Partial Defeasance. (a) Provided no Event of Default shall have occurred and remain uncured, Borrower shall have the right at any time after the Release Date and prior to Permitted Prepayment Date to voluntarily defease a portion of the Loan and obtain a release of the lien of the Mortgage as to any Individual Property by providing Lender with the Partial Defeasance Collateral (hereinafter, a “Partial Defeasance Event”) upon satisfaction of the following conditions precedent:
Partial Defeasance. Borrower shall, as a condition to and only in connection with a Partial Release of a Partial Release Property after the First Open Defeasance Date and prior to the First Open Prepayment Date as provided in Section 2.17 below, have the right to defease a portion of the Loan (a “Partial Defeasance”) upon satisfaction of the following conditions:
Partial Defeasance. Upon IRSA PC’s exercise of the option provided in Section 11.1 to have this Section 11.3 applied to all the Outstanding Securities of any Series denominated in U.S. dollars and having a fixed rate of interest, except as otherwise may be provided pursuant to the terms of the Securities established pursuant to Section 2.3: IRSA PC shall be released from its obligations under Sections 3.14 and 3.15 and the occurrence of any event with respect to such Series of Securities specified in Section 4.1(b) shall not be deemed an Event of Default (but only insofar as such event relates to the obligations under Sections 3.14 and 3.15 from which IRSA PC has been expressly released pursuant to Section 11.3(i)), in each case, on and after the date the conditions set forth in Section 11.4 are satisfied with respect to such Series of Securities (hereinafter, “partial defeasance”). For this purpose, partial defeasance means that IRSA PC may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such paragraph to the extent specified above, whether directly or indirectly by reason of any reference elsewhere herein or in the Securities to any such paragraph or by reason of any reference in any such paragraph to any other provision herein or in the Securities of such Series or in any other document, but the remainder of IRSA PC’s obligations shall be unaffected thereby.
Partial Defeasance. The Loan is cross-collateralized with certain other loans, subject to the terms of the Master Cross-Collateralization Agreement. The Master Cross-Collateralization Agreement provides that, under certain circumstances, a borrower named therein may obtain the release of the mortgage securing a particular loan, subject to (i) the prepayment or defeasance, as applicable, of the amount of the outstanding indebtedness under such loan, and (ii) on a pro-rata basis, the prepayment or defeasance, as applicable, of the indebtedness of the other loans remaining outstanding under the Master Cross-Collateralization Agreement in the total amount of the “Release Price” or “Defeasance Release Price” defined in the Master Cross-Collateralization Agreement. During the Defeasance Period, Borrower will have the right to partially defease the Loan in the amount of any part of a “Defeasance Release Price” allocated to the Loan subject to the provisions of Section 44.
Partial Defeasance. (i) Provided no Event of Default shall have occurred and remain uncured and provided that the Floating Rate Component is being simultaneously prepaid in full in accordance with the terms and conditions of this Agreement (or has been prepaid in full in accordance with the terms and conditions of this Agreement), Borrower shall have the right at any time after the Release Date and prior to the Prepayment Release Date to voluntarily defease a portion of the Loan related to the Fixed Rate Component and obtain a release of the lien on the applicable portion of the equity Collateral relating to one or more Individual Properties being defeased by providing Lender with the Partial Defeasance Collateral (hereinafter, a “Partial Defeasance Event”) upon satisfaction of the following conditions precedent:
Partial Defeasance. Borrower shall, as a condition to and only in connection with a Crossed Loan Total Defeasance on or after the First Open Defeasance Date and prior to the First Open Prepayment Date, have the right to defease a portion of the Loan (a “Partial Defeasance”) equal to the Applicable Crossed Loan Partial Defeasance Amount with respect to such Crossed Loan Total Defeasance (the “Partial Defeasance Amount”) upon satisfaction of the following conditions:
Partial Defeasance. Upon the Company’s exercise of the option provided in Section 10.1 to have this Section 10.3 applied to all the Outstanding Notes: (i) the Company shall be released from its obligations under Sections 3.3, 3.10, 3.12, 3.13, 3.14, 3,15, 3.16, 3.17, 3.18, 3.19, 3.20 and Article IV and (ii) the occurrence of any event with respect to such Notes specified in Section 5.1(b) and (c) shall not be deemed an Event of Default (but only insofar as such event relates to the obligations from which the Company has been expressly released pursuant to Section 10.3(i)), in each case, on and after the date the conditions set forth in Section 10.4 are satisfied (hereinafter, “Partial Defeasance”). For this purpose, Partial Defeasance means that the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such paragraph to the extent specified above, whether directly or indirectly by reason of any reference elsewhere herein or in the Notes to any such paragraph or by reason of any reference in any such paragraph to any other provision herein or in the Notes or in any other document, but the remainder of the Company’s obligations shall be unaffected thereby.
Partial Defeasance. (i) Provided (i) no Event of Default shall have occurred and remain uncured (unless such Event of Default solely relates to an Individual Property to be released pursuant to this Section 2.8(b) to cure such Event of Default and such Event of Default was not caused in bad faith to circumvent the requirements of this clause (i)) and (ii) Borrower shall not have made a prepayment of the Loan in accordance with Section 2.7 hereof and/or a Release of a Released Property in accordance with Section 2.9 hereof, Borrower shall have the right at any time after the Release Date and prior to the Prepayment Release Date to voluntarily defease a portion of the Loan and obtain a release of the lien of the applicable Security Instrument as to any one or more Individual Properties by providing Lender with the Partial Defeasance Collateral (hereinafter, a “Partial Defeasance Event”) upon satisfaction of the following conditions precedent:
Partial Defeasance. (a) Provided no Event of Default shall have occurred and remain uncured, Borrower shall have the right at any time and from time to time after the Release Date and prior to the date that is ninety (90) days prior to the Effective Maturity Date to obtain a release of the Lien of the Mortgages encumbering one or more Individual Properties other than the Marriott Marquis (a “Partial Defeasance”) upon satisfaction of the following conditions:
Partial Defeasance. (a) Provided no Event of Default shall have occurred and remain uncured beyond the expiration of any applicable cure period, Borrower shall have the right at any time after the Release Date to obtain a partial release of the Lien of the Mortgage encumbering the Release Parcel (hereinafter, a "PARTIAL DEFEASANCE EVENT") upon satisfaction of the following conditions:
