Release of Borrowing Base Properties. The Borrower may request, by providing not less than five (5) days’ prior written notice (with such notice to be accompanied by the certificate described in clause (iii) below and any other documentation reasonably necessary to permit the Administrative Agent to determine if the conditions in clauses (i) and (ii) below have been satisfied) to the Administrative Agent, to remove a Borrowing Base Property from the Borrowing Base Pool (but only in connection with a refinancing or sale of such Property), which removal (the “Borrowing Base Property Removal”) shall be effected by the Administrative Agent if the Administrative Agent determines all of the following conditions are satisfied as of the date of such Borrowing Base Property Removal:
Release of Borrowing Base Properties. The Administrative Agent is hereby authorized by the Lenders to execute, at the cost and expense of the Borrowers and pursuant to documentation reasonably acceptable to the Administrative Agent, partial releases of the Borrowing Base Properties to the extent such Borrowing Base Properties are substituted in accordance with Section 4.16(f) or sold in accordance with the terms of the Mortgage and subsection 8.6.
Release of Borrowing Base Properties. Upon repayment and satisfaction in full of all Obligations and the termination of all Commitments and this Agreement, Agent will release the Security Documents with respect to each of the Borrowing Base Properties. From time to time Borrower may request, upon not less than thirty (30) days' (or such shorter time period as Agent may approve) prior written notice to Agent (which shall promptly send a copy thereof to each other Lender), that a Borrowing Base Property be released from the Liens created by the Security Documents applicable thereto, which release ("Property Release") shall be delivered by Agent if all of the following conditions are satisfied as of the date of such Property Release:
Release of Borrowing Base Properties. (i) At any time following the Effective Date, the Borrower on one or more occasions may remove, and the Administrative Agent shall take such actions as are necessary to effectuate pursuant to this Section 2.05(e), the release of any Borrowing Base Property from the Borrowing Base (such release resulting in the applicable Borrowing Base Property becoming a Non-Borrowing Base Property or being sold) and the release from the Guaranty of the Subsidiary Guarantor that owns or leases such Borrowing Base Property, if applicable, upon satisfaction of each of the following conditions:
Release of Borrowing Base Properties. The Borrower may request, upon not less than 30 days' prior written notice to the Administrative Agent, that a Borrowing Base Property and any related Collateral no longer be included in calculations of the Borrowing Base and that such Property be released from the Liens created by the applicable Security Documents, which release (the "Property Release") shall be effected by the Administrative Agent if the Administrative Agent determines all of the following conditions are satisfied as of the date of such Property Release:
Release of Borrowing Base Properties. Borrowers may request that a Borrowing Base Property that has previously been admitted into the Borrowing Base be removed from the Borrowing Base provided that: (i) Borrowers shall provide Administrative Agent a written request to remove such Borrowing Base Property from the Borrowing Base, (ii) after giving effect to the removal of such Borrowing Base Property from the Borrowing Base, the Borrowing Base is equal to or exceeds the Commitment Usage, and (iii) no Potential Default or Default shall exist prior to or after giving effect to the removal of such Borrowing Base Property from the Borrowing Base.
Release of Borrowing Base Properties. Notwithstanding anything to the contrary set forth in the Loan Documents, including, without limitation, Sections 6.13 and 10.01 of the Credit Agreement, prior to the payment in full of the Obligations (other than contingent Obligations not yet due and payable and for which no demand has been made) and the termination of the Commitment of each Lender, no Borrowing Base Property shall be released from the lien of the applicable Security Instrument, and no Borrower shall be released from its obligations under the Loan Documents, unless such release is approved by Administrative Agent and the Required Lenders in each instance, which approval may be given or withheld by Administrative Agent and each such Lender in their sole and absolute discretion.
Release of Borrowing Base Properties. From time to time the Borrower may request, upon not less than 10 Business Days’ prior written notice to the Administrative Agent (or such shorter period to which the Administrative Agent may agree in its sole discretion), that a Borrowing Base Property ceases to be a Borrowing Base Property and that, if such Borrowing Base Property is subject to a Mortgage, the Mortgage and the other Collateral Documents on or relating to the affected Borrowing Base Property (including the pledge of Equity Interests in each of the direct and indirect Subsidiaries that owns such Borrowing Base Property) be discharged (solely with respect to such Borrowing Base Property), which release may be effected by the Administrative Agent, without further consent of the Lenders, if all of the following conditions are satisfied as of the date of such release:
Release of Borrowing Base Properties. The Borrower shall provide the Administrative Agent with no less than five (5) Business Days written notice of any proposed sale, refinancing or other permanent disposition of any Borrowing Base Property, and in connection therewith, the Administrative Agent shall release such Borrowing Base Property from the Borrowing Base and, where appropriate, release the Borrowing Base Entity that owns or leases such Borrowing Base Property, and any Intermediate Subsidiary that owns an Equity Interest in such Borrowing Base Entity, from the Subsidiary Guaranty (unless such Borrowing Base Entity or Intermediate Subsidiary also directly or indirectly owns or leases another Real Property that will remain a Borrowing Base Property) and release from the Lien under the applicable Pledge Agreement the Equity Interests in the Borrowing Base Entity that owns or leases such Borrowing Base Property, and any Intermediate Subsidiary that owns an Equity Interest in such Borrowing Base Entity (unless such Borrowing Base Entity or Intermediate Subsidiary also directly or indirectly owns or leases another Real Property that will remain a Borrowing Base Property); provided that no Default exists before and after giving effect thereto (other than Defaults solely with respect to such Borrowing Base Property that would no longer exist after giving effect to the release of such Borrowing Base Property from the Borrowing Base) and the Release Conditions shall be satisfied; provided, further, that Administrative Agent shall have no obligation to release any such Borrowing Base Property or the obligations of such Borrowing Base Entity or Intermediate Subsidiary under the Subsidiary Guaranty without a Borrowing Base Report setting forth in reasonable detail the calculations required to establish the amount of the Borrowing Base without such Borrowing Base Property and a Compliance Certificate setting forth in reasonable detail the calculations required to show that the Parent and the Borrower are in compliance with the terms of Sections 2.05(i) and 6.16 of this Agreement without the inclusion of such Borrowing Base Property in the calculation of the Borrowing Base, in each case as of the date of such release and after giving effect to any such release. Upon a release of a Borrowing Base Property as aforesaid, (A) Schedule 2.05 shall be immediately amended to remove such Real Property from the list of Borrowing Base Properties, and such Real Property shall no longer be considered a “Borrowing B...
Release of Borrowing Base Properties. From time to time the Borrower may request, upon not less than 10 Business Days’ prior written notice to the Administrative Agent (or such shorter period to which the Administrative Agent may agree in its sole discretion), that a Borrowing Base Property ceases to be a Borrowing Base Property and that the Mortgage and the other Collateral Documents on or relating to the affected Borrowing Base Property be discharged (solely with respect to such Borrowing Base Property), which release may be effected by the Administrative Agent, without further consent of the Lenders, if all of the following conditions are satisfied as of the date of such release:
