Common use of Release of Guarantors and Unencumbered Pool Properties Clause in Contracts

Release of Guarantors and Unencumbered Pool Properties. From time to time the Borrower may request, upon not less than five (5) business days prior written notice to the Agent, that the Subsidiary owning an Unencumbered Pool Property be released from the Guaranty, or that any Unencumbered Pool Property be released in whole or in part from the Unencumbered Pool, which release (the “Release”) shall be effected by the Agent if all of the following conditions are satisfied as of the date of such Release: (a) no Default or Event of Default has occurred and is then continuing or would occur or exist immediately after giving effect to such Release; (b) the Borrower shall have delivered a Compliance Certificate showing pro forma compliance with the covenants set forth in Section 10.1. giving effect to such Release; (c) the Borrower shall have delivered to the Agent a Borrowing Base Certificate reflecting the Borrowing Base after giving effect to such Release; and (d) the outstanding principal balance of the Loans, together with the aggregate principal amount of all Letter of Credit Liabilities, will not exceed the Borrowing Base after giving effect to such Release and the elimination of the related Unencumbered Pool Property or portion thereof and any prepayment to be made and/or the acceptance of any new Unencumbered Pool Property pursuant to Section 4.1 which is to be given concurrently therewith as an additional or replacement Unencumbered Pool Property. In connection with a Release, the Borrower shall deliver to the Agent a certificate from the Borrower’s chief executive officer or chief financial officer regarding the matters referred to in the immediately preceding clauses (a) and (b). Notwithstanding the foregoing, the Agent shall not be obligated to release any such Subsidiary from the Guaranty if such Subsidiary owns any other Unencumbered Pool Properties that are not being so released from the Unencumbered Pool.

Release of Guarantors and Unencumbered Pool Properties. (a) From time to time the Borrower may request, upon not less than five (5) business days Business Days prior written notice to the Agent, that the Subsidiary owning an Unencumbered Pool Property be released from the Guaranty, or that any Unencumbered Pool Property be released in whole or in part from the Unencumbered Pool, which release (the “Release”) shall be effected by the Agent if all of the following conditions are satisfied as of the date of such Release: (ab) no Default or Event of Default has occurred and is then continuing or would occur or exist immediately after giving effect to such Release; (bc) the Borrower shall have delivered a Compliance Certificate showing pro forma compliance with the covenants set forth in Section 10.1. giving effect to such Release; (cd) the Borrower shall have delivered to the Agent a Borrowing Base Certificate reflecting the Borrowing Base after giving effect to such Release; and (de) the outstanding aggregate principal balance of all Unsecured Indebtedness of the LoansParent, the Borrower and their respective Subsidiaries (including, without limitation, the Loans together with the aggregate principal amount of all Letter of Credit Liabilities), will not exceed the Borrowing Base after giving effect to such Release and the elimination of the related Unencumbered Pool Property or portion thereof and any prepayment to be made and/or the acceptance of any new Unencumbered Pool Property pursuant to Section 4.1 which is to be given concurrently therewith as an additional or replacement Unencumbered Pool Property. In connection with a Release, the Borrower shall deliver to the Agent a certificate from the Borrower’s chief executive officer or chief financial officer regarding the matters referred to in the immediately preceding clauses (a) and (b). Notwithstanding the foregoing, the Agent shall not be obligated to release any such Subsidiary from the Guaranty if such Subsidiary owns any other Unencumbered Pool Properties that are not being so released from the Unencumbered Pool.

Release of Guarantors and Unencumbered Pool Properties. (a) From time to time the Borrower may request, upon not less than five (5) business days Business Days prior written notice to the Agent, that the Subsidiary owning an Unencumbered Pool Property be released from the Guaranty, or that any Unencumbered Pool Property be released in whole or in part from the Unencumbered Pool, which release (the “Release”) shall be effected by the Agent if all of the following conditions are satisfied as of the date of such Release: (ab) no Default or Event of Default has occurred and is then continuing or would occur or exist immediately after giving effect to such Release; (bc) the Borrower shall have delivered a Compliance Certificate showing pro forma compliance with the covenants set forth in Section 10.1. giving effect to such Release; (cd) the Borrower shall have delivered to the Agent a Borrowing Base Certificate reflecting the Borrowing Base after giving effect to such Release; and (de) the outstanding aggregate principal balance of all Unsecured Debt of the LoansParent, the Borrower and their respective Subsidiaries (including, without limitation, the Loans together with the aggregate principal amount of all Letter of Credit Liabilities), will not exceed the Borrowing Base after giving effect to such Release and the elimination of the related Unencumbered Pool Property or portion thereof and any prepayment to be made and/or the acceptance of any new Unencumbered Pool Property pursuant to Section 4.1 which is to be given concurrently therewith as an additional or replacement Unencumbered Pool Property. In connection with a Release, the Borrower shall deliver to the Agent a certificate from the Borrower’s chief executive officer or chief financial officer regarding the matters referred to in the immediately preceding clauses (a) and (b). Notwithstanding the foregoing, the Agent shall not be obligated to release any such Subsidiary from the Guaranty if such Subsidiary owns any other Unencumbered Pool Properties that are not being so released from the Unencumbered Pool.

Release of Guarantors and Unencumbered Pool Properties. (a) From time to time the Borrower may request, upon not less than five (5) business days Business Days prior written notice to the Agent, that the Subsidiary owning an Unencumbered Pool Property be released from the Guaranty, or that any Unencumbered Pool Property be released in whole or in part from the Unencumbered Pool, which release (the “Release”) shall be effected by the Agent if all of the following conditions are satisfied as of the date of such Release: (ab) no Default or Event of Default has occurred and is then continuing or would occur or exist immediately after giving effect to such Release; (bc) the Borrower shall have delivered a Compliance Certificate showing pro forma compliance with the covenants set forth in Section 10.1. giving effect to such Release; (cd) the Borrower shall have delivered to the Agent a Borrowing Base Certificate reflecting the Borrowing Base after giving effect to such Release; and (de) the outstanding aggregate principal balance of all Unsecured Indebtedness of the LoansParent, the Borrower and their respective Subsidiaries (including, without limitation, the Loans together with the aggregate principal amount of all Letter of Credit Liabilities), will not exceed the Borrowing Base after giving effect to such Release and the elimination of the related Unencumbered Pool Property or portion thereof and any prepayment to be made and/or the acceptance of any new Unencumbered Pool Property pursuant to Section 4.1 4.1. which is to be given concurrently therewith as an additional or replacement Unencumbered Pool Property. In connection with a Release, the Borrower shall deliver to the Agent a certificate from the Borrower’s chief executive officer or chief financial officer regarding the matters referred to in the immediately preceding clauses (a) and (b). Notwithstanding the foregoing, the Agent shall not be obligated to release any such Subsidiary from the Guaranty if such Subsidiary owns any other Unencumbered Pool Properties that are not being so released from the Unencumbered Pool.