Common use of Release of Excess Collateral Clause in Contracts

Release of Excess Collateral. (i) Upon the written request of the Borrower (and prior written confirmation to the Collateral Agent from the Payment Agent specifying the amount of Excess Collateral that exists in the XX Xxxx Collateral Account), the LC Collateral Agent agrees to instruct the LC Depositary Bank to release to, or to the order of, the Borrower any interest income earned on deposits in the XX Xxxx Collateral Account; provided, that such interest income shall be released no more frequently than monthly on or after the last Business Day on which the Borrower is required to pay Letter of Credit Facility Fees after first offsetting against such interest income any unpaid Letter of Credit Facility Fees or Reimbursement Obligations or LC Obligations, and interest accrued thereon, which is due and owing by the Borrower as of the date such interest income is to be released. (ii) Upon the reduction, termination or expiration of a Letter of Credit or at any time that the Payment Agent has determined that the XX Xxxx Collateral Account has Excess Collateral described in clause (b) of the definition thereof, then within one (1) Business Days of a request of the Borrower, the Payment Agent shall notify the Collateral Agent in writing, and the LC Collateral Agent agrees to instruct the LC Depositary Bank to release to, or to the order of, the Borrower such Excess Collateral after first offsetting against such Excess Collateral any unpaid Letter of Credit Facility Fees or Reimbursement Obligations or LC Obligations, and interest accrued thereon, which is due and owing by the Borrower as of the date such Excess Collateral is to be released. (iii) Upon the request of the Borrower (and written confirmation from the Payment Agent that Excess Collateral exists in the Revolving Loan Cash Collateral Account), the Revolving Loan Collateral Agent agrees to instruct the Revolving Loan Depositary Bank to release to, or to the order of, the Borrower any interest income earned on deposits in the Revolving Loan Cash Collateral Account or any other Excess Collateral; provided, that such interest income shall be released no more frequently than monthly on or after the last Business Day on which the Borrower is required to pay interest on the Revolving Loans or Revolving Loan Facility Fees after first offsetting against such interest income any unpaid Revolving Loan Obligations or Revolving Loan Facility Fees, and interest accrued thereon, which is due and owing by the Borrower as of the date such interest income is to be released.

Release of Excess Collateral. (i) Upon On any day on which the written request Borrowing Base exceeds the aggregate outstanding principal amount of the Loans, so long as no Default or Event of Default has occurred and is continuing: (a) The Borrower (and prior written confirmation may prepare a Request for Release of Mortgage Loans in the form of Exhibit K to the Collateral Agent Pooling and Servicing Agreement ("Notice of Release of Pledge"), specifying (1) the Eligible Mortgage Loans to be released and the requested release date, (2) the Borrowing Base with respect to such Eligible Mortgage Loans pledged hereunder, (3) the remaining Borrowing Base after giving effect to the release of the Eligible Mortgage Loans to be released, (4) the unpaid principal balance of the Loans, and (5) a certification from the Payment Agent specifying Borrower that, upon release of the Eligible Mortgage Loans to be released, the Borrowing Base would be equal to or greater than the unpaid principal balance of the Loans. (b) The Borrower shall transmit the Notice of Release of Pledge by facsimile transmission to the Lender. Upon confirming that the Notice of Release of Pledge correctly reflects the information set forth in Section 2.08(a) and that, after giving effect to the requested release the amount of Excess Collateral the Borrowing Base would be equal to or greater than the unpaid principal balance of the Loans, the Lender shall countersign the Notice of Release of Pledge and transmit the countersigned Notice of Release of Pledge to the Trustee. In the event that exists the Lender's assessment of the Borrowing Base would alter the information set forth in any Request for Release, the Lender shall promptly notify the Borrower in writing of such assessment. (c) Upon receipt of the countersigned Notice of Release of Pledge and upon approval of the Notice of Release of Pledge by the Lender, the Trustee shall take the actions set forth in the XX Xxxx Collateral Account), the LC Collateral Agent agrees to instruct the LC Depositary Bank to release to, or Pooling and Servicing Agreement with respect to the order of, the Borrower any interest income earned on deposits in the XX Xxxx Collateral Account; provided, that such interest income shall be released no more frequently than monthly on or after the last Business Day on which the Borrower is required to pay Letter of Credit Facility Fees after first offsetting against such interest income any unpaid Letter of Credit Facility Fees or Reimbursement Obligations or LC Obligations, and interest accrued thereon, which is due and owing by the Borrower as of the date such interest income is Eligible Mortgage Loan to be released. (d) The Lender shall not be obligated to countersign a Notice of Release of Pledge (i) which the Lender reasonably determines is based on erroneous information or would result in a release of Collateral other than in accordance with the terms of this Loan Agreement, or (ii) Upon which does not reflect the reduction, termination or expiration Lender's current determination of a Letter of Credit or at any time that the Payment Agent has determined that the XX Xxxx Collateral Account has Excess Collateral described in clause (b) of the definition thereof, then within one (1) Business Days of a request of the Borrower, the Payment Agent shall notify the Collateral Agent in writing, and the LC Collateral Agent agrees to instruct the LC Depositary Bank to release to, or to the order of, the Borrower such Excess Collateral after first offsetting against such Excess Collateral any unpaid Letter of Credit Facility Fees or Reimbursement Obligations or LC Obligations, and interest accrued thereon, which is due and owing by the Borrower as of the date such Excess Collateral is to be releasedMarket Value. (iii) Upon the request of the Borrower (and written confirmation from the Payment Agent that Excess Collateral exists in the Revolving Loan Cash Collateral Account), the Revolving Loan Collateral Agent agrees to instruct the Revolving Loan Depositary Bank to release to, or to the order of, the Borrower any interest income earned on deposits in the Revolving Loan Cash Collateral Account or any other Excess Collateral; provided, that such interest income shall be released no more frequently than monthly on or after the last Business Day on which the Borrower is required to pay interest on the Revolving Loans or Revolving Loan Facility Fees after first offsetting against such interest income any unpaid Revolving Loan Obligations or Revolving Loan Facility Fees, and interest accrued thereon, which is due and owing by the Borrower as of the date such interest income is to be released.

Release of Excess Collateral. On any day on which the Borrowing Base exceeds the aggregate outstanding principal amount of the Loans, so long as no Default or Event of Default has occurred and is continuing: (a) The Borrower may prepare a request for release of Mortgage Loans in the form of Exhibit L hereto ("Request for Release- --------- ------------------- Overcollateralization"), specifying (1) the Mortgage Loans to be released --------------------- and the requested release date, (2) the Borrowing Base with respect to such Mortgage Loans pledged hereunder, (3) the remaining Borrowing Base after giving effect to the release of the Mortgage Loans to be released, (4) the unpaid principal balance of the Loans, and (5) a certification from the Borrower that, upon release of the Eligible Mortgage Loans to be released, the Borrowing Base would be equal to or greater than the unpaid principal balance of the Loans. (b) The Borrower shall transmit the Request for Release- Overcollateralization by facsimile transmission to the Lender. Upon confirming that the Request for Release-Overcollateralization correctly reflects the information set forth in Section 2.08(a) and that, after giving effect to the requested release, the amount of the Borrowing Base would be equal to or greater than the unpaid principal balance of the Loans, the Lender shall countersign the Request for Release- Overcollateralization and transmit the countersigned Request for Release- Overcollateralization to the Custodian. In the event that the Lender's assessment of the Borrowing Base would alter the information set forth in any Request for Release, the Lender shall promptly notify the Borrower in writing of such assessment. (c) Upon receipt of the countersigned Request for Release- Overcollateralization and upon approval of the Request for Release- Overcollateralization by the Lender, the Custodian shall take the actions set forth in the Custodial Agreement with respect to the Eligible Mortgage Loan to be released pursuant to the Custodial Agreement. With respect to any Mortgage Loan released pursuant to this Section 2.08, the Lender covenants that it will release any Liens that it has placed or caused to be placed on such Mortgage Loan. (d) The Lender shall not be obligated to countersign a Request for Release-Overcollateralization (i) Upon which the written request Lender reasonably determines is based on erroneous information or would result in a release of Collateral other than in accordance with the Borrower (and prior written confirmation to the Collateral Agent from the Payment Agent specifying the amount terms of Excess Collateral that exists in the XX Xxxx Collateral Account), the LC Collateral Agent agrees to instruct the LC Depositary Bank to release tothis Agreement, or to the order of, the Borrower any interest income earned on deposits in the XX Xxxx Collateral Account; provided, that such interest income shall be released no more frequently than monthly on or after the last Business Day on which the Borrower is required to pay Letter of Credit Facility Fees after first offsetting against such interest income any unpaid Letter of Credit Facility Fees or Reimbursement Obligations or LC Obligations, and interest accrued thereon, which is due and owing by the Borrower as of the date such interest income is to be released. (ii) Upon which does not reflect the reduction, termination or expiration Lender's current determination of a Letter of Credit or at any time that the Payment Agent has determined that the XX Xxxx Collateral Account has Excess Collateral described in clause (b) of the definition thereof, then within one (1) Business Days of a request of the Borrower, the Payment Agent shall notify the Collateral Agent in writing, and the LC Collateral Agent agrees to instruct the LC Depositary Bank to release to, or to the order of, the Borrower such Excess Collateral after first offsetting against such Excess Collateral any unpaid Letter of Credit Facility Fees or Reimbursement Obligations or LC Obligations, and interest accrued thereon, which is due and owing by the Borrower as of the date such Excess Collateral is to be releasedMarket Value. (iii) Upon the request of the Borrower (and written confirmation from the Payment Agent that Excess Collateral exists in the Revolving Loan Cash Collateral Account), the Revolving Loan Collateral Agent agrees to instruct the Revolving Loan Depositary Bank to release to, or to the order of, the Borrower any interest income earned on deposits in the Revolving Loan Cash Collateral Account or any other Excess Collateral; provided, that such interest income shall be released no more frequently than monthly on or after the last Business Day on which the Borrower is required to pay interest on the Revolving Loans or Revolving Loan Facility Fees after first offsetting against such interest income any unpaid Revolving Loan Obligations or Revolving Loan Facility Fees, and interest accrued thereon, which is due and owing by the Borrower as of the date such interest income is to be released.

Release of Excess Collateral. (i) Upon On any day on which the written request Borrowing Base exceeds the aggregate outstanding principal amount of the Loans, so long as no Default or Event of Default has occurred and is continuing: (a) The Borrower (and prior written confirmation may prepare a Request for Release of Mortgage Loans in the form of Exhibit F to the Collateral Agent Pooling and Servicing Agreement ("Request for Release-Overcollateralization"), specifying (1) the Eligible Mortgage Loans to be released and the requested release date, (2) the Borrowing Base with respect to such Eligible Mortgage Loans pledged hereunder, (3) the remaining Borrowing Base after giving effect to the release of the Eligible Mortgage Loans to be released, (4) the unpaid principal balance of the Loans, and (5) a certification from the Payment Agent specifying Borrower that, upon release of the Eligible Mortgage Loans to be released, the Borrowing Base would be equal to or greater than the unpaid principal balance of the Loans. (b) The Borrower shall transmit the Request for Release-Overcollateralization by facsimile transmission to the Lender. Upon confirming that the Request for Release-Overcollateralization correctly reflects the information set forth in Section 2.08(a) and that, after giving effect to the requested release the amount of Excess Collateral the Borrowing Base would be equal to or greater than the unpaid principal balance of the Loans, the Lender shall countersign the Request for Release-Overcollateralization and transmit the countersigned Request for Release-Overcollateralization to the Trustee. In the event that exists the Lender's assessment of the Borrowing Base would alter the information set forth in any Request for Release, the Lender shall promptly notify the Borrower in writing of such assessment. (c) Upon receipt of the countersigned Request for Release-Overcollateralization and upon approval of the Request for Release-Overcollateralization by the Lender, the Trustee shall take the actions set forth in the XX Xxxx Collateral Account), the LC Collateral Agent agrees to instruct the LC Depositary Bank to release to, or Custodial Agreement with respect to the order of, the Borrower any interest income earned on deposits in the XX Xxxx Collateral Account; provided, that such interest income shall be released no more frequently than monthly on or after the last Business Day on which the Borrower is required to pay Letter of Credit Facility Fees after first offsetting against such interest income any unpaid Letter of Credit Facility Fees or Reimbursement Obligations or LC Obligations, and interest accrued thereon, which is due and owing by the Borrower as of the date such interest income is Eligible Mortgage Loan to be released. (d) The Lender shall not be obligated to countersign a Request for Release-Overcollateralization (i) which the Lender reasonably determines is based on erroneous information or would result in a release of Collateral other than in accordance with the terms of this Agreement, or (ii) Upon which does not reflect the reduction, termination or expiration Lender's current determination of a Letter of Credit or at any time that the Payment Agent has determined that the XX Xxxx Collateral Account has Excess Collateral described in clause (b) of the definition thereof, then within one (1) Business Days of a request of the Borrower, the Payment Agent shall notify the Collateral Agent in writing, and the LC Collateral Agent agrees to instruct the LC Depositary Bank to release to, or to the order of, the Borrower such Excess Collateral after first offsetting against such Excess Collateral any unpaid Letter of Credit Facility Fees or Reimbursement Obligations or LC Obligations, and interest accrued thereon, which is due and owing by the Borrower as of the date such Excess Collateral is to be releasedMarket Value. (iii) Upon the request of the Borrower (and written confirmation from the Payment Agent that Excess Collateral exists in the Revolving Loan Cash Collateral Account), the Revolving Loan Collateral Agent agrees to instruct the Revolving Loan Depositary Bank to release to, or to the order of, the Borrower any interest income earned on deposits in the Revolving Loan Cash Collateral Account or any other Excess Collateral; provided, that such interest income shall be released no more frequently than monthly on or after the last Business Day on which the Borrower is required to pay interest on the Revolving Loans or Revolving Loan Facility Fees after first offsetting against such interest income any unpaid Revolving Loan Obligations or Revolving Loan Facility Fees, and interest accrued thereon, which is due and owing by the Borrower as of the date such interest income is to be released.