Collateral Release Provisions Sample Clauses
Collateral Release Provisions. 4.2.1 Any El Paso Pledgor may request from time to time that the Collateral Agent release, reduce or surrender Collateral, including any Letters of Credit, if after giving effect to such request and the pledge of any additional Collateral on such date, the Value of all Collateral exceeds the Minimum Collateral Coverage and, if a Monetization has been effected, following such release, the ratio of the aggregate stated amount of Letters of Credit divided by the Discounted Amount of the Deferred Payments shall be the same or greater than such ratio immediately prior thereto. Such request shall be made pursuant to a certificate ("Release Certificate") in form and substance substantially similar to the instrument attached hereto as Exhibit B-1. The Value of the Collateral to be released, reduced or surrendered shall not exceed the difference between (a) the aggregate Value of all Collateral immediately prior to the date of such release, reduction or surrender and after giving effect to the pledge of any additional Collateral on such date, and (b) the Value of Collateral required to maintain the Minimum Collateral Coverage. The Release Certificate shall be accompanied by execution counterparts of the instruments to be executed by the Collateral Agent (which instruments shall be reasonably satisfactory to the Collateral Agent) to effect such release, reduction or surrender, and if a Monetization has been effected, written certification addressed to the Collateral Agent, executed by a Responsible Officer of El Paso Corporation, stating that following such release, the ratio of the aggregate stated amount of Letters of Credit divided by the Discounted Amount of the Deferred Payments will be the same or greater than such ratio immediately prior thereto. Promptly (and in any event within ten (10) Business Days) after the Collateral Agent's receipt of the Release Certificate, the Collateral Agent shall execute and deliver to such El Paso Pledgor, at such El Paso Pledgor's sole cost and expense, all such instruments and take all such other actions as reasonably requested by such El Paso Pledgor to effect the release of any liens or security interests held by the Collateral Agent on such Collateral and the surrender or reduction, as specifically requested, of the applicable Letters of Credit; provided, however, that if any additional Collateral is required to be given by the El Paso Settling Parties to maintain the Minimum Collateral Coverage (after giving effect to the...
Collateral Release Provisions. If the Borrower seeks to obtain the release of a Borrowing Base Hotel, the Borrower shall provide to the Agent and the Banks a replacement Borrowing Base Value Certificate reflecting the deletion of such hotel from the calculations of the Borrowing Base Value, as previously described in Section 2.01(b). The Agent shall not release such hotel until the Agent (i) has reviewed and approved such Borrowing Base Value Certificate and (ii) has determined that the principal balance outstanding under the Loans shall not exceed the Maximum Advance after giving effect to the release. The Borrower may obtain a release of any Borrowing Base Hotel or Borrowing Base Hotels, provided (x) a Borrowing Base Hotel Release Entitlement Event has occurred, (y) provided there is no existing Default hereunder and the release of such Hotel would not cause a Default or an Event of Default to occur; and also (z) provided that one of the following conditions, as selected by the Borrower, in its sole discretion, is satisfied:
Collateral Release Provisions