Voluntary Defeasance of the Loan Sample Clauses

Voluntary Defeasance of the Loan. Provided no Event of Default exists, at any time after the Release Date and prior to the Anticipated Payment Date Borrower may voluntarily defease all or any portion of the Loan by providing Lender with U.S. Obligations that produce payments which replicate the Scheduled Defeasance Payments (hereinafter, a "Defeasance Event"). Each Defeasance Event by the Borrower shall be subject to the satisfaction of the following conditions precedent:
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Voluntary Defeasance of the Loan. (a) Provided no Event of Default exists, at any time after the Release Date and prior to the Anticipated Repayment Date, Borrower may voluntarily defease (hereinafter, a "DEFEASANCE EVENT") all or, subject to the provisions of SECTION 2.3.2(c), any portion of the Loan by providing Lender with U.S. Obligations that produce payments which replicate the Scheduled Defeasance Payments. Each Defeasance Event by the Borrower shall be subject to the satisfaction of the following conditions precedent:
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Voluntary Defeasance of the Loan. (a) At any time after the -------------------------------- Release Date and prior to the Anticipated Repayment Date, Borrower may voluntarily defease all or any portion of the Loan by depositing with Lender U.S. Obligations that, assuming Borrower prepays the Note in full on the Anticipated Repayment Date, produce payments which replicate the payment obligations of the Borrower under the Note, or that portion of the Note which the Borrower wishes to defease (hereinafter, a "DEFEASANCE EVENT"). Each ---------------- Defeasance Event by the Borrower shall be subject to the satisfaction of the following conditions precedent:
Sample 1
Voluntary Defeasance of the Loan. Provided no -------------------------------- Event of Default exists and is continuing, at any time after the Release Date and prior to the Anticipated Payment Date Borrower may voluntarily defease all or any portion of the Loan by providing Lender with U.S. Obligations that produce payments which replicate the Scheduled Defeasance Payments (hereinafter, a "DEFEASANCE EVENT"). Each Defeasance Event by Borrower shall be subject to the satisfaction of the following conditions precedent: (i) Borrower shall provide not less than thirty (30) days prior written notice to Lender specifying the Payment Date (the "DEFEASANCE DATE") on which the Defeasance Event is to occur. Such notice shall indicate the principal amount of the Note to be defeased; (ii) Borrower shall pay to Lender all accrued and unpaid interest on the principal balance of the Note to but not including the Defeasance Date. If for any reason the Defeasance Date is not a Payment Date, Borrower shall also pay interest that would have accrued on the Note through the next Payment Date; (iii) Borrower shall pay to Lender all other sums, not including scheduled interest or principal payments, due under the Note, this Agreement, the Mortgage, and the other Loan Documents; (iv) Borrower shall pay to Lender the required Defeasance Deposit for the Defeasance Event; (v) In the event only a portion of the Loan is the subject of the Defeasance Event, Borrower shall prepare all necessary documents to amend and restate the Note and issue two substitute notes, one note having a principal balance equal to the defeased portion of the original Note (the "DEFEASED NOTE") and the other note having a principal balance equal to the undefeased portion of the Note (the "UNDEFEASED NOTE"). The Defeased Note and Undefeased Note shall have identical terms as the Note except for the principal balance. A Defeased Note cannot be the subject of any further Defeasance Event; (vi) Borrower shall execute and deliver a security agreement, in form and substance satisfactory to Lender, creating a first priority lien on the Defeasance Deposit and the U.S. Obligations purchased with the Defeasance Deposit in accordance with this provision of this Section 2.4 (the "SECURITY AGREEMENT"); (vii) Borrower shall deliver an opinion of counsel for Borrower in form satisfactory to Lender in its sole discretion stating, among other things, that Borrower has legally and validly transferred and assigned the U.S. Obligations and all obligations, righ...
Sample 1
Voluntary Defeasance of the Loan. (a) At any time prior to the Optional Prepayment Date and after the date which is the earlier of (x) two (2) years from the "startup day" (within the meaning of Section 860G(a)(9) of the Code) of a "real estate mortgage investment conduit" (within the meaning of Section 860D of the Code) which holds the Notes (the "REMIC TRUST"), if applicable, or (y) the three year anniversary of the Closing Date (as such three year anniversary may be extended by Administrative Agent as a result of a Borrower Non-Defeasance Condition to a date that is five (5) days after Administrative Agent has reasonably determined that no Borrower Non-Defeasance Condition exists), Borrower may voluntarily defease all or any portion of the Loan by pledging substitute collateral to the Secured Parties that consists solely of U.S. Obligations that produce payments which replicate the payment obligations of Borrower under the Note or that portion of the Note which the Borrower wishes to defease (hereinafter, a "DEFEASANCE EVENT"). Each Defeasance Event by Borrower shall be subject to the satisfaction of the following conditions precedent:
Sample 1
Voluntary Defeasance of the Loan. (a) At any time after the Defeasance Lockout Period, and subject to the other terms and conditions set forth in this Section 2.4.5, Borrowers may defease all or any portion of the Loan with U.S. Government Securities in connection with the release of a Property pursuant to Section 2.5 (a "Defeasance"). No Defeasance shall be permitted upon or after the expiration of the Lockout Period. Each Defeasance shall be subject, in each case, to the satisfaction of the following conditions precedent:
Sample 1
Voluntary Defeasance of the Loan 
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Related to Voluntary Defeasance of the Loan

