Common use of Release of Collateral Property Clause in Contracts

Release of Collateral Property. Provided no Default or Event of Default shall have occurred hereunder and be continuing (or would exist immediately after giving effect to the transactions contemplated by this §5.4 including any paydown of the Loans in connection with the transactions contemplated by this §5.4), the Agent shall release a Collateral Property from the lien or security title of the Security Documents encumbering the same upon the request of Parent Borrower subject to and upon the following terms and conditions: (a) The Parent Borrower shall have provided the Agent with written notice of its intention to remove any specified Collateral Property from the Collateral at least ten (10) days prior to the requested release (which notice may be revoked by Borrower at any time); (b) Parent Borrower shall submit to the Agent with such request an executed Borrowing Base Availability Certificate in the form of Exhibit F and a Compliance Certificate prepared using the financial statements of Parent Borrower most recently provided or required to be provided to the Agent under §6.4 or §7.4 adjusted in the best good faith estimate of Parent Borrower solely to give effect to the proposed release and demonstrating that no Default or Event of Default with respect to the covenants referred to therein shall exist after giving effect to such release and if the Borrowers would not be in compliance, then any reduction in the outstanding amount of the Loans in connection with such release; (c) all release documents to be executed by the Agent shall be in form and substance reasonably satisfactory to the Agent; (d) Parent Borrower shall pay all reasonable costs and expenses of the Agent in connection with such release, including without limitation, reasonable attorney’s fees; (e) Parent Borrower shall pay to the Agent for the account of the Lenders any payment required to comply with §3.2, which payment shall be applied to reduce the outstanding principal balance of the Loans as provided in §3.2; and (f) without limiting or affecting any other provision hereof, any release of a Collateral Property will not cause the Borrowers to be in violation of the covenants set forth in §§9.1 through 9.

Release of Collateral Property. Provided no Default or Event of Default shall have occurred hereunder and be continuing (or would exist immediately after giving effect to the transactions contemplated by this §5.4 including any paydown of the Loans in connection with the transactions contemplated by this §5.4), the Agent shall release a Collateral Property from the lien or security title interest of the Security Documents encumbering the same upon the request of Parent Borrower subject to and upon the following terms and conditions: (a) The Parent Borrower shall have provided the Agent with written notice of its intention to remove any specified Collateral Property from the Collateral at least ten five (105) days Business Days prior to the requested release (which notice may be revoked by the Parent Borrower at any time); (b) Parent Borrower shall submit to the Agent with such request an executed Borrowing Base Availability Certificate in the form of Exhibit F hereto and a Compliance Certificate in the form of Exhibit G hereto prepared using the financial statements of Parent Borrower most recently provided or required to be provided to the Agent under §6.4 or §7.4 adjusted in the best good faith estimate of Parent Borrower solely to give effect to the proposed release and demonstrating that no Default or Event of Default with respect to the financial covenants referred to therein shall exist after giving effect to such release and if the Borrowers would not be in compliance, then any reduction in the outstanding amount of the Loans in connection with such release; (c) all release documents to be executed by the Agent shall be in form and substance reasonably satisfactory to the Agent, and with respect to any satisfaction of Mortgage, in proper form for recording; (d) Parent Borrower Borrowers shall pay all reasonable and documented costs and expenses of the Agent in connection with such release, including without limitation, reasonable and documented attorney’s feesfees of one legal counsel to the Agent; (e) Parent Borrower Borrowers shall pay to the Agent for the account of the Lenders any payment required to comply with §3.2, which payment shall be applied to reduce the outstanding principal balance of the Loans as provided in §3.2; and (f) without limiting or affecting any other provision hereof, any release of a Collateral Property (x) will not cause the Borrowers to be in violation of the covenants set forth in §§9.1 through 99.8 and (y) unless the Agent is otherwise directed by Required Lenders (at their option), shall be without regard to any Hedge Obligations secured by the Mortgage respecting any such Collateral Property (and each Lender Hedge Provider hereby agrees to be bound by the foregoing provision, notwithstanding any provision herein or in the Security Documents to the contrary).

