Common use of Partial Defeasance Clause in Contracts

Partial Defeasance. (i) Provided no Event of Default shall have occurred and remain uncured and provided that the Floating Rate Component is being simultaneously prepaid in full in accordance with the terms and conditions of this Agreement (or has been prepaid in full in accordance with the terms and conditions of this Agreement), Borrower shall have the right at any time after the Release Date and prior to the Prepayment Release Date to voluntarily defease a portion of the Loan related to the Fixed Rate Component and obtain a release of the lien on the applicable portion of the equity Collateral relating to one or more Individual Properties being defeased by providing Lender with the Partial Defeasance Collateral (hereinafter, a “Partial Defeasance Event”) upon satisfaction of the following conditions precedent:

Partial Defeasance. (i) Provided no Event of Default shall have occurred and remain uncured and provided that the Floating Rate Component is being simultaneously prepaid in full in accordance with the terms and conditions of this Agreement (or has been prepaid in full in accordance with the terms and conditions of this Agreement), Borrower shall have the right at any time after the Release Date and prior to the Prepayment Release Date to voluntarily defease a portion of the Loan related to the Fixed Rate Component and obtain a release of the lien on of the applicable portion of the equity Collateral relating Security Instrument as to any one or more Individual Properties being defeased by providing Lender with the Partial Defeasance Collateral (hereinafter, a “Partial Defeasance Event”) upon satisfaction of the following conditions precedent: