Common use of BRG Restructuring Clause in Contracts

BRG Restructuring. Subject to the satisfaction of each of the BRG Restructuring Conditions on or prior to the BRG Restructuring Effective Date, on the BRG Restructuring Effective Date (i) the Initial BRG Sponsor shall be automatically released from the BRG Sponsor Guaranty and from liability under any obligations applicable to the BRG Sponsor under this Agreement, the Environmental Indemnity and the other Loan Documents, and (ii) the BRG Replacement Sponsor (and not the Initial BRG Sponsor) shall be solely responsible for complying with the Sponsor Financial Covenants applicable to the BRG Sponsor and for any and all other obligations applicable to the BRG Sponsor under this Agreement, the Environmental Indemnity and the other Loan Documents, and each reference to the BRG Sponsor under the this Agreement, the Environmental Indemnity and/or under any of the Loan Documents shall be deemed to instead refer to and be the sole responsibility of the Replacement BRG Sponsor, including pursuant to BRG Sponsor Replacement Documents. From and after the BRG Restructuring Effective Date (subject only to compliance with the BRG Restructuring Conditions), (x) the Initial BRG Sponsor shall have no obligations or liabilities whatsoever to the Lenders including but not limited to under the Loan Documents, and (y) all references herein or under any of the Loan Documents to “BRG Sponsor” shall instead mean and refer to the Replacement BRG Sponsor and not to Bluerock Residential Growth REIT, Inc.

BRG Restructuring. Subject to the satisfaction of each of the BRG Restructuring Conditions on or prior to the BRG Restructuring Effective Date, on the BRG Restructuring Effective Date (i) the Initial BRG Sponsor shall be automatically released from the BRG Sponsor Guaranty and from liability under any obligations applicable to the BRG Sponsor under this Agreement, the Environmental Indemnity and the other Loan Documents, and (ii) the BRG Replacement Sponsor (and not the Initial BRG Sponsor) shall be solely responsible for complying with the Sponsor Financial Covenants applicable to the BRG Sponsor and for any and all other obligations applicable to the BRG Sponsor under this Agreement, the Environmental Indemnity and the other Loan Documents, and each reference to the BRG Sponsor under the this Agreement, the Environmental Indemnity and/or under any of the Loan Documents shall be deemed to instead refer to and be the sole responsibility of the Replacement BRG Sponsor, including pursuant to BRG Sponsor Replacement Documents. From and after the BRG Restructuring Effective Date (subject only to compliance with the BRG Restructuring Conditions), (x) the Initial BRG Sponsor shall have no obligations or liabilities whatsoever to the Lenders including but not limited to under the Loan Documents, and (y) all references herein or under any of the Loan Documents to “BRG Sponsor” shall instead mean and refer to the Replacement BRG Sponsor and not to Bluerock Residential Growth REIT, Inc.Inc. ​