Common use of Release of Properties Clause in Contracts

Release of Properties. (a) If the Lessee shall at any time (i) purchase any Affected Property pursuant to Section 15.1 of the Lease, (ii) exercise its Purchase Option with respect to the Properties, or if any or all of the Properties shall be purchased by the Lessee (or its designees) in accordance with the Master Lease, and in each case, the Lessee satisfies each of the obligations and conditions set forth in the Master Lease for the release of a Property therefrom, then, upon application of the proceeds of any such sale pursuant to Article VII and all accrued interest, Yield and any other payments due and owing from the Lessee to the Administrative Agent, the Lenders and the Lessor on such date pursuant to the Operative Documents, including without limitation all amounts due and owing pursuant to Article XIII of this Participation Agreement with respect to such Property or Properties purchased by the Lessee or its designee, each such Property shall be released from the Liens created by the Operative Documents (including any Liens created by the Lease Supplement covering such Property, the Mortgage with respect to such Property and the Assignment of Lease and Rent) and the Administrative Agent and the Lessor shall, at the expense of the Lessee, execute and deliver such instruments as the Lessee may reasonably request to effectuate and evidence such releases. (b) In addition, upon the termination of the Commitments of the Lenders and the payment in full of all other amounts owing to the Lenders by the Lessee hereunder or under any other Operative Document, the Properties shall be released from the Liens created by the Mortgages and the Assignment of Lease and Rent. Upon request of either the Lessee or the Lessor following any such release, the Administrative Agent shall, at the sole cost and expense of the Lessee, execute and deliver to the Lessor or the Lessee, as applicable, such documents as the Lessee or the Lessor shall reasonably request to effectuate and evidence such release.

Release of Properties. (a) If the Lessee shall at any time (i) purchase any Affected Property pursuant to Section 15.1 16.2 of the Lease, (ii) Lease or exercise its Purchase Option with respect to any Property under the PropertiesLease, or if any or all of the Properties shall be purchased by sold in accordance with, and the Lessee (or its designees) in accordance with the Master Lease, and in each case, the Lessee otherwise satisfies each of the obligations and conditions set forth in the Master Lease for the release of a Property therefrom, then, upon application of the proceeds of any such sale pursuant to Article VII Section 5 and all accrued interest, Yield interest and any other payments due and owing from the Lessee to the Administrative AgentAgent Bank, the Lenders and Lenders, the Facility Lender or Lessor on such date pursuant to the Operative Documentsdate, including without limitation all amounts due and owing pursuant to Article XIII Section 14 of this Participation Agreement with respect to such Property or Properties purchased by the Lessee or its designeeAgreement, each such Property shall be released from the Liens created by the Operative Security Documents (including any Liens created by the Lease Supplement covering such Property, the Mortgage with respect to such Property and the Assignment of Lease and Rent) Agent Bank, Lessor and the Administrative Agent and the Lessor Facility Lender shall, at the expense of the Lessee, execute and deliver such instruments as the Lessee may reasonably request are legally required in order to effectuate and evidence such releases. (b) release. In addition, upon the termination of the Facility Lender Commitments of the Lenders and the payment in full of all other amounts owing to the Lenders by the Lessee hereunder or under any other Operative Document, the Properties shall be released from the Liens created by the Mortgages and the Assignment of Lease and RentSecurity Documents. Upon request of either the Lessee or the Lessor following any such release, the Administrative Agent Bank and Facility Lender shall, at the sole cost and expense of the Lessee, Lessee or Lessor execute and deliver to the Lessor or the Lessee, as applicable, Lessee such documents as the Lessee or the Lessor shall reasonably request to effectuate and evidence such release.

Release of Properties. (a) If the Lessee shall at any time (i) purchase any Affected Property pursuant to Section 15.1 the terms of the Lease, (ii) exercise its Purchase Option with respect to the Properties, or if any or all of the Properties shall be purchased by sold in accordance with, and the Lessee (or its designees) in accordance with the Master Lease, and in each case, the Lessee otherwise satisfies each of the obligations and conditions set forth in the Master Lease for the release or substitution of a Property therefrom, then, upon application of the proceeds of any such sale pursuant to Article VII Section 5 (except in the case of a substitution) and all accrued interest, Yield interest and any other payments due and owing from the Lessee to the Administrative AgentIndenture Trustee, the Lenders and Noteholders, the Facility Lender or Lessor on such date pursuant to the Operative Documentsdate, including without limitation all amounts due and owing pursuant to Article XIII Section 13 of this Participation Agreement with respect to such Property or Properties purchased by the Lessee or its designeeAgreement, each such Property shall be released from the Liens created by the Operative Security Documents (including any Liens created by the Lease Supplement covering such Property, the Mortgage with respect to such Property and the Assignment of Lease and Rent) Indenture Trustee, Lessor and the Administrative Agent and the Lessor Facility Lender shall, at the expense of the Lessee, execute and deliver such instruments as the Lessee may reasonably request are legally required in order to effectuate and evidence such releases. (b) release. In addition, upon the termination of the Commitments of the Lenders and the payment in full of all other amounts owing to the Lenders by the Lessee hereunder or under any other Operative Document, the Properties shall be released from the Liens created by the Mortgages and the Assignment of Lease and RentSecurity Documents. Upon request of either the Lessee or the Lessor following any such release, the Administrative Agent Indenture Trustee and Facility Lender shall, at the sole cost and expense of the Lessee, Lessee or Lessor execute and deliver to the Lessor or the Lessee, as applicable, Lessee such documents as the Lessee or the Lessor shall reasonably request to effectuate and evidence such release.