Common use of Collateral Release Provisions Clause in Contracts

Collateral Release Provisions. If the Borrower seeks to obtain the release of a Borrowing Base Hotel, the Borrower shall provide to the Agent and the Banks a replacement Borrowing Base Value Certificate reflecting the deletion of such hotel from the calculations of the Borrowing Base Value, as previously described in Section 2.01(b). The Agent shall not release such hotel until the Agent (i) has reviewed and approved such Borrowing Base Value Certificate and (ii) has determined that the principal balance outstanding under the Loans shall not exceed the Maximum Advance after giving effect to the release. The Borrower may obtain a release of any Borrowing Base Hotel or Borrowing Base Hotels, provided (x) a Borrowing Base Hotel Release Entitlement Event has occurred, (y) provided there is no existing Default hereunder and the release of such Hotel would not cause a Default or an Event of Default to occur; and also (z) provided that one of the following conditions, as selected by the Borrower, in its sole discretion, is satisfied: