Common use of Release of Facility Clause in Contracts

Release of Facility. The Town shall have, and is hereby granted, the option at any time and from time to time during the Term of the Lease Agreement to release any portion of the Facility, provided that the Town shall satisfy all of the following requirements which are hereby declared to be conditions precedent to such release: (i) The Town shall file with the Authority and the Trustee an amended Exhibit B to the Site and Facility Lease and Right of Entry Agreement which describes the Fa- cility, as revised by such release; (ii) The Town shall file with the Authority and the Trustee an amended Exhib- it B to this Lease Agreement which describes the Facility, as revised by such release; (iii) The Town delivers to the Authority and the Trustee an Officer’s Certifi- cate of the Town based on insurance values or any other reasonable basis of valuation received by the Town (which need not require an appraisal) that the value of the Property, as revised by such release, is at least equal to 150% of the Outstanding prin- cipal amount of the Bonds and confirms in writing to the Trustee and the Authority that the indemnification provided pursuant to Section 11.03 of the Indenture applies with respect to the Facility, as revised by such release; and (iv) Such release shall not cause the Town to violate any of its covenants, rep- resentations and warranties made herein and in the Indenture, as evidenced by an of- ficer’s certificate delivered to the Trustee; and

Release of Facility. The Town shall have, and is hereby granted, the option at any time and from time to time during the Term of the Lease Agreement to release any portion of the Facility, provided that the Town shall satisfy all of the following requirements which are hereby declared to be conditions precedent to such release:. (i) The Town shall file with the Authority Corporation, the Trustee and the Trustee Municipal Bond Insurer an amended Exhibit B to the Site and Facility Lease and Right of Entry Agreement which describes the Fa- cilityFacility, as revised by such release; (ii) The Town shall file with the Authority Corporation, the Trustee and the Trustee Municipal Bond Insurer an amended Exhib- it Exhibit B to this Lease Agreement which describes the Facility, as revised by such release; (iii) The Town delivers to the Authority Corporation, the Trustee and the Trustee an Officer’s Certifi- cate Municipal Bond Insurer a Certificate of the a Town Representative based on insurance values or any other reasonable basis of valuation received by the Town (which need not require an appraisal) that the value of the Property, as revised by such release, is at least equal to 150% of or greater than the Outstanding prin- cipal principal amount of the Bonds Certificates and confirms in writing to the Trustee and the Authority Corporation that the indemnification provided pursuant to Section 11.03 of the Indenture Trust Agreement applies with respect to the Facility, as revised by such release; and; (iv) Such release shall not cause the Town to violate any of its covenants, rep- resentations representations and warranties made herein and in the IndentureTrust Agreement, as evidenced by an of- ficer’s certificate a Certificate of a Town Representative delivered to the Trustee; and (v) The Town shall provide notice of the release to any rating agency then rating the Certificates which rating was provided at the request of the Town or the Corporation.

Release of Facility. The Town shall have, and is hereby granted, the option at any time and from time to time during the Term of the Lease Agreement to release any portion of the Facility, provided that the Town shall satisfy all of the following requirements which are hereby declared to be conditions precedent to such release: (i) The Town shall file with the Authority Authority, the Trustee and the Trustee Municipal Bond Insurer an amended Exhibit B to the Site and Facility Lease and Right of Entry Agreement which describes the Fa- cilityFacility, as revised by such release; (ii) The Town shall file with the Authority Authority, the Trustee and the Trustee Municipal Bond Insurer an amended Exhib- it Exhibit B to this Lease Agreement which describes the Facility, as revised by such release; (iii) The Town delivers to the Authority Authority, the Trustee and the Trustee Municipal Bond Insurer an Officer’s Certifi- cate Certificate of the Town based on insurance values or any other reasonable basis of valuation received by the Town (which need not require an appraisal) that the value of the Property, as revised by such release, is at least equal to 150% of or greater than the Outstanding prin- cipal principal amount of the Bonds Certificates and confirms in writing to the Trustee and the Authority that the indemnification provided pursuant to Section 11.03 of the Indenture Trust Agreement applies with respect to the Facility, as revised by such release; and; (iv) Such release shall not cause the Town to violate any of its covenants, rep- resentations representations and warranties made herein and in the IndentureTrust Agreement, as evidenced by an of- ficerofficer’s certificate delivered to the Trustee; (v) The Town shall provide notice of the release to any rating agency then rating the Certificates which rating was provided at the request of the Town or the Authority; andand release. (vi) The Municipal Bond Insurer shall provide prior written consent to such