Defeasance Borrower definition
Examples of Defeasance Borrower in a sentence
The right of the initial Lender hereunder or its designee to establish or designate a Defeasance Borrower shall be retained by the initial Lender notwithstanding the sale or transfer of the Loan unless such obligation is specifically assigned to and assumed by the transferee.
In connection with the Defeasance, Borrower shall, at the request of Lender, assign all of its right, title and interest in and to the pledged Defeasance Collateral and all its obligations and rights under the Loan (or, for a Partial Defeasance, the New Note) and the Defeasance Security Agreements to Successor Borrower.
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").
A written certification from Borrower which confirms that, following Defeasance, Borrower continues to satisfy the “single purpose entity” requirements of this Loan Agreement.
Prime Retail Defeasance I, L.L.C., a Delaware limited liability company (the "Defeasance Borrower"), has assumed a Defeasance Promissory Note evidencing the partial defeasance of the Loan.
In connection with a Defeasance, Borrower shall assign all its Obligations, together with the pledged Defeasance Collateral, to a successor entity designated by Lender in its sole discretion or, at the option of Lender, designated by Borrower and approved by Lender (in each case, the “Successor Borrower”).
If the Loan is Defeased in part or in full, the right of the initial Lender hereunder or its designee to establish or designate a Defeasance Borrower shall be retained by the initial Lender notwithstanding the sale or transfer of the Loan unless such obligation is specifically assigned to and assumed by the transferee.
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").
With respect to any partial Defeasance, Borrower 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”).
With respect to any partial Defeasance, Borrower 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").