Property Releases. Mortgage Borrower may obtain the release of an Individual Property from the Lien of the Mortgage thereon (and related Mortgage Loan Documents) pursuant to Section 2.9 of the Mortgage Loan Agreement, and Borrower shall have the right to obtain the release of the portion of the Collateral related to such Individual Property being released (other than those expressly stated to survive), upon the satisfaction of each of the following conditions:
Property Releases. Borrower may obtain the release of an Individual Property from the Lien of the Mortgage thereon (and related Loan Documents) and the release of Borrower’s obligations under the Loan Documents with respect to such Individual Property (other than those expressly stated to survive), upon the satisfaction of each of the following conditions:
Property Releases. (a) So long as no Event of Default is then continuing and all amounts then due and owing to Lender have been paid in full, Borrower may from time to time obtain the release of one or more of the Properties or direct or indirect equity interests therein from the Liens of the Loan Documents in connection with a sale to an unaffiliated third-party in an arms’-length transaction or a Permitted Affiliate Sale, or pursuant to Section 5.24, provided that: (1) at the time of such release (but provided that no Event of Default has occurred and is continuing, not in connection with the transfer of any Disposition Asset), Borrower shall prepay the Loan in accordance with Section 2.1 in an amount equal to the applicable Release Price, plus any additional amount required to be prepaid in accordance with Section 2.2(c) in order to reduce the Release Price Deficit, which aggregate prepayment shall be accompanied by the other amounts specified in Section 2.1, including the applicable Prepayment Fee if such prepayment is made prior to the Par Prepayment Date (for the avoidance of doubt, provided no Event of Default or Junior Mezzanine Event of Default is continuing, Borrower shall not be required to deposit into the Cash Management Account the proceeds from the permitted sale of any Disposition Assets, except if and to the extent that Borrower is required hereunder to pay to Lender a Release Price or other amount in connection therewith), (2) except with respect to the sale of the Xxxx Portfolio to an unaffiliated third party, DSCR for the Test Period most recently ended, recalculated to include only income and expense attributable to Borrower’s interest in the Properties remaining after the contemplated release and to exclude the interest expense and principal payments on the aggregate amount to be prepaid, shall be equal to or greater than DSCR immediately prior to such release (as reasonably determined by Lender) (for these purposes, in the case of the sale of a Mortgage Loan Collateral Property, DSCR shall be adjusted to ignore the effect of so-called “rate creep” resulting from the fact that the prepayment of the Loan and the Mortgage Loan will not result in a pro-rata reduction of their respective principal amounts), (3) after giving effect to such release, the aggregate Senior Collateral Value shall not be less than 120% of the sum of the Principal Indebtedness and the Junior Mezzanine Loan Principal Indebtedness and (4) Borrower shall reimburse Lender for any actua...
Property Releases. Mortgage Borrower may obtain the release of an Individual Property from the Lien of the Mortgage thereon (and related Mortgage Loan Documents) pursuant to Section 2.9 of the Mortgage Loan Agreement, and Senior Mezzanine Borrower may obtain the release of a portion of the Senior Mezzanine Collateral related to such Individual Property (other than those expressly stated to survive) pursuant to Section 2.9 of the Senior Mezzanine Loan Agreement, upon the satisfaction of each of the following conditions:
Property Releases. Provided that no Event of Default shall then exist, Borrower may and may cause Mortgage Borrower to (w) obtain the release of all or any of the Select Release Properties in connection with a Select Release, (x) obtain the release of all or any of the Prime ROFO Release Properties in connection with a Prime ROFO Release or (y) obtain the release of an Individual Property from the Lien of the Mortgage thereon (and related Mortgage Loan Documents) (such release, a “Property Release”) and, in each case, obtain the release of the applicable Borrower’s obligations under the Loan Documents (other than those expressly stated to survive) with respect to the Individual Property, Select Release Properties or Prime ROFO Release Properties, as applicable, then being released and, only to the extent such Mortgage Borrower no longer owns any Property, obtain the release of the Collateral related to such Mortgage Borrower (such obligations or Collateral being released in accordance with the foregoing, the “Released Collateral”), upon the satisfaction of each of the following conditions:
Property Releases. After the Lockout Period and provided no Event of Default exists, Borrower may obtain the release of an Individual Property from the lien (or at Borrower’s option, an assignment thereof to one or more third parties) of the Mortgage thereon (and the related Loan Documents) and the release of the Borrower’s obligations under the Loan Documents with respect to such Individual Property (other than those expressly stated to survive) (each such release or assignment a “Property Release”), upon the satisfaction of each of the following conditions in a manner satisfactory to a prudent mortgage lender:
Property Releases. Subject to the terms and conditions set forth herein, from and after the Defeasance LockOut Termination Date Borrowers shall have the right, from time to time, on any Scheduled Payment Date (as defined in the Notes) to obtain a release (a "Property Release") of a Property from the lien of the related Security Instrument (i) provided that no default under this Agreement, the Notes, the Security Instruments or any other Loan Documents, that in Lender's sole judgment is material, has occurred and is continuing, (ii) subject to compliance with the provisions set forth below in this Section 4 and in Section 6 of this Agreement; and (iii) provided that, unless Borrowers shall at the time of such Property Release be an entity that complies with subsection 8.4(a)(iv)(B) of the Security Instruments, legal, record, economic and beneficial ownership of the Property for which a Property Release is being requested (the "Release Premises") is simultaneously with the granting of the Property Release transferred (a "Release Premises Transfer") to and shall be owned immediately after such Property Release by a person(s), party(ies) or,entity(ies) other than any Borrower, the managing member of any Borrower, or any general partner of any Borrower or any person, party or entity owned or controlled by any of the foregoing ("Release Premises Transferee"). In the event that the Borrowers seeks to release a Property from the lien of the related Security Instrument, Lender shall release such Property from the lien of the related Security Instrument and the Loan Documents, but only upon receipt by Lender of the following:
Property Releases. (a) So long as no Event of Default is then continuing (other than an Event of Default that would be eliminated after giving effect to the release of the Property proposed to be released pursuant to Section 7.1(l)), any Co-Borrower may obtain the release of the Property owned by such Co-Borrower from the Liens of the Loan Documents and the release of such Co-Borrower from any and all of its obligations under this Agreement and the other Loan Documents and such Property may be Transferred (whether directly or indirectly by transferring the ownership interests in the Co-Borrower that owns such Property) to an unaffiliated third party in a bona fide arms-length transaction (except that, if the release is being effectuated pursuant to the provisions of Section 7.1(l), Borrower may Transfer such Property to an Affiliate of Borrower) upon satisfaction of the following conditions:
Property Releases. From time to time after the Prepayment Lockout Expiration Date (or earlier in connection with a Qualified Redevelopment Release) but prior to the Maturity Date, Borrower may request, upon not less than thirty (30) days prior written notice to the Administrative Agent or such shorter period as may be acceptable to Administrative Agent, that any Non-Key Property or Redevelopment Property (but not any Key Property) be released from the Collateral Pool and from the Liens created by the Mortgage and other Loan Documents, which release (a “Property Release”) shall be effected by a written release executed by Administrative Agent when all of the following conditions are satisfied as of the date of such Property Release:
Property Releases. Subject to the terms and conditions set forth herein, at any time after the Lockout Date (as defined in the Note), Borrower shall have the right, from time to time, on any Payment Date (as defined in the Note), or on any Business Day provided that a payment of the Interest Shortfall (as defined in the Note) is made, to obtain a release (a "Property Release") of a Property from the lien of the related Security Instruments (i) provided that no default under this Agreement, the Note, the Security Instruments or any other Loan Documents has occurred and is continuing, (ii) subject to compliance with the provisions set forth below in this Section 3 of this Agreement; and (iii) provided that legal, record, economic and beneficial ownership of the Property for which a Property Release is being requested (the "Release Premises") is simultaneously with the granting of the Property Release transferred (a "Release Premises Transfer") to and shall be owned immediately after such Property Release by a person(s), party(ies) or entity(ies) other than Borrower or any managing member or general partner of Borrower ("Release Premises Transferee"). In the event that the Borrower seeks to release a Property from the lien of the related Security Instrument, Lender shall release such Property from the lien of the related Security Instrument and the Loan Documents, but only upon receipt by Lender of the following:
