Common use of Collateral Substitutions, Releases and Additions Clause in Contracts

Collateral Substitutions, Releases and Additions. (a) If the related Mortgage Documents permit the Borrower to (i) substitute a lien on one or more Multifamily Properties or other Supplemental Collateral for the collateral then securing a Mortgage Loan or MALA, (ii) release all or part of the lien of one or more Multifamily Properties or other Supplemental Collateral then securing a Mortgage Loan or a MALA, or (iii) add one or more Multifamily Properties as collateral for a Mortgage Loan or a MALA, the Master Servicer (or, if permitted by the Servicing Contract, the Primary Servicer) may allow the substitution, release or addition, and any partial Prepayments related thereto, as applicable, in accordance with such Mortgage Documents. Any such partial Prepayments will be subject to any applicable Prepayment Premium required under the Mortgage Documents. (b) To the extent that the related Mortgage Documents permit collateral substitutions, releases or additions but do not provide conditions therefor, then the substitution, release or addition, as applicable, will be permitted if the Master Servicer has determined that the action is consistent with its then current credit and underwriting standards.

Collateral Substitutions, Releases and Additions. ‌ (a) If the related Mortgage Documents permit the Borrower to (i) substitute a lien on one or more Multifamily Properties or other Supplemental Collateral for the collateral then securing a Mortgage Loan or MALA, (ii) release all or part of the lien of one or more Multifamily Properties or other Supplemental Collateral then securing a Mortgage Loan or a MALA, or (iii) add one or more Multifamily Properties as collateral for a Mortgage Loan or a MALA, the Master Servicer (or, if permitted by the Servicing Contract, the Primary Servicer) may allow the substitution, release or addition, and any partial Prepayments related thereto, as applicable, in accordance with such Mortgage Documents. Any such partial Prepayments will be subject to any applicable Prepayment Premium required under the Mortgage Documents. (b) To the extent that the related Mortgage Documents permit collateral substitutions, releases or additions but do not provide conditions therefor, then the substitution, release or addition, as applicable, will be permitted if the Master Servicer has determined that the action is consistent with its then current credit and underwriting standards.