Partial Releases of Collateral Sample Clauses

Partial Releases of Collateral. Collateral may be released from the Lien and security interest created by the Security Documents at any time and from time to time in accordance with the applicable provisions of the Indenture (except that any certificates or opinions delivered to Indenture Trustee or Collateral Agent shall also be delivered to Lender attention); provided, however, that, (a) Borrower can demonstrate to Lender that Borrower shall be in pro forma compliance with the financial covenants set forth in ARTICLE VIII of this Agreement prior to, and after the application of the release of such Collateral and (b) no Event of Default exists and is continuing at the time of such release.
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Partial Releases of Collateral. Upon payment in full of all Obligations for a Project Tranche, (and termination of any Commitment to make Construction Loan advances under such Project Tranche and repayment of all Obligations under the L/C Facility related to such Project), upon the request of Borrower, Lender will release its liens and security interest in the Property that is the subject of such Project Tranche, at Borrower’s expense; provided, however, the amounts advanced under the Construction Loan for the remaining Projects, plus any unfunded commitments under the Construction Loan, must not exceed, in the aggregate, the lesser of (A) seventy percent (70%) of the as-stabilized appraised value of the remaining Projects, including the value of the underlying real estate, or (B) eighty percent (80%) of the total development costs as shown on the then current or final Construction Budgets of the remaining Projects.
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Partial Releases of Collateral. Debtor may from time to time upon fifteen (15) days prior written notice to Secured Party, (a) transfer a portion of the Collateral to any person legally empowered to exercise the power of eminent domain, (b) make a disposition of such property in accordance with the terms and provisions of the Indenture or (c) grant utility easements reasonably necessary for the use and operation of the hotel, which grant or transfer is for the benefit of the Collateral. In each such case, Secured Party shall execute and deliver any instruments necessary or appropriate to effectuate or confirm any such transfer or grant, free from the lien of this Instrument, provided, however, that Secured Party shall execute a lien release or subordination agreement, as appropriate, for matters described in clauses (a) and (b) above only if Secured Party and the Trustee shall have received the following: (i) A written request of Debtxx, xxted as of the date of such transfer, grant or release and signed by an authorized officer of Debtor, requesting Secured Party and the Trustee to execute one or more described instruments, and certifying that (A) no Event of Default hereunder, and no event which with notice or lapse of time or both would constitute such Event of Default, has occurred and is continuing and that the conditions of this Section 9.1 have been fulfilled, (B) the transfer, grant or release will not have a materially adverse effect on Debtor's operation of the hotel currently located on the Land as currently operated or will have a material adverse effect on the remaining Collateral, (C) in the case of a transfer of property whose value is greater than $500,000 to a person legally empowered to exercise the power of eminent domain, the consideration being paid for the portion of the Collateral being transferred, and that such consideration is not less than the fair market value of such portion, and in the case of a grant or release of easements or other rights, the consideration, if any, being paid for such grant or release, (D) in the case of a transfer to a person legally empowered to exercise the power of eminent domain, that such transfer is being made in anticipation that such portion would otherwise be taken under the power of eminent domain, and (E) that such transfer, grant or release does not materially impair the use of the Collateral for the purposes for which it is then held by Debtor; (ii) A counterpart of the instrument pursuant to which such transfer, grant or rel...
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Partial Releases of Collateral. Collateral that is required to be released from the pledge and security interest created by this Agreement in order to permit Grantor to (a) comply with its obligations to the maker of any instrument that constitutes Collateral, if any, or (b) take any other action permitted under the Loan Documents or otherwise consented to by Lender shall be so released by Lender at such times and to the extent necessary to permit Grantor to consummate such permitted transactions promptly following Lender’s receipt of written request therefor by Grantor specifying the purpose for which release is requested and such further certificates or other documents as Lender reasonably shall request in its discretion to confirm that Grantor is permitted to consummate such permitted transaction and, if applicable, to confirm Lender’s replacement Lien on appropriate collateral. Lender, at the expense of Grantor, shall promptly redeliver all such Collateral and shall execute and deliver to Grantor all such documents requested by Grantor that are reasonably necessary to release such Collateral of record whenever Grantor shall be entitled to the release thereof in accordance with this Agreement or this Section.
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Partial Releases of Collateral. The appraisal of the Property prepared by Colliers Xxxxxxx on September 30, 1996 (the "Original Property Appraisal") contains the "as completed" value of the Property other than the "as-completed" value related to the pharmaceutical build-out and validation in that plans and specifications with respect to the pharmaceutical build-out were not then sufficiently developed.. As used herein, the term "Margined Property Value" means 75% of the gross market value of the Property as determined by the Bank and MIDFA based upon a current appraisal of the Property approved by MIDFA and the Bank. Based upon the Original Appraisal, the Bank and MIDFA determined a then current Margined Property Value of the Property equal to $1,856,000. The Borrower shall have the right to have subsequent reappraisals of the Property at its sole expense by an appraiser approved by the Bank and MIDFA at the following times:
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Partial Releases of Collateral 
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Related to Partial Releases of Collateral

