Collateral Release Requirements Sample Clauses

Collateral Release Requirements. At any time from and after the Lockout Date and provided no Event of Default has occurred and is continuing, the Borrowers may obtain a Collateral Release upon satisfaction of the following conditions precedent: (a) the Borrowers shall have provided Lender with not less than thirty (30) days and not more than sixty (60) days prior written Notice specifying the date which shall be a date upon which a scheduled debt service payment installment is due (the "Release Date") on which the Collateral Release is to be made; (b) the Borrowers shall have paid to Lender all interest accrued and unpaid on the principal balance of Note A, Note B and Note C to and including the Release Date; (c) the Borrowers shall have paid to Lender all other Indebtedness due and payable under the Loan Documents through and including the Release Date; (d) the Borrowers shall have paid to Lender the Collateral Release Deposit (hereinafter defined); and (e) the Borrowers shall have delivered to Lender the following: (1) a security agreement, in form and substance satisfactory to Lender, creating a first priority lien on the Collateral Release Deposit and the U.S. Obligations (hereinafter defined) purchased on behalf of the Borrowers with the Collateral Release Deposit in accordance with this Section 2.1(D) (the "Pledge Agreement"), which Pledge Agreement shall provide, among other things, that any excess payments of principal and interest received by Lender under the U.S. Obligations over the amount needed to make payments of principal, interest, all other Indebtedness and other sums due from the Borrowers under the Notes shall be refunded to the Borrowers; 12 <PAGE> (2) a release of the Premises from the lien of the Mortgage (for execution by Lender) in a form satisfactory to Lender and appropriate for the jurisdiction in which the Premises is located; (3) an officer's certificate of the Borrowers certifying that the requirements set forth in this Section 2.1(D) have been satisfied; (4) an opinion of counsel for the Borrowers in form satisfactory to Lender stating that: (i) the Successor Borrower (as hereinafter defined) has been duly formed and is authorized to enter into and has properly executed the Pledge Agreement; and (ii) Lender has a perfected first priority security interest in the Collateral Release Deposit and the U.S. Obligations purchased by Lender on behalf of the Borrowers; (5) if required by any rating agency(s) associated with a Securitization Transaction, evidence in w...
Sample 1
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Collateral Release Requirements. At any time from and after the Lockout Date and provided no Event of Default has occurred and is continuing, the Borrowers may obtain a Collateral Release upon satisfaction of the following conditions precedent: (a) the Borrowers shall have provided Lender with not less than thirty (30) days and not more than sixty (60) days prior written Notice specifying the date which shall be a date upon which a scheduled debt service payment installment is due (the "Release Date") on which the Collateral Release is to be made; (b) the Borrowers shall have paid to Lender all interest accrued and unpaid on the principal balance of Note A, Note B and Note C to and including the Release Date; (c) the Borrowers shall have paid to Lender all other Indebtedness due and payable under the Loan Documents through and including the Release Date; (d) the Borrowers shall have paid to Lender the Collateral Release Deposit (hereinafter defined); and (e) the Borrowers shall have delivered to Lender the following:
Sample 1

Related to Collateral Release Requirements

  • Release Requirement Notwithstanding any provision herein to the contrary, except as otherwise determined by the Company, in order for the Grantee to receive Shares pursuant to the settlement of Vested RSUs under Section 6(a), (b), (c), (d) or (e) above, the Grantee (or the representative of his or her estate) must execute and deliver to the Company a general release and waiver of claims against the Company, its Subsidiaries and their directors, officers, employees, shareholders and other affiliates in a form that is satisfactory to the Company (the “Release”). The Release must become effective and irrevocable under applicable law no later than 60 days following the date of the Grantee’s death, termination of employment or transfer of position, as applicable.

  • Collateral Releases The Lenders hereby empower and authorize the Agent to execute and deliver to the Borrower on their behalf any agreements, documents or instruments as shall be necessary or appropriate to effect any releases of Collateral which shall be permitted by the terms hereof or of any other Loan Document or which shall otherwise have been approved by the Required Lenders (or, if required by the terms of Section 8.2, all of the Lenders) in writing.

  • Release Required Any amounts payable or benefits provided pursuant to this Agreement (other than amounts payable pursuant to Section 3(a) or Section 3(d) of this Agreement) shall only be payable if (a) the Executive executes and delivers to the Company (and does not revoke) a general release of claims of the Company in a form substantially similar to the form attached as Exhibit A hereto (the “Release”), and (b) such Release becomes irrevocable within fifty-five (55) days following the date of the Qualifying Termination.

