Releases of Underlying Collateral. Each Grantor is authorized to cause the release or assignment of any Lien granted to or held by such Grantor on any Underlying Collateral, solely to the extent necessary, (a) upon a final, nonappealable order of a court of competent jurisdiction permitting or directing disposition thereof, (b) upon payment of any Underlying Loan in full and satisfaction in full of all of the secured obligations with respect to an Underlying Loan or upon receipt of a discounted payoff as payment in full of an Underlying Loan, (c) as is necessary in connection with the foreclosure on a Mortgaged Property, acceptance of a deed in lieu thereof or modification or restructuring of the terms thereof, (d) in connection with such Grantor’s sale of an Underlying Loan or any Underlying Collateral or (e) in the case of condominium units, individual land parcels and similar portions of the Underlying Collateral, as are permitted in, and to the extent required by, the applicable Underlying Loan Documents; provided, however, that any such transaction is consistent with the Business Plan and the proceeds of such sale or disposition are applied in accordance with the priority of payments set forth in Section 5.1 of the Custodial and Paying Agency Agreement and the other terms thereof.
Appears in 4 contracts
Samples: Reimbursement, Security and Guaranty Agreement, Reimbursement, Security and Guaranty Agreement, Reimbursement, Security and Guaranty Agreement
Releases of Underlying Collateral. Each Grantor is authorized to cause the release or assignment of any Lien granted to or held by such Grantor on any Underlying Collateral, solely to the extent necessary, (a) upon a final, nonappealable order of a court of competent jurisdiction permitting or directing disposition thereof, (b) upon payment of any Underlying Mortgage Loan in full and satisfaction in full of all of the secured obligations with respect to an Underlying a Mortgage Loan or upon receipt of a discounted payoff as payment in full of an Underlying a Mortgage Loan, (c) as is necessary in connection with the foreclosure on a Mortgaged Property, acceptance of a deed in lieu thereof or modification or restructuring of the terms thereof, (d) in connection with such Grantor’s sale of an Underlying a Mortgage Loan or any Underlying Collateral or (e) in the case of condominium units, individual land parcels and similar portions of the Underlying Collateral, as are permitted in, and to the extent required by, the applicable Underlying Mortgage Loan Documents; provided, however, that any such transaction is consistent with the Business Plan and the proceeds of such sale or disposition are applied in accordance with the priority of payments set forth in Section 5.1 of the Custodial and Paying Agency Agreement and the other terms thereof.
Appears in 1 contract
Samples: Reimbursement and Security Agreement
