TRS Transfer. At Borrower’s option, without ▇▇▇▇▇▇’s consent, Borrower may cause an Individual Property to be transferred to a newly formed, subsidiary of Sponsor (as applicable, a “New TRS Borrower”) provided that the following conditions are satisfied: (a) No Event of Default shall have occurred and be continuing; (b) The New TRS Borrower shall have organizational documents in a form reasonably approved by ▇▇▇▇▇▇ and Borrower and New TRS Borrower shall otherwise comply with the provisions of Section 4.1.30
Appears in 2 contracts
Sources: Loan Agreement (Apartment Income REIT, L.P.), Loan Agreement (Apartment Income REIT, L.P.)
TRS Transfer. At Borrower’s option, without ▇▇▇▇▇▇Administrative Agent’s consent, Borrower may cause an Individual Property to be transferred to a newly formed, wholly-owned subsidiary of Sponsor (as applicable, a “New TRS Borrower”) provided that the following conditions are satisfied:
(a) No Event of Default shall have occurred and be continuing;
(b) The New TRS Borrower shall have organizational documents in a form reasonably approved by ▇▇▇▇▇▇ Administrative Agent and Borrower and New TRS Borrower shall otherwise comply with the provisions of Section 4.1.30
Appears in 1 contract
Sources: Loan Agreement (Excel Trust, L.P.)