Common use of Investment Grade Release Clause in Contracts

Investment Grade Release. If at any time the REIT obtains an Investment Grade Credit Rating, the Administrative Agent shall (at the sole cost of the Borrower and pursuant to documentation reasonably satisfactory to the Administrative Agent) promptly release all of the Subsidiary Guarantors (other than any Subsidiary that is a borrower or guarantor of, or is otherwise obligated in respect of, any Unsecured Indebtedness) from their obligations under the Guaranty (the “Investment Grade Release”), subject to satisfaction of the following conditions:

Investment Grade Release. If at any time the REIT Borrower obtains an Investment Grade Credit Rating, the Administrative Agent shall (at the sole cost of the Borrower and pursuant to documentation reasonably satisfactory to the Administrative Agent) promptly release all of the Subsidiary Guarantors (other than any Subsidiary Direct Owner of an Unencumbered Asset that is a borrower or guarantor of, or is otherwise obligated in respect of, any Unsecured Recourse Indebtedness) from their obligations under the Guaranty Agreement (the “Investment Grade Release”), subject to satisfaction of the following conditions:

Investment Grade Release. If at any time the Borrower or the REIT obtains an Investment Grade Credit Rating, the Administrative Agent shall (at the sole cost of the Borrower and pursuant to documentation reasonably satisfactory to the Administrative Agent) promptly release all of the Subsidiary Guarantors (other than any Unencumbered Property Subsidiary that is (i) a borrower or guarantor of, or is otherwise obligated in respect of, any Unsecured IndebtednessIndebtedness of the REIT or the Borrower or (ii) a Specified Guarantor) from their obligations under the Guaranty (the “Investment Grade Release”), subject to satisfaction of the following conditions: