Common use of Voluntary Defeasance Clause in Contracts

Voluntary Defeasance. (a) Provided that no Event of Default has occurred then, after the earlier to occur of (i) two years after the Start-Up Day and (ii) three years after the Closing Date (but only before the Optional Prepayment Date), Borrower may voluntarily defease (A) all of the Loan or (B) a portion of the Loan, but only pursuant to Section 5.1(P); provided, that, for any defeasance, Borrower must comply with Section 2.11. (b) In the event of any such voluntary defeasance Borrower shall give Lender written notice of its intent to defease, which notice shall be given at least ten (10) days, in the case of a defeasance pursuant to Section 5.1(P), and at least thirty (30) days, in all other cases, prior to the date upon which defeasance is to be made and shall specify the Payment Date and the amount of such defeasance. If any such notice of defeasance is given, Borrower shall be required to defease the Loan or a portion thereof pursuant to Section 5.1(P) on the specified Payment Date (unless such notice is revoked by Borrower prior to the date specified therein in which event Borrower shall immediately reimburse Lender for any reasonable costs incurred by Lender in connection with Borrower's giving of such notice and revocation). (c) Any voluntary defeasance of the Loan by Borrower is required to be made on a Payment Date. (d) Borrower shall not be permitted at any time to defease all or any part of the Loan except as expressly provided in this Section 2.6.

Voluntary Defeasance. (a) Provided that no Event of Default has occurred thenand is then continuing, on and after the earlier to occur of (i) date which is two years after the Start-Up Day and (ii) three years after the Closing Date (but only before the Optional Prepayment Date), Borrower may voluntarily defease (A) all of the Loan or (B) a portion of the Loan, but only pursuant to Section 5.1(P5.1(b)(P); ------- --------- provided, that, for any defeasance, Borrower must comply with Section 2.11.. -------- ------- ---- (b) In the event of any such voluntary defeasance Borrower shall give Lender written notice of its intent to defease, which notice shall be given at least ten (10) days, in the case of a defeasance pursuant to Section 5.1(P5.1(b)(P), ------- --------- and at least thirty (30) days, in all other cases, prior to the date upon which defeasance is to be made and shall specify the Payment Date and the amount of such defeasance. If any such notice of defeasance is given, Borrower shall be required to defease the Loan or a portion thereof pursuant to Section 5.1(P5.1(b)(P) ------- --------- on the specified Payment Date (unless such notice is revoked by Borrower prior to the date Payment Date specified therein in which event Borrower shall immediately reimburse Lender within ten (10) calendar days after demand for any reasonable costs incurred by Lender in connection with Borrower's giving of such notice and revocation). (c) Any voluntary defeasance of the Loan by Borrower is required to be made on a Payment Date. (d) Borrower shall not be permitted at any time to defease all or any part of the Loan except as expressly provided in this Section 2.6.. -----------

Voluntary Defeasance. (a) Provided that no Event of Default has occurred then, and is then continuing then after the earlier to occur of (i) two years after the Start-Up Day and (ii) three years after the Closing Date (but only before the Optional Prepayment Date), Borrower may voluntarily defease (A) all of the Loan or (B) a portion of the Loan, but only pursuant to Section 5.1(P) or Section 2.16(c); provided, that, that for any defeasance, Borrower must comply with Section 2.11. (b) In the event of any such voluntary defeasance Borrower shall give Lender written notice of its intent to defease, which notice shall be given at least ten (10) days, in the case of a defeasance pursuant to Section 5.1(P), and at least thirty (30) days, in all other cases, days prior to the date upon which defeasance is to be made and shall specify the Payment Date and the amount of such defeasance. If any such notice of defeasance is given, Borrower shall be required to defease the Loan or a portion thereof pursuant to Section 5.1(P) or Section 2.16(c) on the specified Payment Date (unless such notice is revoked by Borrower prior to the date specified therein in which event Borrower shall immediately reimburse Lender for any reasonable costs incurred by Lender in connection with Borrower's giving of such notice and revocation). (c) Any voluntary defeasance of the Loan by Borrower is required to be made on a Payment Date. (d) Borrower shall not be permitted at any time to defease all or any part of the Loan except as expressly provided in this Section 2.6.

Voluntary Defeasance. (a) Provided that no Event of Default has occurred thenand is then continuing, on and after the earlier to occur of (i) date which is two years after the Start-Up Day and (ii) three years after the Closing Date (but only before the Optional Prepayment Date), Borrower may voluntarily defease (A) all of the Loan or (B) a portion of the Loan, but only pursuant to Section 5.1(P------- 5.1(b)(P); provided, that, for any defeasance, Borrower must comply with Section --------- -------- ------- 2.11.. ---- (b) In the event of any such voluntary defeasance Borrower shall give Lender written notice of its intent to defease, which notice shall be given at least ten (10) days, in the case of a defeasance pursuant to Section 5.1(P5.1(b)(P), ------- --------- and at least thirty (30) days, in all other cases, prior to the date upon which defeasance is to be made and shall specify the Payment Date and the amount of such defeasance. If any such notice of defeasance is given, Borrower shall be required to defease the Loan or a portion thereof pursuant to Section 5.1(P5.1(b)(P) ------- --------- on the specified Payment Date (unless such notice is revoked by Borrower prior to the date Payment Date specified therein in which event Borrower shall immediately reimburse Lender within ten (10) calendar days after demand for any reasonable costs incurred by Lender in connection with Borrower's giving of such notice and revocation). (c) Any voluntary defeasance of the Loan by Borrower is required to be made on a Payment Date. (d) Borrower shall not be permitted at any time to defease all or any part of the Loan except as expressly provided in this Section 2.6.. -----------

Voluntary Defeasance. (a) Provided that no Event of Default has occurred thenand is then continuing, on and after the earlier to occur of (i) date which is two years after the Start-Up Day and (ii) three years after the Closing Date (but only before the Optional Prepayment Date), Borrower may voluntarily defease (A) all of the Loan or (B) a portion of the Loan, but only pursuant to Section 5.1(P------- 5.1(b)(P); provided, that, for any defeasance, Borrower must comply with Section --------- -------- ------- 2.11.. ---- (b) In the event of any such voluntary defeasance Borrower shall give Lender written notice of its intent to defease, which notice shall be given at least ten (10) days, in the case of a defeasance pursuant to Section 5.1(P5.1(b)(P), ------- --------- and at least thirty (30) days, in all other cases, prior to the date upon which defeasance is to be made and shall specify the Payment Date and the amount of such defeasance. If any such notice of defeasance is given, Borrower shall be required to defease the Loan or a portion thereof pursuant to Section 5.1(P5.1(b)(P) on the ------- --------- specified Payment Date (unless such notice is revoked by Borrower prior to the date Payment Date specified therein in which event Borrower shall immediately reimburse Lender within ten (10) calendar days after demand for any reasonable costs incurred by Lender in connection with Borrower's giving of such notice and revocation). (c) Any voluntary defeasance of the Loan by Borrower is required to be made on a Payment Date. (d) Borrower shall not be permitted at any time to defease all or any part of the Loan except as expressly provided in this Section 2.6.. -----------

Voluntary Defeasance. (a) Provided that no Event of Default has occurred thenand is then continuing, on and after the earlier to occur of (i) date which is two years after the Start-Up Day and (ii) three years after the Closing Date (but only before the Optional Prepayment Date), Borrower may voluntarily defease (A) all of the Loan or (B) a portion of the Loan, but only pursuant to Section 5.1(P5.1(b)(P); provided, that, for any defeasance, Borrower must comply with Section 2.11. (b) In the event of any such voluntary defeasance Borrower shall give Lender written notice of its intent to defease, which notice shall be given at least ten (10) days, in the case of a defeasance pursuant to Section 5.1(P5.1(b)(P), and at least thirty (30) days, in all other cases, prior to the date upon which defeasance is to be made and shall specify the Payment Date and the amount of such defeasance. If any such notice of defeasance is given, Borrower shall be required to defease the Loan or a portion thereof pursuant to Section 5.1(P5.1(b)(P) on the specified Payment Date (unless such notice is revoked by Borrower prior to the date Payment Date specified therein in which event Borrower shall immediately reimburse Lender within ten (10) calendar days after demand for any reasonable costs incurred by Lender in connection with Borrower's giving of such notice and revocation). (c) Any voluntary defeasance of the Loan by Borrower is required to be made on a Payment Date. (d) Borrower shall not be permitted at any time to defease all or any part of the Loan except as expressly provided in this Section 2.6.