Definition of Pocket Mortgage

  1. Pocket Mortgage means those certain deeds of trust or mortgages granted against the Borrowing Base Properties (as may be substituted or supplemented in the future) which Lender has agreed to hold in escrow as of the Closing Date and may record at any time following the occurrence of an Event of Default (i.e., prior to an Event of Default, the same are not operative), provided that if (i) if the Event of Default giving rise to recordation of any Pocket Mortgage was not an Event of Default under Section 10.1(a) or Section 10.1(b)(i) (as to Section 9.1 only) hereof and (ii) the Borrower has fully cured such Event of Default, then the Borrower may request the release of such Pocket Mortgage within 15 Business Days following Administrative Agent's receipt of all quarterly reporting certificates required to be delivered pursuant to this Agreement and Administrative Agent shall deliver a release for any recorded Pocket Mortgage if such certificates evidence the Borrower's compliance with all of the covenants referenced in such certificates. In addition, if (i) the Event of Default giving rise to recordation of any Pocket Mortgage was relating to an Event of Default under Section 10.1(b)(i) as to Section 9.1 only and (ii) the Borrower has fully cured such Event of Default, then the Borrower may request the release of such Pocket Mortgage within 15 Business Days following the Administrative Agent's receipt of all quarterly reporting certificates required to be delivered pursuant to this Agreement for two (2) quarterly reporting cycles and Administrative Agent shall deliver a released for any recorded Pocket Mortgage if all of such certificates for both quarterly reporting cycles evidence the Borrower's compliance with all of the covenants required in all such certificates.

Definition of Pocket Mortgage in Credit Agreement

Pocket Mortgage means those certain deeds of trust or mortgages granted against the Borrowing Base Properties (as may be substituted or supplemented in the future) which Lender has agreed to hold in escrow as of the Closing Date and may record at any time following the occurrence of an Event of Default (i.e., prior to an Event of Default, the same are not operative), provided that if (i) if the Event of Default giving rise to recordation of any Pocket Mortgage was not an Event of Default under Section 10.1(a) or Section 10.1(b)(i) (as to Section 9.1 only) hereof and (ii) the Borrower has fully cured such Event of Default, then the Borrower may request the release of such Pocket Mortgage within 15 Business Days following Administrative Agent's receipt of all quarterly reporting certificates required to be delivered pursuant to this Agreement and Administrative Agent shall deliver a release for any recorded Pocket Mortgage if such certificates evidence the Borrower's compliance with all of the covenants referenced in such certificates. In addition, if (i) the Event of Default giving rise to recordation of any Pocket Mortgage was relating to an Event of Default under Section 10.1(b)(i) as to Section 9.1 only and (ii) the Borrower has fully cured such Event of Default, then the Borrower may request the release of such Pocket Mortgage within 15 Business Days following the Administrative Agent's receipt of all quarterly reporting certificates required to be delivered pursuant to this Agreement for two (2) quarterly reporting cycles and Administrative Agent shall deliver a released for any recorded Pocket Mortgage if all of such certificates for both quarterly reporting cycles evidence the Borrower's compliance with all of the covenants required in all such certificates.