Release of Project Sample Clauses

Release of Project. Borrower may obtain the release of one or more of the Projects from the lien of the applicable Mortgage and related Loan Documents (each a “Release,” and “Released” shall have the meaning correlative thereto) in connection with a prepayment permitted under, and made in accordance with, Section 15.01(b), provided that, in each instance, each of the following conditions shall be satisfied: (a) The Release shall be in connection with a sale of a Project or a Release that is permitted pursuant to this Agreement to be effected in connection with a casualty or condemnation affecting a Project; (b) Borrower shall pay to Lender (i) all accrued and unpaid interest, at the Interest Rate in effect for the then current Interest Accrual Period on the portion of the Principal Amount being prepaid (including, if such prepayment is not being made on a Payment Date, interest through the end of the current Interest Accrual Period), (ii) the Allocated Loan Amount for the Project being released and (iii) if such Release occurs at the Maturity Date or prior thereto in connection with the repayment in full of the Debt upon an Acceptable Refinancing (as defined in the Note) or otherwise, the Participation Interest (as defined in the Note) due with respect to the Project being released, it being agreed that the Participation Interest, if any, with respect to any Project that is released prior to the Maturity Date, other than in connection with the repayment in full of the Debt, shall only be due and payable on the Maturity Date or earlier repayment in full of the Debt in connection with an Acceptable Refinancing or otherwise; (c) both immediately before such Release and immediately thereafter, no Event of Default shall exist; excepting only an Event of Default that will be cured contemporaneously with such Release, unless Lender shall have theretofore commenced the exercise of remedies under this Agreement or the other Loan Documents;
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Release of Project. The Lessee hereby reserves the right and the Lessor hereby agrees, at any time and from time to time, to amend this Lease to effect the release of and removal from this Lease and the leasehold estate created hereby of any part of or interest in the Project and the conveyance or transfer for Fair Market Value of such part or interest to the Lessee or one of its subsidiaries or to a grantee so long as that grantee is approved by the Lessee and the Lessor which approval shall not be unreasonably withheld or delayed; provided, that such amendment shall not be effective until and unless there are deposited with the Lessor the following:
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Release of Project. Provided that no Potential Default, Event ------------------ of Default or Borrowing Base Imbalance has occurred and is continuing (or would occur or exist as a result of or following a Project Release), Borrower shall have the right, subject to the provisions of this Section 2.9 and Section ----------- ------- 2.12
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Release of Project. From time to time a Co-Borrower may request, upon not less than ten (10) days prior written notice to the Lender, that its Project be released from the Liens created by the Security Documents applicable thereto, which release (hereinafter referred to as a “Project Release”) shall be effected by the Lender if the Lender reasonably determines all of the following conditions precedent are satisfied as of the date of such Project Release: (a) No Default or Event of Default will exist immediately after giving effect to such Project Release, which shall be certified in writing to the Lender by the applicable Co-Borrower; (b) The applicable Co-Borrower or its Affiliate shall have paid to the Lender (i) for application to the outstanding principal balance of the Loan Facility, an amount equal to the outstanding principal balance of the Project Debt with respect to the Project being released, and (ii) all unpaid accrued interest on such Project Debt through the date of such Project Release; (c) All of the other Obligations of the applicable Co-Borrower (except for contingent obligations which have not yet been asserted) have been satisfied in full; (d) Neither Parent nor Sponsor is in breach of any of their respective obligations under any Loan Document; and (e) Parent and the applicable Co-Borrower shall have delivered to the Lender all documents and instruments reasonably requested by the Lender in connection with such Project Release. Upon satisfaction of the foregoing conditions, the applicable Co-Borrower shall automatically be unconditionally released from its Obligations under this Agreement and the other Loan Documents and the Lender and the applicable Co-Borrower shall execute and provide such additional documentation to evidence and facilitate such Project Release as may be reasonably requested.
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Release of Project. Borrower may obtain the release of one or more of the Projects from the lien of the applicable Mortgage and related Loan Documents (each a “Release,” and “Released” shall have the meaning correlative thereto) in connection with a prepayment permitted under, and made in accordance with, Section 15.01(b), provided that such Release may not occur until after the Lockout Date; provided, further, that, in each instance, each of the following conditions shall be satisfied: (a) The Release shall be in connection with a sale of a Project or a Release that is permitted pursuant to this Agreement to be effected in connection with a casualty or condemnation affecting a Project; (b) Borrower shall pay to Lender (i) all accrued and unpaid interest on the portion of the Principal Amount being prepaid pursuant to clause (ii) of this clause (b) (including, if such payment is not made on a Payment Date, interest through the end of the current Interest Accrual Period) and (ii) on account of the Principal Amount, an amount equal to the Release Amount and (iii) the Exit Fee computed by reference to the Release Amount; (c) both immediately before such Release and immediately thereafter, no Event of Default shall exist;
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Release of Project. At Borrower’s option upon notice to Administrative Agent, without the consent or approval of Administrative Agent, the Lenders or any other Person, the Collateral corresponding to either Project will be released, the Guaranties corresponding to such Project shall terminate, and the financing continue in reliance on the single remaining Project, provided that (a) the projected Debt Service Coverage Ratio after giving effect to such Project release shall be a minimum of 1.60x and an average of 1.70x through December 31, 2027 (as demonstrated in the updated Base Case Project Projections delivered to the Administrative Agent at least 15 Banking Days prior to the proposed release date, which Base Case Project Projections shall be in form and substance reasonably satisfactory to Administrative Agent (acting in consultation with the Independent Engineer)); (b) concurrent with such release, there shall be no LC Loans outstanding and no Event of Default shall have occurred and be continuing, and (c) concurrent with such release, the Term Loan, together with any related Hedge Breaking Fees (provided that Borrower may allow to remain outstanding only Hedge Transactions whose notional amount as of the date of such release do not exceed the Loans outstanding after giving effect to the prepayments contemplated by this clause (c)), will be prepaid such that the Term Loan balance on the Maturity Date will be no more than 45% of the projected Term Loan balance at the Maturity Date in the Base Case Project Projections delivered pursuant to Section 3.1.16. If the Purchase Option or Put Option is exercised, the proceeds, in an amount equal to the lesser of (i) all of such proceeds, and (ii) such amount as shall result in satisfaction of the criteria set forth in clauses (a), (b) and (c) above, shall be applied to prepay, first, the LC Loans and, second, the Term Loans together with any related Hedge Breaking Fees (provided that Borrower may allow to remain outstanding only Hedge Transactions whose notional amount as of the date of such release do not exceed the Loans outstanding after giving effect to the prepayments contemplated by clause (c) above). Upon exercise of either such option, and only if Borrower shall have complied with clauses (a), (b) and (c) above, the Collateral will be released. Any proceeds from an exercise of the Put Option or Purchase Option, in excess of the amounts required to be applied to a prepayment of the Loans and Hedge Breaking Fees to the levels...
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Related to Release of Project

  • Release of Property Except as set forth in this Section 2.6, no repayment or prepayment of all or any portion of the Loan shall cause, give rise to a right to require, or otherwise result in, the release of the Lien of the Mortgage on the Property.

  • Lease of Property Landlord, for and in consideration of the covenants and agreements herein contained on the part of Tenant to be paid, kept, observed, and performed, hereby leases to Tenant, and Tenant hereby leases from Landlord for the Term (as hereinafter defined), the Property. Tenant’s use of the Property shall be in compliance with the terms of this Lease.

  • Use of Project Issuer does hereby covenant and agree that it will not take any action during the term of this Agreement, other than pursuant to Article IX of this Agreement or Article IX of the Indenture, to interfere with Company's ownership of the Project or to prevent Company from having possession, custody, use and enjoyment of the Project.

  • Scope of Project i. The work to be per formed under the terms of this Agreement for the Rapid City Metropolitan Transportation Planning Process will be conducted in accordance with the CY 2019 Unified Planning Work Program incorporated in this Agreement by reference as Attachment D. ii. The Sub-Recipient’s Responsibilities:

  • Purchase of Property With any cash at any time held by it, to purchase or subscribe for any Authorized Investment (as defined in Section 6.3) and to retain the same in trust.

  • Maintenance of Properties and Leases Each Loan Party shall, and shall cause each of its Subsidiaries to, maintain in good repair, working order and condition (ordinary wear and tear excepted) in accordance with the general practice of other businesses of similar character and size, all of those properties useful or necessary to its business, and from time to time, such Loan Party will make or cause to be made all appropriate repairs, renewals or replacements thereof.

  • Lease of Premises Landlord hereby demises and leases to Tenant for the Term of this Lease and upon the terms and conditions hereinafter set forth, and Tenant hereby accepts from Landlord, the Premises.

  • Use of Property The Property as defined herein shall be for the sole and exclusive use and occupation by the Tenant(s) and same’s exclusive family namely:

  • Maintenance and Use of Property Borrower shall cause the Property to be maintained in a good and safe condition and repair. The Improvements and the Personal Property shall not be removed, demolished or materially altered (except for normal replacement of the Personal Property or as permitted in the PETsMART Lease) without the consent of Lender. Except as provided in Section 3.8(f) hereof, Borrower shall promptly repair, replace or rebuild or cause to be repaired, replaced or rebuilt, any part of the Property which may be destroyed by any casualty, or become damaged, worn or dilapidated or which may be affected by any proceeding of the character referred to in Section 3.6 hereof and shall complete and pay for any structure at any time in the process of construction or repair on the Land. Borrower shall not initiate, join in, acquiesce in, or consent to any change in any private restrictive covenant, zoning law or other public or private restriction, limiting or defining the uses which may be made of the Property or any part thereof, provided, that Borrower shall be permitted to enter into easement agreements or grant rights of way so long as such agreements or grants do not reduce the value of the Property or impair its use, and so long as Borrower has delivered to Lender a title endorsement satisfactory to Lender with respect to such agreements and/or rights of way. If under applicable zoning provisions the use of all or any portion of the Property is or shall become a nonconforming use, Borrower will not cause or permit the nonconforming use to be discontinued or the nonconforming Improvement to be abandoned without the express written consent of Lender.

  • Construction of Project 11.1.1 Developer agrees to cause the Project to be developed, constructed, and installed in accordance with the terms hereof and the Construction Provisions set forth in Exhibit D, including those things reasonably inferred from the Contract Documents as being within the scope of the Project and necessary to produce the stated result even though no mention is made in the Contract Documents.

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