Right to Substitute Collateral. Subject to the terms, conditions and limitations of this Section 7.04 and Article VII, the Borrower Parties 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 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. So long as no Event of Default shall have occurred and be continuing under and as defined in the Note or under any other Related Agreement, the Purchaser and each Holder of the Notes agree that the Company or its affiliates, including Guarantors, may substitute for the pledge of the members interests of the Guarantors and mortgages on the NYC Real Property, the pledge of the equity of the Del Sol Investments, LLC and Del Sol Investments SA de CV subsidiaries of the Company and first priority mortgage liens on the real estate assets located in Mexico currently owned by Del Sol Investments, LLC and Del Sol Investments SA de CV (the "SUBSTITUTE COLLATERAL"); provided, that (a) the then current appraised value (as determined by an appraisal firm acceptable to the Purchaser in it sole discretion) of such Substitute Collateral shall be not less than 400% of the then outstanding principal amount of the Notes, (b) there shall be no title or potential environmental liability related to such Substitute Collateral, (c) the Purchaser shall have received a legal opinion of recognized counsel, acceptable to the Purchaser and its counsel in their sole discretion, covering such matters as the Purchaser and its counsel shall request, including, without limitation, opinions covering the valid, first priority lien of the Purchaser in and to such Substitute Collateral, and the absence of fraudulent conveyance and preference risks associated with the conveyance to the Purchaser of such Substitute Collateral, (d) the Purchaser shall have received a deed in lieu of foreclosure relating to the Substitute Collateral in form and substance acceptable to the Purchaser and its counsel in their sole discretion and (e) the Purchaser shall have determined that the acceptance of the Substitute Collateral does not in any manner whatsoever adversely affect the collateral positions of the Purchaser as in effect immediately prior to the date such Substitute Collateral is intended to be pledged to the Purchaser.
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 “Substitution” of Collateral. No Substitutions shall be permitted under a Collateral Pool that secures a Variable Loan.
Right to Substitute Collateral. Any Target Stockholder may, at any time during the term of this Agreement, propose to substitute collateral of reasonably equivalent value to the Collateral owned by such Target Stockholder for such Collateral owned by such Target Stockholder. If a Target Stockholder makes such a proposal, and the substitute collateral offered is in all material respects of equivalent value to, and as readily marketable and as stable in value as, the Collateral, Secured Party shall accept such substitute collateral for such Collateral provided that Secured Party is granted a perfected, first priority lien in such substitute collateral and such Target Stockholder executes and delivers to Secured Party such documents as Secured Party reasonably requests to give effect to the foregoing without in any manner diminishing Secured Party's rights, protections and benefits under this Agreement.
Right to Substitute Collateral. 16 SECTION 3.06. Procedure for Substituting Collateral.................................................... 16 ARTICLE 4
Right to Substitute Collateral. 11 ARTICLE 4
Right to Substitute Collateral. Subject to the terms, conditions and limitations of Section 3.02 and Section 3.04, Borrower shall have the right to add a Multifamily Residential Property to the Collateral Pool simultaneously with the release of a Release Property thereby effecting a substitution. In connection with a substitution, Borrower shall pay all Substitution Fees and Release Fees, but shall not be required to pay any Addition Fees or, to the extent of the Allocable Facility Amount of the Mortgaged Property added to the Collateral Pool, any Release Price.
Right to Substitute Collateral. Subject to the terms, conditions and limitations of Article 3 and Article 4 from time to time, 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. From and after February 22, 2014, no Substitutions shall be permitted under a Collateral Pool that secures a Variable Loan.
