Release of Eligible Properties Clause Samples

The 'Release of Eligible Properties' clause defines the conditions under which certain properties, previously pledged as collateral, can be removed from the security interest of a lender or other secured party. Typically, this clause outlines the criteria that must be met—such as repayment of a portion of the loan, substitution of collateral, or satisfaction of specific financial covenants—before a property is released. For example, in a real estate financing agreement, a borrower may be allowed to sell or refinance a property once the outstanding loan balance is reduced to a certain level. The core function of this clause is to provide flexibility to the borrower while protecting the lender’s interests, ensuring that collateral can be released in a controlled and predictable manner as obligations are met.
Release of Eligible Properties. From time to time the Borrower may request, upon not less than 30 days prior written notice to the Agent, that a Borrowing Base Property that is subject to a Security Deed be released from the Liens created by such Security Deed and the other Collateral Documents applicable thereto, which release (the "Property Release") shall be effected by the Agent if the Agent determines all of the following conditions are satisfied as of the date of such Property Release: (a) no Default or Event of Default has occurred and is then continuing or will occur after giving effect to such Property Release and the reduction in the Borrowing Base by reason of the release of such Borrowing Base Property; (b) the Borrower shall have delivered to the Agent a Borrowing Base Certificate reflecting the Borrowing Base after giving effect to such Property Release; (c) the Borrower shall have delivered to the Agent all documents and instruments reasonably requested by the Agent in connection with such Property Release including, without limitation, the following: (i) the quitclaim deed or other instrument to be used to effect such Property Release; and (ii) an appropriate endorsement to the mortgagee title insurance policy in effect with respect to the affected Borrowing Base Property (and appropriate corrective endorsements with respect to any other mortgagee policies of title insurance on Borrowing Base Properties which have tie-in clauses which are affected by the release); and
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Release of Eligible Properties 
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Related to Release of Eligible Properties

  • Tangible Property Except for specific items which may be owned by independent contractors, the machinery, equipment, fixtures, tools and supplies used in connection with the Resort, including without limitation, with respect to the operations and maintenance of the Common Elements, are owned either by Borrower, Silverleaf Club, or the applicable Timeshare Owners’ Association.

  • Release of Encumbrances The Company shall have filed (where necessary) ----------------------- and delivered to Buyer all documents necessary to release the Assets from all Encumbrances which documents shall be in a form reasonably satisfactory to Buyer's counsel.

  • Environmental Releases Each Party shall notify the other Parties, first orally and then in writing, of the release of any hazardous substances, any asbestos or lead abatement activities, or any type of remediation activities related to the Small Generating Facility or the Interconnection Facilities, each of which may reasonably be expected to affect the other Parties. The notifying Party shall: (1) provide the notice as soon as practicable, provided such Party makes a good faith effort to provide the notice no later than 24 hours after such Party becomes aware of the occurrence, and (2) promptly furnish to the other Parties copies of any publicly available reports filed with any governmental authorities addressing such events.

  • Intangible Property Intangible and intellectual property of this award shall generally follow provisions established in 2 CFR § 200.315.

  • Release from Contract An employee under contract shall be released from the obligations of the contract upon request under the following conditions: