Partial Release of Collateral Option Sample Clauses

Partial Release of Collateral Option. Borrower will have the right and option (referred to as the "Partial Release of Collateral Option") to release in the aggregate, not more than ten individual Parcels (upon which the buildings described in Exhibit "A" to the Application are located) of the Property and Other Properties, combined, during the last five (5) years of the Loan term, upon and subject to the following terms and conditions: (i) Borrower will have the right or option to exercise the Partial Release of Collateral Option for an individual Parcel, and obtain a release of such Parcel (the "Release Parcel"), provided however, that in no event shall any such Partial Release be allowed: (1) if Borrower is in default under the Loan or an event has occurred which with the giving of notice or passage of time would constitute a default; or (2) prior to the end of the fifth Loan Year; or
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Partial Release of Collateral Option. The Liable Parties, in the aggregate, will have the right and option (referred to as the “Partial Release of Collateral Option”) to release in the aggregate, any number of individual Parcels (upon which the buildings described in Exhibit “A” to the Application are located) of the Property and the Other Properties, combined, which have, in the aggregate, Loan values (based on the allocations set forth in Exhibit “B” to the Application as of the date of Acceptance) of not more than $45 million, upon and subject to the following terms and conditions: (i) Each Liable Party will have the right or option to exercise the Partial Release of Collateral Option for an individual Parcel, and obtain a release of such Parcel (the “Release Parcel”), provided however, that in no event shall any such Partial Release be allowed: (1) if any Liable Party is in default under the Loan or an event has occurred which with the giving of notice or passage of time would constitute a default; or (2) prior to the end of the sixth (6th) Loan Month if the Partial Release of Collateral Option results in a payment under the Floating Rate Note, or prior to the end of the thirty-sixth (36th) Loan Month if the Partial Release of Collateral Option results in a payment under the Fixed Rate Note; or (3) if the Liable Parties have not complied with each of the provisions of the Mortgages with respect to the remaining Property and Other Properties encumbered by the Mortgages (the “Unreleased Parcels”) and with any required modification of the Loan Documents with respect to the Release Parcel. (ii) The Liable Parties shall prepay the amount of principal on the applicable Note or Notes as is necessary to reduce the then outstanding aggregate principal balance of the Loan by 100% of the then current balance allocated to the Release Parcel (after applying principal payments on a pro rata basis to each Parcel based upon the aggregate 30-year amortization schedule of the Loan) together with the applicable Prepayment Fee provided in the applicable Note or Notes, upon sixty (60) days advance notice to Lender. The initial aggregate balance of the Loan to be allocated to the Release Parcel shall be as set forth in Exhibit B to the Application, under the column “Loan Amount,” as applicable to such Release Parcel (the “Release Price”). (iii) The Unreleased Parcels shall be required to: (1) provide sufficient cash flow, such that the ratio of the annual combined cash flow of the Unreleased Parcels to the annu...
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Partial Release of Collateral Option. Borrower will have the right and option (referred to as the "Partial Release of Collateral Option") to release in the aggregate, not more than four (4) individual Parcels (upon which the buildings described in Exhibit "A" to the Application are located) of the Property and Other Properties, combined, during the last four and one half (4 1/2) years of the Loan term, upon and subject to the following terms and conditions: (i) Borrower will have the right or option to exercise the Partial Release of Collateral Option for an individual Parcel, and obtain a release of such Parcel (the "Release Parcel"), provided however, that in no event shall any such Partial Release be allowed: (1) if Borrower is in default under the Loan or an
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Related to Partial Release of Collateral Option

  • Release of Collateral Subject to Section 11.01 and the terms of the Basic Documents, the Indenture Trustee shall release property from the lien of this Indenture only upon receipt by it of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates.

  • Release of Collateral, etc Any release, surrender, exchange, subordination, deterioration, waste, loss or impairment (including without limitation negligent, willful, unreasonable or unjustifiable impairment) of any collateral, property or security, at any time existing in connection with, or assuring or securing payment of, all or any part of the Liabilities;

  • Purchase of Collateral Credit bid and purchase all or any portion of the Collateral at any public sale. Any deficiency that exists after disposition of the Collateral as provided above will be paid immediately by Borrower.

  • Release of Required Repair Funds Lender shall disburse to Borrower the Required Repair Funds from the Required Repair Account from time to time upon satisfaction by Borrower of each of the following conditions: (i) Borrower shall submit a written request for payment to Lender at least fifteen (15) days prior to the date on which Borrower requests such payment be made and specifies the Required Repairs to be paid, (ii) on the date such request is received by Lender and on the date such payment is to be made, no Default or Event of Default shall exist and remain uncured, (iii) Lender shall have received a certificate from Borrower (A) stating that all Required Repairs at the Property to be funded by the requested disbursement have been completed in good and workmanlike manner and in accordance with all applicable federal, state and local laws, rules and regulations, such certificate to be accompanied by a copy of any license, permit or other approval by any Governmental Authority required to commence and/or complete the Required Repairs, (B) identifying each Person that supplied materials or labor in connection with the Required Repairs performed at the Property to be funded by the requested disbursement under a contract in excess of $50,000, and (C) stating that each Person who has supplied materials or labor in connection with the Required Repairs to be funded by the requested disbursement has been paid in full or will be paid in full upon such disbursement, such certificate to be accompanied by lien waivers or other evidence of payment satisfactory to Lender, (iv) at Lender’s option, a title search for the Property indicating that the Property is free from all liens, claims and other encumbrances not previously approved by Lender, and (v) Lender shall have received such other evidence as Lender shall reasonably request that the Required Repairs at the Property to be funded by the requested disbursement have been completed and are paid for or will be paid upon such disbursement to Borrower. Lender shall not be required to make disbursements from the Required Repair Account with respect to the Property more than once each calendar month and such disbursement shall be made only upon satisfaction of each condition contained in this Section 7.1.2.

  • Termination of Security Interests; Release of Collateral Upon payment in full of all Secured Obligations, the Security Interests shall terminate and all rights to the Collateral shall revert to Debtor. Upon such termination of the Security Interest or release of any Collateral, the Secured Party will, at the expense of Debtor, execute and deliver to Debtor such documents as Debtor shall reasonably request to evidence the termination of the Security Interest or the release of such Collateral, as the case may be.

  • Release of Collateral or Guarantor Except for sales of assets permitted by Section 8.2.7 [Dispositions of Assets or Subsidiaries], release all or substantially all of the Collateral or any Guarantor from its Obligations under the Guaranty Agreement without the consent of all Lenders (other than Defaulting Lenders); or

  • Defense of Collateral, Etc The Company shall defend and enforce its right, title and interest in and to any part of: (a) the Pledged Property; and (b) if not included within the Pledged Property, those assets and properties whose loss could have a Material Adverse Effect, the Company shall defend the Secured Party's right, title and interest in and to each and every part of the Pledged Property, each against all manner of claims and demands on a timely basis to the full extent permitted by applicable law.

  • Retention of Collateral In addition to the rights and remedies hereunder, the Administrative Agent may, in compliance with Sections 9-620 and 9-621 of the UCC or otherwise complying with the requirements of applicable Law of the relevant jurisdiction, accept or retain the Collateral in satisfaction of the Secured Obligations. Unless and until the Administrative Agent shall have provided such notices, however, the Administrative Agent shall not be deemed to have retained any Collateral in satisfaction of any Secured Obligations for any reason.

  • Real Property Collateral; Judicial Reference Notwithstanding anything herein to the contrary, no dispute shall be submitted to arbitration if the dispute concerns indebtedness secured directly or indirectly, in whole or in part, by any real property unless (i) the holder of the mortgage, lien or security interest specifically elects in writing to proceed with the arbitration, or (ii) all parties to the arbitration waive any rights or benefits that might accrue to them by virtue of the single action rule statute of California, thereby agreeing that all indebtedness and obligations of the parties, and all mortgages, liens and security interests securing such indebtedness and obligations, shall remain fully valid and enforceable. If any such dispute is not submitted to arbitration, the dispute shall be referred to a referee in accordance with California Code of Civil Procedure Section 638 et seq., and this general reference agreement is intended to be specifically enforceable in accordance with said Section 638. A referee with the qualifications required herein for arbitrators shall be selected pursuant to the AAA’s selection procedures. Judgment upon the decision rendered by a referee shall be entered in the court in which such proceeding was commenced in accordance with California Code of Civil Procedure Sections 644 and 645.

  • Release of Collateral or Guarantors Each Lender Party hereby consents to the release and hereby directs the Collateral Agent to release or subordinate any Lien held by the Collateral Agent for the benefit of the Secured Parties against (i) any Collateral that is Sold by a Loan Party in a Sale (other than a Sale to another Loan Party) permitted by the Loan Documents (including pursuant to a valid waiver or consent), to the extent all Liens required to be granted in such Collateral pursuant to Section 7.10 after giving effect to such Sale have been granted, (ii) any property subject to a Lien permitted hereunder to the extent such property constitutes “Excluded Property” (as defined in the Guaranty and Security Agreement) and (iii) all of the Collateral and all Loan Parties, upon (A) termination of the Commitments and all Secured Hedging Support Documents, (B) payment and satisfaction in full of all Loans, all L/C Reimbursement Obligations and all other Obligations that the Administrative Agent and the Collateral Agent have been notified in writing are then due and payable and (C) deposit of cash collateral with respect to all L/C Obligations (or a back-up letter of credit has been issued), in an amount equal to 105% of such L/C Obligation and with parties satisfactory to the Administrative Agent and the applicable L/C Issuer. Each Lender Party hereby directs the Collateral Agent, and the Collateral Agent hereby agrees at the Borrower’s expense, upon receipt of reasonable advance notice from the Borrower, to execute and deliver or file such documents and to perform other actions reasonably necessary to release the guaranties and Liens when and as directed in this Section 10.10.

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