Substitutions/Releases/Additions of Real Property Assets Sample Clauses

Substitutions/Releases/Additions of Real Property Assets. (a) The Borrowers may substitute for existing Real Property Assets constituting Collateral, real property assets not constituting Collateral (each a “New Real Property Asset”) from the Liens and security interests of the Administrative Agent hereunder and under the Collateral Documents relating thereto and all Obligations hereunder and under the Collateral Documents so long as no such substitution (which substitution may consist of one or more Real Property Assets and one or more New Real Property Assets) under this Section 9.12(a) is made more often than two (2) times in any twelve (12) month period and each of the following conditions is satisfied: (i) the applicable Borrower shall deliver to the Administrative Agent, not less than five (5) Business Days prior to the date of such requested substitution a written request for substitution of the applicable Real Property Asset and a reasonably satisfactory description of the New Real Property Asset; (ii) a Responsible Officer or the applicable Borrower shall deliver, together with such request for release, a pro forma Compliance Certificate showing that, on a pro forma basis, the Debt Yield (Borrower Parties) after giving effect to the substitution is equal to or greater than the Debt Yield (Borrower Parties) immediately prior to giving effect to such substitution; provided, that Borrowers may deliver any item or items specified in Section 9.12(c) hereof in order to satisfy the requirement set forth in this Section 9.12(a)(ii); (iii) a Responsible Officer or any Borrower shall certify in writing to the Administrative Agent that no Default or Event of Default shall exist immediately after giving effect to the applicable substitution; (iv) the Administrative Agent shall have received evidence, acceptable to it in its reasonable discretion that the matters set forth in such request, Compliance Certificate and certification are true and correct in all material respects, and, to the extent all such conditions to substitution are satisfied, the Administrative Agent will, at the Borrowers’ expense, within five (5) Business Days of the satisfaction of the conditions set forth in this Section 9.12(a), deliver to the applicable Borrower such documentation as is reasonably necessary to evidence the release of the Administrative Agent’s security interest, if any, in the released Real Property Asset(s) and release from all other Obligations all at the reasonable cost and expense of such applicable Borrower; (v) the Admi...