Partial Release Conditions definition

Partial Release Conditions has the meaning provided in Section 7.13(C).

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Partial Release Conditions means Partial Release Conditions as defined in Paragraph 29(b).

Partial Release Conditions means, with respect to a Borrower Subsidiary or any assets of a Borrower Subsidiary, (i) an amount equal to the sum of the Minimum Payoff Amount and the Holdco Minimum Payoff Amount has been deposited into the Takeout Transaction Account, as evidenced by (x) with respect to the Holdco Minimum Payoff Amount, the related Holdco Minimum Payoff Amount Notice and (y) with respect to the Minimum Payoff Amount, a Borrowing Base Certificate delivered by the Borrower to Administrative Agent giving pro forma effect to such prepayments or additions, (ii) no Potential Default or Event of Default has occurred and is continuing, (iii) the amount on deposit in the Liquidity Reserve Account shall not be less than the Liquidity Reserve Account Required Balance, (iv) the amount on deposit in the Post-PTO Reserve Account shall not be less than the Post-PTO Reserve Account Required Balance, (v) the related Supplemental Reserve Account Deposit shall have been deposited into the Supplemental Reserve Account, taking into account the application of the Net Proceeds of the Takeout Transaction on the date of the consummation of such Takeout Transaction, and (vi) the Borrower and Borrower Subsidiaries have executed and delivered to the Administrative Agent instruments, certificates, and agreements required by the Transaction Documents and/or reasonably requested by the Administrative Agent in connection with the release of such assets, the prepayment of principal and payment of interest, and the release of a Borrower Subsidiary or Solar Assets, as applicable.

Examples of Partial Release Conditions in a sentence

The Company shall (i) execute, deliver, obtain and record such instruments as the Collateral Agent may require, including, without limitation, amendments to the Security Documents or this Agreement and (ii) deliver to the Collateral Agent such evidence of the satisfaction of the Release Conditions and the Partial Release Conditions as the Collateral Agent may require.
In the event the proposed Released Real Property consists of less than all of the Mortgaged Real Property subject to a single Mortgage, the Partial Release Conditions must be satisfied in order for the Company to receive the Release.
In the event the proposed Released Property consists of less than all of the Mortgaged Real Property subject to a single Mortgage, the Partial Release Conditions must be satisfied in order for the Borrower or its Subsidiaries to receive the Release.
Holdings or the Borrower shall (i) execute, deliver, obtain and record such instruments as the Lender may require, including, without limitation, amendments to the Security Documents or this Agreement and, (ii) deliver to the Lender such evidence of the satisfaction of the Release Conditions and the Partial Release Conditions as the Lender may require and (iii) cause the Title Company to issue the endorsement referred to in subsection (C)(iv) of this Section 6.
In the event the proposed Released Property consists of less than all of the Mortgaged Real Property subject to a single Mortgage, the Partial Release Conditions must be satisfied in order for the Borrower to receive the Release.

More Definitions of Partial Release Conditions

Partial Release Conditions has the meaning provided in Section 6.05(C).

Partial Release Conditions all of the following conditions with respect to a proposed release of a Property from the lien of the Mortgage: (a) No Event of Default or Incipient Default shall have occurred and be continuing; (b) Borrowers shall either have paid Lender an amount equal to 115% of the Allocated Loan Amount for such Property or shall have substituted a Property satisfying all of the conditions for a "Substitute Property", subject to the limitation that the option to provide a Substitute Property may be used only twice during the term of the Loan; (c) Borrowers shall have paid Lender a release fee equal to 3% of the amount of the Loan prepaid if such prepayment occurs during loan months 25 through 36; (d) The remaining Properties (after application of the release price) shall have a Debt Service Coverage Ratio of 1.4x or greater, determined using (i) an interest rate the greater of the actual rate on the Notes at the time of determination or 10% and (ii) a 25 year amortization schedule and with NOI adjusted so that payments of membership and initiation fees do not exceed 10% of total Gross Revenues; and (e) No Partial Release may occur until June 2, 2005.

Partial Release Conditions means each of the following conditions:

Partial Release Conditions means, with respect to any request by Administrative Borrower that Agent release its Lien in any Real Property (other than the ▇▇▇▇▇ ▇▇▇▇▇▇ Real Property) or Equipment in connection with any disposition or loan involving such Real Property or Equipment, the following conditions, the satisfaction of each of which is required before Agent shall be obligated to release its Liens in any such Real Property or Equipment: (a) no Default or Event of Default exists or would result from such disposition or loan; (b) all of the conditions thereto set forth in the Revolver Loan Credit Agreement shall have been satisfied, and (c) Administrative Borrower shall have delivered to Agent a certification as to the satisfaction of the foregoing conditions and that such disposition or loan is permitted under the Agreement. Promptly following the satisfaction of all such Partial Release Conditions with respect to any Real Property (other than the ▇▇▇▇▇ ▇▇▇▇▇▇ Real Property) or Equipment, Agent shall release its Lien in such Real Property or Equipment at Borrowers’ expense and pursuant to release documents that are satisfactory to Agent.

Partial Release Conditions means, with respect to any request by Administrative Borrower that Agent release its Lien in any Real Property or Equipment in connection with any Permitted Disposition or Permitted Fixed Asset Loan involving such Real Property or Equipment, the following conditions, the satisfaction of each of which is required before Agent shall be obligated to release its Liens in any such Real Property or Equipment: (a) no Default or Event of Default exists or would result from such Permitted Disposition or Permitted Fixed Asset Loan; (b) Agent shall have received the Net Cash Proceeds from such Permitted Disposition or Permitted Fixed Asset Loan for application to the Obligations in accordance with Section 2.4(f) of the Agreement; (c) Administrative Borrower shall have delivered an updated Borrowing Base Certificate to Agent reflecting the removal of any such Real Property or Equipment from Eligible Real Property or Eligible M&E, to the extent applicable, and (d) Administrative Borrower shall have delivered to Agent a certification as to the satisfaction of the foregoing conditions and that such Permitted Disposition or Permitted Fixed Asset Loan is permitted under the Agreement. Promptly following the satisfaction of all such Partial Release Conditions with respect to any Real Property or Equipment, Agent shall release its Lien in such Real Property or Equipment at Borrowers’ expense and pursuant to release documents that are satisfactory to Agent.

Partial Release Conditions. Section 6.6