Individual Properties. 6.17.1 Each of the Property Owners possesses such Licenses and Permits issued by the appropriate federal, state, or local regulatory agencies or bodies necessary to own and operate each Individual Property, except where the failure to possess any such License or Permit would not have a Material Adverse Effect. The Property Owners are in material compliance with the terms and conditions of all such Licenses and Permits, except where the failure so to comply would not, singly or in the aggregate, result in a Material Adverse Effect. All of the Licenses and Permits are valid and in full force and effect, except where the invalidity of such Licenses and Permits or the failure of such Licenses and Permits to be in full force and effect would not result in a Material Adverse Effect. Neither the Borrower nor any of the Property Owners has received any notice of proceedings relating to the revocation or modification of any such Licenses and Permits which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would result in a Material Adverse Effect.
Individual Properties. In the event Mortgage Borrower requests the release of any Individual Property from the Lien of the applicable Security Instrument and related Mortgage Loan Documents (or to the extent so requested by Mortgage Borrower, the assignment of the Lien of the applicable Security Instrument to a new lender without representation, warranty or recourse) (each release under this Section 2.3.6, a “Property Release”), subject to satisfaction of each of the conditions set forth below with respect to such Individual Property, Lender shall consent to such Property Release and the other actions to be taken by Mortgage Lender in accordance with Section 2.3.6 of the Mortgage Loan Agreement with respect to such Individual Property (each a “Release Property”):
Individual Properties. 6.18.1 Each of the Net Lease Partnerships possesses such Licenses and Permits issued by the appropriate federal, state, or local regulatory agencies or bodies necessary to own and operate each Individual Property, except where the failure to possess any such License or Permit would not have a Material Adverse Effect. The Net Lease Partnerships are in material compliance with the terms and conditions of all such Licenses and Permits, except where the failure so to comply would not, singly or in the aggregate, result in a Material Adverse Effect. All of the Licenses and Permits are valid and in full force and effect, except where the invalidity of such Licenses and Permits or the failure of such Licenses and Permits to be in full force and effect would not result in a Material Adverse Effect. Neither the Borrower nor any of the Net Lease Partnerships has received any notice of proceedings relating to the revocation or modification of any such Licenses and Permits which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would result in a Material Adverse Effect.
Individual Properties. It shall be unlawful for any person to place any recycla- ble materials on any property in the Borough (or in the location designated by the Borough for the collection of refuse or recyclable materials generated on the property) unless the recyclable materials were generated on that property, except for—
Individual Properties. Borrower agrees to reimburse its pro rata share (based on the percentage of the aggregate loan amount included in the Securitization represented by the principal amount of the Loan) of third party fees and expenses in connection with the Securitization, including, but not limited to, legal fees and disbursements, third-party due diligence expenses, Rating Agency fees and expenses, the costs of providing appraisals, environmental reports and engineering reports as required by the Rating Agencies, and any servicing, Trustee or special servicing fees and expenses, provided, however, that the third party fees and expenses to be reimbursed by Borrower shall not exceed the Securitization Expense Reserve Amount. In connection with the Securitization, Lender intends to use the Engineering Reports, the Environmental Reports and other third party reports, updated as necessary due to the age of such reports, to the extent permitted by the Rating Agencies. On the Closing Date, proceeds of the Loan in an amount equal to the Securitization Expense Reserve Amount shall be deposited into the Securitization Expense Sub-Account. Within 90 days from the Securitization Closing Date, Lender shall provide Borrower with an itemized bill xx the third party fees and expenses for which it seeks reimbursement from Borrower. Within 30 days from the delivery of such bill xx Borrower, the funds in the Securitization Expense Sub-Account shall be applied to reimburse Lender for such expenses, with any remaining funds in the Securitization Expense Sub-Account to be returned to Borrower on the next Payment Date. On or prior to the Securitization Closing Date, Borrower and AA shall execute and deliver to Lender an instrument (in form and substance reasonably satisfactory to Lender, Borrower and AA) indemnifying and holding Lender and its controlling Persons and Affiliates harmless against all costs, expenses and damages incurred by Lender and its controlling Persons and Affiliates (including, without limitation, all liabilities under all applicable federal and state securities laws) as a direct result of any untrue statement of a material fact contained in such offering documents based on information provided by, or on behalf of, Borrower which describes Borrower, AA, the Individual Properties (and the management thereof) or any aspect of the Loan, or as a result of any untrue statement of material fact in any of the financial statements of Borrower or AA incorporated into the offering docu...