  • Releases of Collateral (i) If any Collateral shall be sold, transferred or otherwise disposed of by any Obligor in a transaction permitted by the Credit Agreement, then the Administrative Agent, at the request and sole expense of such Obligor, shall promptly execute and deliver to such Obligor all releases and other documents, and take such other action, reasonably necessary for the release of the Liens created hereby or by any other Collateral Document on such Collateral. (ii) The Administrative Agent may release any of the Pledged Equity from this Agreement or may substitute any of the Pledged Equity for other Pledged Equity without altering, varying or diminishing in any way the force, effect, lien, pledge or security interest of this Agreement as to any Pledged Equity not expressly released or substituted, and this Agreement shall continue as a first priority lien on all Pledged Equity not expressly released or substituted.

  • 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.

  • Collateral Releases The Lenders hereby empower and authorize the Agent to execute and deliver to the Borrower on their behalf any agreements, documents or instruments as shall be necessary or appropriate to effect any releases of Collateral which shall be permitted by the terms hereof or of any other Loan Document or which shall otherwise have been approved by the Required Lenders (or, if required by the terms of Section 8.2, all of the Lenders) in writing.

  • Assignment of Collateral There is no material collateral securing any Mortgage Loan that has not been assigned to the Purchaser.

  • RELEASES AND WAIVERS Each of the releases and waivers enumerated in this Article 5 shall become effective only upon the Closing of the contribution and exchange of the Participating Entity Interests pursuant to Articles 1 and 2 herein.

  • Lien Releases; Care of Collateral Lenders authorize Agent to release any Lien with respect to any Collateral (a) upon Full Payment of the Obligations; (b) that is the subject of an Asset Disposition which Borrowers certify in writing to Agent is a Permitted Asset Disposition or a Lien which Borrowers certify is a Permitted Lien entitled to priority over Agent’s Liens (and Agent may rely conclusively on any such certificate without further inquiry); (c) that does not constitute a material part of the Collateral; or (d) with the written consent of all Lenders. Agent shall have no obligation whatsoever to any Lenders to assure that any Collateral exists or is owned by a Borrower, or is cared for, protected, insured or encumbered, nor to assure that Agent’s Liens have been properly created, perfected or enforced, or are entitled to any particular priority, nor to exercise any duty of care with respect to any Collateral.

  • 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;

  • Releases of Mortgaged Property Except as described in the next sentence, no Mortgage Note or Mortgage requires the mortgagee to release all or any material portion of the related Mortgaged Property that was included in the appraisal for such Mortgaged Property, and/or generates income from the lien of the related Mortgage except upon payment in full of all amounts due under the related Mortgage Loan or in connection with the defeasance provisions of the related Note and Mortgage. The Mortgages relating to those Mortgage Loans identified on Schedule A hereto require the mortgagee to grant releases of portions of the related Mortgaged Properties upon (a) the satisfaction of certain legal and underwriting requirements and/or (b) the payment of a predetermined or objectively determinable release price and prepayment consideration in connection therewith. Except as described in the first sentence hereof and for those Mortgage Loans identified on Schedule A, no Mortgage Loan permits the full or partial release or substitution of collateral unless the mortgagee or servicer can require the Borrower to provide an opinion of tax counsel to the effect that such release or substitution of collateral (a) would not constitute a "significant modification" of such Mortgage Loan within the meaning of Treas. Reg. ss.1.1001-3 and (b) would not cause such Mortgage Loan to fail to be a "qualified mortgage" within the meaning of Section 860G(a)(3)(A) of the Code.

  • 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.

  • Defense of Collateral Defend the Collateral from any Liens other than Liens permitted by Section 8.2.

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