  • Option to Effect Legal Defeasance or Covenant Defeasance; Defeasance The Issuer may, at its option and at any time, elect to have either Section 8.2 or 8.3 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article VIII.

  • DEFEASANCE AND COVENANT DEFEASANCE SECTION 1301.

  • Option to Effect Defeasance or Covenant Defeasance The Issuer may, at the option of its Board of Directors evidenced by a Board Resolution set forth in an Officer’s Certificate, at any time, elect to have either SECTION 8.2 or 8.3 hereof applied to all outstanding Notes upon compliance with the conditions set forth below in this Article VIII.

  • Satisfaction, Discharge and Defeasance of the Notes (a) Upon satisfaction of the conditions set forth in Section 4.2(b) below, the Issuer shall be deemed to have paid and discharged the entire indebtedness on all the Notes Outstanding, and the provisions of this Indenture, as it relates to such Notes, shall no longer be in effect (and the Indenture Trustee, at the expense of the Issuer, shall execute proper instruments acknowledging the same), except as to:

  • Conditions to Defeasance or Covenant Defeasance The following shall be the conditions to the application of Section 1302 or Section 1303 to any Securities or any series of Securities, as the case may be:

  • Company’s Option to Effect Defeasance or Covenant Defeasance The Company may elect, at its option at any time, to have Section 1302 or Section 1303 applied to any Securities or any series of Securities, as the case may be, designated pursuant to Section 301 as being defeasible pursuant to such Section 1302 or 1303, in accordance with any applicable requirements provided pursuant to Section 301 and upon compliance with the conditions set forth below in this Article. Any such election shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 301 for such Securities.

  • Option to Effect Legal Defeasance or Covenant Defeasance The Company may at any time, at the option of its Board of Directors evidenced by a resolution set forth in an Officers’ Certificate, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8.

  • Issuer’s Option to Effect Defeasance or Covenant Defeasance The Issuer may, at its option and at any time prior to the Stated Maturity of the Notes, by a resolution of its Board of Directors, elect to have either Section 8.02 or Section 8.03 be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article Eight.

  • Conditions to Legal Defeasance or Covenant Defeasance The following shall be the conditions to the application of either Section 8.02(b) or 8.02(c) hereof to the outstanding Notes:

  • Legal Defeasance and Covenant Defeasance 67 Section 8.01. Option to Effect Legal Defeasance or Covenant Defeasance..... 67 Section 8.02. Legal Defeasance and Discharge............................... 67 Section 8.03.

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