Common use of Release of Assets Clause in Contracts

Release of Assets. (a) If at any time the Issuer, any Co-Issuer, the Manager or the Agent has actual knowledge that a Release Event with respect to any particular Asset has occurred, the party discovering such event shall notify the other parties. (b) Upon receipt of notification or upon actual knowledge of a Release Event described in clause (a) of this Section 13.3, and if the Asset DSCR Test is not met, the applicable Co-Issuer shall exercise commercially reasonable efforts to eliminate or otherwise cure such Release Event. If the Asset DSCR Test would be met, then the Asset with respect to which a Release Event has occurred may be released from the Lien of this Security Agreement at any time upon request of the applicable Co-Issuer upon payment by the related Co-Issuers of the Release Price; provided that, immediately after such release, such Asset shall be disposed of by the applicable Co-Issuer to an entity other than the Issuer, any Manager or any other Co-Issuer. (c) If such Co-Issuer fails or is unable to eliminate or cure the Release Event within fifteen (15) days after the earlier of the date on which such Co-Issuer has actual knowledge of such event or the date on which written notice, specifying in reasonable detail, such event and requiring it to be remedied shall have been given to such Co-Issuer; provided that such Co-Issuer shall have an additional 45 days if such event is susceptible of being cured, then such Co-Issuer shall pay the Release Price of the affected Asset on the Business Day next preceding the Redemption Date next following the expiration of such 60 day period. The Release Price for the release of the affected Asset shall be deposited in the Issuer Collection Account and shall be applied to the redemption of its Note on such Redemption Date in accordance with Section 11.1 of this Security Agreement. The applicable Co-Issuer's obligation to pay any Release Price shall be limited to funds available therefor under this Security Agreement. (d) So long as no Funding Termination Event would be triggered thereby, the applicable Co-Issuer may, at its option, obtain a release of its Asset(s) from the Lien of this Security Agreement by providing at least 30 days’ prior written notice (the “Co-Issuer’s Notice”) to the Agent setting forth (i) the Asset(s) to be released, (ii) the Redemption Date on which such Asset(s) will be released and (iii) an estimate of the Release Price to be deposited on the Redemption Date specified in such notice. Upon payment to the Issuer Collection Account of the Release Price of such Asset(s) (which shall also be the Redemption Price for the Notes) and completion of the related redemption, the Asset(s) specified in the Co-Issuer’s Notice shall be released from the Lien of this Security Agreement if the Asset DSCR Test is met, provided that immediately after such release, such Asset(s) shall be disposed of by the applicable Co-Issuer to an entity other than the Issuer, any Manager or any other Co-Issuer. The Release Price for the release of such Asset(s) shall be applied to the redemption of such Co-Issuer’s Note on such Redemption Date in accordance with Section 11.1 of this Security Agreement.

Release of Assets. (a) If at any time the Issuer, the Servicer or any Co-Issuer, the Manager or the Agent Noteholder has actual knowledge (or if the Trustee has received notice) that a Release Event with respect to any particular Asset has occurred, the party discovering such event shall notify the other parties. (b) Upon receipt of notification or upon actual knowledge of a Release Event described in clause (a) of this Section 13.312.3, and if the Asset DSCR Test is not met, the applicable Co-Issuer shall exercise commercially reasonable efforts to eliminate or otherwise cure such Release Event. If the Asset DSCR Test would be met, then the Asset with respect to which a Release Event has occurred may be released from the Lien of this Security Agreement at any time upon request of the applicable Co-Issuer upon payment by the related Co-Issuers of the Release Price; provided that, immediately after such release, such Asset shall be disposed of by the applicable Co-Issuer to an entity other than the Issuer, any Manager or any other Co-Issuer. (c) If such Co-the Issuer fails or is unable to eliminate or cure the Release Event within fifteen (15) 60 days after the earlier of the date on which such Co-Issuer has actual knowledge of such event or thereof, then the date on which written notice, specifying in reasonable detail, such event and requiring it to be remedied shall have been given to such Co-Issuer; provided that such Co-Issuer shall have an additional 45 days if such event is susceptible of being cured, then such Co-Issuer shall either (i) pay the Release Price of the affected Asset on the Business Day next preceding the Redemption Date next following the expiration of such 60 day periodperiod or (ii) acquire and Grant Defeasance Securities with a principal balance and bearing an interest rate such that, as determined by the Servicer, such securities will be sufficient to provide principal and interest payments on each Payment Date (beginning on the immediately following Payment Date until the Legal Maturity Date) in an amount at least equal to the payments that would be required under the portion of the Notes that would have been redeemed if the Issuer had elected to pay the Release Price. Upon payment of the Release Price of such Asset (as determined by the Servicer, which shall also be the Redemption Price of the Notes) to the Collection Account, the Asset shall be released from the Lien of this Indenture. The Release Price for the release of the affected Asset shall be deposited in the Issuer Collection Account and shall be applied to the redemption of its Note Notes on such Redemption Date in accordance with Section 11.1 10.1(a) of this Security AgreementIndenture. The applicable Co-Issuer's ’s obligation to pay any Release Price shall be limited to funds available therefor under the Contribution Agreement, the Xxx Xxxxx Contribution Agreement, the Rampage Contribution Agreement or the Xxxx Contribution Agreement, as applicable, or this Security AgreementIndenture. Any Defeasance Securities shall be deposited to the Defeasance Account and shall be part of the Collateral without any further action by any party hereto. The Issuer and the Trustee hereby direct that all principal and interest payments received in respect of the Defeasance Securities be deposited directly into the Collection Account. (d) So long as no Funding Termination Event would be triggered therebyThe Issuer, the applicable Co-Issuer may, at its optionwith the prior written consent of the Noteholders, such consent to be given in the Noteholders’ sole discretion, obtain a release of its Asset(s) from the Lien of this Security Agreement Indenture by providing at least 30 45 days’ prior written notice (the “Co-Issuer’s Notice”) to the Agent Trustee and the Noteholders setting forth (i) the Asset(s) to be released, (ii) the Redemption Date on which such Asset(s) will be released and (iii) an estimate of the Release Price to be deposited on the Redemption Date specified in such notice. Upon payment to the Issuer Collection Account of the Release Price of such Asset(s) (which shall also be the Redemption Price for the Notes) and completion or the Grant of the related redemptionDefeasance Securities, the Asset(s) specified in the Co-Issuer’s Notice shall be released from the Lien of this Security Agreement if the Asset DSCR Test is met, provided that immediately after such release, such Asset(s) shall be disposed of by the applicable Co-Issuer to an entity other than the Issuer, any Manager or any other Co-IssuerIndenture. The Release Price for the release of such Asset(s) shall be applied to the redemption of such Co-Issuer’s Note Notes on such Redemption Date in accordance with Section 11.1 10.1(a) of this Security AgreementIndenture.

Release of Assets. (a) If at any time the Issuer, the Servicer or any Co-Issuer, the Manager or the Agent Noteholder has actual knowledge (or if the Trustee has received notice) that a Release Event with respect to any particular Asset has occurred, the party discovering such event shall notify the other parties. (b) Upon receipt of notification or upon actual knowledge of a Release Event described in clause (a) of this Section 13.312.3, and if the Asset DSCR Test is not met, the applicable Co-Issuer shall exercise commercially reasonable efforts to eliminate or otherwise cure such Release Event. If the Asset DSCR Test would be met, then the Asset with respect to which a Release Event has occurred may be released from the Lien of this Security Agreement at any time upon request of the applicable Co-Issuer upon payment by the related Co-Issuers of the Release Price; provided that, immediately after such release, such Asset shall be disposed of by the applicable Co-Issuer to an entity other than the Issuer, any Manager or any other Co-Issuer. (c) If such Co-the Issuer fails or is unable to eliminate or cure the Release Event within fifteen (15) 60 days after the earlier of the date on which such Co-Issuer has actual knowledge of such event or the date on which written notice, specifying in reasonable detail, such event and requiring it to be remedied shall have been given to such Co-Issuer; provided that such Co-Issuer shall have an additional 45 days if such event is susceptible of being curedthereof, then such Co-the Issuer shall pay the Release Price of the affected Asset on the Business Day next preceding the Redemption Date next following the expiration of such 60 day period. Upon payment of the Release Price of such Asset (as determined by the Servicer, which shall also be the Redemption Price of the Notes) to the Collection Account, the Asset shall be released from the Lien of this Indenture. The Release Price for the release of the affected Asset shall be deposited in the Issuer Collection Account and shall be applied to the redemption of its Note Notes on such Redemption Date in accordance with Section 11.1 10.1 of this Security AgreementIndenture. The applicable Co-Issuer's obligation to pay any Release Price shall be limited to funds available therefor under the Contribution Agreement or this Security AgreementIndenture. (d) So long as no Funding Termination Event would be triggered therebyThe Issuer, the applicable Co-Issuer may, at its optionwith the prior written consent of the Noteholders, such consent to be given in the Noteholders' sole discretion, obtain a release of its Asset(s) from the Lien of this Security Agreement Indenture by providing at least 30 45 days’ ' prior written notice (the “Co-"Issuer’s 's Notice”") to the Agent Trustee and the Noteholders setting forth (i) the Asset(s) to be released, (ii) the Redemption Date on which such Asset(s) will be released and (iii) an estimate of the Release Price to be deposited on the Redemption Date specified in such notice. Upon payment to the Issuer Collection Account of the Release Price of such Asset(s) (which shall also be the Redemption Price for the Notes) and completion of the related redemption), the Asset(s) specified in the Co-Issuer’s 's Notice shall be released from the Lien of this Security Agreement if the Asset DSCR Test is met, provided that immediately after such release, such Asset(s) shall be disposed of by the applicable Co-Issuer to an entity other than the Issuer, any Manager or any other Co-IssuerIndenture. The Release Price for the release of such Asset(s) shall be applied to the redemption of such Co-Issuer’s Note Notes on such Redemption Date in accordance with Section 11.1 10.1 of this Security AgreementIndenture.

Release of Assets. (a) If at any time the Issuer, the Servicer or any Co-Issuer, the Manager or the Agent Noteholder has actual knowledge (or if the Trustee has received notice) that a Release Event with respect to any particular Asset has occurred, the party discovering such event shall notify the other parties. (b) Upon receipt of notification or upon actual knowledge of a Release Event described in clause (a) of this Section 13.312.3, and if the Asset DSCR Test is not met, the applicable Co-Issuer shall exercise commercially reasonable efforts to eliminate or otherwise cure such Release Event. If the Asset DSCR Test would be met, then the Asset with respect to which a Release Event has occurred may be released from the Lien of this Security Agreement at any time upon request of the applicable Co-Issuer upon payment by the related Co-Issuers of the Release Price; provided that, immediately after such release, such Asset shall be disposed of by the applicable Co-Issuer to an entity other than the Issuer, any Manager or any other Co-Issuer. (c) If such Co-the Issuer fails or is unable to eliminate or cure the Release Event within fifteen (15) 60 days after the earlier of the date on which such Co-Issuer has actual knowledge of such event or thereof, then the date on which written notice, specifying in reasonable detail, such event and requiring it to be remedied shall have been given to such Co-Issuer; provided that such Co-Issuer shall have an additional 45 days if such event is susceptible of being cured, then such Co-Issuer shall either (i) pay the Release Price of the affected Asset on the Business Day next preceding the Redemption Date next following the expiration of such 60 day periodperiod or (ii) acquire and Grant Defeasance Securities with a principal balance and bearing an interest rate such that, as determined by the Servicer, such securities will be sufficient to provide principal and interest payments on each Payment Date (beginning on the immediately following Payment Date until the Legal Maturity Date) in an amount at least equal to the payments that would be required under the portion of the Notes that would have been redeemed if the Issuer had elected to pay the Release Price. Upon payment of the Release Price of such Asset (as determined by the Servicer, which shall also be the Redemption Price of the Notes) to the Collection Account, the Asset shall be released from the Lien of this Indenture. The Release Price for the release of the affected Asset shall be deposited in the Issuer Collection Account and shall be applied to the redemption of its Note Notes on such Redemption Date in accordance with Section 11.1 10.1(a) of this Security AgreementIndenture. The applicable Co-Issuer's ’s obligation to pay any Release Price shall be limited to funds available therefor under the Contribution Agreement, the Xxx Xxxxx Contribution Agreement, the Rampage Contribution Agreement, the Xxxx Contribution Agreement or the London Fog Contribution Agreement, as applicable, or this Security AgreementIndenture. Any Defeasance Securities shall be deposited to the Defeasance Account and shall be part of the Collateral without any further action by any party hereto. The Issuer and the Trustee hereby direct that all principal and interest payments received in respect of the Defeasance Securities be deposited directly into the Collection Account. (d) So long as no Funding Termination Event would be triggered therebyThe Issuer, the applicable Co-Issuer may, at its optionwith the prior written consent of the Noteholders, such consent to be given in the Noteholders’ sole discretion, obtain a release of its Asset(s) from the Lien of this Security Agreement Indenture by providing at least 30 45 days’ prior written notice (the “Co-Issuer’s Notice”) to the Agent Trustee and the Noteholders setting forth (i) the Asset(s) to be released, (ii) the Redemption Date on which such Asset(s) will be released and (iii) an estimate of the Release Price to be deposited on the Redemption Date specified in such notice. Upon payment to the Issuer Collection Account of the Release Price of such Asset(s) (which shall also be the Redemption Price for the Notes) and completion or the Grant of the related redemptionDefeasance Securities, the Asset(s) specified in the Co-Issuer’s Notice shall be released from the Lien of this Security Agreement if the Asset DSCR Test is met, provided that immediately after such release, such Asset(s) shall be disposed of by the applicable Co-Issuer to an entity other than the Issuer, any Manager or any other Co-IssuerIndenture. The Release Price for the release of such Asset(s) shall be applied to the redemption of such Co-Issuer’s Note Notes on such Redemption Date in accordance with Section 11.1 10.1(a) of this Security AgreementIndenture.

Release of Assets. (a) If at any time the Issuer, the Servicer or any Co-Issuer, the Manager or the Agent Noteholder has actual knowledge (or if the Trustee has received notice) that a Release Event with respect to any particular Asset has occurred, the party discovering such event shall notify the other parties. (b) Upon receipt of notification or upon actual knowledge of a Release Event described in clause (a) of this Section 13.312.3, and if the Asset DSCR Test is not met, the applicable Co-Issuer shall exercise commercially reasonable efforts to eliminate or otherwise cure such Release Event. If the Asset DSCR Test would be met, then the Asset with respect to which a Release Event has occurred may be released from the Lien of this Security Agreement at any time upon request of the applicable Co-Issuer upon payment by the related Co-Issuers of the Release Price; provided that, immediately after such release, such Asset shall be disposed of by the applicable Co-Issuer to an entity other than the Issuer, any Manager or any other Co-Issuer. (c) If such Co-the Issuer fails or is unable to eliminate or cure the Release Event within fifteen (15) 60 days after the earlier of the date on which such Co-Issuer has actual knowledge of such event or the date on which written notice, specifying in reasonable detail, such event and requiring it to be remedied shall have been given to such Co-Issuer; provided that such Co-Issuer shall have an additional 45 days if such event is susceptible of being curedthereof, then such Co-the Issuer shall pay the Release Price of the affected Asset on the Business Day next preceding the Redemption Date next following the expiration of such 60 day period. Upon payment of the Release Price of such Asset (as determined by the Servicer, which shall also be the Redemption Price of the Notes) to the Collection Account, the Asset shall be released from the Lien of this Indenture. The Release Price for the release of the affected Asset shall be deposited in the Issuer Collection Account and shall be applied to the redemption of its Note Notes on such Redemption Date in accordance with Section 11.1 10.1 of this Security AgreementIndenture. The applicable Co-Issuer's obligation to pay any Release Price shall be limited to funds available therefor under the Contribution Agreement, the Joe Boxer Contribution Agreement, the Rampage Contribution Agreement xx, xx xxe extent the JNCO Acquisition occurs, the JNCO Contribution Agreement, as applicable, or this Security AgreementIndenture. (d) So long as no Funding Termination Event would be triggered therebyThe Issuer, the applicable Co-Issuer may, at its optionwith the prior written consent of the Noteholders, such consent to be given in the Noteholders' sole discretion, obtain a release of its Asset(s) from the Lien of this Security Agreement Indenture by providing at least 30 45 days’ ' prior written notice (the “Co-"Issuer’s 's Notice”") to the Agent Trustee and the Noteholders setting forth (i) the Asset(s) to be released, (ii) the Redemption Date on which such Asset(s) will be released and (iii) an estimate of the Release Price to be deposited on the Redemption Date specified in such notice. Upon payment to the Issuer Collection Account of the Release Price of such Asset(s) (which shall also be the Redemption Price for the Notes) and completion of the related redemption), the Asset(s) specified in the Co-Issuer’s 's Notice shall be released from the Lien of this Security Agreement if the Asset DSCR Test is met, provided that immediately after such release, such Asset(s) shall be disposed of by the applicable Co-Issuer to an entity other than the Issuer, any Manager or any other Co-IssuerIndenture. The Release Price for the release of such Asset(s) shall be applied to the redemption of such Co-Issuer’s Note Notes on such Redemption Date in accordance with Section 11.1 10.1 of this Security AgreementIndenture.