Sale of Building Equipment. Borrower may Transfer or dispose of Building Equipment which is being replaced or which is no longer necessary in connection with the operation of the Property free from the Lien of the Security Instrument provided that such Transfer or disposal will not have a Material Adverse Effect on the value of the Property taken as a whole, will not materially impair the utility of the Property, and will not result in a reduction or abatement of, or right of offset against, the Rents payable under any Lease, in either case as a result thereof, and provided, further, that any new Building Equipment acquired by Borrower or Operating Lessee(and not so disposed of) shall be subject to the Lien of the Security Instrument. Lender shall, from time to time, upon receipt of an Officer’s Certificate requesting the same and confirming satisfaction of the conditions set forth above, execute a written instrument in form reasonably satisfactory to Lender to confirm that such Building Equipment which is to be, or has been, sold or disposed of is free from the Lien of the Security Instrument.
Sale of Building Equipment. Notwithstanding anything to the contrary contained herein, provided no Event of Default exists, the Borrowers may Transfer or dispose of building equipment which is being replaced or which is no longer necessary in connection with the operation of the Property free from the lien of the Mortgage, provided that such transfer or disposal will not have a Material Adverse Effect on the value of any individual Property or on the Properties taken as a whole, will not materially impair the utility of any individual Property or the Properties, taken as a whole, and will not result in a reduction or abatement of, or right of offset against, the Rents payable under any Lease, in either case as a result thereof, and provided further that any new building equipment acquired by the Borrowers (and not so disposed of) shall be subject to the lien of the Mortgage. Lender shall, from time to time, upon the reasonable request of any Borrower, execute a written instrument in form reasonably satisfactory to Lender to confirm that such building equipment which is to be, or has been, sold or disposed of is free from the lien of the Mortgage.
Sale of Building Equipment. Mezzanine Borrower may cause Mortgage Borrower to Transfer or dispose of Building Equipment which is being replaced or which is no longer necessary in connection with the operation of an Individual Property free from the Lien of the applicable Security Instrument provided that such Transfer or disposal will not have a Material Adverse Effect on the value of such Individual Property, will not materially impair the utility of such Individual Property, and will not result in a reduction or abatement of, or right of offset against, the Rents payable under the Master Lease or any Sublease, in either case as a result thereof, and provided further that any new Building Equipment acquired by Mortgage Borrower (and not so disposed of) shall be subject to the Lien of the applicable Security Instrument.
Sale of Building Equipment. 94 Section 11.7 Immaterial Transfers and Easements, etc........................................................ 94 ARTICLE XII RECOURSE; LIMITATIONS ON RECOURSE................................................................................ 94
Sale of Building Equipment. Borrower may Transfer or dispose of Building Equipment, in the Ordinary Course of Business, which is being replaced or which is no longer necessary in connection with the operation of the Property free from the Lien of the Security Instrument provided that such Transfer or disposal is in the Ordinary Course of Business, will not have a Material Adverse Effect on the value of the Property taken as a whole, will not materially impair the utility of the Property, and will not result in a reduction or abatement of, or right of offset against, the Rents payable under any Lease, in either case as a result thereof, and provided further that any new Building Equipment acquired by Borrower or Operating Lessee(and not so disposed of) shall be subject to the Lien of the Security Instrument. Administrative Agent shall, from time to time, upon receipt of an Officer’s Certificate requesting the same and confirming satisfaction of the conditions set forth above, execute a written instrument in form reasonably satisfactory to Administrative Agent to confirm that such Building Equipment which is to be, or has been, sold or disposed of is free from the Lien of the Security Instrument.
Sale of Building Equipment. Borrower (or in the case of the Maryland Property, Maryland Loan Guarantor) may Transfer or dispose of Building Equipment which is being replaced or which is no longer necessary in connection with the operation of the Property free from the Lien of the Security Instrument provided that such Transfer or disposal will not have a Material Adverse Effect on the value of the Property taken as a whole, will not materially impair the utility of the Property and will not result in a reduction or abatement of, or right of offset against, the Rents payable under the Master Lease or any Lease, in either case as a result thereof, and provided, further, that any new Building Equipment acquired by Borrower (or in the case of the Maryland Property, Maryland Loan Guarantor) (and not so disposed of) shall be subject to the Lien of the Security Instrument. Lender shall, from time to time, upon receipt of an Officer’s Certificate requesting the same and confirming satisfaction of the conditions set forth above, execute a written instrument in form reasonably satisfactory to Lender to confirm that such Building Equipment which is to be, or has been, sold or disposed of is free from the Lien of the Security Instrument.
Sale of Building Equipment. 77 8.3 IMMATERIAL TRANSFERS AND EASEMENTS, ETC........................................................77 8.4 INDEBTEDNESS...................................................................................78 8.5 PERMITTED OWNER INTEREST TRANSFERS.............................................................78 8.6
Sale of Building Equipment. Notwithstanding anything to the contrary contained herein, provided no Event of Default exists, the Borrower may permit the Mortgage Borrowers to transfer or dispose of building equipment which is being replaced or which is no longer necessary in connection with the operation of the Properties, provided that such transfer or disposal will not have a Material Adverse Effect on the value of any individual Property or the Properties taken as a whole, will not materially impair the utility of any individual Property or the Properties, taken as a whole, and will not result in a reduction or abatement of, or right of offset against, the rents payable under any Lease, in either case as a result thereof.
Sale of Building Equipment. Notwithstanding anything to the contrary contained herein, provided no Event of Default exists, the Borrowers may permit the Mortgage Borrowers to and the Jekyll Island Borrower may transfer or dispose of building equipment which is being replaced or which is no longer necessary in connection with the operation of the Properties, provided that such transfer or disposal will not have a Material Adverse Effect on the value of any individual Property or on the Properties taken as a whole, will not materially impair the utility of any individual Property or on the Properties, taken as a whole, and will not result in a reduction or abatement of, or right of offset against, the rents payable under any Lease, in either case as a result thereof.
Sale of Building Equipment. Any PropCo Subsidiary may Transfer or dispose of Building Equipment which is being replaced or which is no longer necessary in connection with the operation of a Borrowing Base Property, provided that such Transfer or disposal would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect on the value of the Borrowing Base Properties taken as a whole, will not materially impair the utility of such Borrowing Base Property, and will not result in a reduction or abatement of, or right of offset against, the Rents payable under the Master Lease, any Non-Toys Lease or any Sublease, in any such case as a result thereof.
