Individual Property Releases Sample Clauses

Individual Property Releases. Borrower may after the Effective Date of this Agreement request from Lender a release of Lender’s lien pursuant to the Individual Property Releases, notwithstanding Borrower’s inability to satisfy the No EOD Release Condition by virtue of the Existing Default. In the event of such request made by Borrower to Lender, in the event all other Release Conditions are satisfied by Borrower (or are subject to a separate forbearance agreement executed by Lender in Lender’s discretion), (a) Lender shall release its lien on the affected Individual Properties, (b) Lender shall forbear from enforcement of its rights and remedies arising by virtue of Borrower’s failure to satisfy the No EOD Release Condition and (c) the proceeds generated in connection with each of the Individual Property Releases shall be applied as set forth in the Loan Agreement (including to pay each Mezzanine Lender as set forth in the Loan Agreement), provided, however, no such proceeds shall be delivered to Borrower, and any proceeds that would otherwise be delivered to Borrower or deposited into an account for Borrower’s benefit shall be deposited, in Lender’s sole discretion, into the Scheduled PIP Reserve Account, and shall offset, on a dollar-for-dollar basis, the obligations of Borrower to deposit funds in to the Scheduled PIP Reserve Account after the Forbearance Period, with credit to be given against the last deposit obligations first. Forbearance Agreement
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Individual Property Releases. (a) Provided that no Event of Default is then continuing and all amounts then due and owing to Lender have been paid in full, Borrower shall have the right, at its option, on reasonable prior written notice to Lender, to obtain the release of one or more of the Properties from the Liens of the Loan Documents in connection with an arm’s-length Transfer of such Property, provided that the following conditions shall have been satisfied: (i) Borrower shall make a payment to Lender, as repayment of the Indebtedness, in an amount equal to the applicable Release Price, which payment shall be accompanied by all interest and fees thereon through the end of the applicable Interest Accrual Period and shall be applied to the Notes and Note Components in the sequence set forth in Section 1.2(b); (ii) Borrower shall reimburse Lender for any actual out-of-pocket costs and expenses incurred by Lender in connection with this Section 1.6 (including the reasonable fees and expenses of legal counsel). (b) Upon satisfaction of the requirements set forth in this Section 1.6, Lender will execute and deliver to Borrower such instruments as required pursuant to Section 1.5.
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Individual Property Releases. (a) Provided that no Event of Default is then continuing and all amounts then due and owing to Lender have been paid in full, Borrower shall have the right, at its option, on not less than 10 Business Days’ prior written notice to Lender (or such shorter period of no less than 5 Business Days that may be reasonably acceptable to the Lender), to obtain the release of one or more of the Properties from the Liens of the Loan Documents in connection with an arm’s-length Transfer of such Property, provided that the following conditions shall have been satisfied: (i) subject to Section 2.1(b), Borrower shall make a payment to Lender, as repayment of the Indebtedness, in an amount equal to the applicable Release Price, which payment shall be accompanied by all accrued and unpaid interest thereon through and including the date of such payment (it being understood and agreed that so long as the Release Price is calculated pursuant to clause (a) of the definition thereof, such accrued and unpaid interest may be deducted as “reasonable and customary closing costs actually incurred by Borrower in connection with such sale”); (ii) Borrower shall reimburse Lender for any actual out-of-pocket costs and expenses incurred by Lender in connection with this Section 2.1 (including the reasonable fees and expenses of legal counsel, all title fees and premiums and all recording costs). (iii) No uncured Default shall have occurred and no Event of Default shall be continuing on either the date of such notice or the date such Transfer shall be consummated and all amounts then due and owing to Lender have been paid in full; and (b) In connection with any release of an individual Property pursuant to this Section 2.1 occurring prior to July 7, 2017, any Release Price paid to Lender pursuant to Section 2.1(a) shall be deposited into a segregated account specified by the Administrative Agent to be held for the benefit of Lenders and controlled by the Lenders as an escrow for the future repayment of the Loan on the initial Maturity Date or to be applied earlier by the Administrative Agent upon an Event of Default pursuant to this Agreement and to be distributed, in each such case, pursuant to the Co-Lender Agreement (the “Account Collateral”). Borrower acknowledges and confirms that any such Release Price is and will remain Collateral for the Indebtedness pursuant to the Mortgage and such Release Price is and will continue to be secured by the Liens of the Mortgage, until such Liens ar...
Sample 1
Individual Property Releases. (a) Provided that no Event of Default is then continuing and all amounts then due and owing to Lender have been paid in full, Borrower shall have the right, at its option, on reasonable prior written notice to Lender, to obtain the release of one or more of the Properties from the Liens of the Loan Documents in connection with an arm’s-length Transfer of such Property, provided that the following conditions shall have been satisfied: (i) With respect to any Initial Property, Borrower shall make a payment to Lender, as repayment of the Indebtedness, in an amount equal to the applicable Release Price, which payment shall be accompanied by all interest thereon through the end of the applicable Interest Accrual Period and shall be applied to the Notes and Note Components in the sequence set forth in Section 1.2(b); (ii) With respect to any Secondary Property (i) for so long as any portion of the Cascade Loan remains outstanding, the conditions applicable to the release of such Secondary Property under the Cascade Loan shall have been satisfied and (ii) from and after the date on which the Cascade Loan is paid in full, Borrower shall make a payment to Lender, as repayment of the Indebtedness, in an amount equal to the applicable Release Price, which payment shall be accompanied by all interest thereon through the end of the applicable Interest Accrual Period and shall be applied to the Notes and Note Components in the sequence set forth in Section 1.2(b); and (iii) Borrower shall reimburse Lender for any actual out-of-pocket costs and expenses incurred by Lender in connection with this Section 1.6 (including the reasonable fees and expenses of legal counsel). (b) Upon satisfaction of the requirements set forth in this Section 1.6, Lender will execute and deliver to Borrower such instruments as required pursuant to Section 1.5.
Sample 1
Individual Property Releases. (a) Provided that no Event of Default is then continuing and all amounts then due and owing to Lender have been paid in full, Borrower shall have the right, at its option, on not less than 30 days’ prior written notice to Lender, to obtain the release of one or more of the Properties from the Liens of the Loan Documents in connection with an arm’s-length Transfer of such Property, provided that the following conditions shall have been satisfied: (i) Borrower shall make a payment to Lender, as repayment of the Indebtedness, in an amount equal to the applicable Release Price, which payment shall be accompanied by all interest thereon through the end of the applicable Interest Accrual Period; and (ii) Borrower shall reimburse Lender for any actual out-of-pocket costs and expenses incurred by Lender in connection with this Section 1.6 (including the reasonable fees and expenses of legal counsel). (b) Upon satisfaction of the requirements set forth in this Section 1.6, Lender will execute and deliver to Borrower such instruments as required pursuant to Section 1.5.
Sample 1

Related to Individual Property Releases

  • Personal Property Reimbursement Employees shall, in proper cases, be reimbursed for the repair or replacement of personal property damaged in the line of duty without fault of the employee. The amount of reimbursement for articles of clothing shall be the depreciated value based on the age and condition of the article. Reimbursement for a watch shall be limited to the functional value of the watch.

  • Releases of Mortgaged Properties No Mortgage Note or Mortgage requires the mortgagee to release all or any material portion of the related Mortgaged Property from the lien of the related Mortgage except upon (i) payment in full of all amounts due under the related Mortgage Loan or (ii) delivery of "government securities" within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the "Investment Company Act"), in connection with a defeasance of the related Mortgage Loan; provided that the Mortgage Loans that are Crossed Loans, and the other individual Mortgage Loans secured by multiple parcels, may require the respective mortgagee(s) to grant releases of portions of the related Mortgaged Property or the release of one or more related Mortgaged Properties upon (i) the satisfaction of certain legal and underwriting requirements or (ii) the payment of a release price in connection therewith; and provided, further, that certain Crossed Groups or individual Mortgage Loans secured by multiple parcels may permit the related Mortgagor to obtain the release of one or more of the related Mortgaged Properties by substituting comparable real estate property, subject to, among other conditions precedent, receipt of confirmation from each Rating Agency that such release and substitution will not result in a qualification, downgrade or withdrawal of any of its then-current ratings of the Certificates; and provided, further, that any Mortgage Loan may permit the unconditional release of one or more unimproved parcels of land to which the Seller did not give any material value in underwriting the Mortgage Loan.

  • Access to Property, Property’s Management, Property Lender, and Property Tenants Potential Investor agrees to not seek to gain access to any non-public areas of the Property or communicate with Property’s management employees, the holder of any financing encumbering the Property, the Property’s tenants, and the Owner’s partners in the ownership of the Property, without the prior consent of Owner or JLL, which consent may be withheld in the Owner’s sole discretion.

  • Mortgaged Properties No Loan Party that is an owner of Mortgaged Property shall take any action that is reasonably likely to be the basis for termination, revocation or denial of any insurance coverage required to be maintained under such Loan Party’s respective Mortgage or that could be the basis for a defense to any claim under any Insurance Policy maintained in respect of the Premises, and each Loan Party shall otherwise comply in all material respects with all Insurance Requirements in respect of the Premises; provided, however, that each Loan Party may, at its own expense and after written notice to the Administrative Agent, (i) contest the applicability or enforceability of any such Insurance Requirements by appropriate legal proceedings, the prosecution of which does not constitute a basis for cancellation or revocation of any insurance coverage required under this Section 5.04 or (ii) cause the Insurance Policy containing any such Insurance Requirement to be replaced by a new policy complying with the provisions of this Section 5.04.

  • Mortgaged Property The real property securing repayment of the debt evidenced by a Mortgage Note.

  • Environmental Releases Each Party shall notify the other Parties, first orally and then in writing, of the release of any hazardous substances, any asbestos or lead abatement activities, or any type of remediation activities related to the Small Generating Facility or the Interconnection Facilities, each of which may reasonably be expected to affect the other Parties. The notifying Party shall: (1) provide the notice as soon as practicable, provided such Party makes a good faith effort to provide the notice no later than 24 hours after such Party becomes aware of the occurrence, and (2) promptly furnish to the other Parties copies of any publicly available reports filed with any governmental authorities addressing such events.

  • Real Property Matters The Credit Parties shall have delivered to the Administrative Agent with respect to each parcel of Real Property to the extent that such parcel of Real Property becomes or should be subject to a Mortgage pursuant to ‎Section 6.10(a) above, all of the following: (i) an American Land Title Association (ALTA) mortgagee title insurance policy or policies, or unconditional commitments therefor (a “Title Policy”) issued by a title insurance company reasonably satisfactory to the Administrative Agent (a “Title Company”), in an amount not less than the amount reasonably required therefor by the Administrative Agent (taking into account the estimated value of the property involved), insuring fee simple title to, or a valid leasehold interest in, such Real Property vested in the applicable Credit Party and assuring the Administrative Agent that the applicable Mortgage creates a valid and enforceable first priority mortgage lien on the respective Real Property encumbered thereby, subject only to Permitted Liens, which Title Policy (1) shall include an endorsement for mechanics’ liens, for revolving, “variable rate” and future advances under this Agreement and for any other matters reasonably requested by the Administrative Agent, and (2) shall provide for affirmative insurance and such reinsurance as the Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to the Administrative Agent; (ii) a title report issued by the Title Company with respect thereto, dated not more than 30 days prior to the date of execution of the applicable Mortgage and satisfactory in form and substance to the Administrative Agent; (iii) copies of all recorded documents listed as exceptions to title or otherwise referred to in the Title Policy or in such title report relating to such Real Property; (iv) evidence, which may be in the form of a letter or other certification from the Title Company or from an insurance broker, surveyor, engineer or other provider, as to whether (1) such Real Property is a Flood Hazard Property, and (2) the community in which such Flood Hazard Property is located is participating in the National Flood Insurance Program, and if such Real Property is a Flood Hazard Property, evidence that the applicable Credit Party has obtained flood insurance in respect of such Flood Hazard Property to the extent required under the applicable regulations of the Board of Governors of the Federal Reserve System; (v) a survey, in form and substance reasonably satisfactory to the Administrative Agent, of such Real Property, certified in a manner satisfactory to the Administrative Agent by a licensed professional surveyor reasonably satisfactory to the Administrative Agent; (vi) a certificate of the Borrower identifying any Phase I, Phase II or other environmental report received in draft or final form by any Credit Party during the five year period prior to the date of execution of the Mortgage relating to such Real Property and/or the operations conducted therefrom, or stating that no such draft or final form reports have been requested or received by any Credit Party (or its counsel), together with true and correct copies of all such environmental reports so listed (in draft form, if not finalized); and all such environmental reports shall be satisfactory in form and substance to the Administrative Agent; (vii) an opinion of local counsel admitted to practice in the jurisdiction in which such Real Property is located, reasonably satisfactory in form and substance to the Administrative Agent, as to the validity and effectiveness of such Mortgage as a lien on such Real Property encumbered thereby, and covering such other matters of law in connection with the execution, delivery, recording and enforcement of such Mortgage as the Administrative Agent may reasonably request; and (viii) upon request of the Administrative Agent and/or the Lenders, the Administrative Agent shall have received appraisals, reasonably satisfactory in form and substance to the Administrative Agent and each Lender, dated not more than 60 days prior to the date of execution of each Mortgage and addressed to the Administrative Agent and the Lenders or accompanied by a separate letter indicating that the Administrative Agent and the Lenders may rely thereon, from one or more nationally recognized appraisal firms, reasonably satisfactory to the Administrative Agent, covering (i) the Real Properties, and (ii) all other tangible property, plant and equipment owned by Holdings, the Borrower or any of its Subsidiaries, that is to be subjected to the Lien of the Security Agreement and is located at any plant or facility owned or leased by Holdings, the Borrower or any of its Subsidiaries in the United States of America, which appraisals shall set forth (A) the “fair market value” of such property (i.e., the amount at which such property would equitably exchange between a willing buyer and a willing seller, neither being under a compulsion and both having reasonable knowledge of all relevant facts on the premise that such property will continue in its present use as part of an ongoing business enterprise), (B) the “orderly disposal value” of such property (i.e., the amount that may be realized through a forced sale disposal of such property when a reasonable time to find a buyer is allowed), and (C) the “forced liquidation value” of such property (i.e., the amount that may be realized through an immediate forced sale disposal of such property), in each case as determined in accordance with sound appraisal standards.

  • Leased Properties Section 3.22 of the Disclosure Schedule sets forth a list of all of the leases and subleases ("Leases") and each leased and subleased parcel of real property in which the Company has a leasehold or subleasehold interest or to which the Company is a party either as landlord or sublandlord (the "Leased Real Property"). Each of the Leases are in full force and effect, and the Company holds a valid and existing leasehold or subleasehold interest or Landlord or Sublandlord interest as applicable, under each of the Leases described in Section 3.22 of the Disclosure Schedule. The Company has delivered to HK true, correct, complete and accurate copies of each of the Leases. With respect to each Lease set forth on Section 3.22 of the Disclosure Schedule: (i) the Lease is legal, valid, binding, enforceable and in full force and effect; (ii) to the Knowledge of the Company the Lease will continue to be legal, valid, binding, enforceable and in full force and effect on identical terms following the Closing; (iii) neither the Company, nor, to the Knowledge of the Company, any other party to the Lease, is in breach or default, and no event has occurred which, with notice or lapse of time, would constitute such a breach or default by the Company or permit termination, modification or acceleration under the Lease by any other party thereto; (iv) the Company has not, and, to the Knowledge of the Company, no third party has repudiated any provision of the Lease; (v) there are no disputes, oral agreements, or forbearance programs in effect as to the Lease; (vi) the Lease has not been modified in any respect, except to the extent that such modifications are disclosed by the documents delivered to HK; (vii) the Company has not assigned, transferred, conveyed, mortgaged, deeded in trust or encumbered any interest in the Lease (except for Permitted Liens); and (viii) the Lease is fully assignable to HK without the necessity of any consent or the Company shall obtain all necessary consents prior to the Closing.

  • B8 Property Where the Client issues Property free of charge to the Contractor such Property shall be and remain the property of the Client and the Contractor irrevocably licences the Client and its agents to enter upon any premises of the Contractor during normal business hours on reasonable notice to recover any such Property. The Contractor shall not in any circumstances have a lien or any other interest on the Property and the Contractor shall at all times possess the Property as fiduciary agent and bailee of the Client. The Contractor shall take all reasonable steps to ensure that the title of the Client to the Property and the exclusion of any such lien or other interest are brought to the notice of all sub-contractors and other appropriate persons and shall, at the Client’s request, store the Property separately and ensure that it is clearly identifiable as belonging to the Client.

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