Partial Release Provisions Clause Samples
Partial Release Provisions are contractual terms that allow for the release of certain assets or collateral from an agreement before the entire obligation is fulfilled. Typically, these provisions specify conditions under which a portion of the secured property, such as real estate or equipment, can be released once specific milestones are met or partial payments are made. This mechanism is commonly used in loan agreements to provide flexibility to the borrower, enabling them to sell or refinance parts of the collateral as obligations are gradually satisfied. The core function of Partial Release Provisions is to balance the lender's security interests with the borrower's need for operational flexibility, thereby facilitating smoother transactions and project progress.
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Partial Release Provisions. If no Default or Event of Default has occurred and is continuing or would result from the taking of any actions pursuant to this clause, the Administrative Agent agrees to provide the applicable Landholder with partial releases of the Mortgages with respect to the Timberland sold or otherwise disposed of in accordance with the terms of this Agreement (the portions of the Timberland subject to such partial release being, the “Release Parcel”), subject to the following terms and conditions:
(i) All proceeds of the Release Parcel have been applied as provided in clause (b) of Section 3.1.2 and Section 3.1.3.
(ii) The proposed release of the Release Parcel does not adversely affect the Administrative Agent’s security interest on any of the other Collateral.
(iii) The proposed release of the Release Parcel does not, in the Administrative Agent’s judgment, impair in any material respect (in the determination of the Administrative Agent) the access to, or value, income producing ability, marketability or operational efficiency of, the remaining Timberland.
(iv) At the Administrative Agent’s request, the Borrower shall cause the title insurance company which issued the Administrative Agent’s title insurance policy in connection with the Mortgage relating to the Release Parcel to issue an endorsement to such title insurance policy which is in form and substance satisfactory to the Administrative Agent with respect to the Release Parcel.
(v) All reasonable out of pocket fees, costs and expenses actually incurred by the Administrative Agent in connection with the consideration of any request for a partial release of the Release Parcel (including, without limitation, legal, appraisal and accounting fees and expenses, and all recording, title insurance premiums and title expenses) shall be borne solely by the Borrower. In addition, in connection with each request for a partial release of a Release Parcel under this clause, the Administrative Agent shall be entitled to receive payment of a reasonable administration fee for each Release Parcel so released.
Partial Release Provisions. So long as no CMA Termination Event shall have occurred and no Event of Default shall have occurred and be continuing, NAI shall have the option from time to time prior to the Designated Sale Date to purchase or to designate a third party to purchase the Existing Buildings, Building 6, Building 7 or Building 8, together with a portion of the Land under and around the building purchased, as determined by BNPLC in its reasonable discretion (each such building and portion of the Land under and around it being hereinafter referred to, collectively, as a "RELEASE TARGET"), provided that NAI shall have satisfied the following terms and conditions:
(1) Before exercising any such option, NAI must have obtained all requisite governmental approvals for (and recorded) a new plat or map of the Land, showing the Release Target to be purchased as a separate platted lot such that it can be sold under Applicable Laws separate and apart from the rest of the Land, all in a manner satisfactory to BNPLC. Also, NAI, BNPLC and any other parties with interests in the Property affected thereby must have agreed upon, entered into and recorded such reciprocal easements and restrictive covenants relating to any Release Target to be so sold and the remainder of the Property as BNPLC shall deem necessary or reasonably required to preserve the utility and value of the Property remaining after the conveyance. Such easements may include utility easements, drainage easements, access easements, parking easements, signage easements and lateral support easements. Such restrictive covenants may, among other things, prohibit residential uses and other uses of the Release Target that are reasonably objectionable to BNPLC, as the record owner of the fee interest in adjacent property, including any of the following uses:
Partial Release Provisions. Notwithstanding anything contained herein or in any of the other Loan Documents to the contrary, the Owner shall have the right to obtain a release of individual Lots and Parcels from the lien of the Deed of Trust in connection with a conveyance of the same to NVR pursuant to the terms of the NVR Purchase Contracts or to another third-party purchaser under a contract of sale approved by the Lender in accordance with the terms set forth in Exhibit B attached hereto and made a part hereof.
Partial Release Provisions. Secured Party has been notified by Grantor and Secured Party agrees that at the request of Grantor portions of the Collateral may be released from the Security Interest of Secured Party subject to the terms and conditions of this Section 9.
Partial Release Provisions. Borrower may request a partial release from the Deed of Trust for the portion of the Property identified on Exhibit C attached hereto as the "Development Parcel" (the "Development Parcel"), upon the following terms and conditions: