Release of Trust Property. (a) This Deed of Trust and the covenants and obligations contained herein shall cease, terminate and thereafter be of no further force or effect upon the repayment in full of all principal and interest of the Loans and the LC Disbursements, all accrued fees and all other Secured Obligations, the termination of the Commitments under the Credit Agreement and the termination or cancellation of all outstanding Letters of Credit (or the cash collateralization or other support thereof in a manner satisfactory to the Beneficiary). At any time and from time to time prior to such termination of the Security Interests, the Beneficiary may release or cause the Trustee to release any of the Trust Property in accordance with the provisions of the Credit Agreement. At any time and from time to time prior to such termination of the Security Interests, the Beneficiary shall release and shall cause the Trustee to release any of the Trust Property required to be released in accordance with the provisions of Section 9.02(c) of the Credit Agreement. (b) At any time and from time to time prior to such termination of the Security Interests as described above, unless a Default shall have occurred and be continuing prior to such termination of the Security Interests, unless a Default shall have occurred and be continuing, the Beneficiary shall release the Trust Property (but not the Proceeds thereof and not all or substantially all of the Collateral) if (i) the Beneficiary receives a certificate from a Principal Financial Officer of the Grantor stating that (x) the Trust Property to be released is being sold (or in the case of a Securitization Transaction otherwise transferred) in a transaction which complies with the applicable requirements of Sections 6.06(c) or (d) of the Credit Agreement, as the case may be, (y) such release is necessary to effect such transaction and (z) the Net Cash Proceeds of such sale or transfer will be applied to prepay Term Loans as required by Section 2.09(c), (d) and (e) of the Credit Agreement and (ii) arrangements satisfactory to the Beneficiary have been made so that such release will become effective no earlier than the closing of such sale or transfer. (c) Upon any termination of the Security Interests pursuant to Section 7.02(a) or upon the satisfaction of the conditions set forth in Section 7.02(b), the Trustee, acting on direction from the Beneficiary, will, at the expense of the Grantor, execute and deliver to the Grantor such documents as it shall reasonably request to evidence the termination of the security interests or the release of the Trust Property or the release of a portion of the Trust Property, as the case may be. Any release of this Deed of Trust shall also be deemed to be a termination of any separately filed financing statements relating to the Trust Property and a release of any other assignments relating to the Trust Property to the same extent as the release of this Deed of Trust. The Beneficiary may conclusively rely on any certificate delivered to it by the Grantor stating that the execution of such documents and release of the Trust Property is in accordance with and permitted by the terms of this Deed of Trust.
Appears in 2 contracts
Samples: Credit Agreement (Lyondell Chemical Co), Credit Agreement (Equistar Chemicals Lp)
Release of Trust Property. (a) This Deed of Trust and the covenants and obligations contained herein shall cease, terminate and thereafter be of no further force or effect upon the repayment (except as provided in full of Section 4.03) when any or all principal and interest of the Loans and the LC Disbursements, following may occur (i) when all accrued fees and all other Secured Obligations, the termination of the Commitments under Release Conditions have been satisfied, (ii) if the Credit Agreement and the termination or cancellation of all outstanding Letters of Credit (or the cash collateralization or other support thereof in a manner satisfactory Grantor’s Secured Guarantee is released pursuant to the Beneficiary). At any time and from time to time prior to such termination Section 2(c) of the Security InterestsAgreement, the Beneficiary may release or cause the Trustee (iii) during a Collateral Suspension Period pursuant to release any of the Trust Property in accordance with the provisions Section 9.16(a) of the Credit Agreement. At any time and from time to time prior to such Notwithstanding the foregoing, if, after the termination of the Security Interests, the Beneficiary shall release and shall cause the Trustee to release any Lien of the this Deed of Trust Property required to be released in accordance with clause (iii), the provisions Collateral Reversion Date shall occur, the Grantor shall cause a Deed of Section 9.02(c) Trust in the form of this Deed of Trust to be recorded in order to reinstate the Credit AgreementLien.
(b) At any time and from time to time prior to such termination of before the Security Interests as described above, unless a Default shall have occurred and be continuing prior to such termination of Transaction Liens granted by the Security Interests, unless a Default shall have occurred and be continuingGrantor terminate, the Beneficiary shall release the Trust Property (but not the Proceeds thereof and not all shall, in connection with a Transfer or substantially all of the Collateral) if (i) the Beneficiary receives a certificate from a Principal Financial Officer of the Grantor stating that (x) the Trust Property to be released is being sold (or in the case of a Securitization Transaction otherwise transferred) in a transaction which complies with the applicable requirements of Sections 6.06(c) or (d) of the Credit Agreement, as the case may be, (y) such release is necessary to effect such transaction and (z) the Net Cash Proceeds of such sale or transfer will be applied to prepay Term Loans as required other disposition on permitted by Section 2.09(c), (d) and (e) of the Credit Agreement or any other Secured Agreement, and may, at the written request of the Borrower, release any Collateral (ii) arrangements satisfactory subject to the Beneficiary have been made so that such release will become effective no earlier than Beneficiary’s receipt of any consent by the closing of such sale or transferSecured Parties).
(c) Upon any termination of the Security Interests a Transaction Lien, release of Trust Property or any termination pursuant to Section 7.02(a) or upon the satisfaction of the conditions set forth in Section 7.02(b7.01(a), the Trustee, acting on direction from the Beneficiary, Beneficiary will, at the expense of the Grantor, execute and deliver to the Grantor such documents as it the Grantor shall reasonably request to evidence the termination of the security interests Transaction Lien or the release of the Trust Property or the release of a portion of the Trust Property, as the case may be. Any .
(d) Upon any termination of a Transaction Lien or release of this Deed Collateral, the Collateral Agent will, at the expense of Trust the relevant Grantor, execute and deliver to such Grantor such documents as such Grantor shall also be deemed reasonably request to be a evidence the termination of any separately filed financing statements relating to the Trust Property and a release of any other assignments relating to the Trust Property to the same extent as such Transaction Lien or the release of this Deed of Trust. The Beneficiary such Collateral, as the case may conclusively rely on any certificate delivered to it by the Grantor stating that the execution of such documents and release of the Trust Property is in accordance with and permitted by the terms of this Deed of Trustbe.
Appears in 1 contract
Samples: Credit Agreement (Huntington Ingalls Industries, Inc.)
Release of Trust Property. If (aA) This Deed of Trust and the covenants and obligations contained herein shall cease, terminate and thereafter be of no further force Grantor makes a prepayment pursuant to Section 15.01(c) hereof or effect upon the repayment in full of all principal and interest of the Loans and the LC Disbursements, all accrued fees and all other Secured Obligations, the termination of the Commitments under the Credit Agreement and the termination or cancellation of all outstanding Letters of Credit (or the cash collateralization or other support thereof in a manner satisfactory to the Beneficiary). At any time and C) if Beneficiary applies Loss Proceeds from time to time prior to such termination of the Security Interests, the Beneficiary may release or cause the Trustee to release any of the Trust Property in accordance with towards the provisions repayment of the Credit Agreement. At any time and from time to time prior to such termination of the Security InterestsDebt, the Beneficiary shall release and shall cause the Trustee to release any of the Trust Property required to be released in accordance with the provisions of Section 9.02(c) of the Credit Agreement.
(b) At any time and from time to time prior to such termination of the Security Interests as described aboveshall, unless a Default shall have occurred and be continuing prior to such termination of the Security Interests, unless a Default shall have occurred and be continuing, the Beneficiary shall release the Trust Property (but not the Proceeds thereof and not all or substantially all of the Collateral) if (i) the Beneficiary receives a certificate from a Principal Financial Officer of the Grantor stating that (x) the Trust Property to be released is being sold (or in the case of a Securitization Transaction otherwise transferred) in a transaction which complies with the applicable requirements of Sections 6.06(c) or (d) of the Credit Agreement, as the case may be, (y) such release is necessary to effect such transaction and (z) the Net Cash Proceeds of such sale or transfer will be applied to prepay Term Loans as required by Section 2.09(c), (d) and (e) of the Credit Agreement and (ii) arrangements satisfactory to the Beneficiary have been made so that such release will become effective no earlier than the closing of such sale or transfer.
(c) Upon any termination of the Security Interests pursuant to Section 7.02(a) or promptly upon the satisfaction of all the following terms and conditions set forth in Section 7.02(b)execute, the Trustee, acting on direction from the Beneficiary, will, at the expense of the Grantor, execute acknowledge and deliver to the Grantor such documents as it shall reasonably request to evidence the termination of the security interests or the release of the Trust Property or the release of a portion of the Trust Property, as the case may be. Any release of this Deed of Trust shall also be deemed to be (a termination of any separately filed financing statements relating "RELEASE") in recordable form with respect to the Trust Property and Property: 132
(a) If such prepayment is a release of any other assignments relating prepayment in part, but not in whole, Beneficiary shall have received on the date proposed for such prepayment an amount equal to the Trust Property to greater of (i) the same extent as sum of (A) one hundred percent (100%) of the release Allocated Loan Amount, plus (B) twenty-five percent (25%) of this Deed the Initial Allocated Loan Amount and (ii) ninety percent (90%) of Trust. The Beneficiary may conclusively rely on any certificate delivered to it by the Grantor stating that the execution of such documents and release gross sales price or gross refinancing proceeds of the Trust Property (the "RELEASE PRICE").
(b) In the event of a prepayment pursuant to Section 15.01(c) hereof (except for prepayment, as applicable, which are made contemporaneously with the application of Loss Proceeds towards the payment of the Debt where such Loss Proceeds constitute at least fifty percent (50%) of the Release Price), Beneficiary shall have received from Grantor evidence in form and substance satisfactory to Beneficiary that the pro forma Aggregate Debt Service Coverage of all Cross-collateralized Properties immediately following the Release is at least equal to the greater of the Aggregate Debt Service Coverage as of the Closing Date and the Aggregate Debt Service Coverage immediately prior to effecting such Release, accompanied by an Officer's Certificate stating that the statements, calculations and information comprising such evidence are true, correct and complete in accordance all respects.
(c) Grantor shall, at its sole expense, prepare any and all documents and instruments necessary to effect the Release, all of which shall be subject to the reasonable approval of Beneficiary, and Grantor shall pay all costs reasonably incurred by Beneficiary (including, but not limited to, reasonable attorneys' fees and disbursements, title search costs or endorsement premiums) in connection with the review, execution and permitted by delivery of the terms Release.
(d) No Event of this Deed of TrustDefault has occurred and is continuing.
Appears in 1 contract
Samples: Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing (Host Funding Inc)
Release of Trust Property. (a) This Deed of Trust and the covenants and obligations contained herein shall cease, terminate and thereafter be of no further force or effect upon the repayment (except as provided in full of Section 4.03) when any or all principal and interest of the Loans and the LC Disbursements, following may occur (i) when all accrued fees and all other Secured Obligations, the termination of the Commitments under Release Conditions have been satisfied, (ii) if the Credit Agreement and the termination or cancellation of all outstanding Letters of Credit (or the cash collateralization or other support thereof in a manner satisfactory Grantor’s Secured Guarantee is released pursuant to the Beneficiary). At any time and from time to time prior to such termination Section 2(c) of the Security InterestsAgreement, the Beneficiary may release or cause the Trustee (iii) during a Collateral Suspension Period pursuant to release any of the Trust Property in accordance with the provisions Section 9.16(a) of the Credit Agreement. At any time and from time to time prior to such Notwithstanding the foregoing, if, after the termination of the Security Interests, the Beneficiary shall release and shall cause the Trustee to release any Lien of the this Deed of Trust Property required to be released in accordance with clause (iii), the provisions Collateral Reversion Date shall occur, the Grantor shall cause a Deed of Section 9.02(c) Trust in the form of this Deed of Trust to be recorded in order to reinstate the Credit Agreement.Lien. 8 Local counsel to confirm
(b) At any time and from time to time prior to such termination of before the Security Interests as described above, unless a Default shall have occurred and be continuing prior to such termination of Transaction Liens granted by the Security Interests, unless a Default shall have occurred and be continuingGrantor terminate, the Beneficiary shall release the Trust Property (but not the Proceeds thereof and not all shall, in connection with a Transfer or substantially all of the Collateral) if (i) the Beneficiary receives a certificate from a Principal Financial Officer of the Grantor stating that (x) the Trust Property to be released is being sold (or in the case of a Securitization Transaction otherwise transferred) in a transaction which complies with the applicable requirements of Sections 6.06(c) or (d) of the Credit Agreement, as the case may be, (y) such release is necessary to effect such transaction and (z) the Net Cash Proceeds of such sale or transfer will be applied to prepay Term Loans as required other disposition on permitted by Section 2.09(c), (d) and (e) of the Credit Agreement or any other Secured Agreement, and may, at the written request of the Borrower, release any Collateral (ii) arrangements satisfactory subject to the Beneficiary have been made so that such release will become effective no earlier than Beneficiary’s receipt of any consent by the closing of such sale or transferSecured Parties).
(c) Upon any termination of the Security Interests a Transaction Lien, release of Trust Property or any termination pursuant to Section 7.02(a) or upon the satisfaction of the conditions set forth in Section 7.02(b7.01(a), the Trustee, acting on direction from the Beneficiary, Beneficiary will, at the expense of the Grantor, execute and deliver to the Grantor such documents as it the Grantor shall reasonably request to evidence the termination of the security interests Transaction Lien or the release of the Trust Property or the release of a portion of the Trust Property, as the case may be. Any .
(d) Upon any termination of a Transaction Lien or release of this Deed Collateral, the Collateral Agent will, at the expense of Trust the relevant Grantor, execute and deliver to such Grantor such documents as such Grantor shall also be deemed reasonably request to be a evidence the termination of any separately filed financing statements relating to the Trust Property and a release of any other assignments relating to the Trust Property to the same extent as such Transaction Lien or the release of this Deed of Trust. The Beneficiary such Collateral, as the case may conclusively rely on any certificate delivered to it by the Grantor stating that the execution of such documents and release of the Trust Property is in accordance with and permitted by the terms of this Deed of Trustbe.
Appears in 1 contract
Samples: Credit Agreement (Huntington Ingalls Industries, Inc.)
Release of Trust Property. (a) This Deed of Each Security Interest granted hereunder shall terminate, and all rights to the relevant Trust and Property shall revert to the covenants and obligations contained herein shall ceaseGrantor, terminate and thereafter be of no further force or effect upon the repayment in full satisfaction of all principal and interest of the Loans and the LC DisbursementsRelease Conditions, all accrued fees and all other Secured Obligations, the termination of the Commitments under the Credit Agreement and the termination or cancellation of all outstanding Letters of Credit (or the cash collateralization or other support thereof in a manner satisfactory otherwise to the Beneficiary). At any time extent permitted by and from time subject to time prior to such termination the terms and conditions of the Security Interests, the Beneficiary may release or cause the Trustee to release any of the Trust Property in accordance with the provisions Sections 9.02 and 9.03 of the Credit Agreement. At any time and from time to time prior to such termination , including upon satisfaction of the Security Interests, the Beneficiary shall release and shall cause the Trustee to release any of the Trust Property required to be released in accordance with the provisions of Section 9.02(c) of the Credit Agreement.
(b) At any time and from time to time prior to such termination of the Security Interests as described above, unless a Default shall have occurred and be continuing prior to such termination of the Security Interests, unless a Default shall have occurred and be continuing, the Beneficiary shall release the Trust Property (but not the Proceeds thereof and not all or substantially all of the Collateral) if (i) the Beneficiary receives a certificate from a Principal Financial Officer of the Grantor stating that (x) the Trust Property to be released is being sold (or in the case of a Securitization Transaction otherwise transferred) in a transaction which complies with the applicable requirements of Sections 6.06(c) or (d) of the Credit AgreementRatings Condition, as the case may be, (y) such release is necessary to effect such transaction and (z) provided that the Net Cash Proceeds of such sale or transfer will be applied to prepay Term Loans as required by Section 2.09(c), (d) and (e) of the Credit Agreement and (ii) arrangements satisfactory to the Beneficiary have been made so that such release will become effective no earlier than the closing of such sale or transfer.
(c) Upon any termination of the Security Interests pursuant to Section 7.02(a) or upon the satisfaction of the conditions set forth in Section 7.02(b), the Trustee, acting on direction from the Beneficiary, will, at the expense of the Grantor, execute and deliver to the Grantor such documents as it shall reasonably request to evidence the termination of the security interests or the release of the Trust Property or the release of a portion of the Trust Property, as the case may be. Any release lien of this Deed of Trust shall also be deemed to be a termination only terminate upon the written request of any separately filed financing statements relating to Xerox following and during the Trust Property and a release pendency of any other assignments relating to the Trust Property to satisfaction of the same extent as the release of this Deed of Trust. Ratings Condition.
(b) The Beneficiary may conclusively rely on any certificate delivered to it by the Grantor stating that the execution of such documents and release of the Trust Property is in accordance with and permitted by the terms of this Deed of Trust and the other Loan Documents.
(c) Notwithstanding anything to the contrary herein, if at any time prior to the termination of this Deed of Trust pursuant to this Section 7.02, the XCFI Secured Obligations are paid in full, all rights hereunder of the holders of XCFI Secured Obligations shall simultaneously terminate.
(d) Upon certification by the Grantor that an easement, right-of-way, restriction, reservation, permit, servitude or other similar encumbrance granted or to be granted by the Grantor does not materially detract from the value of or materially impair the use by the Grantor of the Trust Property subject to such encumbrance, the Beneficiary shall execute such documents as are reasonably requested to subordinate this Deed of Trust to such encumbrance.
(e) Upon any termination of this Deed of Trust or release of Trust Property as described in this Section 7.02, the Beneficiary shall, within fifteen (15) Business Days of written request therefor, at the expense of the Grantor, execute, acknowledge and deliver to the Grantor such documents, without warranty, as the Grantor shall reasonably request to evidence the release or reconveyance of Trust Property or termination of this Deed of Trust, as the case may be.
Appears in 1 contract
Release of Trust Property. (a) This Deed of Trust Subject to Section 8.9 and the covenants payment of its fees and obligations contained herein shall ceaseexpenses pursuant to Section 6.7, terminate the Indenture Trustee may, and thereafter be of no further force or effect upon when required by the repayment in full of all principal and interest of the Loans Issuer and the LC Disbursementsprovisions of this Indenture shall, all accrued fees and all other Secured Obligationsexecute instruments to release property from the lien of this Indenture, the termination of the Commitments under the Credit Agreement and the termination or cancellation of all outstanding Letters of Credit (or the cash collateralization or other support thereof in a manner satisfactory to the Beneficiary). At any time and from time to time prior to such termination of the Security Interests, the Beneficiary may release or cause the Trustee to release any of the Trust Property in accordance under circumstances that are not inconsistent with the provisions of this Indenture or the Credit Sale and Servicing Agreement. At No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any time conditions precedent or see to the application of any monies. The Indenture Trustee may require as a condition to any such release, an Opinion of Counsel, stating the legal effect of any such action, outlining the steps required to complete the same, and from time concluding that all conditions precedent to time prior to the taking of such termination action have been complied with and such action will not materially and adversely impair the security for the Notes or the rights of the Security InterestsNoteholders or the Insurer in contravention of the provisions of this Indenture; provided, however, that such Opinion of Counsel shall not be required to express an opinion as to the Beneficiary shall release and shall cause the Trustee to release any fair value of the Trust Property required Property. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to be released the Indenture Trustee in accordance connection with the provisions of Section 9.02(c) of the Credit Agreementany such release.
(b) At The Indenture Trustee shall, at such time as there are no Notes outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 and to the Insurer pursuant to the Insurance Agreement have been paid, release any time and from time to time prior to such termination remaining portion of the Security Interests as described above, unless a Default shall have occurred and be continuing prior to such termination of the Security Interests, unless a Default shall have occurred and be continuing, the Beneficiary shall release the Trust Property (but not that secured the Proceeds thereof Notes from the lien of this Indenture and not all release to the Issuer or substantially all of the Collateral) if (i) the Beneficiary receives a certificate from a Principal Financial Officer of the Grantor stating that (x) any other Person entitled thereto any funds then on deposit in the Trust Property Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to be released is being sold this Section 8.2(b) only upon receipt of an Issuer Request accompanied by an Officer's Certificate, an Opinion of Counsel and (or if required by the TIA) Independent Certificates in the case of a Securitization Transaction otherwise transferredaccordance with TIA xx.xx. 314(c) in a transaction which complies with and 314(d)(1) meeting the applicable requirements of Sections 6.06(c) or (d) of the Credit Agreement, as the case may be, (y) such release is necessary to effect such transaction and (z) the Net Cash Proceeds of such sale or transfer will be applied to prepay Term Loans as required by Section 2.09(c), (d) and (e) of the Credit Agreement and (ii) arrangements satisfactory to the Beneficiary have been made so that such release will become effective no earlier than the closing of such sale or transfer12.1.
(c) Upon any termination of the Security Interests pursuant to Section 7.02(a) or upon the satisfaction of the conditions set forth in Section 7.02(b), the Trustee, acting on direction from the Beneficiary, will, at the expense of the Grantor, execute and deliver to the Grantor such documents as it shall reasonably request to evidence the termination of the security interests or the release of the Trust Property or the release of a portion of the Trust Property, as the case may be. Any release of this Deed of Trust shall also be deemed to be a termination of any separately filed financing statements relating to the Trust Property and a release of any other assignments relating to the Trust Property to the same extent as the release of this Deed of Trust. The Beneficiary may conclusively rely on any certificate delivered to it by the Grantor stating that the execution of such documents and release of the Trust Property is in accordance with and permitted by the terms of this Deed of Trust.
Appears in 1 contract
Samples: Indenture (Prudential Securities Secured Financing Corp)
Release of Trust Property. (a) This Deed The Indenture Trustee when required by the provisions of Trust this Indenture and with the covenants and obligations contained herein shall cease, terminate and thereafter be of no further force or effect upon the repayment in full of all principal and interest prior written consent of the Loans Note Insurer (unless a Note Insurer Default has occurred and is continuing) shall execute instruments provided to it in order to release property from the LC DisbursementsLien of this Indenture, all accrued fees and all other Secured Obligations, the termination of the Commitments under the Credit Agreement and the termination or cancellation of all outstanding Letters of Credit (or the cash collateralization or other support thereof in a manner satisfactory to the Beneficiary). At any time and from time to time prior to such termination of the Security Interests, the Beneficiary may release or cause the Trustee to release any of the Trust Property in accordance under circumstances that are not inconsistent with the provisions of this Indenture, the Credit Servicing Agreement and the Receivables Pledge Agreement. At No party relying upon an instrument executed by the Indenture Trustee as provided in this Article IV shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any time and from time conditions precedent or see to time prior to such termination the application of the Security Interests, the Beneficiary shall release and shall cause the Trustee to release any of the Trust Property required to be released in accordance with the provisions of Section 9.02(c) of the Credit Agreementmonies.
(b) At The Indenture Trustee shall, at such time as the parties' obligations under this Indenture terminate pursuant to Section 9.01 hereof, release any time and from time to time prior to such termination remaining portion of the Security Interests as described above, unless a Default shall have occurred and be continuing prior to such termination of the Security Interests, unless a Default shall have occurred and be continuing, the Beneficiary shall release the Trust Property (but not that secured the Proceeds Notes from the Lien of this Indenture and release to the Trust or any other Person entitled thereto any funds then on deposit in the Collection Account and any subaccounts thereof and not all or substantially all as may have been established pursuant to Section 3.02(b); provided, that with the prior written consent of the Collateral) if Note Insurer (i) the Beneficiary receives a certificate from a Principal Financial Officer of the Grantor stating that (x) so long as no Note Insurer Default has occurred and is continuing), the Trust Property to may be released after the date on which there are no Notes outstanding and all sums due the Indenture Trustee and the Note Insurer pursuant to this Indenture, the Insurance Agreement and any other Transaction Document have each been paid and prior to the expiration of the 123-day period reference in Section 9.
01. The Indenture Trustee shall release property from the Lien of this Indenture pursuant to this Section 4.03(b) only upon receipt of an Issuer Request accompanied by an Officer's Certificate, an Opinion of Counsel, the prior written consent of the Note Insurer (so long as no Note Insurer Default has occurred and is being sold continuing) and (or if required by the TIA) Independent Certificates in the case of a Securitization Transaction otherwise transferredaccordance with TIA Sections 314(c) in a transaction which complies with and 314(d)(1) meeting the applicable requirements of Sections 6.06(c) or (d) of the Credit Agreement, as the case may be, (y) such release is necessary to effect such transaction and (z) the Net Cash Proceeds of such sale or transfer will be applied to prepay Term Loans as required by Section 2.09(c), (d) and (e) of the Credit Agreement and (ii) arrangements satisfactory to the Beneficiary have been made so that such release will become effective no earlier than the closing of such sale or transfer10.05 hereof.
(c) Upon any termination of the Security Interests pursuant to Section 7.02(a) or upon the satisfaction of the conditions set forth in Section 7.02(b), the Trustee, acting on direction from the Beneficiary, will, at the expense of the Grantor, execute and deliver to the Grantor such documents as it shall reasonably request to evidence the termination of the security interests or the release of the Trust Property or the release of a portion of the Trust Property, as the case may be. Any release of this Deed of Trust shall also be deemed to be a termination of any separately filed financing statements relating to the Trust Property and a release of any other assignments relating to the Trust Property to the same extent as the release of this Deed of Trust. The Beneficiary may conclusively rely on any certificate delivered to it by the Grantor stating that the execution of such documents and release of the Trust Property is in accordance with and permitted by the terms of this Deed of Trust.
Appears in 1 contract
Samples: Indenture (Prudential Securities Secured Financing Corp)
Release of Trust Property. If (aA) This Deed of Trust and the covenants and obligations contained herein shall cease, terminate and thereafter be of no further force Grantor defeases all or effect upon the repayment in full of all principal and interest a portion of the Loans and the LC Disbursements, all accrued fees and all other Secured Obligations, the termination of the Commitments under the Credit Agreement and the termination or cancellation of all outstanding Letters of Credit (or the cash collateralization or other support thereof in a manner satisfactory to the Beneficiary). At any time and from time to time prior to such termination of the Security Interests, the Beneficiary may release or cause the Trustee to release any of the Trust Property in accordance with the provisions of the Credit Agreement. At any time and from time to time prior to such termination of the Security Interests, the Beneficiary shall release and shall cause the Trustee to release any of the Trust Property required to be released in accordance with the provisions of Section 9.02(c) of the Credit Agreement.
(b) At any time and from time to time prior to such termination of the Security Interests as described above, unless a Default shall have occurred and be continuing prior to such termination of the Security Interests, unless a Default shall have occurred and be continuing, the Beneficiary shall release the Trust Property (but not the Proceeds thereof and not all or substantially all of the Collateral) if (i) the Beneficiary receives a certificate from a Principal Financial Officer of the Grantor stating that (x) the Trust Property to be released is being sold (or in the case of a Securitization Transaction otherwise transferred) in a transaction which complies with the applicable requirements of Sections 6.06(c) or (d) of the Credit Agreement, as the case may be, (y) such release is necessary to effect such transaction and (z) the Net Cash Proceeds of such sale or transfer will be applied to prepay Term Loans as required by Section 2.09(c), (d) and (e) of the Credit Agreement and (ii) arrangements satisfactory to the Beneficiary have been made so that such release will become effective no earlier than the closing of such sale or transfer.
(c) Upon any termination of the Security Interests Loan pursuant to Section 7.02(a15.01(b) or upon hereof to facilitate the satisfaction of the conditions set forth in Section 7.02(b), the Trustee, acting on direction from the Beneficiary, will, at the expense of the Grantor, execute and deliver to the Grantor such documents as it shall reasonably request to evidence the termination of the security interests or the release disposition of the Trust Property or in connection with any other customary transaction within the release meaning of Treas. Reg. 1.860 G-(2)(a)(8)(iii) or (B) makes a portion prepayment 118 pursuant to Section 15.01(c) hereof or if Beneficiary applies Loss Proceeds from the Trust Property towards the repayment of the Trust PropertyDebt or towards a defeasance, as Beneficiary shall, promptly upon satisfaction of all the case may be. Any following terms and conditions execute, acknowledge and deliver to Grantor a release of this Deed of Trust shall also be deemed to be (a termination of any separately filed financing statements relating "Release") in recordable form with respect to the Trust Property and Property:
(a) If such prepayment or defeasance is a release of any other assignments relating prepayment or defeasance in part, but not in whole, Beneficiary shall have received on the date proposed for such prepayment an amount equal to the Trust Property sum of (i) one hundred percent (100%) of the Allocated Loan Amount, plus (ii) twenty-five percent (25%) of the Initial Allocated Loan Amount (the "Release Price").
(b) In the event of a prepayment pursuant to Section 15.01(c) hereof or defeasance pursuant to Section 15.01(b) hereof (except for prepayments or defeasances, as applicable, which are made contemporaneously with the application of Loss Proceeds towards the payment of the Debt where such Loss Proceeds constitute at least fifty percent (50%) of the Release Price), Beneficiary shall have received from Grantor evidence in form and substance satisfactory to Beneficiary that the pro forma Aggregate Debt Service Coverage of all Cross-collateralized Properties immediately following the Release is at least equal to the same extent as greater of the release of this Deed of Trust. The Beneficiary may conclusively rely on any certificate delivered Closing DSC and the Aggregate Debt Service Coverage immediately prior to it effecting such Release, accompanied by the Grantor an Officer's Certificate stating that the execution of statements, calculations and information comprising such evidence are true, correct and complete in all respects.
(c) Grantor shall, at its sole expense, prepare any and all documents and release instruments necessary to effect the Release, all of which shall be subject to the reasonable approval of Beneficiary, and Grantor shall pay all costs reasonably incurred by Beneficiary (including, but not limited to, reasonable attorneys' fees and disbursements, title search costs or endorsement premiums) in connection with the review, execution and delivery of the Trust Property Release.
(d) No Event of Default has occurred and is in accordance with and permitted by the terms continuing.
(e) SPC shall have resigned as a general partner of this Deed of TrustGrantor.
Appears in 1 contract
Samples: Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing (Prime Retail Inc)
Release of Trust Property. (a) This Deed of Trust Subject to Section 8.10 and the covenants payment of its fees and obligations contained herein shall ceaseexpenses pursuant to Section 6.7, terminate the Indenture Trustee may, and thereafter be of no further force or effect upon when required by the repayment in full of all principal and interest of the Loans Issuer and the LC Disbursementsprovisions of this Indenture shall, all accrued fees and all other Secured Obligationsexecute instruments to release property from the lien of this Indenture, the termination of the Commitments under the Credit Agreement and the termination or cancellation of all outstanding Letters of Credit (or the cash collateralization or other support thereof in a manner satisfactory to the Beneficiary). At any time and from time to time prior to such termination of the Security Interests, the Beneficiary may release or cause the Trustee to release any of the Trust Property in accordance under circumstances that are not inconsistent with the provisions of this Indenture or the Credit Sale and Servicing Agreement. At In the event that the fair value of property to be released from the lien of this Indenture on any time and from time to time prior to such termination date, together with the fair value of property previously released during the then-current calendar year, equals or exceeds 10% of the Security InterestsNote Principal Balance, the Beneficiary shall release and shall cause the Trustee in addition to release any of the Trust Property all other actions required to be released taken pursuant to this Indenture, the Sale and Servicing Agreement or otherwise in connection with such release, an Independent Certificate in accordance with TIA ss.ss. 314(c) and 314(d)(1) meeting the provisions applicable requirements of Section 9.02(c) Xxxxxon 11.1 shall also be delivered to the Indenture Trustee. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the Credit Agreementapplication of any monies.
(b) At The Indenture Trustee shall, at such time as there are no Notes outstanding and all sums due the Indenture Trustee pursuant to Section 6.7, and to the Insurer pursuant to the Insurance Agreement have been paid and the Policy has been cancelled and returned to the Insurer, release any time and from time to time prior to such termination remaining portion of the Security Interests as described above, unless a Default shall have occurred and be continuing prior to such termination of the Security Interests, unless a Default shall have occurred and be continuing, the Beneficiary shall release the Trust Property (but not that secured the Proceeds thereof Notes from the lien of this Indenture and not all release to the Issuer or substantially all of the Collateral) if (i) the Beneficiary receives a certificate from a Principal Financial Officer of the Grantor stating that (x) the Trust Property to be released is being sold (or any other Person entitled thereto any funds then on deposit in the case Accounts. The Indenture Trustee shall release property from the lien of a Securitization Transaction otherwise transferredthis Indenture pursuant to this Section 8.2(b) only upon receipt by the Indenture Trustee and the Insurer of an Issuer Request accompanied by an Officer's Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in a transaction which complies accordance with TIA ss.ss. 314(c) and 314(d)(1) meeting the applicable requirements of Sections 6.06(c) or (d) of the Credit Agreement, as the case may be, (y) such release is necessary to effect such transaction and (z) the Net Cash Proceeds of such sale or transfer will be applied to prepay Term Loans as required by Section 2.09(c), (d) and (e) of the Credit Agreement and (ii) arrangements satisfactory to the Beneficiary have been made so that such release will become effective no earlier than the closing of such sale or transferSexxxxx 11.1.
(c) Upon any termination of the Security Interests pursuant to Section 7.02(a) or upon the satisfaction of the conditions set forth in Section 7.02(b), the Trustee, acting on direction from the Beneficiary, will, at the expense of the Grantor, execute and deliver to the Grantor such documents as it shall reasonably request to evidence the termination of the security interests or the release of the Trust Property or the release of a portion of the Trust Property, as the case may be. Any release of this Deed of Trust shall also be deemed to be a termination of any separately filed financing statements relating to the Trust Property and a release of any other assignments relating to the Trust Property to the same extent as the release of this Deed of Trust. The Beneficiary may conclusively rely on any certificate delivered to it by the Grantor stating that the execution of such documents and release of the Trust Property is in accordance with and permitted by the terms of this Deed of Trust.
Appears in 1 contract
Release of Trust Property. (a) This Deed The Indenture Trustee when required by the provisions of Trust this Indenture and with the covenants and obligations contained herein shall cease, terminate and thereafter be of no further force or effect upon the repayment in full of all principal and interest prior written consent of the Loans and Note Insurer shall execute instruments provided to it in order to release property from the LC DisbursementsLien of this Indenture, all accrued fees and all other Secured Obligations, the termination of the Commitments under the Credit Agreement and the termination or cancellation of all outstanding Letters of Credit (or the cash collateralization or other support thereof in a manner satisfactory to the Beneficiary). At any time and from time to time prior to such termination of the Security Interests, the Beneficiary may release or cause the Trustee to release any of the Trust Property in accordance under circumstances that are not inconsistent with the provisions of this Indenture, the Credit Servicing Agreement and the Receivables Pledge Agreement. At No party relying upon an instrument executed by the Indenture Trustee as provided in this Article IV shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any time and from time conditions precedent or see to time prior to such termination the application of the Security Interests, the Beneficiary shall release and shall cause the Trustee to release any of the Trust Property required to be released in accordance with the provisions of Section 9.02(c) of the Credit Agreementmonies.
(b) At The Indenture Trustee shall, at such time as the parties' obligations under this Indenture terminate pursuant to Section 9.01 hereof, release any time and from time to time prior to such termination remaining portion of the Security Interests as described above, unless a Default shall have occurred and be continuing prior to such termination of the Security Interests, unless a Default shall have occurred and be continuing, the Beneficiary shall release the Trust Property (but not that secured the Proceeds Notes from the Lien of this Indenture and release to the Trust or any other Person entitled thereto any funds then on deposit in the Collection Account and any subaccounts thereof and not all or substantially all as may have been established pursuant to Section 3.02(b); provided, that with the prior written consent of the Collateral) if (i) the Beneficiary receives a certificate from a Principal Financial Officer of the Grantor stating that (x) Note Insurer, the Trust Property to may be released after the date on which there are no Notes outstanding and all sums due the Indenture Trustee and the Note Insurer pursuant to this Indenture, the Insurance Agreement and any other Transaction Document have each been paid and prior to the expiration of the 123-day period reference in Section 9.
01. The Indenture Trustee shall release property from the Lien of this Indenture pursuant to this Section 4.03(b) only upon receipt of an Issuer Request accompanied by an Officer's Certificate, an Opinion of Counsel, the prior written consent of the Note Insurer (so long as no Note Insurer Default has occurred and is being sold continuing) and (or if required by the TIA) Independent Certificates in the case of a Securitization Transaction otherwise transferredaccordance with TIA Sections 314(c) in a transaction which complies with and 314(d)(1) meeting the applicable requirements of Sections 6.06(c) or (d) of the Credit Agreement, as the case may be, (y) such release is necessary to effect such transaction and (z) the Net Cash Proceeds of such sale or transfer will be applied to prepay Term Loans as required by Section 2.09(c), (d) and (e) of the Credit Agreement and (ii) arrangements satisfactory to the Beneficiary have been made so that such release will become effective no earlier than the closing of such sale or transfer10.05 hereof.
(c) Upon any termination of the Security Interests pursuant to Section 7.02(a) or upon the satisfaction of the conditions set forth in Section 7.02(b), the Trustee, acting on direction from the Beneficiary, will, at the expense of the Grantor, execute and deliver to the Grantor such documents as it shall reasonably request to evidence the termination of the security interests or the release of the Trust Property or the release of a portion of the Trust Property, as the case may be. Any release of this Deed of Trust shall also be deemed to be a termination of any separately filed financing statements relating to the Trust Property and a release of any other assignments relating to the Trust Property to the same extent as the release of this Deed of Trust. The Beneficiary may conclusively rely on any certificate delivered to it by the Grantor stating that the execution of such documents and release of the Trust Property is in accordance with and permitted by the terms of this Deed of Trust.
Appears in 1 contract
Samples: Indenture (American Business Financial Services Inc /De/)
Release of Trust Property. (a) This Deed of Trust Subject to Section 8.9 and the covenants payment of its fees and obligations contained herein shall ceaseexpenses pursuant to Section 6.7, terminate the Indenture Trustee may, and thereafter be of no further force or effect upon when required by the repayment in full of all principal and interest of the Loans Issuer and the LC Disbursementsprovisions of this Indenture shall, all accrued fees and all other Secured Obligationsexecute instruments to release property from the lien of this Indenture, the termination of the Commitments under the Credit Agreement and the termination or cancellation of all outstanding Letters of Credit (or the cash collateralization or other support thereof in a manner satisfactory to the Beneficiary). At any time and from time to time prior to such termination of the Security Interests, the Beneficiary may release or cause the Trustee to release any of the Trust Property in accordance under circumstances that are not inconsistent with the provisions of this Indenture or the Credit Sale and Servicing Agreement. At No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any time conditions precedent or see to the application of any monies. The Indenture Trustee may require as a condition to any such release, an Opinion of Counsel, stating the legal effect of any such action, outlining the steps required to complete the same, and from time concluding that all conditions precedent to time prior to the taking of such termination action have been complied with and such action will not materially and adversely impair the security for the Notes or the rights of the Security InterestsNoteholders or the Insurer in contravention of the provisions of this Indenture; provided, however, that such Opinion of Counsel shall not be required to express an opinion as to the Beneficiary shall release and shall cause the Trustee to release any fair value of the Trust Property required Property. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to be released the Indenture Trustee in accordance connection with the provisions of Section 9.02(c) of the Credit Agreementany such release.
(b) At The Indenture Trustee shall, at such time as there are no Notes outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 and to the Insurer pursuant to the Insurance Agreement have been paid, release any time and from time to time prior to such termination remaining portion of the Security Interests as described above, unless a Default shall have occurred and be continuing prior to such termination of the Security Interests, unless a Default shall have occurred and be continuing, the Beneficiary shall release the Trust Property (but not that secured the Proceeds thereof Notes from the lien of this Indenture and not all release to the Issuer or substantially all of the Collateral) if (i) the Beneficiary receives a certificate from a Principal Financial Officer of the Grantor stating that (x) any other Person entitled thereto any funds then on deposit in the Trust Property to be released is being sold (or in the case of a Securitization Transaction otherwise transferred) in a transaction which complies with the applicable requirements of Sections 6.06(c) or (d) of the Credit Agreement, as the case may be, (y) such release is necessary to effect such transaction and (z) the Net Cash Proceeds of such sale or transfer will be applied to prepay Term Loans as required by Section 2.09(c), (d) and (e) of the Credit Agreement and (ii) arrangements satisfactory to the Beneficiary have been made so that such release will become effective no earlier than the closing of such sale or transferAccounts.
(c) Upon any termination The Indenture Trustee shall release property from the lien of the Security Interests this Indenture pursuant to this Section 7.02(a) or 8.2 only upon the satisfaction receipt of the conditions set forth in Section 7.02(b)an Issuer Request accompanied by an Officer's Certificate, the Trustee, acting on direction from the Beneficiary, will, at the expense an Opinion of the Grantor, execute Counsel and deliver to the Grantor such documents as it shall reasonably request to evidence the termination of the security interests or the release of the Trust Property or the release of a portion of the Trust Property, as the case may be. Any release of this Deed of Trust shall also be deemed to be a termination of any separately filed financing statements relating to the Trust Property and a release of any other assignments relating to the Trust Property to the same extent as the release of this Deed of Trust. The Beneficiary may conclusively rely on any certificate delivered to it (if required by the Grantor stating that the execution of such documents and release of the Trust Property is TIA) Independent Certificates in accordance with TIA Sections 314(c) and permitted by 314(d)(1) meeting the terms applicable requirements of this Deed of TrustSection 12.1.
Appears in 1 contract
Samples: Indenture (Prudential Securities Secured Financing Corp)
Release of Trust Property. (a) This Deed of Trust Subject to Section 8.10 and the covenants payment of its fees and obligations contained herein shall ceaseexpenses pursuant to Section 6.7, terminate the Indenture Trustee may, and thereafter be of no further force or effect upon when required by the repayment in full of all principal and interest of the Loans Issuer and the LC Disbursementsprovisions of this Indenture shall, all accrued fees and all other Secured Obligationsexecute instruments to release property from the lien of this Indenture, the termination of the Commitments under the Credit Agreement and the termination or cancellation of all outstanding Letters of Credit (or the cash collateralization or other support thereof in a manner satisfactory to the Beneficiary). At any time and from time to time prior to such termination of the Security Interests, the Beneficiary may release or cause the Trustee to release any of the Trust Property in accordance under circumstances that are not inconsistent with the provisions of this Indenture or the Credit Sale and Servicing Agreement. At In the event that the fair value of property to be released from the lien of this Indenture on any time and from time to time prior to such termination date, together with the fair value of property previously released during the then-current calendar year, equals or exceeds 10% of the Security InterestsBond Principal Balance, the Beneficiary shall release and shall cause the Trustee in addition to release any of the Trust Property all other actions required to be released taken pursuant to this Indenture, the Sale and Servicing Agreement or otherwise in connection with such release, an Independent Certificate in accordance with TIA Sections 314(c) and 314(d)(1) meeting the provisions applicable requirements of Section 9.02(c) 11.1 shall also be delivered to the Indenture Trustee. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the Credit Agreementapplication of any monies.
(b) At The Indenture Trustee shall, at such time as there are no Bonds outstanding and all sums due the Indenture Trustee pursuant to Section 6.7, and to the Insurer pursuant to the Insurance Agreement have been paid and the Policy has been cancelled and returned to the Insurer, release any time and from time to time prior to such termination remaining portion of the Security Interests as described above, unless a Default shall have occurred and be continuing prior to such termination of the Security Interests, unless a Default shall have occurred and be continuing, the Beneficiary shall release the Trust Property (but not that secured the Proceeds thereof Bonds from the lien of this Indenture and not all release to the Issuer or substantially all of the Collateral) if (i) the Beneficiary receives a certificate from a Principal Financial Officer of the Grantor stating that (x) the Trust Property to be released is being sold (or any other Person entitled thereto any funds then on deposit in the case Accounts. The Indenture Trustee shall release property from the lien of a Securitization Transaction otherwise transferredthis Indenture pursuant to this Section 8.2(b) only upon receipt by the Indenture Trustee and the Insurer of an Issuer Request accompanied by an Officer's Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in a transaction which complies accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Sections 6.06(c) or (d) of the Credit Agreement, as the case may be, (y) such release is necessary to effect such transaction and (z) the Net Cash Proceeds of such sale or transfer will be applied to prepay Term Loans as required by Section 2.09(c), (d) and (e) of the Credit Agreement and (ii) arrangements satisfactory to the Beneficiary have been made so that such release will become effective no earlier than the closing of such sale or transfer11.
(c) Upon any termination of the Security Interests pursuant to Section 7.02(a) or upon the satisfaction of the conditions set forth in Section 7.02(b), the Trustee, acting on direction from the Beneficiary, will, at the expense of the Grantor, execute and deliver to the Grantor such documents as it shall reasonably request to evidence the termination of the security interests or the release of the Trust Property or the release of a portion of the Trust Property, as the case may be. Any release of this Deed of Trust shall also be deemed to be a termination of any separately filed financing statements relating to the Trust Property and a release of any other assignments relating to the Trust Property to the same extent as the release of this Deed of Trust. The Beneficiary may conclusively rely on any certificate delivered to it by the Grantor stating that the execution of such documents and release of the Trust Property is in accordance with and permitted by the terms of this Deed of Trust.
Appears in 1 contract
Release of Trust Property. (a) This Deed of Trust Subject to Section 8.9 and the covenants payment of its fees and obligations contained herein shall ceaseexpenses pursuant to Section 6.7, terminate the Indenture Trustee may, and thereafter be of no further force or effect upon when required by the repayment in full of all principal and interest of the Loans Issuer and the LC Disbursementsprovisions of this Indenture shall, all accrued fees and all other Secured Obligationsexecute instruments to release property from the lien of this Indenture, the termination of the Commitments under the Credit Agreement and the termination or cancellation of all outstanding Letters of Credit (or the cash collateralization or other support thereof in a manner satisfactory to the Beneficiary). At any time and from time to time prior to such termination of the Security Interests, the Beneficiary may release or cause the Trustee to release any of the Trust Property in accordance under circumstances that are not inconsistent with the provisions of this Indenture or the Credit Sale and Servicing Agreement. At No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any time conditions precedent or see to the application of any monies. The Indenture Trustee may require as a condition to any such release, an Opinion of Counsel, stating the legal effect of any such action, outlining the steps required to complete the same, and from time concluding that all conditions precedent to time prior to the taking of such termination action have been complied with and such action will not materially and adversely impair the security for the Notes or the rights of the Security InterestsNoteholders or the Insurer in contravention of the provisions of this Indenture; provided, however, that such Opinion of Counsel shall not be required to express an opinion as to the Beneficiary shall release and shall cause the Trustee to release any fair value of the Trust Property required Property. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to be released the Indenture Trustee in accordance connection with the provisions of Section 9.02(c) of the Credit Agreementany such release.
(b) At The Indenture Trustee shall, at such time as there are no Notes outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 and to the Insurer pursuant to the Insurance Agreement have been paid, release any time and from time to time prior to such termination remaining portion of the Security Interests as described above, unless a Default shall have occurred and be continuing prior to such termination of the Security Interests, unless a Default shall have occurred and be continuing, the Beneficiary shall release the Trust Property (but not that secured the Proceeds thereof Notes from the lien of this Indenture and not all release to the Issuer or substantially all of the Collateral) if (i) the Beneficiary receives a certificate from a Principal Financial Officer of the Grantor stating that (x) any other Person entitled thereto any funds then on deposit in the Trust Property to be released is being sold (or in the case of a Securitization Transaction otherwise transferred) in a transaction which complies with the applicable requirements of Sections 6.06(c) or (d) of the Credit Agreement, as the case may be, (y) such release is necessary to effect such transaction and (z) the Net Cash Proceeds of such sale or transfer will be applied to prepay Term Loans as required by Section 2.09(c), (d) and (e) of the Credit Agreement and (ii) arrangements satisfactory to the Beneficiary have been made so that such release will become effective no earlier than the closing of such sale or transferAccounts.
(c) Upon any termination The Indenture Trustee shall release property from the lien of the Security Interests this Indenture pursuant to this Section 7.02(a) or 8.2 only upon the satisfaction receipt of the conditions set forth in Section 7.02(b)an Issuer Request accompanied by an Officer's Certificate, the Trustee, acting on direction from the Beneficiary, will, at the expense an Opinion of the Grantor, execute Counsel and deliver to the Grantor such documents as it shall reasonably request to evidence the termination of the security interests or the release of the Trust Property or the release of a portion of the Trust Property, as the case may be. Any release of this Deed of Trust shall also be deemed to be a termination of any separately filed financing statements relating to the Trust Property and a release of any other assignments relating to the Trust Property to the same extent as the release of this Deed of Trust. The Beneficiary may conclusively rely on any certificate delivered to it (if required by the Grantor stating that the execution of such documents and release of the Trust Property is TIA) Independent Certificates in accordance with TIA xx.xx. 314(c) and permitted by 314(d)(1) meeting the terms applicable requirements of this Deed of TrustSection 12.1.
Appears in 1 contract
Samples: Indenture (Prudential Securities Secured Financing Corp)