Common use of Conditions to Substitution Clause in Contracts

Conditions to Substitution. In addition to the conditions in Section 2.15(b) above, substitution of any property pursuant to this Section after the Stabilization Date shall be subject to the satisfaction of the following, all of which shall be prepared or obtained at Borrower's expense: (i) receipt by Lender and, if the Loan has been sold in a Securitization, the Rating Agencies of written notice thereof from Borrower at least sixty (60) days before the date of the proposed substitution (the "Substitution Date"), together with (1) written evidence that the property proposed to be a Substitute Property complies with this Section and (2) such other information, including financial information, as Lender (prior to a Securitization) or the Rating Agencies (after a Securitization) may request; (ii) if the Loan has been sold in to a Securitization, Lender's receipt of written confirmation from the Rating Agencies that the ratings of the securities issued in the Securitization will not be qualified, reduced, downgraded or withdrawn as a result of such substitution; (iii) delivery to Lender of an opinion of counsel to the effect that the proposed substitution will not adversely affect the tax status of the REMIC utilized in connection with any Securitization and that the proposed substitution will not result in a deemed exchange pursuant to Section 1001 of the Code; (iv) no Event of Default shall have occurred and be continuing; and (v) satisfaction, with respect to each Substitute Property of all of the conditions precedent set forth in Article III hereof, as though the property to be substituted were the Facility on the Closing Date and such other conditions as Lender in its normal and usual due diligence and lending activities deems applicable to the property type being substituted.