Release of Collateral Property. Provided no Default or Event of Default shall have occurred hereunder and be continuing (or would exist immediately after giving effect to the transactions contemplated by this §5.4 including any paydown of the Loans in connection with the transactions contemplated by this §5.4), the Agent shall release a Collateral Property from the lien or security title of the Security Documents encumbering the same upon the request of Parent Borrower subject to and upon the following terms and conditions: (a) The Parent Borrower shall have provided the Agent with written notice of its intention to remove any specified Collateral Property from the Collateral at least ten five (105) days Business Days prior to the requested release (which notice may be revoked by the Borrower at any time); (b) Parent Borrower shall submit to the Agent with such request an executed Borrowing Base Availability Certificate in the form of Exhibit F and a Compliance Certificate prepared using the financial statements of Parent Borrower most recently provided or required to be provided to the Agent under §6.4 or §7.4 adjusted in the best good faith estimate of Parent Borrower solely to give effect to the proposed release and demonstrating that no Default or Event of Default with respect to the covenants referred to therein shall exist after giving effect to such release and if the Borrowers Borrower would not be in compliance, then any reduction in the outstanding amount of the Loans in connection with such release; (c) all release documents to be executed by the Agent shall be in form and substance reasonably satisfactory to the Agent; (d) Parent Borrower shall pay all reasonable costs and expenses of the Agent in connection with such release, including without limitation, reasonable attorney’s fees; (e) Parent Agent and the Required Lenders shall have approved such release (with the exception of the release of the Collateral Property known as Lake Murry located in Lexington, South Carolina which shall not require such approval); and (f) Borrower shall pay to the Agent for the account of the Lenders any payment required to comply with §3.2, which payment shall be applied to reduce the outstanding principal balance of the Loans as provided in §3.2; and (f) without limiting or affecting any other provision hereof, any release of a Collateral Property will not cause the Borrowers to be in violation of the covenants set forth in §§9.1 through 9.

Release of Collateral Property. Provided no Default or Event of Default shall have occurred hereunder and be continuing (or would exist immediately after giving effect to the transactions contemplated by this §5.4 including any paydown of the Loans in connection with the transactions contemplated by this §5.4), subject to the consent of the Agent and the Required Lenders, which such consent shall not be unreasonably conditioned, withheld or delayed, the Agent shall release a Collateral Property from the lien or security title of the Security Documents encumbering the same upon the request of Parent Borrower subject to and upon the following terms and conditions: (a) The Parent Borrower shall have provided the Agent with written notice of its intention to remove any specified Collateral Property from the Collateral at least ten (10) days prior to the requested release (which notice may be revoked by Borrower at any time); (b) Parent Borrower shall submit to the Agent with such request an executed Borrowing Base Availability Certificate in the form of Exhibit F and a Compliance Certificate prepared using the financial statements of Parent Borrower most recently provided or required to be provided to the Agent under §6.4 or §7.4 adjusted in the best good faith estimate of Parent Borrower solely to give effect to the proposed release and demonstrating that no Default or Event of Default with respect to the covenants referred to therein shall exist after giving effect to such release and if the Borrowers Borrower would not be in compliance, then any reduction in the outstanding amount of the Loans in connection with such release; (c) all release documents to be executed by the Agent shall be in form and substance reasonably satisfactory to the Agent; (d) Parent Borrower shall pay all reasonable and documented costs and expenses of the Agent in connection with such release, including without limitation, reasonable and documented attorney’s fees; (e) Parent Borrower shall pay to the Agent for the account of the Lenders any payment required to comply with §3.2, which payment shall be applied to reduce the outstanding principal balance of the Loans as provided in §3.2; and (f) without limiting or affecting any other provision hereof, any release of a Collateral Property will not cause the Borrowers Borrower to be in violation of the covenants set forth in §§9.1 through 99.7.

Release of Collateral Property. Provided After the earlier of (x) the date that is eighteen (18) months after the Closing Date and (y) the date on which there are at least seven (7) Collateral Properties with an aggregate Value of at least $75,000,000, provided no Default or Event of Default shall have occurred hereunder and be continuing (or would exist immediately after giving effect to the transactions contemplated by this §5.4 including any paydown of the Loans in connection with the transactions contemplated by this §5.4), the Agent shall release a Collateral Property from the lien or security title of the Security Documents encumbering the same upon the request of Parent Borrower the Borrower, subject to and upon the following terms and conditions: (a) The Parent Borrower shall have provided the Agent with written notice of its intention to remove any specified Collateral Property from the Collateral at least ten five (105) days Business Days prior to the requested release (which notice may be revoked by the Borrower at any time); (b) Parent No fewer than six (6) Collateral Properties, with a minimum aggregate Value of at least $75,000,000, shall remain in the pool of Collateral Properties following any such removal; (c) The Borrower shall submit to the Agent with such request an executed Borrowing Base Availability Certificate in the form of Exhibit F and a Compliance Certificate prepared using the financial statements of Parent Borrower JV Guarantor most recently provided or required to be provided to the Agent under §6.4 or §7.4 adjusted in the best good faith estimate of Parent Borrower solely to give effect to the proposed release and demonstrating that no Default or Event of Default with respect to the covenants referred to therein shall exist after giving effect to such release and if the Borrowers Borrower would not be in compliance, then any reduction in the outstanding amount of the Loans in connection with such release; (cd) all release documents to be executed by the Agent shall be in form and substance reasonably satisfactory to the Agent; (de) Parent The Borrower shall pay all reasonable costs and expenses of the Agent in connection with such release, including without limitation, reasonable attorney’s fees; (ef) Parent The Borrower shall pay to the Agent for the account of the Lenders any payment required to comply with §3.2, which payment shall be applied to reduce the outstanding principal balance of the Loans as provided in §3.2; and; (fg) without limiting or affecting any other provision hereof, any release of a Collateral Property will not cause the Borrowers Borrower to be in violation of the covenants set forth in §§9.1 through 99.7.

