Common use of LOCKOUT PERIODS Clause in Contracts

LOCKOUT PERIODS. (i) Lender may send written notice (the "SECURITIZATION NOTICE") to Borrower notifying Borrower that Lender has initiated contact with (A) any rating agency concerning the securitization of the Loan or (B) any purchaser or investor regarding the sale of the Loan. Once a Securitization Note has been given, Borrower can no longer transfer any interest in the Property; provided, however, that notwithstanding the foregoing, in the event that Borrower has been provided with all the information concerning any proposed Tenant in Common as a Transferee as described above in SUBPARAGRAPH 15(C)(II) prior to the receipt of the Securitization Notice, Borrower shall have thirty (30) days from the date of the receipt of the Securitization Notice to complete all the requirements set forth in this PARAGRAPH 15 necessary to transfer a Tenant in Common interest hereunder. In the event such transfer is not completed within said thirty (30) day period, Borrower shall be prohibited from trying to add the proposed Tenant in Common or transferring any interest to any other Tenant in Common for six (6) months from the date of the Securitization Notice. If the Loan is not securitized or sold within six (6) months from the date of the Securitization Notice, then Borrower may again try to admit a new Tenant in Common subject to Lender providing a subsequent Securitization Notice in the event Lender later initiates contact with any rating agency concerning the securitization of the Loan or initializes contact with a potential whole loan purchaser or investor and the thirty (30) day period and six (6) month period described above shall commence again. Any subsequent approval and admittance of a new Tenant in Common shall comply with the terms and conditions of this PARAGRAPH 15. (ii) Lender shall have no obligation to provide a Securitization Notice if an Event of Default has occurred and is then continuing hereunder or under any of the other Loan Documents and in such event Borrower shall have no right to add an additional Tenant in Common or transfer any interest in the Property.

LOCKOUT PERIODS. (i) Lender Beneficiary may send written notice (the "SECURITIZATION NOTICE"“Securitization Notice”) to Borrower Grantor notifying Borrower Grantor that Lender Beneficiary has initiated contact with (A) any rating agency concerning the securitization of the Loan or (B) any purchaser or investor regarding the sale of the Loan. Once a Securitization Note has been given, Borrower Grantor can no longer transfer any interest in the Property; provided, however, that notwithstanding the foregoing, in the event that Borrower Grantor has been provided with all the information concerning any proposed Tenant in Common as a Transferee as described above in SUBPARAGRAPH 15(C)(IIsubparagraph 15(c)(ii) prior to the receipt of the Securitization Notice, Borrower Grantor shall have thirty (30) days from the date of the receipt of the Securitization Notice to complete all the requirements set forth in this PARAGRAPH Paragraph 15 necessary to transfer a Tenant in Common interest hereunder. In the event such transfer is not completed within said thirty (30) day period, Borrower Grantor shall be prohibited from trying to add the proposed Tenant in Common or transferring any interest to any other Tenant in Common for six (6) months from the date of the Securitization Notice. If the Loan is not securitized or sold within six (6) months from the date of the Securitization Notice, then Borrower Grantor may again try to admit a new Tenant in Common subject to Lender Beneficiary providing a subsequent Securitization Notice in the event Lender Beneficiary later initiates contact with any rating agency concerning the securitization of the Loan or initializes contact with a potential whole loan purchaser or investor and the thirty (30) day period and six (6) month period described above shall commence again. Any subsequent approval and admittance of a new Tenant in Common shall comply with the terms and conditions of this PARAGRAPH Paragraph 15. (ii) Lender Beneficiary shall have no obligation to provide a Securitization Notice if an Event of Default has occurred and is then continuing hereunder or under any of the other Loan Documents and in such event Borrower Grantor shall have no right to add an additional Tenant in Common or transfer any interest in the Property.

LOCKOUT PERIODS. (i) Lender may send written notice (the "SECURITIZATION NOTICE"“Securitization Notice”) to Borrower notifying Borrower that Lender has initiated contact with (A) any rating agency concerning the securitization of the Loan or (B) any purchaser or investor regarding the sale of the Loan. Once a Securitization Note Notice has been given, Borrower can no longer transfer any interest in the Property; provided, however, that notwithstanding the foregoing, in the event that Borrower has been provided with all the information concerning any proposed Tenant in Common as a Transferee as described above in SUBPARAGRAPH 15(C)(IIsubparagraph 15(c)(ii) prior to the receipt of the Securitization Notice, Borrower shall have thirty (30) days from the date of the receipt of the Securitization Notice to complete all the requirements set forth in this PARAGRAPH Paragraph 15 necessary to transfer a Tenant in Common interest hereunder. In the event such transfer is not completed within said thirty (30) day period, Borrower shall be prohibited from trying to add the proposed Tenant in Common or transferring any interest to any other Tenant in Common for six (6) months from the date of the Securitization Notice. If the Loan is not securitized or sold within six (6) months from the date of the Securitization Notice, then Borrower may again try to admit a new Tenant in Common subject to Lender providing a subsequent Securitization Notice in the event Lender later initiates contact with any rating agency concerning the securitization of the Loan or initializes contact with a potential whole loan purchaser or investor and the thirty (30) day period and six (6) month period described above shall commence again. Any subsequent approval and admittance of a new Tenant in Common shall comply with the terms and conditions of this PARAGRAPH Paragraph 15. (ii) Lender shall have no obligation to provide a Securitization Notice if an Event of Default has occurred and is then continuing hereunder or under any of the other Loan Documents and in such event Borrower shall have no right to add an additional Tenant in Common or transfer any interest in the Property.