Release of IP. (a) Section 2.5.3 of the Mortgage Loan Agreement contains provisions permitting IP Borrower to sell the IP (in whole but not in part) (an “IP Sale”), to either a bonafide third party purchaser (a “Bonafide IP Purchaser”) or to an Affiliate of Borrower or any other Restricted Party (an “Affiliate IP Purchaser”; and together with a Bonafide IP Purchaser, individually, an “IP Purchaser”), and obtain a release of the IP from the Liens of the Mortgage upon satisfaction of certain conditions and requirements set forth in Section 2.5.3 of the Mortgage Loan Agreement.
Appears in 5 contracts
Samples: Third Mezzanine Loan Agreement (Hard Rock Hotel Holdings, LLC), First Mezzanine Loan Agreement (Hard Rock Hotel Holdings, LLC), Second Mezzanine Loan Agreement (Morgans Hotel Group Co.)
Release of IP. (a) Section 2.5.3 of the Mortgage Loan Agreement contains provisions permitting IP Borrower to sell the IP (in whole but not in part) (an “IP Sale”), to either a bonafide third party purchaser (a “Bonafide IP Purchaser”) or to an Affiliate of Borrower or any other Restricted Party (an “"Affiliate IP Purchaser”; and together with a Bonafide IP Purchaser, individually, an “IP Purchaser”), and obtain a release of the IP from the Liens of the Mortgage upon satisfaction of certain conditions and requirements set forth in Section 2.5.3 of the Mortgage Loan Agreement.
Appears in 1 contract
Samples: Third Mezzanine Loan Agreement (Morgans Hotel Group Co.)
