Common use of Substitution, Release and Addition of Term Loan Priority Collateral Clause in Contracts

Substitution, Release and Addition of Term Loan Priority Collateral. Subject to the terms and conditions of this Section 9.21 and the requirements of Section 5.25, the Borrower may, after the Closing Date, (i) substitute one or more fee-owned or ground leased Real Estate sites (and the Equipment located thereon owned by the Borrower or any of its Subsidiaries) as Term Loan Priority Collateral (each, a “Substitute Property”), in lieu of any one or more Real Estate Collateral Properties (each, a “Replaced Property”) and the Related Real Estate Collateral located thereon (each such substitution, once the requirements of Section 5.25 and this Section 9.21 have been satisfied with respect to such Replaced Property, a “Term Loan Priority Collateral Substitution”), provided that no such substitution shall affect the amount of time permitted for taking any action in accordance with Section 5.25, (ii) request that the Collateral Agent release its Lien on any Real Estate Collateral Property and the Related Real Estate Collateral located thereon, or on the Related Real Estate Collateral located on any Material Related Collateral Location (each, a “Release Property”) and, with respect to such Release Property, to the extent the relevant requirements of this Section 9.21 are satisfied, the Collateral Agent shall release such Lien in accordance with Section 9.20 (each, a “Term Loan Priority Collateral Release”) and (iii) add one or more fee-owned or ground leased Real Estate sites (and the Equipment located thereon owned by the Borrower or any of its Subsidiaries) or Related Real Estate Collateral on additional Material Related Collateral Locations (in each case including pursuant to the requirements of Section 5.12 or Section 5.17) (each, an “Additional Property”) as Term Loan Priority Collateral (each, a “Term Loan Priority Collateral Addition”); provided that the following conditions have been satisfied:

Appears in 2 contracts

Samples: Term Loan Credit Agreement (Supervalu Inc), Credit Agreement (Supervalu Inc)

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Substitution, Release and Addition of Term Loan Priority Collateral. Subject to the terms and conditions of this Section 9.21 and the requirements of Section 5.25, the Borrower may, after the Closing Date, (i) substitute one or more fee-owned or ground leased Real Estate sites (and the Equipment located thereon owned by the Borrower or any of its Subsidiaries) as Term Loan Priority Collateral (each, a “Substitute Property”), in lieu of any one or more Real Estate Collateral Properties (each, a “Replaced Property”) and the Related Real Estate Collateral located thereon (each such substitution, once the requirements of Section 5.25 and this Section 9.21 have been satisfied with respect to such Replaced Property, a “Term Loan Priority Collateral Substitution”), provided that no such substitution shall affect the amount of time permitted for taking any action in accordance with Section 5.25, (ii) request that the Collateral Agent release its Lien on any Real Estate Collateral Property and the Related Real Estate Collateral located thereon, or on the Related Real Estate Collateral located on any Material Related Collateral Location (each, a “Release Property”) and, with respect to such Release Property, to the extent the relevant requirements of this Section 9.21 are satisfied, the Collateral Agent shall release such Lien in accordance with Section 9.20 (each, a “Term Loan Priority Collateral Release”) and (iii) add one or more fee-owned or ground leased Real Estate sites (and the Equipment located thereon owned by the Borrower or any of its Subsidiaries) or Related Real Estate Collateral on additional Material Related Collateral Locations (in each case including pursuant to the requirements of Section 5.12 or Section 5.17) (each, an “Additional Property”) as Term Loan Priority Collateral (each, a “Term Loan Priority Collateral Addition”); provided that the following conditions have been satisfied:

Appears in 1 contract

Samples: Term Loan Credit Agreement (Supervalu Inc)

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Substitution, Release and Addition of Term Loan Priority Collateral. Subject to the terms and conditions of this Section 9.21 and the requirements of Section 5.25, the Borrower may, after the Closing Date, (i) substitute one or more fee-owned or ground leased Real Estate sites (and the Equipment located thereon owned by the Borrower or any of its Subsidiaries) as Term Loan Priority Collateral (each, a “Substitute Property”), in lieu of any one or more Real Estate Collateral Properties (each, a “Replaced Property”) and the Related Real Estate Collateral located thereon (each such substitution, once the requirements of Section 5.25 and this Section 9.21 have been satisfied with respect to such Replaced Property, a “Term Loan Priority Collateral Substitution”), provided that no such substitution shall affect the amount of time permitted for taking any action in accordance with Section 5.25, (ii) request that the Collateral Agent release its Lien on any Real Estate Collateral Property and the Related Real Estate Collateral located thereon, or on the Related Real Estate Collateral located on any Material Related Collateral Location (each, a “Release Property”) and, with respect to such Release Property, to the extent the relevant requirements of this Section 9.21 are satisfied, the Collateral Agent shall release such Lien in accordance with Section 9.20 (each, a “Term Loan Priority Collateral Release”) and (iii) add one or more fee-owned 158 or ground leased Real Estate sites (and the Equipment located thereon owned by the Borrower or any of its Subsidiaries) or Related Real Estate Collateral on additional Material Related Collateral Locations (in each case including pursuant to the requirements of Section 5.12 or Section 5.17) (each, an “Additional Property”) as Term Loan Priority Collateral (each, a “Term Loan Priority Collateral Addition”); provided that the following conditions have been satisfied:

Appears in 1 contract

Samples: Term Loan Credit Agreement (Supervalu Inc)

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