Substitution of Mortgaged Property. The Issuer may from time to time upon agreement with all the Noteholders or Warrantholders, as the case may be, or if so directed by an Extraordinary Resolution or, where the Trustee is satisfied that such substitution is not materially prejudicial to the interests of the Noteholders or Warrantholders, as the case may be, upon agreement with the Trustee, and, in each case, with the prior written consent of each Other Creditor, substitute alternative secured assets for such of the Mortgaged Property as it may deem appropriate (provided, in each case, that notice is given to Moody's (in the case of Notes rated by Moody's and issued by Xxxxxx, Xxxxxx XX, Xxxx and/or Xxxx XX) and S&P (in the case of Notes rated by S&P and issued by Xxxxxx, Xxxxxx XXX, Xxxxxx XX, Xxxx and/or Xxxx XX) (each as defined in the Principal Trust Deed)). Any such alternative secured assets shall be held subject to the Transaction Security in favour of the Trustee and the Issuer shall execute such further documentation as the Trustee may require in order to constitute such Transaction Security as a condition to such substitution (which documentation shall include, as long as any Securities are listed on Euronext Dublin and the rules of that stock exchange so require, a supplement to the Offering Circular Supplement setting out details of such substitute alternative secured assets). If the relevant Holders or, as the case may be, the Trustee (where satisfied as stated above) and each Other Creditor agree to such substitution, the Issuer shall notify the relevant Holders thereof in accordance with Condition 16 (Notices) and, if the Securities are listed on any stock exchange, the Issuer shall also notify such stock exchange of such substitution.
Substitution of Mortgaged Property. Any requested substitution by the Borrower of any Real Estate for any Mortgaged Property shall require the consent of the Majority Banks and shall require the completion and delivery to the Agent, for the benefit of the Banks, of the Eligible Real Estate Qualification Documents and the payment to the Agent, for the benefit of the Banks, of a substitution fee of $10,000 to be split equally by the Banks, without regard to their respective Commitment Percentages. It is acknowledged and agreed that the foregoing fee is intended to compensate the Banks for their travel and internal due diligence review, and that the Borrower shall remain liable for the payment of all of the Agent's other costs associated with such substitution, including, but not limited to, appraisal fees, legal costs and costs of environmental, engineering and structural studies.
Substitution of Mortgaged Property. After disbursement of the principal of the Loan, Borrower shall be entitled to substitute a property (defined as releasing a property that then constitutes Mortgaged Property (the "RELEASED PROPERTY") and substituting another property owned in fee by Borrower (the "SUBSTITUTE PROPERTY") in its place on the following terms and conditions:
(1) A substitution may not take place more than two (2) times during the term of the Loan;
(2) No more than three (3) properties may be released under this Section 6.15 and no more than a total of five (5) properties may be released under Section 6.13 and this Section 6.15;
(3) After the proposed substitution, the Debt Service Coverage Ratio ("DSC") of the Loan, calculated so as to include the Substitute Property (in place of the Released Property) and the remaining Mortgaged Property, both for the twelve (12) months prior to the substitution and as projected for the twelve (12) months following the substitution, must be at least equal to or greater than the greater of
(a) 1.60:1 or (b) the current DSC of the existing Mortgaged Property including the Released Property (and not including the Substitute Property) calculated for the prior twelve (12) months period prior to the substitution;
(4) After the proposed substitution, the Loan to Value ("LTV") of the Loan must be less than or equal to the lesser of (a) sixty-five percent (65%) or (b) the current LTV of the existing Mortgaged Property including the property to be released calculated immediately prior to the substitution based upon appraisals in form and substance satisfactory to Lender, prepared by an MAI appraiser approved by Lender and furnished to Lender at Borrower's cost;
(5) The net operating income and/or rental rates of the Substitute Property must not show a downward trend for any of the three (3) years prior to the substitution;
(6) The appraised value (based upon appraisals furnished to Lender in form and substance satisfactory to Lender and prepared by an MAI appraiser approved by Lender at Borrower's cost), the net operating income and current DSC of the Substitute Property must be at least one hundred twenty-five percent (125%) of the appraised value, net operating income and the DSC of the Released Property. (For purposes hereof, the DSC shall be calculated for the Released Property and the Substitute Property on the basis of the Allocated Loan Amounts of each);
(7) Lender may at its sole discretion reject any property substitution that, in Lender's sol...
Substitution of Mortgaged Property. Crystal Plaza is hereby released from Collateral Pool 7 under the Master Agreement. Archstone Russett and Archstone Sierra Del Oro are hereby released from Collateral Pool 8 under the Master Agreement and added to Collateral Pool 7 under the Master Agreement. Xxxxxxx Xxxxxx is hereby released from Collateral Pool 9 under the Master Agreement and added to Collateral Pool 7 under the Master Agreement.
Substitution of Mortgaged Property. Oakwood Chicago is hereby released from Collateral Pool 6 under the Master Agreement. Archstone Xxxxxx Park and Archstone Tunlaw Gardens are hereby released from Collateral Pool 9 under the Master Agreement and added to Collateral Pool 6 under the Master Agreement.
Substitution of Mortgaged Property. The Company shall have the right, at any time, to substitute real property owned by any U.S. Loan Party and satisfactory to the Administrative Agents of substantially equivalent value or higher value for any Mortgaged Property, provided that:
(a) no Default has occurred and is continuing at such time;
(i) the substitute property shall have been appraised by an appraiser satisfactory to the Administrative Agents as having substantially equivalent value or higher value than the value attributed to such Mortgaged Property hereunder; (ii) a Mortgage, in form and substance reasonably satisfactory to the U.S. Collateral Agent, relating to the substitute property shall have been duly executed by the parties thereto and delivered to the U.S. Collateral Agent and shall be in full force and effect; (iii) neither the substitute property nor any interest therein shall constitute Principal Property (as defined in the Indenture, dated as of January 1, 1991 between the Company and The Chase Manhattan Bank, as supplemented, amended or otherwise modified); (iv) the substitute property shall not be subject to any Lien other than Permitted Encumbrances; and (v) the U.S. Collateral Agent shall have received such other documents, including a commitment or binder for a policy of title insurance issued by a nationally recognized title insurance company, together with such endorsements as may be obtained at commercially reasonable rates and as may be reasonably requested by the U.S. Collateral Agent and the Lenders, insuring such Mortgage as valid a first lien on the substitute property, free of Liens other than Permitted Encumbrances, together with such legal opinions required to be furnished pursuant to the terms of such Mortgage or as reasonably requested by the Collateral Agents and a favorable written opinion of local counsel in the jurisdiction where the substitute property is located, substantially in the form of Exhibit M; and
(c) after giving effect to the addition of the substitute property pursuant to clause (b) above, the amount of the Eligible Mortgaged Property shall be equal to or exceed $120,000,000. Upon the substitution of property satisfactory to the Administrative Agents pursuant to clauses (a), (b) and (c), the parties shall execute a termination of the Mortgage relating to the property to be released under this Section in consideration of the Lien created by the Mortgage of the substitute property and the Agents and the parties will execute any and all furth...
Substitution of Mortgaged Property. Bank agrees that Borrowers shall have the option to substitute portions of the Mortgaged Property in the event a property is closed or relocated, provided that the property to be added as collateral shall have a value equal to or greater than the property being released. In the event Borrower requests the release of one of the Mortgaged Properties but has no available substitute property, a release of such Mortgaged Property will be granted provided the value (defined at original purchase price) of the remaining properties equals not less than ninety percent (90%) of the outstanding principal balance on the Term Loan.
Substitution of Mortgaged Property. Any requested substitution by the Borrower of any Real Estate for any Mortgaged Property shall require the consent of the Majority Banks and shall require the completion and delivery to the Agent, for the benefit of the Banks, of the Eligible Real Estate Qualification Documents and, from and after July 1, 2003, the payment to the Agent, for the benefit of the Banks, of a substitution fee of $10,000 to be split equally by the Banks, without regard to their respective Commitment Percentages. It is acknowledged and agreed that the foregoing fee is intended to compensate the Banks for their travel and internal due diligence review, and that the Borrower shall remain liable for the payment of all of the Agent's other costs associated with such substitution, including, but not limited to, appraisal fees, legal costs and costs of environmental, engineering and structural studies. No substitution fee shall be payable with respect to the substitution of any Mortgaged Property occurring on or before June 30, 2003.
Substitution of Mortgaged Property. The Mortgaged Property commonly known as Arbors at Lxx Vista is hereby released from the Collateral Pool under the Master Agreement and the Loan Documents, and the Mortgaged Property commonly known as Windemere at Sycamore Highlands is hereby added to the Collateral Pool under the Master Agreement and the Loan Documents.
Substitution of Mortgaged Property. Any requested substitution by the Borrower of any Real Estate for any Mortgaged Property shall require the consent of the Majority Banks and shall require the completion and delivery to the Agent, for the benefit of the Banks, of the Eligible Real Estate Qualification Documents and the payment to the Agent, for the benefit of the Banks, of a substitution fee of $10,000 to be split equally by the Banks, without regard to their respective Commitment Percentages.
