Conditions to Substitution. No substitution of a Collateral Loan with a Substitute Loan shall occur unless each of the following conditions is satisfied as of the date of such substitution (as certified to the Agents by the Borrower (or the Collateral Manager on behalf of the Borrower)):
Conditions to Substitution. On the Substitution Date, the Substitute Property will become the Leased Property hereunder upon delivery by Lessee to Lessor of the following:
Conditions to Substitution. On the Substitution Date, the Substitute Property shall become the Leased Property hereunder, upon delivery by Tenant to Landlord of the following:
Conditions to Substitution. In addition to the requirements in Section 2.7(b) above, substitution of any Property pursuant to this Section 2.7 shall be subject to the satisfaction of the following, all of which shall be prepared or obtained at Borrower's expense:
Conditions to Substitution. 33 20.3 Conveyance to Lessee..................................................................... 34 20.4 Expenses................................................................................. 34
Conditions to Substitution. As conditions to its admission as a Member, an assignee, transferee, or successor of a Member shall (a) execute and deliver any instruments, in form and substancesatisfactory to the non-transferring Members, as the non-transferring Members reasonably request, and (b) pay all reasonable expenses in connection with its admission as a substituted Member.
Conditions to Substitution. No substitution of a Collateral Loan with a Substitute Loan shall occur unless each of the following conditions is satisfied as of the date of such substitution (as certified to the Administrative Agent by the Borrower (or the Servicer on behalf of the Borrower)): (i) each Substitute Loan satisfies the Eligibility Criteria on the date of substitution; (ii) after giving effect to any such substitution, the Availability Test, Interest Coverage Ratio Test, the Asset Coverage Ratio Test and each Collateral Quality Test is satisfied; (iii) 100% of the proceeds from the sale of the Loan(s) to be replaced in connection with such substitution are either applied by the Borrower to acquire the Substitute Loan(s) or deposited in the Collection Account; (iv) no Default or Event of Default has occurred and is continuing (before or after giving effect to such substitution); (v) there is no adverse selection, impacting the interest of the Secured Parties, by the Borrower or Servicer with regard to such Collateral Loans to be substituted or the Substitute Loans; (vi) the Borrower and, if the Servicer is an Affiliate of the Borrower or the Originator, the Servicer (on behalf of the Borrower) shall agree to pay the legal fees and expenses of the Administrative Agent in connection with any such substitution (including, but not limited to, expenses incurred in connection with the release of the Lien of the Administrative Agent on behalf of the Secured Parties in connection with such sale, substitution or repurchase); (vii) the Borrower shall notify the Administrative Agent of any amount to be deposited into the Collection Account in connection with any such substitution and shall deliver to the Custodian, pursuant to the terms of the Custodial Agreement, the Loan Documents for any Substitute Loans; - 93- 34881204v6 110062879
Conditions to Substitution. Without limiting the foregoing, as conditions precedent to the consummation of any proposed substitution:
Conditions to Substitution. Notwithstanding anything to the contrary set forth in this Agreement or the other Loan Documents, subject to the terms and conditions set forth in this Section 2.6.1, a Borrower may, at any time after the first anniversary of the Closing Date, obtain a release of the Lien of the applicable Mortgage and the other Loan Documents encumbering its Property (each, a “Substituted Property”) by substituting therefor another improved parcel of real property of like kind, use, utility and quality that is acquired in fee simple by an Affiliate of such Borrower who is a Qualified Substitute Borrower, which property is in a similar geographical area as the Substituted Property and shall in no event be part of a vertical subdivision, be subject to a declaration of condominium or other similar type of agreement or be subject to a ground lease (a “Qualified Substitute Property”), provided that each of the following conditions precedent are satisfied (with all due diligence materials enumerated below being received by Lender at least forty-five (45) days prior to the date of substitution (the “Substitution Date”)):
Conditions to Substitution. As conditions to its admission as a Member, such assignee, transferee or successor shall pay all reasonable expenses in connection with its admission as a substituted Member.