Release of Collateral Property. Provided no Default or Event of Default shall have occurred hereunder and be continuing (or would exist immediately after giving effect to the transactions contemplated by this §5.4 including any paydown of the Loans in connection with the transactions contemplated by this §5.4), the Agent shall release a Collateral Property from the lien or security title of the Security Documents encumbering the same upon the request of Parent Borrower subject to and upon the following terms and conditions: (a) The Parent Borrower shall have provided the Agent with written notice of its intention to remove any specified Collateral Property from the Collateral at least ten (10) days Business Days prior to the requested release (which notice may be revoked by Borrower at any time); (b) Parent Borrower shall submit to the Agent with such request an executed Borrowing Base Availability Certificate in the form of Exhibit F and a Compliance Certificate prepared using the financial statements of Parent Borrower most recently provided or required to be provided to the Agent under §6.4 or §7.4 E adjusted in the best good faith estimate of Parent Borrower solely to give effect to the proposed release and demonstrating that no Default or Event of Default with respect to the covenants referred to therein shall exist after giving effect to such release and if the Borrowers would not be in compliance, then any reduction in the outstanding amount of the Loans in connection with such release; (c) all release documents and related escrow arrangements to be executed by the Agent shall be in form and substance reasonably satisfactory to the Agent; (d) Parent Borrower shall pay all reasonable costs and expenses of the Agent in connection with such release, including without limitation, reasonable attorney’s fees; (e) Parent Borrower shall pay to the Agent for the account of the Lenders any payment required to comply with §3.2, which payment shall be applied to reduce the outstanding principal balance of the Loans as provided in §3.2; and (f) without limiting or affecting any other provision hereof, any release of a Collateral Property will not cause the Borrowers to be in violation of the covenants set forth in §§9.1 through 99.7. Notwithstanding the foregoing, in the event that any Collateral Property is to be released from a Mortgage, Agent may condition such release upon the Borrowers paying to the Agent or the Person entitled thereto any mortgage, recording, intangible, documentary stamp or other similar taxes and charges which the Agent reasonably determines to be payable with respect to the remaining Collateral Properties as a result of such release to any state or any county or municipality thereof in which any of the Collateral Properties subject to a Mortgage is located, and the Borrowers delivering to the Agent such affidavits or other information which the Agent reasonably determines to be necessary in connection with such payment in order to insure that the Mortgages on the Collateral Properties located in such state secure the Borrowers’ obligation with respect to the Obligations and Hedge Obligations.

Release of Collateral Property. Provided no Default or Event of Default shall have occurred hereunder and be continuing (or would exist immediately after giving effect to the transactions contemplated by this §5.4 including any paydown of the Loans in connection with the transactions contemplated by this §5.4), the Agent shall release a Collateral Property from the lien or security title of the Security Documents encumbering the same upon the request of Parent Borrower subject to and upon the following terms and conditions: (a) The Parent Borrower shall have provided the Agent with written notice of its intention to remove any specified Collateral Property from the Collateral at least ten (10) days Business Days prior to the requested release (which notice may be revoked by Parent Borrower at any time); (b) Parent Borrower shall submit to the Agent with such request an executed Borrowing Base Availability Certificate in the form of Exhibit F and a Compliance Certificate prepared using the financial statements of Parent Borrower most recently provided or required to be provided to the Agent under §6.4 or §7.4 E adjusted in the best good faith estimate of Parent Borrower solely to give effect to the proposed release and demonstrating that no Default or Event of Default with respect to the covenants referred to therein shall exist after giving effect to such release and if the Borrowers Credit Parties would not be in compliance, then any reduction in the outstanding amount of the Loans in connection with such release; (c) all release documents and related escrow arrangements to be executed by the Agent shall be in form and substance reasonably satisfactory to the Agent; (d) Parent Borrower shall pay all reasonable costs and expenses of the Agent in connection with such release, including without limitation, reasonable attorney’s fees; (e) Parent Borrower shall pay to the Agent for the account of the Lenders any payment required to comply with §3.2, which payment shall be applied to reduce the outstanding principal balance of the Loans as provided in §3.2; and (f) without limiting or affecting any other provision hereof, any release of a Collateral Property will not cause the Borrowers Credit Parties, as applicable, to be in violation of the covenants set forth in §§9.1 through 9§9.8. Notwithstanding the foregoing, in the event that any Collateral Property is to be released from a Mortgage, Agent may condition such release upon the Borrowers paying to the Agent or the Person entitled thereto any mortgage, recording, intangible, documentary stamp or other similar taxes and charges which the Agent reasonably determines to be payable with respect to the remaining Collateral Properties as a result of such release to any state or any county or municipality thereof in which any of the Collateral Properties subject to a Mortgage is located, and the Borrowers delivering to the Agent such affidavits or other information which the Agent reasonably determines to be necessary in connection with such payment in order to insure that the Mortgages on the Collateral Properties located in such state secure the Borrowers’ obligation with respect to the Obligations and Hedge Obligations.

