Equity Pledge Release Sample Clauses
The Equity Pledge Release clause defines the conditions and procedures under which pledged equity interests are released from a security arrangement. Typically, this clause specifies the events that trigger the release, such as full repayment of a loan or fulfillment of certain obligations by the pledgor, and outlines the steps required for the formal removal of the pledge from the relevant registers. Its core practical function is to ensure that once the secured obligations are satisfied, the pledgor regains full control and ownership of the equity, thereby providing clarity and certainty to both parties regarding the end of the security interest.
Equity Pledge Release. The Equity Pledge shall be released by the Administrative Agent upon request of the Borrower but no earlier than the earliest date upon which all of the following conditions are satisfied (such date, the “Equity Release Date”): (a) Total Asset Value is at least $500,000,000; (b) the Consolidated Fixed Charge Coverage Ratio is greater than or equal to 1.50 to 1.00; (c) the Consolidated Leverage Ratio is less than or equal to sixty percent (60%); (d) the ratio of Total Secured Indebtedness to Total Asset Value is less than or equal to fifty percent (50%); and (e) no Default or Event of Default exists. Any request by the Borrower for release under this Section shall constitute a representation and warranty that as of the date of the requested release and as of the date of release each of the conditions to release set forth in this Section above are true and correct.
Equity Pledge Release. The Equity Pledge will be released once the [***] Miners designated by Tenant within Powered Shell-A and the associated Encumbered Personal Property (defined in Section 14.5) are installed at the Premises and become subject to the Landlord’s lien pursuant to Section 14.5. The parties shall reasonably cooperate to cause a UCC-1 financing statement evidencing Landlord’s lien on the such designated Miners and associated Encumbered Personal Property installed in Powered Shell-A to be filed and the Equity Pledge to be released and termination statement(s) reflecting the termination of Landlord’s security interest in Air HPC shall be filed with the Delaware Secretary of State through a customary escrow arrangement.