Individual Properties. Subject to satisfaction of each of the conditions set forth below with respect to any Individual Property, Lender shall (w) release such Individual Property (each a “Release Property”) from the Lien of the applicable Security Instrument and related Loan Documents (or to the extent so requested by Borrower, assign the Lien of the applicable Security Instrument to a new lender without representation, warranty or recourse) (each release under this Section 2.3.6, a “Property Release”), (x) authorize a reduction in the notional amount of the Interest Rate Cap Agreement equal to the reduction of the outstanding principal balance of the Floating Rate Component, if any, (y) instruct the Cash Management Bank to return to Borrower any Excess Account Collateral subject to and in accordance with Section 2.3.8 except to the extent otherwise provided in such Section, and (z) comply with Section 2.3.9 with regard to adjusting the ongoing reserve requirements hereunder:
Individual Properties. This Section shall be personal to the original Borrower under the Loan, together with any transferees expressly permitted by, or consented to by Lender pursuant to, the terms of Section 5.02 above, and no other transferee shall have any rights under this Section.
Individual Properties. 9.15.1 To the Knowledge of the MARC Principals, each of the Property Owners possesses such Licenses and Permits issued by the appropriate federal, state, or local regulatory agencies or bodies necessary to own and operate each Property, except where the failure to possess any such License or Permit would not have a Material Adverse Effect. To the Knowledge of the MARC Principals, the Property Owners are in material compliance with the terms and conditions of all such Licenses and Permits, except where the failure so to comply would not, singly or in the aggregate, result in a Material Adverse Effect. To the Knowledge of the MARC Principals, all of the Licenses and Permits are valid and in full force and effect, except where the invalidity of such Licenses and Permits or the failure of such Licenses and Permits to be in full force and effect would not result in a Material Adverse Effect.
Individual Properties. Borrower may obtain a release of the lien of Individual Security Instruments (hereinafter an "Individual Release") encumbering UP TO (BUT NO MORE THAN)THREE (3) INDIVIDUAL PROPERTIES (each a "Release Property" and collectively the "Release Properties") prior to the Early Payment Date provided the following items (1)-(4) are satisfied (which items (1) - (4) are referred to herein as the "General Release Criteria"): (1) no Event of Default, and no event or condition that, with the giving of notice or passage of time or both, would constitute an Event of Default, shall then exist, (2) TABB Realty, LLC remxxxx the title owner of all of the Mortgaged Property with no Transfer or Change in Ownership (as defined in the Security Instruments) having occurred, (3) THE TOTAL ALLOCATED LOAN AMOUNT ASSIGNED TO THE RELEASE PROPERTIES DOES NOT EXCEED IN THE AGGREGATE THE SUM OF $20,000,000.00, and (4) the conditions set forth in Section 5(i)(A) below are satisfied with respect to any Individual Release occurring prior to the Defeasance Period and the conditions set forth in Section 5(i)(B) below are satisfied with respect to any Individual Release occurring during the Defeasance Period.
Individual Properties. 9.15.1 To the Knowledge of the MARC Principals, each of the Property Owners possesses such Licenses and Permits issued by the appropriate federal, state, or local regulatory agencies or bodies necessary to own and operate each Property, except where the failure to possess any such License or Permit would not have a Material Adverse Effect. To the Knowledge of the MARC Principals, the Property Owners are in material compliance with the terms and conditions of all such Licenses and Permits, except where the failure so to comply would not, singly or in the aggregate, result in a Material Adverse Effect. To the Knowledge of the MARC Principals, all of the Licenses and Permits are valid and in full force and effect, except where the invalidity of such Licenses and Permits or the failure of such Licenses and Permits to be in full force and effect would not result in a Material Adverse Effect. Neither a MARC Principal nor a MARC Entity has received any notice of proceedings relating to the revocation or modification of any such Licenses and Permits which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would result in a Material Adverse Effect. Any written notice received by a Property Owner or MARC Realty of a violation of Legal Requirements which has not been corrected will not have a Material Adverse Effect.
