Defeasance Requirements. (a) Subject to Section 2.6, ----------------------- ------- --- the Loan may be defeased (A) in whole, or (B) in part, but only pursuant to Section 5.1(b)(P); provided that Operator: (i) provides, in the case of a ------- --------- defeasance pursuant to Section 5.1(b)(P), not less than ten (10) days', and, in ------- --------- all other cases, not less than thirty (30) days prior written notice to the Lender specifying a Payment Date (the "Defeasance Release Date") on which the ---------- ------- ---- payments provided in clauses (ii) and (iii) below are to be made and the deposit provided in clause (iv) below is to be made, (ii) pays all interest accrued and unpaid on the Principal Indebtedness to and including the Defeasance Release Date, (iii) pays all other sums then due and payable under the Loan Documents, (iv) deposits with the Lender an amount equal to the Defeasance Deposit, (v) intentionally omitted, (vi) intentionally omitted, and (vii) delivers to the Lender (A) a security agreement, in form and substance reasonably satisfactory to Lender, creating a first priority perfected Lien on the deposits required pursuant to this Section and the U.S. Obligations purchased on behalf of Borrower in accordance with this Section (the "Security Agreement"), (B) for -------- --------- execution by the Lender, a release of the Mortgaged Property from the liens of the Mortgages and the Assignments of Leases and the other Loan Documents (including, without limitation, liens on fixtures) in a form appropriate for the jurisdiction in which the Mortgaged Property is located, (C) an Officer's Certificate of Operator certifying that the requirements set forth in this Section have been satisfied, (D) an opinion of counsel from Borrower's or Operator's counsel in form and substance reasonably satisfactory to the Lender stating, among other things, (x) that, without qualification, the U.S. Obligations have been duly and validly assigned and delivered to Lender and Lender has a first priority perfected security interest on the deposits required pursuant to this Section and a first priority perfected lien on the U.S. Obligations and the proceeds thereof purchased hereunder and (y) that the defeasance will not adversely affect the status of any REMIC formed in connection with a Securitization, and (E) such other certificates, documents or instruments as the Lender may reasonably request including, without limitation, (x) written confirmation from the relevant Rating Agenc...
Defeasance Requirements. (a) Provided that no Default or Event of Default has occurred and is continuing, commencing on the date which is two (2) years after the Start-Up Day (but only before the Optional Prepayment Date), Borrower may voluntarily defease (A) all of the Loan or (B) part of the Loan on a Facility-by-Facility basis, or (C) part of the Loan on a non-Facility-by-Facility basis, but only pursuant to Section 5.1(p).
Defeasance Requirements. (a) Five (5) years after the Closing Date, Borrower may voluntarily defease all of the Loan and the Related Loans.
Defeasance Requirements. (a) Subject to Section 2.6, the Loan may be defeased (A) in whole, or (B) in part on a Facility-by-Facility basis, or (C) in part on a non-Facility-by-Facility basis, but only pursuant to Section 5.1(P); provided, that Borrower: (i) provides not less than thirty (30) days prior written notice to the Lender specifying a Payment Date (the "Defeasance Release Date") on which the payments provided in clauses (ii) and (iii) below are to be made and the deposits provided in clause (iv) below are to be made, (ii) pays all interest accrued and unpaid on the Principal Indebtedness to and including the Defeasance Release Date, (iii) pays all other sums then due and payable under the Loan Documents, (iv) deposits with Lender an amount equal to the Defeasance Deposit, (v) in the case of a defeasance in part on a Facility-by-Facility basis, provides to Lender evidence satisfactory that the Defeasance Debt Service Coverage Ratio for all Facilities (after giving effect to the defeasance and calculated on the basis of the prior twelve (12) calendar months), shall be greater
Defeasance Requirements. (a) Provided that no Default or Event of Default has occurred, after the earlier to occur of (i) two (2) years after the Start-Up Day and (ii) four (4) years after the Closing Date (but only before the Optional Prepayment Date), Borrower may voluntarily defease (A) all of the Loan or (B) part of the Loan on a Facility-by-Facility basis, or (C) part of the Loan on a non-Facility- by-Facility basis, but only pursuant to Section 5.1(p). ------- ------ (b) Any defeasance of the Loan by Borrower shall be made on a Payment Date.
Defeasance Requirements. (a) Subject to Section 2.6, the Loan may be defeased (A) in whole, or (B) in part, but only pursuant to Section 5.1(P) or Section 2.16(c); provided, that Borrower: (i) provides not less than thirty (30) days prior written notice to the Lender specifying a Payment Date (the "Defeasance Release Date") on which the payments provided in clauses (ii) and (iii) below are to be made and the deposits provided in clause (iv) below are to be made, (ii) pays all interest accrued and unpaid on the Principal Indebtedness to
Defeasance Requirements. (a) After the Permitted Defeasance Date, the Lien of this Indenture shall be released with respect to the Property and the Mortgaged Property relating thereto, and Lender, on demand of and at the expense of Owner, shall execute proper instruments acknowledging satisfaction and discharge of the Lien of this Indenture (except as limited in this Section 2.20) when Owner has irrevocably deposited or caused to be deposited the Defeasance Deposit if loan becomes part of a REMIC for 3 yrs after Closing Date (2/13/98) with respect to such Mortgaged Property into the Defeasance Account if loan becomes part of a REMIC for 3 yrs after Closing Date (2/13/98) as directed by Lender (or an agent selected by Lender which will act as Lender's agent) and has otherwise complied with this Section 2.20; (b) Any defeasance of the Loan by Owner shall be made on a Payment Date;
Defeasance Requirements. Provided that as of the Release Date no Event of Default exists, Borrower may cause the release of the Property from the lien of the Mortgage and the other Loan Documents (“Defeasance”) on any Payment Date following the date that is two (2) years and fifteen (15) days after the “startup day” within the meaning of Section 860G(a)(9) of the Internal Revenue Code of 1986, as amended (together with any successor statute and the related Treasury Department Regulations including temporary regulations, the “Code”) of any REMIC Trust upon Borrower’s satisfaction of the following conditions:
