Common use of Parcel Releases Clause in Contracts

Parcel Releases. From time to time the Borrower may request, upon not less than thirty (30) days prior written notice to the Administrative Agent (or such shorter period as may be acceptable to the Administrative Agent in its sole discretion), that any existing or future out-parcel, existing or future pad or portion of a Borrowing Base Property subdivided now or in the future from the remainder of the Borrower Base Property (a “Parcel”) (it being acknowledged that the Borrower and Guarantors shall have the right to subdivide portions of the Borrowing Base Properties to create additional Parcels in accordance with Section 8.23) be released from the Liens created by the Security Documents applicable thereto upon the disposition thereof on an arms’- length basis, which release (a “Parcel Release”) shall be effective upon the satisfaction of the following conditions:

Parcel Releases. From time to time the Borrower may request, upon not less than thirty (30) days prior written notice to the Administrative Agent (or such shorter period as may be acceptable to the Administrative Agent in its sole discretion), that any existing or future out-parcel, existing or future pad or portion of a Borrowing Base Property subdivided now or in the future from the remainder of the Borrower Base Property (a “Parcel”) (it being acknowledged that the Borrower and Guarantors shall have the right to subdivide portions of the Borrowing Base Properties to create additional Parcels in accordance with Section 8.23) be released from the Liens created by the Security Documents applicable thereto upon the disposition thereof on an arms’- length arms’-length basis, which release (a “Parcel Release”) shall be effective upon the satisfaction of the following conditions: