APPLICATION OF DEFEASANCE DEPOSIT Sample Clauses

APPLICATION OF DEFEASANCE DEPOSIT. Sellers shall give written notice to the applicable Lenders with a copy to Buyers and Escrow Agent, within five (5) days after the date of this Agreement or five (5) days after the expiration of Buyers' Extension, if applicable, that the Mortgages encumbering the Properties will be satisfied or defeased (as applicable). At the expiration of the Lender's notice period for satisfaction or defeasance of the Mortgage, or earlier if agreed to by the Lender, the Escrow Agent will disburse to the Lender, from the Defeasance Deposit, the amounts necessary to defease or otherwise satisfy the Mortgage; it being understood that a portion of the Defeasance Deposit will be disbursed by Escrow Agent prior to the Closing to purchase securities required for the defeasance and Escrow Agent will take all actions reasonably required in connection therewith. Notwithstanding anything to the contrary contained herein or in the Contracts, if the amount required by a Lender, in accordance with the loan documents applicable to such Mortgage, to defease or satisfy a Mortgage is greater than the amount set forth on EXHIBIT B for such Mortgage, Escrow Agent shall provide written notice to Buyers and Sellers and Buyers shall within five (5) business days of such notice deposit such additional funds with Escrow Agent.
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Related to APPLICATION OF DEFEASANCE DEPOSIT

  • Option to Effect Legal Defeasance or Covenant Defeasance; Defeasance The Issuer may, at its option and at any time, elect to have either Section 8.2 or 8.3 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article VIII.

  • Conditions to Defeasance or Covenant Defeasance The following shall be the conditions to the application of Section 1302 or Section 1303 to any Securities or any series of Securities, as the case may be:

  • Option to Effect Defeasance or Covenant Defeasance The Issuer may, at the option of its Board of Directors evidenced by a Board Resolution set forth in an Officer’s Certificate, at any time, elect to have either SECTION 8.2 or 8.3 hereof applied to all outstanding Notes upon compliance with the conditions set forth below in this Article VIII.

  • Option to Effect Legal Defeasance or Covenant Defeasance The Company may at any time, at the option of its Board of Directors evidenced by a resolution set forth in an Officers’ Certificate, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8.

  • Conditions to Legal Defeasance or Covenant Defeasance The following shall be the conditions to the application of either Section 8.02(b) or 8.02(c) hereof to the outstanding Notes:

  • Company’s Option to Effect Defeasance or Covenant Defeasance The Company may elect, at its option at any time, to have Section 1302 or Section 1303 applied to any Securities or any series of Securities, as the case may be, designated pursuant to Section 301 as being defeasible pursuant to such Section 1302 or 1303, in accordance with any applicable requirements provided pursuant to Section 301 and upon compliance with the conditions set forth below in this Article. Any such election shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 301 for such Securities.

  • DEFEASANCE AND COVENANT DEFEASANCE SECTION 1301.

  • Issuer’s Option to Effect Defeasance or Covenant Defeasance The Issuer may, at its option and at any time prior to the Stated Maturity of the Notes, by a resolution of its Board of Directors, elect to have either Section 8.02 or Section 8.03 be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article Eight.

  • Legal Defeasance and Covenant Defeasance 67 Section 8.01. Option to Effect Legal Defeasance or Covenant Defeasance..... 67 Section 8.02. Legal Defeasance and Discharge............................... 67 Section 8.03.

  • Defeasance upon Deposit of Moneys or U.S. Government Obligations At the Company’s option, either (a) the Company shall be deemed to have been Discharged from its obligations with respect to the Notes on the first day after the applicable conditions set forth in Section 12.03 of the Base Indenture have been satisfied or (b) the Company shall cease to be under any obligation to comply with any term, provision or condition set forth in Section 10.02 of the Base Indenture and Sections 2.8, 2.9 and 2.10 of this Supplemental Indenture with respect to the Notes at any time after the applicable conditions set forth in Section 12.03 of the Base Indenture have been satisfied.

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