Release of Certain Collateral. Effective upon the closing of a sale or other disposition of any Collateral and the application of proceeds in conformity with the provisions of the Securities Purchase Agreement, and receipt by the Agent of a certification to such effect from an authorized officer of the Borrower, the security interest in the assets which are the subject of the sale or other disposition (the “Sold Collateral”) shall terminate. The Agent shall thereupon reassign and deliver to the applicable Pledgors, or to such Person as such Pledgors shall designate, against receipt, the Sold Collateral, together with appropriate instruments or reassignment and release, all without any recourse to, or warranty whatsoever by, the Agent, at the sole cost and expense of such Pledgors.
Release of Certain Collateral. From and after the Fifth Amendment Effective Date and prior to the date six months after the Fifth Amendment Effective Date, Borrowers may request a release (the “Property Release”) of the Lien in favor of the Collateral Agent for the benefit of the Lenders on the Release Eligible Real Estate; provided that as of the date of the Property Release, the following conditions are satisfied:
(a) not later than thirty (30) days prior to the date of the Property Release, the Borrowers have provided the Agent with a certificate (the “Release Certificate”) identifying the Release Eligible Real Estate to be released (the “Release Property”) and stating the proposed date of the Property Release (such date, the “Release Date”);
(b) no Default or Event of Default has occurred and is continuing as of the date of the Release Certificate and as of the Release Date, both before and after giving effect to the Property Release;
(c) the Flexibility Conditions are satisfied as of the Release Date both before and immediately after giving effect to the Property Release;
(d) the Agent shall have received an appraisal or appraisals (in form and substance and by an appraiser reasonably satisfactory to Agent) for the parcels of Release Eligible Real Estate that are not being released (such parcels, the “Appraised Parcels”), dated no more than three (3) months prior to the Release Date; and
(e) the Appraised Parcels shall have an appraised value, as set forth in the appraisals provided pursuant to clause (d) of this Section 2.7, of at least $60,000,000. On the Release Date, if the conditions set forth in this Section 2.7 are satisfied, all Liens on the Release Property in favor of the Collateral Agent for the benefit of the Lenders shall be released.
Release of Certain Collateral. Notwithstanding anything herein to the contrary, and without limiting the rights of the Secured Party under Section 8.06 of the General Security Agreement, the Secured Party shall release its lien on and security interest in the Collateral upon satisfaction of both of the following conditions: (i) all Acquisition Loans (as defined in the General Security Agreement) shall have been paid and satisfied in full and the Acquisition Loan Commitment (as defined in the General Security Agreement) shall have been terminated and (ii) no Default or Event of Default shall have occurred and be continuing.
Release of Certain Collateral. Effective upon the closing of a sale of any Collateral as part of a disposition made by the Borrower or any of its Subsidiaries in conformity with the provisions of the Credit Agreement providing for dispositions to third parties free of Liens, and receipt by the Agent of a certification to such effect from the chief financial officer of the Borrower, then the security interest in the assets which are the subject of the sale (the "Sold Collateral") shall terminate. The Agent shall thereupon reassign and deliver to Pledgor, or to such Person as the Pledgor shall designate, against receipt, the Sold Collateral, together with appropriate instruments of reassignment and release, all without any recourse to, or warranty whatsoever by, the Agent, at the sale cost and expense of the Borrower and its Subsidiaries.
Release of Certain Collateral. Signal will from time to time during the term of the Loan have the right to sell (i) home sites at the Eagle Crest Project in accordance with a disposition plan approved by the Lender for not less than:
(1) $53,000 in Net Cash Proceeds per individual Product I lot (77 lots total);
(2) $53,000 in Net Cash Proceeds per individual Product II lot (126 lots total);
(3) $40,000 in Net Cash Proceeds per individual Product III lot (136 lots total);
(4) $30,000 in Net Cash Proceeds per individual Product IV lot (109 lots total); and
(5) $120,000 in Net Cash Proceeds per individual Custom Lot (20 lots total); (which lots are set forth in the existing subdivision plans therefor), (ii) the golf course at the Eagle Crest Project for not less than $7,000,000 in Net Cash Proceeds and (iii) the Fairbanks Highlands Project for not less than $7,000,000 in Net Cash Proceeds (any of the foregoing shall be referred to herein as a "PERMITTED SALE"). Signal and the Lender contemplate that the real property that is the subject of any such Permitted Sale shall be Released from the Lien of the Mortgage encumbering such Collateral Property. Provided that the NACC Share of Net Cash Proceeds resulting from each and every Permitted Sale is delivered to the Lender or deposited into the Securities Account as required under this Agreement, the Securities Account Agreement, and the LOC Documents, the Lender agrees to execute a request for partial reconveyance and deliver such request for partial reconveyance to the Trustee for any portion of the Collateral Properties so sold, upon the sale of such portion of the Collateral Properties to a bona fide third party purchaser or to a KGT Affiliate or special purpose Subsidiary as permitted by the terms hereof. Upon receipt of such partial release request and prior to recording any partial release, Trustee shall obtain from Signal and deliver to the Lender: (i) a copy of the preliminary closing statement for the applicable Permitted Sale (with a copy of the final closing statement to follow as soon as available after the closing of such Permitted Sale); and (ii) a completed partial release request for execution by the Lender. The Lender shall have no obligation to execute a partial release request with respect to any portion of the Collateral Properties unless and until that portion of sale proceeds relating thereto which are required to be delivered to the Lender hereunder or under the LOC Documents have been so delivered to the Lender. Notwiths...
Release of Certain Collateral. Subject to satisfaction of the conditions precedent set forth in Section 4, Lender hereby releases its security interest and lien on the Collateral set forth on Schedule A attached hereto (the “Released Collateral”), subject to satisfaction of the following conditions: (i) the total value of the Released Collateral shall not exceed $12,000,000; and (ii) both before and after giving effect to the release of the Released Collateral, Loan Parties shall not be in default of any of the covenants contained in the Credit Agreement. Upon satisfaction of these conditions, Lender’s security interest in the Released Collateral shall automatically terminate and Lender shall do such further reasonable acts and things, all at Loan Parties’ expense, to effect the termination of Lender’s liens upon such Released Collateral. The terms of this provision shall not affect the security interest of the Lender in any property of the Loan Parties other than the Released Collateral.
Release of Certain Collateral. On the Agreement Date or as ----------------------------- soon as practical thereafter the Administrative Lender shall release any Liens held by the Administrative Lender insofar as such Liens cover the Receivables of the Borrower other than such portion of such Receivables as constitute property of the type(s) covered by (i) the Security Agreement to be executed by the Borrower in favor of the Administrative Lender on the Agreement Date and/or (ii) the Deed of Trust, Assignment of Leases and Rents, Security Agreement and Financing Statement, executed by the Borrower for the benefit of the Administrative Lender and the other Lenders as of September 27, 1996, as amended by a certain First Amendment thereto, dated as of the Agreement Date. Upon the occurrence of the Inventory Release Event, the Administrative Lender shall release any Liens held by the Administrative Lender insofar as such Liens cover the Inventory of the Borrower or any of its Subsidiaries. ================================================================================ REMAINDER OF PAGE LEFT INTENTIONALLY BLANK ================================================================================
Release of Certain Collateral. Lender releases any collateral granted under the Original Loan Documents to secure the Original Loan that does not fall within the definition of "Collateral" under this Restated Loan Agreement.
Release of Certain Collateral. From and after the Rating Date, the Collateral Agent shall at the written request and sole expense of the Borrower, take any reasonable action and execute all reasonable documents and instruments to effect the release of the Lien of the Security Documents on all stock of Direct Foreign Subsidiaries. Such release shall no longer be permitted if any Downgrade Date occurs, and the Borrower shall, at its sole expense, take any action and execute all documents and instruments necessary or desirable to reattach Liens on 65% of the stock of Direct Foreign Subsidiaries released after a Rating Date, in each case as promptly as practicable but in no event later than 60 days after such Downgrade Date.
Release of Certain Collateral. Each Bank expressly authorizes the Agent (without any consent of or notice to any Bank) to release from Collateral: (a) assets sold, leased, transferred or disposed of as permitted, by Section 8.2.7 [Disposition of Assets or Subsidiaries] and, (b) in accordance with and as permitted by the Security Agreement, cash securing the Line of Credit Facility.
