Common use of Release of Borrowing Base Properties; Release of Out-Parcels Clause in Contracts

Release of Borrowing Base Properties; Release of Out-Parcels. (a) Property Releases. From time to time the Borrower may request, upon not less than thirty (30) days prior written notice (or, with respect to the Woodland Anchor Parcel, fifteen (15) days prior written notice) to the Administrative Agent (or, in any case, such shorter period as may be acceptable to the Administrative Agent in its sole discretion), that any Borrowing Base Property be released from the Liens created by the Security Documents applicable thereto upon the disposition thereof on an arms’-length basis (or, solely in the case of the Woodland Anchor Parcel (and related intellectual property and personal property), concurrently with the closing of the Woodland Mall Secured Loan Modification), which release (a “Property Release”) shall be effective upon the satisfaction of the following conditions: