Common use of Removal of Qualified Unencumbered Properties Clause in Contracts

Removal of Qualified Unencumbered Properties. The Borrower shall notify the Administrative Agent at any time that Borrower will be removing a Project from the pool of Qualified Unencumbered Properties. Upon the effective date of the removal of any Project from the pool of Qualified Unencumbered Properties, (a) if the owner of such Project is a Subsidiary Guarantor and shall cease to be the owner of any Qualified Unencumbered Property upon such removal, such Person shall cease to be a Subsidiary Guarantor and shall automatically, and without further action, be released from its obligations under the Loan Documents, and (b) upon the request, and at the expense of the Borrower, the Administrative Agent agrees to promptly execute and deliver such release documents and take such other actions reasonably requested or that may be reasonably necessary or advisable to acknowledge, evidence or complete any such release of such Person. Notwithstanding the foregoing, if any event described in Sections ‎8.01(f) or ‎8.01(g) shall occur with respect to a Subsidiary Guarantor, mutatis mutandis, without application of the 5% threshold, each Project owned or leased by such Subsidiary Guarantor shall automatically, without further action, be deemed, removed from the pool of Qualified Unencumbered Properties, and subject to, and conditioned upon, (y) the satisfaction of subsections (a) and (b) above, and (z) there being no existing Event of Default after the satisfaction of (a) and (b) above, such Subsidiary shall cease to be a Subsidiary Guarantor and shall automatically, and without further action, be released from its obligations under the Loan Documents.

Removal of Qualified Unencumbered Properties. The Borrower shall notify the Administrative Agent at any time that Borrower will be removing a Project from the pool of Qualified Unencumbered Properties. Upon the effective date of the removal of any Project from the pool of Qualified Unencumbered Properties, (a) if the owner of such Project is a Subsidiary Guarantor and shall cease to be the owner of any Qualified Unencumbered Property upon such removal, such Person shall cease to be a Subsidiary Guarantor and shall automatically, and without further action, be released from its obligations under the Loan Documents, and (b) upon the request, and at the expense of the Borrower, the Administrative Agent agrees to promptly execute and deliver such release documents and take such other actions reasonably requested or that may be reasonably necessary or advisable to acknowledge, evidence or complete any such release of such Person. Notwithstanding the foregoing, if any event described in Sections ‎8.01(f8.01(f) or ‎8.01(g8.01(g) shall occur with respect to a Subsidiary Guarantor, mutatis mutandis, without application of the 5% threshold, each Project owned or leased by such Subsidiary Guarantor shall automatically, without further action, be deemed, removed from the pool of Qualified Unencumbered Properties, and subject to, and conditioned upon, (y) the satisfaction of subsections (a) and (b) above, and (z) there being no existing Event of Default after the satisfaction of (a) and (b) above, such Subsidiary shall cease to be a Subsidiary Guarantor and shall automatically, and without further action, be released from its obligations under the Loan Documents.

Removal of Qualified Unencumbered Properties. The Borrower shall notify the Administrative Agent at any time that Borrower will be removing a Project from the pool of Qualified Unencumbered Properties. Upon the effective date of the removal of any Project from the pool of Qualified Unencumbered Properties, (a) if the owner of such Project is a Subsidiary Guarantor and shall cease to be the owner of any Qualified Unencumbered Property upon such removal, such Person shall cease to be a Subsidiary Guarantor and shall automatically, and without further action, be released from its obligations under the Loan DocumentsDocuments and the Equity Interest in such former Subsidiary Guarantor shall be transferred by Borrower promptly to another Person such that Borrower shall no longer hold any Equity Interest in such former Subsidiary Guarantor, and (b) upon the request, and at the expense of the Borrower, the Administrative Agent agrees to promptly execute and deliver such release documents and take such other actions reasonably requested or that may be reasonably necessary or advisable to acknowledge, evidence or complete any such release of such Person. Notwithstanding the foregoing, if any event described in Sections ‎8.01(f8.01(f) or ‎8.01(g8.01(g) shall occur with respect to a Subsidiary Guarantor, mutatis mutandis, without application of the 5% threshold, each Project owned or leased by such Subsidiary Guarantor shall automatically, without further action, be deemed, removed from the pool of Qualified Unencumbered Properties, and subject to, and conditioned upon, (yx) the satisfaction of subsections (a) and (b) above, and (zy) there being no existing Event of Default after the satisfaction of (a) and (b) above, such Subsidiary shall cease to be a Subsidiary Guarantor and shall automatically, and without further action, be released from its obligations under the Loan Documents.