Right to Substitutions. Subject to the terms and conditions of this Article 3 and the limitations sets forth in Section 15.17, Borrower shall have the right to obtain the release of the Mortgaged Property securing the Term Loan made to such Borrower by replacing such Mortgaged Property with a Multifamily Residential Property that meets the requirements of this Agreement (the “Substitute Mortgaged Property”) thereby effecting a “Substitution” of Collateral.
Appears in 2 contracts
Samples: Master Credit Facility Agreement (Camden Property Trust), Master Credit Facility Agreement (Camden Property Trust)
Right to Substitutions. Subject to the terms and conditions of this Article 3 and the limitations sets forth in Section 15.17, Borrower shall have the right to obtain the release of the Mortgaged Property securing the Term Loan Advances made to such Borrower by replacing such Mortgaged Property with a Multifamily Residential Property that meets the requirements of this Agreement (the “Substitute Mortgaged Property”) thereby effecting a “Substitution” of Collateral.
Appears in 2 contracts
Samples: Master Credit Facility Agreement (Camden Property Trust), Master Credit Facility Agreement (Camden Property Trust)
Right to Substitutions. Subject to the terms and conditions of this Article 3 and the limitations sets set forth in Section 15.17, Borrower shall have the right to obtain the release of the Mortgaged Property securing the Term Loan Advances made to such Borrower by replacing such Mortgaged Property with a Multifamily Residential Property one or more Rental Properties that meets meet the requirements of this Agreement (the “Substitute Mortgaged Property”) thereby effecting a “Substitution” of Collateral.
Appears in 1 contract
Samples: Master Credit Facility Agreement (Education Realty Trust, Inc.)
Right to Substitutions. Subject to the terms and conditions of this Article 3 and the limitations sets forth in Section 15.17, Borrower shall have the right to obtain the release of the Mortgaged Property securing the Term Loan Advances made to such Borrower by replacing such Mortgaged Property with a Multifamily Residential Property one or more Rental Properties that meets meet the requirements of this Agreement (the “Substitute Mortgaged Property”) thereby effecting a “"Substitution” of Collateral.
Appears in 1 contract
Samples: Master Credit Facility Agreement (Education Realty Trust, Inc.)
Right to Substitutions. Subject to the terms and conditions of this Article 3 and the limitations sets set forth in Section 15.17, Borrower shall have the right to obtain the release of the Mortgaged Property securing the Term Loan made to such Borrower (the “Release Mortgaged Property”) by replacing such Mortgaged Property with a Multifamily Residential Property Seniors Housing Facility that meets the requirements of this Agreement (the “Substitute Mortgaged Property”) thereby effecting a “Substitution” of Collateral.
Appears in 1 contract
Samples: Master Credit Facility Agreement (Senior Housing Properties Trust)
Right to Substitutions. Subject to the terms and conditions of this Article 3 and the limitations sets forth in Section 15.173, Borrower shall have the right to obtain the release of the one or more Mortgaged Property Property(ies) securing the Term Loan made to such Borrower (the “Release Mortgaged Property”) by replacing such Mortgaged Property Property(ies) with a Multifamily Residential Property one or more Seniors Housing Facility(ies) that meets the requirements of this Agreement (the “Substitute Mortgaged Property”) thereby effecting a “Substitution” of Collateral.
Appears in 1 contract
Samples: Master Credit Facility Agreement (Brookdale Senior Living Inc.)
