Common use of Separate Loans Clause in Contracts

Separate Loans. (a) At any time when a Lender becomes a Defaulting Lender, the maturity date of each of the participations of that Lender in the Facilities then outstanding will be automatically extended to the earlier of: (i) the first Business Day falling 364 days after the date on which the Agent or a Borrower gives notice to the Defaulting Lender and the other Parties that the relevant Lender has become a Defaulting Lender, and will be treated as separate Facilities (the “Separate Loans”) denominated in the currency in which the relevant participations are outstanding; and (ii) the last day of the Availability Period. (b) A Borrower to whom a Separate Loan is outstanding may prepay that Separate Loan by giving 10 Business Days’ prior notice to the Agent. The Agent will forward a copy of a prepayment notice received in accordance with this paragraph (b) to the Defaulting Lender concerned as soon as practicable on receipt. (c) Interest in respect of a Separate Loan will accrue for successive Terms selected by a Borrower by the time and date specified by the Agent acting reasonably and will be payable by that Borrower to the Defaulting Lender on the last day of each Term of that Advance. (d) The terms of this Agreement relating to the Facilities generally shall continue to apply to Separate Loans other than to the extent inconsistent with paragraphs (a) to (c) above in which case those paragraphs shall prevail in respect of any Separate Loans. (e) If at any time while a Separate Loan is outstanding the Borrower transfers the relevant Defaulting Lender’s outstanding participations to a Replacement Lender in accordance with Clause 26.5 (Replacement of Lenders), each Separate Loan transferred to the Replacement Lender will automatically become, on the last day of the current Term for each such Separate Loan, a Revolving Credit Advance and paragraphs (a) to (c) above (inclusive) shall cease to apply to that Advance while such Replacement Lender is not a Defaulting Lender.

Separate Loans. (a) At any time when a Lender becomes a Defaulting Lender, the maturity date of each of the participations of that Lender in the Facilities then outstanding will be automatically extended to the earlier of: (i) the first Business Day falling 364 days after the date on which the Agent or a Borrower gives notice to the Defaulting Lender and the other Parties that the relevant Lender has become a Defaulting Lender, and will be treated as separate Facilities (the “Separate Loans”) denominated in the currency in which the relevant participations are outstanding; and (ii) the last day of the Availability Period. (b) A Borrower to whom a Separate Loan is outstanding may prepay that Separate Loan by giving 10 Business Days’ prior notice to the Agent. The Agent will forward a copy of a prepayment notice received in accordance with this paragraph (b) to the Defaulting Lender concerned as soon as practicable on receipt. (c) Interest in respect of a Separate Loan will accrue for successive Terms selected by a Borrower by the time and date specified by the Agent acting reasonably and will be payable by that Borrower to the Defaulting Lender on the last day of each Term of that Advance. (d) The terms of this Agreement relating to the Facilities generally shall continue to apply to Separate Loans other than to the extent inconsistent with paragraphs (a) to (c) above (inclusive) in which case those paragraphs shall prevail in respect of any Separate Loans. (e) If at any time while a Separate Loan is outstanding the Borrower transfers the relevant Defaulting Lender’s outstanding participations to a Replacement Lender in accordance with Clause 26.5 27.5 (Replacement of Lenders), each Separate Loan transferred to the Replacement Lender will automatically become, on the last day of the current Term for each such Separate Loan, a Revolving Credit Advance and paragraphs (a) to (c) above (inclusive) shall cease to apply to that Advance while such Replacement Lender is not a Defaulting Lender.

Separate Loans. (a) At any time when a Lender becomes a Defaulting Lender, the maturity date of each of the participations of that Lender in the Facilities then outstanding will be automatically extended to the earlier of: (i) the first Business Day falling 364 days after the date on which the Agent or a Borrower gives notice to the Defaulting Lender and the other Parties that the relevant Lender has become a Defaulting Lender, and will be treated as separate Facilities (the “Separate Loans”) denominated in the currency in which the relevant participations are outstanding; and (ii) the last day of the Availability Period. (b) A Borrower to whom a Separate Loan is outstanding may prepay that Separate Loan by giving 10 Business Days’ prior notice to the Agent. The Agent will forward a copy of a prepayment notice received in accordance with this paragraph (b) to the Defaulting Lender concerned as soon as practicable on receipt. (c) Interest in respect of a Separate Loan will accrue for successive Terms selected by a Borrower by the time and date specified by the Agent acting reasonably and will be payable by that Borrower to the Defaulting Lender on the last day of each Term of that Advance. (d) The terms of this Agreement relating to the Facilities generally shall continue to apply to Separate Loans other than to the extent inconsistent with paragraphs (a) to (c) above inclusive in which case those paragraphs shall prevail in respect of any Separate Loans. (e) If at any time while a Separate Loan is outstanding the Borrower transfers the relevant Defaulting Lender’s outstanding participations to a Replacement Lender in accordance with Clause 26.5 27.5 (Replacement of Lenders), each Separate Loan transferred to the Replacement Lender will automatically become, on the last day of the current Term for each such Separate Loan, a Revolving Credit Advance and paragraphs (a) to (c) above (inclusive) shall cease to apply to that Advance while such Replacement Lender is not a Defaulting Lender.

Separate Loans. (a) At Beneficiary reserves the right, exercisable at -------------- any time when prior to and contemporaneously with a Lender becomes Securitization, to partition the Loan into two (2) separate components which, together, shall equal the Loan Amount set forth in this Mortgage and which, together, shall bear interest at the same combined Applicable Interest Rate(s) set forth in the Note hereby secured (it being understood that due diligence may result in certain adjustments to the term and amortization of the Partnership Loan). The first component shall be a Defaulting Lendercross-collateralized, cross-defaulted mortgage secured by the Properties, in substantially the same form as this Mortgage. The second component shall be structured as a fully recourse partnership loan ("Partnership ----------- Loan") made by Beneficiary to certain single purpose parents of partners of ---- Grantor which shall be secured by a pledge of the partners' partnership interest in Grantor. The second component shall not exceed $10,000,000. The Partnership Loan and the loan secured by the mortgage shall be cross defaulted. In addition, the maturity date Cash Collateral Agreement shall be amended to provide that Beneficiary shall pay all Operating Expenses from the Operating Account and that the Agent shall disburse the monthly principal and interest payments on the Partnership Loan to the holder thereof before the balance of each any amounts remaining in the Operating Account are released to Grantor. Beneficiary shall pay all reasonable, out-of pocket legal fees, title insurance fees and mortgage recordation costs incurred by Grantor, as well as Beneficiary's own costs, in connection with the partitioning of the participations Loan. The loan documents in connection with the Partnership Loan shall be in form and substance acceptable to Beneficiary and shall contain such representations, warranties and covenants as Beneficiary shall require in similar partnership loans. In the event Beneficiary exercises its option to so partition the Loan, such partitioning shall not effect the aggregate Loan Amount, the aggregate interest rate or maturity of the Loan or any other term or condition of the Loan, it being agreed that Lender in the Facilities then outstanding will each component shall have similar rights with respect to prepayment, release of individual properties, application of insurance proceeds and condemnation awards, provided however, that provisions required as a result of a contemplated securitization shall not be automatically extended applicable with respect to the earlier of: (i) the first Business Day falling 364 days after the date on which the Agent or a Borrower gives notice to the Defaulting Lender and the other Parties that the relevant Lender has become a Defaulting Lender, and will be treated as separate Facilities (the “Separate Loans”) denominated in the currency in which the relevant participations are outstanding; and (ii) the last day second component of the Availability PeriodLoan. (b) A Borrower to whom a Separate Loan is outstanding may prepay that Separate Loan by giving 10 Business Days’ prior notice to the Agent. The Agent will forward a copy of a prepayment notice received in accordance with this paragraph (b) to the Defaulting Lender concerned as soon as practicable on receipt. (c) Interest in respect of a Separate Loan will accrue for successive Terms selected by a Borrower by the time and date specified by the Agent acting reasonably and will be payable by that Borrower to the Defaulting Lender on the last day of each Term of that Advance. (d) The terms of this Agreement relating to the Facilities generally shall continue to apply to Separate Loans other than to the extent inconsistent with paragraphs (a) to (c) above in which case those paragraphs shall prevail in respect of any Separate Loans. (e) If at any time while a Separate Loan is outstanding the Borrower transfers the relevant Defaulting Lender’s outstanding participations to a Replacement Lender in accordance with Clause 26.5 (Replacement of Lenders), each Separate Loan transferred to the Replacement Lender will automatically become, on the last day of the current Term for each such Separate Loan, a Revolving Credit Advance and paragraphs (a) to (c) above (inclusive) shall cease to apply to that Advance while such Replacement Lender is not a Defaulting Lender.