Common use of Defeasance and Assumption Clause in Contracts

Defeasance and Assumption. 36 Section 2.1. Defeasance 36 Section 2.2. Property Releases 39 Section 2.3. Assumption 40 Section 2.4. Transfers of Equity Interests in Borrower 42 ARTICLE III ACCOUNTS 44 Section 3.1. Cash Management Account 44 Section 3.2. Distributions from Cash Management Account 45 Section 3.3. Loss Proceeds Account 46 Section 3.4. Basic Carrying Costs Escrow Account 46 Section 3.5. TI/LC Reserve Account 48 Section 3.6. Capital Expenditure Reserve Account 49 Section 3.7. Deferred Maintenance and Environmental Escrow Account 50 Section 3.8. Unfunded Obligations Account 51 Section 3.9. Excess Cash Flow Reserve Account 52 Section 3.10. Account Collateral 53 Section 3.11. Bankruptcy 53 ARTICLE IV REPRESENTATIONS 54 Section 4.1. Organization 54 Section 4.2. Authorization 54 Section 4.3. No Conflicts 54 Section 4.4. Consents 55 Section 4.5. Enforceable Obligations 55 Section 4.6. No Default 55 -i- TABLE OF CONTENTS (continued) Page Section 4.7. Payment of Taxes 55 Section 4.8. Compliance with Law 55 Section 4.9. ERISA 55 Section 4.10. Investment Company Act 56 Section 4.11. No Bankruptcy Filing 56 Section 4.12. Other Debt 56 Section 4.13. Litigation 56 Section 4.14. Leases; Material Agreements 56 Section 4.15. Full and Accurate Disclosure 58 Section 4.16. Financial Condition 58 Section 4.17. Single-Purpose Requirements 58 Section 4.18. Use of Loan Proceeds 58 Section 4.19. Not Foreign Person 59 Section 4.20. Labor Matters 59 Section 4.21. Title 59 Section 4.22. No Encroachments 59 Section 4.23. Physical Condition 59 Section 4.24. Fraudulent Conveyance 60 Section 4.25. Management 60 Section 4.26. Condemnation 60 Section 4.27. Utilities and Public Access 60 Section 4.28. Environmental Matters 60 Section 4.29. Assessments 61 Section 4.30. No Joint Assessment 61 Section 4.31. Separate Lots 61 Section 4.32. Permits; Certificate of Occupancy 61 Section 4.33. Flood Xxxx 00 Xxxxxxx 4.34. Security Deposits 62 Section 4.35. Acquisition Documents 62 -ii- TABLE OF CONTENTS (continued) Page Section 4.36. Insurance 62 Section 4.37. No Dealings 62 Section 4.38. Estoppel Certificates 62 Section 4.39. Federal Trade Embargos 62 Section 4.40. Intellectual Property/Websites 62 Section 4.41. No Subleases 63 Section 4.42. No Dark Tenants 63 Section 4.43. Central Plant 63 ARTICLE V AFFIRMATIVE COVENANTS 63 Section 5.1. Existence; Licenses 63 Section 5.2. Maintenance of Properties 64 Section 5.3. Compliance with Legal Requirements 64 Section 5.4. Impositions and Other Claims 64 Section 5.5. Access to Properties 65 Section 5.6. Cooperate in Legal Proceedings 65 Section 5.7. Leases 65 Section 5.8. Plan Assets, etc. 67 Section 5.9. Further Assurances 67 Section 5.10. Management of Collateral 68 Section 5.11. Notice of Material Event 69 Section 5.12. Annual Financial Statements 69 Section 5.13. Quarterly Financial Statements 70 Section 5.14. Monthly Financial Statements 70 Section 5.15. Insurance 71 Section 5.16. Casualty and Condemnation 76 Section 5.17. Annual Budget 78 Section 5.18. Venture Capital Operating Companies; Nonbinding Consultation 79 Section 5.19. Compliance with Encumbrances and Material Agreements 79 Section 5.20. Prohibited Persons 80 -iii- TABLE OF CONTENTS (continued) Page ARTICLE VI NEGATIVE COVENANTS 80 Section 6.1. Liens on the Collateral 80 Section 6.2. Ownership 80 Section 6.3. Transfers 80 Section 6.4. Debt 80 Section 6.5. Dissolution; Merger or Consolidation 80 Section 6.6. Change in Business 81 Section 6.7. Debt Cancellation 81 Section 6.8. Affiliate Transactions 81 Section 6.9. Misapplication of Funds 81 Section 6.10. Name 81 Section 6.11. Modifications and Waivers 81 Section 6.12. ERISA 82 Section 6.13. Alterations and Expansions 82 Section 6.14. Single-Purpose Entity 82 Section 6.15. Zoning and Uses 82 Section 6.16. Waste 83 ARTICLE VII DEFAULTS 83 Section 7.1. Event of Default 83 Section 7.2. Remedies 86 Section 7.3. Application of Payments after an Event of Default 87 ARTICLE VIII MISCELLANEOUS 87 Section 8.1. Successors 87 Section 8.2. GOVERNING LAW 88 Section 8.3. Modification, Waiver in Writing 88 Section 8.4. Notices 88 Section 8.5. TRIAL BY JURY 91 Section 8.6. Headings 91 Section 8.7. Assignment and Participation 91 Section 8.8. Severability 92 -iv- TABLE OF CONTENTS (continued) Page Section 8.9. Preferences; Waiver of Marshalling of Assets 92 Section 8.10. Remedies of Borrower 93 Section 8.11. Offsets, Counterclaims and Defenses 93 Section 8.12. No Joint Venture 93 Section 8.13. Conflict; Construction of Documents 93 Section 8.14. Brokers and Financial Advisors 94 Section 8.15. Counterparts 94 Section 8.16. Estoppel Certificates 94 Section 8.17. General Indemnity; Payment of Expenses 95 Section 8.18. No Third-Party Beneficiaries 97 Section 8.19. Recourse 97 Section 8.20. Right of Set-Off 100 Section 8.21. Exculpation of Lender 100 Section 8.22. Servicer 100 Section 8.23. No Fiduciary Duty 100 Section 8.24. Borrower Information 102 Section 8.25. EU Bail-in Rule 103 Section 8.26. PATRIOT Act Records 103 Section 8.27. Prior Agreements 103 Section 8.28. Publicity 104 Section 8.29. Delay Not a Waiver 104 Section 8.30. Schedules and Exhibits Incorporated 104 Section 8.31. Joint and Several Liability 104 -v- Schedules A Properties B Exception Report C Deferred Maintenance Conditions D Unfunded Obligations E Rent Roll F Material Agreements G Allocated Loan Amounts H Individual Property Closing Date NOI I Organizational Chart J Form of Tenant Notice K Aggregate Square Footage (on Property-by-Property basis) L Permitted Release Parcels M Approved Material Alterations N Central Plant Agreements -vi-