  • Collateral Requirements The Collateral Requirements in relation to all positions held in the accounts established pursuant to the 40 Act Financing Agreements (the “Positions”) shall be the greatest of:

  • SUBLEASE REQUIREMENTS The following terms and conditions shall apply to any subletting by Tenant of all or any part of the Premises and shall be deemed included in each sublease:

  • Partial Release of Collateral Lender hereby releases the following collateral:

  • Termination; Release (a) After the Termination Date (as defined below), this Agreement shall terminate (provided that all indemnities set forth herein including, without limitation, in Section 11 hereof shall survive any such termination) and the Pledgee, at the request and expense of the respective Pledgor, will promptly execute and deliver to such Pledgor a proper instrument or instruments acknowledging the satisfaction and termination of this Agreement, and will duly assign, transfer and deliver to such Pledgor (without recourse and without any representation or warranty) such of the Collateral as may be in the possession of the Pledgee and as has not theretofore been sold or otherwise applied or released pursuant to this Agreement. As used in this Agreement, “Termination Date” shall mean the earliest of (i) the date upon which the Total Revolving Loan Commitment has been terminated, and all Credit Document Obligations (excluding normal continuing indemnity obligations which survive in accordance with their terms, so long as no amounts are then due and payable in respect thereof) have been indefeasibly paid in full (provided the terms of the Secured Hedging Agreements and the other Secured Debt Agreements do not otherwise prohibit the termination hereof), (ii) the Collateral Release Date as defined in Section 10.15(d) of the Credit Agreement (but subject to any deferral requested by the U.S. Borrower pursuant to the last sentence of Section 10.15(d) and the applicable provisions hereof), (iii) the date upon which the Collateral Agent releases the Collateral in accordance with Section 14.20 of the Credit Agreement and (iv) the date upon which the Credit Documents are amended to release all Collateral subject to this Agreement.

  • Mortgage Releases The terms of the related Mortgage or related Mortgage Loan documents do not provide for release of any material portion of the Mortgaged Property from the lien of the Mortgage except (a) a partial release, accompanied by principal repayment, or partial defeasance (as described in paragraph 34) of not less than a specified percentage at least equal to 110% of the related allocated loan amount of such portion of the Mortgaged Property, (b) upon payment in full of such Mortgage Loan, (c) upon a Defeasance (defined in paragraph 34 below), (d) releases of out-parcels that are unimproved or other portions of the Mortgaged Property which will not have a material adverse effect on the underwritten value of the Mortgaged Property and which were not afforded any value in the appraisal obtained at the origination of the Mortgage Loan and are not necessary for physical access to the Mortgaged Property or compliance with zoning requirements, or (e) as required pursuant to an order of condemnation. With respect to any partial release under the preceding clauses (a) or (d), either: (x) such release of collateral (i) would not constitute a “significant modification” of the subject Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b)(2) and (ii) would not cause the subject Mortgage Loan to fail to be a “qualified mortgage” within the meaning of Section 860G(a)(3)(A) of the Code; or (y) the mortgagee or servicer can, in accordance with the related Mortgage Loan documents, condition such release of collateral on the related Mortgagor’s delivery of an opinion of tax counsel to the effect specified in the immediately preceding clause (x). For purposes of the preceding clause (x), if the fair market value of the real property constituting such Mortgaged Property after the release is not equal to at least 80% of the principal balance of the Mortgage Loan (together with any related Pari Passu Companion Loans) outstanding after the release, the Mortgagor is required to make a payment of principal in an amount not less than the amount required by the REMIC Provisions. Exh. C-12 In the case of any Mortgage Loan, in the event of a taking of any portion of a Mortgaged Property by a State or any political subdivision or authority thereof, whether by legal proceeding or by agreement, the Mortgagor can be required to pay down the principal balance of the Mortgage Loan (together with any related Pari Passu Companion Loans) in an amount not less than the amount required by the REMIC Provisions and, to such extent, the award from any such taking may not be required to be applied to the restoration of the Mortgaged Property or released to the Borrower, if, immediately after the release of such portion of the Mortgaged Property from the lien of the Mortgage (but taking into account the planned restoration) the fair market value of the real property constituting the remaining Mortgaged Property is not equal to at least 80% of the remaining principal balance of the Mortgage Loan (together with any related Pari Passu Companion Loans). No such Mortgage Loan that is secured by more than one Mortgaged Property or that is cross-collateralized with another Mortgage Loan permits the release of cross-collateralization of the related Mortgaged Properties or a portion thereof, including due to a partial condemnation, other than in compliance with the REMIC Provisions.

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