Release of Collateral Pool Properties Sample Clauses

Release of Collateral Pool Properties. In connection with the sale to or refinancing by a third party of a Collateral Pool Property, from time to time the Borrower may request, upon not less than thirty (30) days' prior written notice to the Agent (and the Agent shall promptly send a copy thereof to each other Bank), that a Collateral Pool Property be released from the Liens created by the Real Estate Collateral Documents applicable thereto, which release ("Property Release") shall be delivered by the Agent if all of the ---------------- following conditions are satisfied as of the date of such Property Release: (a) no Event of Default or Potential Default has occurred and is then continuing or will occur after giving effect to such Property Release and the reduction in the Collateral Pool Value by reason of the release of such Collateral Pool Property; (b) the Borrower shall have delivered to the Agent a Compliance Certificate reflecting the Borrowing Base and covenant compliance after giving effect to such Property Release; (c) the Agent shall have determined that the outstanding principal balance of the Loans will not exceed the Borrowing Base after giving effect to such Property Release and any prepayment to be made and/or the acceptance of any property as additional or replacement Collateral Pool Property to be given concurrently with such Property Release; and (d) the title insurance policy or policies issued in favor of the Agent shall, at the request of the Agent, be endorsed to reflect such release of Collateral, and the Borrower shall pay all costs and expenses reasonably incurred by or for the account of the Agent in connection with such Property Release.
Sample 1
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Release of Collateral Pool Properties. From time to time the Borrower may request, upon not less than ten (10) Business Days’ prior written notice to the Administrative Agent, that a Collateral Pool Property ceases to be a Collateral Pool Property and that the Mortgage and the other Collateral Documents on or relating to the affected Collateral Pool Property be discharged (solely with respect to such Collateral Pool 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: (i) the Borrower shall have delivered to the Administrative Agent a certificate signed by a Responsible Officer of the Borrower, certifying that no Material Default exists or will exist immediately after giving effect to such release and the reduction of Collateral Pool Availability by reason of such release (unless such monetary Default, material non-monetary Default or Event of Default will be cured to the reasonable satisfaction of the Administrative Agent as a result of such release); (ii) the Borrower shall have delivered to the Administrative Agent a Collateral Pool Availability Certificate demonstrating on a Pro Forma Basis that the aggregate principal amount of all outstanding Loans will not exceed the Collateral Pool Availability or the aggregate Revolving Commitments of all Lenders, in each case after giving effect to such release and any prepayment required pursuant to Section 2.7(c) to be made and/or the acceptance of any Eligible Property as an additional or replacement Collateral Pool Property to be given concurrently with such request; (iii) the Borrower shall have delivered to the Administrative Agent a Compliance Certificate demonstrating that the Financial Covenants will continue to be satisfied (to be calculated as of the end of the then most recently ended Measurement Period for which a Collateral Pool Availability Certificate has been delivered pursuant to Section 6.1 but giving Pro Forma Effect to the release of such Collateral Pool Property and giving effect to the addition and/or release of any other Collateral Pool Properties added or released, as applicable, since the end of such Measurement Period); (iv) the Borrower shall have paid any amounts as are required in order to ensure that the aggregate principal amount of all outstanding Loans will not exceed the Collateral Pool Availability or the aggregate Revolving Commitments of all Lenders, in each case after giving ef...
Sample 1

Related to Release of Collateral Pool Properties

  • 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.

  • 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 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.

  • Condition of Collateral Secured Party has no obligation to repair, clean-up or otherwise prepare the Collateral for sale.

  • Valuation of Collateral Securities Intermediary shall provide view only access to its systems to Secured Party for the purpose of communicating data as to the Reserve Account as of that date.

  • 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.

  • Return of Collateral The Collateral shall be returned to Borrower at the termination of the Loan upon the return of the Loaned Securities by Borrower to State Street in accordance with the applicable Securities Loan Agreement.

  • Location of Collateral All tangible items of Collateral, other than Inventory in transit, shall at all times be kept by Borrowers at the business locations set forth in Schedule 8.6.1, except that Borrowers may (a) make sales or other dispositions of Collateral in accordance with Section 10.2.6; and (b) move Collateral to another location in the United States, upon 30 Business Days prior written notice to Agent.

  • Collateral Protection Expenses Preservation of Collateral (a) If an Event of Default shall have occurred and be continuing, the Agent may discharge taxes and other encumbrances at any time levied or placed on any of the Collateral, make repairs thereto and pay any necessary filing fees. Each Grantor agrees to reimburse the Agent on demand for any and all expenditures so made. The Agent shall have no obligation to any Grantor to make any such expenditures, nor shall the making thereof relieve any Grantor of any default. (b) Anything herein to the contrary notwithstanding, each Grantor shall remain liable under each contract or agreement comprised in the Collateral to be observed or performed by such Grantor thereunder. The Agent shall not have any obligation or liability under any such contract or agreement by reason of or arising out of this Agreement or the receipt by the Agent of any payment relating to any of the Collateral, nor shall the Agent be obligated in any manner to perform any of the obligations of any Grantor under or pursuant to any such contract or agreement, to make inquiry as to the nature or sufficiency of any payment received by the Agent in respect of the Collateral or as to the sufficiency of any performance by any party under any such contract or agreement, to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts which may have been assigned to the Agent or to which the Agent may be entitled at any time or times. The Agent’s sole duty with respect to the custody, safe keeping and physical preservation of the Collateral in its possession, under Sections 9-207 and 9-208 of the UCC or otherwise, shall be to deal with such Collateral in the same manner as the Agent deals with similar property for its own account. (c) Each Grantor shall, to the extent reasonably necessary to preserve and maintain the Intellectual Property Collateral and the interest of the Agent therein, diligently pursue legal or other action to enforce the Intellectual Property Collateral and any licenses thereof.

  • Inspection of Collateral Lender and Lender's designated representatives and agents shall have the right at all reasonable times to examine and inspect the Collateral wherever located.

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