Common use of Crossed Loans Clause in Contracts

Crossed Loans. Notwithstanding anything to the contrary contained herein, (i) if any of the Coterminous Crossed Loans remains outstanding and in any part undefeased, then in connection with a Total Defeasance of the Loan, the Mortgaged Property will be released from the Liens of the Loan Documents if and only if all of the Coterminous Crossed Loans have been fully defeased in accordance with the terms and conditions of the applicable Crossed Loan Documents, and until such full defeasance of all the Crossed Loans this Loan Agreement and the other Loan Documents as they relate to the Borrower and the Mortgaged Property shall remain in full force and effect notwithstanding the Total Defeasance of the Loan, and (ii) in addition, if any “Event of Default” (as defined in any of the Crossed Loan Agreements) under any of the Crossed Loan Agreements exists, then, in connection with a Total Defeasance of the Loan, the Mortgaged Property will be released from the Liens of the Loan Documents if and only if all of the Crossed Loans have been fully repaid or defeased in accordance with the terms and conditions of the Crossed Loan Documents, and until such full repayment or defeasance of all the Crossed Loans this Loan Agreement and the other Loan Documents as they relate to the Borrower and the Mortgaged Property shall remain in full force and effect notwithstanding the Total Defeasance of the Loan.

Crossed Loans. Notwithstanding anything to the contrary contained herein, (i) if any of the Coterminous Crossed Loans remains outstanding and in any part undefeased, then then, in connection with a Total Defeasance of the Loan, the Mortgaged Property will be released from the Liens of the Loan Documents if and only if either (i) all of the Coterminous Crossed Loans have been fully defeased in accordance with the terms and conditions of the applicable Crossed Loan Documents, and until such full defeasance or (ii) all of all the Crossed Loans this shall have been partially defeased in an aggregate amount equal to the Aggregate Amount (each Crossed Loan Agreement being partially defeased in the Allocated Amount with respect thereto) and the other Crossed Loan Documents as they relate to Defeasance Conditions are satisfied at the Borrower and the Mortgaged Property shall remain in full force and effect notwithstanding time of the Total Defeasance of the Loan, and until such full (as indicated in clause (i) above) or partial (as indicated in clause (ii) in addition, if any “Event of Default” (as defined in any of the Crossed Loan Agreementsabove) under any of the Crossed Loan Agreements exists, then, in connection with a Total Defeasance of the Loan, the Mortgaged Property will be released from the Liens of the Loan Documents if and only if all of the Crossed Loans have been fully repaid or defeased in accordance with the terms and conditions of the Crossed Loan Documents, and until such full repayment or defeasance of all the Crossed Loans Loans, this Loan Agreement and the other Loan Documents as they relate to the Borrower and the Mortgaged Property shall remain in full force and effect notwithstanding the Total Defeasance of the Loan.