyer elects to exercise the right to defease the Existing Loan, Buyer shall so notify Seller in writing (the Defeasance Notice”) on or before April 22, 2010. If Buyer delivers the Defeasance Notice (or if Buyer is deemed to have delivered the Defeasance Notice pursuant to Section 17.2(c) above), then (i) Buyer and Seller shall cease all efforts to obtain the Financing Consents, (ii) receipt of the Financing Consent shall no longer be a condition to Closing, (iii) Seller shall promptly commence the defeasance process under the Existing Loan Documents, (iv) the documents evidencing or securing the Existing Loan will no longer constitute Permitted Exceptions, and (v) the Scheduled Closing Date shall be on the Outside Date. In addition, Buyer acknowledges that, if Buyer delivers the Defeasance Notice (or is deemed to have delivered the Defeasance Notice pursuant to Section 17.2(c) above), then notwithstanding the provisions of Section 3.3 or Section 10.3 hereof, Buyer shall deliver the Purchase Price to Escrow Agent at least two (2) Business Days prior to the Closing Date (or such fewer days as the Lender or defeasance agent may permit without resulting in any additional liability to Seller) in order to enable Seller to complete the defeasance of the Existing Loan; provided that Seller shall have also delivered to Escrow Agent all of the documents executed by Seller which are required to be delivered pursuant to Section 10.2 hereof (subject to the right to update the Closing Statement and the certificate described in Section 10.2(k) hereof). All costs associated with the defeasance of the Existing Loan, including, but not limited to, the Lender’s attorneys’ fees and costs, shall be paid by Buyer (other than any outstanding principal balance and accrued and unpaid interest through the Closing Date and Seller’s attorneys’ fees associated with the defeasance which shall be paid by Seller).
Sample 1
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Related to Option to Defease

  • Option to Effect Legal Defeasance or Covenant Defeasance The Company may at any time, at the option of its Board of Directors evidenced by a resolution set forth in an Officers’ Certificate, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8.

  • Company’s Option to Effect Defeasance or Covenant Defeasance The Company may elect, at its option at any time, to have Section 1302 or Section 1303 applied to any Securities or any series of Securities, as the case may be, designated pursuant to Section 301 as being defeasible pursuant to such Section 1302 or 1303, in accordance with any applicable requirements provided pursuant to Section 301 and upon compliance with the conditions set forth below in this Article. Any such election shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 301 for such Securities.

  • Option to Effect Defeasance or Covenant Defeasance The Issuer may, at the option of its Board of Directors evidenced by a Board Resolution set forth in an Officer’s Certificate, at any time, elect to have either SECTION 8.2 or 8.3 hereof applied to all outstanding Notes upon compliance with the conditions set forth below in this Article VIII.

  • Applicability of Article; Company’s Option to Effect Defeasance or Covenant Defeasance If, pursuant to Section 3.1, provision is made for either or both of (a) Defeasance of the Securities of a series under Section 13.2 or (b) Covenant Defeasance of the Securities of a series under Section 13.3, then the provisions of such Section or Sections, as the case may be, together with the other provisions of this Article XIII, shall be applicable to the Securities of such series, and the Company may at its option by Board Resolution or in any other manner specified as contemplated by Section 3.1, at any time, with respect to the Securities of such series, elect to have either Section 13.2 (if applicable) or Section 13.3 (if applicable) be applied to the Outstanding Securities of such series upon compliance with the conditions set forth below in this Article XIII.

  • Conditions to Defeasance or Covenant Defeasance The following shall be the conditions to the application of Section 1302 or Section 1303 to any Securities or any series of Securities, as the case may be:

  • Issuer’s Option to Effect Defeasance or Covenant Defeasance The Issuer may, at its option and at any time prior to the Stated Maturity of the Notes, by a resolution of its Board of Directors, elect to have either Section 8.02 or Section 8.03 be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article Eight.

  • Conditions to Legal Defeasance or Covenant Defeasance The following shall be the conditions to the application of either Section 8.02(b) or 8.02(c) hereof to the outstanding Notes: In order to exercise either Legal Defeasance or Covenant Defeasance:

  • Conditions to Defeasance The Company may exercise its legal defeasance option or its covenant defeasance option only if:

  • Legal Defeasance and Covenant Defeasance Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance........................................... 77 Section 8.02 Legal Defeasance and Discharge.......................... 77 Section 8.03

  • SECTION 1303. Covenant Defeasance 59 Section 1304. Conditions to Defeasance or Covenant Defeasance.... 59

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