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. 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. 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. 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:
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. 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 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.
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:
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.