Release of Collateral Property. Provided no Default or Event of Default shall have occurred hereunder and be continuing (or would exist immediately after giving effect to the transactions contemplated by this §5.4 including any paydown of the Loans in connection with the transactions contemplated by this §5.4), the Agent shall release a Collateral Property from the lien or security title of the Security Documents encumbering the same upon the request of Parent Borrower subject to and upon the following terms and conditions: (a) The Parent Borrower shall have provided the Agent with written notice of its intention to remove any specified Collateral Property from the Collateral at least ten five (105) days Business Days prior to the requested release (which notice may be revoked by the Borrower at any time); (b) Parent Borrower shall submit to the Agent with such request an executed Borrowing Base Availability Certificate in the form of Exhibit F and a Compliance Certificate prepared using the financial statements of Parent Borrower most recently provided or required to be provided to the Agent under §6.4 or §7.4 adjusted in the best good faith estimate of Parent Borrower solely to give effect to the proposed release and demonstrating that no Default or Event of Default with respect to the covenants referred to therein shall exist after giving effect to such release and if the Borrowers Borrower would not be in compliance, then any reduction in the outstanding amount of the Loans in connection with such release; (c) all release documents to be executed by the Agent shall be in form and substance reasonably satisfactory to the Agent; (d) Parent Borrower shall pay all reasonable costs and expenses of the Agent in connection with such release, including without limitation, reasonable attorney’s fees;; and (e) Parent Borrower shall pay to the Agent for the account of the Lenders any payment required to comply with §3.2, which payment shall be applied to reduce the outstanding principal balance of the Loans as provided in §3.2; and (f) without limiting or affecting any other provision hereof, any release of a Collateral Property will not cause the Borrowers to be in violation of the covenants set forth in §§9.1 through 9.

Release of Collateral Property. Provided no Default or Event of Default shall have occurred hereunder and be continuing (or would exist immediately after giving effect to the transactions contemplated by this §5.4 including any paydown of the Loans in connection with the transactions contemplated by this §5.4), subject to the consent of the Agent and the Required Lenders, which such consent shall not be unreasonably conditioned, withheld or delayed, the Agent shall release a Collateral Property from the lien or security title of the Security Documents encumbering the same upon the request of Parent Borrower subject to and upon the following terms and conditions: (a) The Parent Borrower shall have provided the Agent with written notice of its intention to remove any specified Collateral Property from the Collateral at least ten (10) days prior to the requested release (which notice may be revoked by Borrower at any time); (b) Parent Borrower shall submit to the Agent with such request an executed Borrowing Base Availability Certificate in the form of Exhibit F and a Compliance Certificate prepared using the financial statements of Parent Borrower most recently provided or required to be provided to the Agent under §6.4 or §7.4 adjusted in the best good faith estimate of Parent Borrower solely to give effect to the proposed release and demonstrating that no Default or Event of Default with respect to the covenants referred to therein shall exist after giving effect to such release and if the Borrowers Borrower would not be in compliance, then any reduction in the outstanding amount of the Loans in connection with such release; (c) all release documents to be executed by the Agent shall be in form and substance reasonably satisfactory to the Agent; (d) Parent Borrower shall pay all reasonable and documented costs and expenses of the Agent in connection with such release, including without limitation, reasonable and documented attorney’s 's fees; (e) Parent Borrower shall pay to the Agent for the account of the Lenders any payment required to comply with §3.2, which payment shall be applied to reduce the outstanding principal balance of the Loans as provided in §3.2; and (f) without limiting or affecting any other provision hereof, any release of a Collateral Property will not cause the Borrowers Borrower to be in violation of the covenants set forth in §§9.1 through 99.6.