Right to Substitute Collateral. Subject to the terms, conditions and limitations of this Section 7.04 and Article VII, the Borrower shall have the right, from time to time during the Term of this Agreement, to add one or more Multifamily Residential Properties to the Collateral Pool in substitution of one or more Mortgaged Properties then in the Collateral Pool in accordance with the provisions of this Section 7.04 (“Substituted Mortgaged Property”).
Right to Substitute Collateral. Subject to the terms, conditions and limitations of this Section 3.05, Borrower shall have the right to add one or more Manufactured Housing Communities to the Collateral Pool in substitution of one or more Mortgaged Properties then in the Collateral Pool ("Substitute Mortgaged Property").
Right to Substitute Collateral. Subject to the terms, conditions and limitations of Article 3 and Article 5, Borrower shall have the right prior to the date twelve (12) months before the Termination Date to obtain the Release of one or more Release Mortgaged Properties from the Collateral Pool by replacing such Release Mortgaged Property with one (1) or more Additional Mortgaged Properties that meet the requirements of this Agreement (the “Substitute Mortgaged Property”) thereby effecting a “Substitution” of Collateral.
Right to Substitute Collateral. Upon at least ten (10) days' prior written notice to the Secured Parties, the Grantor may, in lieu and substitution for the collateral otherwise provided for herein, provide Substitute Collateral (as hereinafter defined) as security for the Secured Obligations hereunder, and in such event the Secured Parties shall take such actions as the Grantor may reasonably request (including, without limitation, the execution and filing of appropriate UCC-3's termination statements) confirming and/or effecting the release of the collateral for which the Substituted Collateral is being substituted, and upon such substitution of collateral, the term "COLLATERAL," as used herein, shall refer to the Substituted Collateral. As used herein, "SUBSTITUTED COLLATERAL" means any of the following: (a) a letter of credit, issued to the Secured Parties by a bank or other financial institution reasonably acceptable to the Secured Parties and in an amount (net of the amount of any Liens thereon securing obligations to any Persons other than the Secured Parties) not less than the outstanding principal amount of the Promissory Notes; (b) a certificate of deposit, issued by a bank or other financial institution reasonably acceptable to the Secured Parties in an amount (net of the amount of any Liens thereon securing obligations to any Persons other than the Secured Parties) not less than the outstanding principal amount of the Promissory Notes; and (c) such other property as may be selected by the Grantor with the consent of the Secured Parties, with such consent not to be unreasonably withheld or delayed. Without limiting the effect of any of the other provisions of this Agreement, in the event the payment of or foreclosure on any Substituted Collateral shall result in the receipt by the Secured Parties of an amount in excess of the aggregate outstanding amounts of the Promissory Notes, the excess thereof shall be promptly paid to the Grantor.
Right to Substitute Collateral. An El Paso Pledgor may, subject to the terms of this Article IV, at any time provide to the Collateral Agent substitute Collateral and in connection therewith obtain a release from the Collateral Agent as to existing Collateral. To effect a substitution of Collateral, an El Paso Pledgor shall comply with the obligations set out in Section 4.3 with respect to the substitute Collateral that will be added, and the El Paso Pledgor and the Collateral Agent shall comply with the obligations set out in Section 4.2 with respect to the Collateral to be released. Notwithstanding the foregoing, if an Event of Default has occurred and is continuing, then an El Paso Pledgor may only substitute Collateral pursuant to this Article IV if such substitution of Collateral shall cure such Event of Default within the time period provided herein in Section 5.
Right to Substitute Collateral. Subject to the terms, conditions and limitations of Article 3 and Article 4 from time to time prior to the date that is twelve (12) months prior to the Pool Termination Date, Borrower shall have the right to obtain the release of one or more Release Mortgaged Properties from the relevant Collateral Pool by replacing such Release Mortgaged Property with one or more Multifamily Residential Properties that meet the requirements of this Agreement (the “Substitute Mortgaged Property”) thereby effecting a
Right to Substitute Collateral. 16 SECTION 3.06. Procedure for Substituting Collateral.................................................... 16 ARTICLE 4
Right to Substitute Collateral. Subject to the terms, conditions and limitations of Article 3 and Article 5, Borrower shall have the right to obtain the release of one or more Release Properties from the Collateral Pool by replacing such Release Property with one or more Additional Mortgaged Properties that meet the requirements of this Agreement (the “Substitute Mortgaged Property”) thereby effecting a “Substitution” of Collateral, provided that –
Right to Substitute Collateral. Subject to the terms, conditions and limitations of Article 3 and Article 4 from time to time prior to the date that is twelve (12) months prior to the Pool Termination Date, Borrower shall have the right to obtain the release of one or more Release Mortgaged Properties from the relevant Collateral Pool (including the Release of a Mortgaged Property that is simultaneously added to another Collateral Pool) by replacing such Release Mortgaged Property with one or more Multifamily Residential Properties (including a Mortgaged Property that has simultaneously been released from another Collateral Pool) that meet the requirements of this Agreement (the “Substitute Mortgaged Property”) thereby effecting a “Substitution” of Collateral. Notwithstanding anything to the contrary contained herein, there shall be no limitation on the number of Substitutions that may be effected within the first twelve (12) months following the Effective Date of this Agreement.
Right to Substitute Collateral. 40 SECTION 7.2 Procedure for Substituting Collateral.........................................40 SECTION 7.3 Conditions Precedent to Substitution of a Substituted Mortgaged Property into the Collateral Pool......................................................42 SECTION 7.4
