Substitute Notes on Partial Defeasance Clause Samples
Substitute Notes on Partial Defeasance. With respect to any partial Defeasance, Borrower and Successor Borrower, as applicable, shall execute and deliver to Lender all documents necessary to amend and restate the Note with two substitute notes: one note having a principal balance equal to the defeased portion of the Loan (the "Defeased Note") and one note having a principal balance equal to the undefeased portion of the Note (the "Undefeased Note"). The Undefeased Note may be the subject of a further Defeasance in accordance with the terms of this Section
Substitute Notes on Partial Defeasance. With respect to any Partial Defeasance, Borrower shall cause Related Borrowers to execute and deliver to Lender all documents necessary to amend and restate each note evidencing the Related Loans with two substitute notes: one note having a principal balance equal to the defeased portion of each such Related Loan (the "Defeased Note") and one note having a principal balance equal to the undefeased portion of each such Related Loan (the "Undefeased Note"). Only the Undefeased Note may be the subject of a further Defeasance in accordance with the terms of this Section 2.05(b).