Release of Property, etc Sample Clauses
The 'Release of Property' clause establishes the conditions under which property held by one party is returned or released to another party, typically at the conclusion of an agreement or upon fulfillment of certain obligations. In practice, this clause may specify the procedures for returning equipment, documents, or other assets, and can outline any requirements for inspection or confirmation of the property's condition before release. Its core function is to ensure a clear and orderly transfer of property rights, preventing disputes over ownership or the state of returned items at the end of a contractual relationship.
Release of Property, etc. (a) If the Lessee shall at any time purchase the Property pursuant to the Lease, or the Construction Agent shall purchase the Property pursuant to the Agency Agreement, or if the Property shall be sold in accordance with Article XXI of the Lease, then, upon payment of all amounts then due and owing by the Lessee and the Construction Agent under the Operative Agreements, the Agent is hereby authorized and directed to release the Property from the Liens created by the Operative Agreements to the extent of its interest therein. In addition, upon the Payment in Full (unless the Secured Parties retain rights in the Property at such time in accordance with the Operative Agreements), the Agent is hereby authorized and directed to release the Property from the Liens created by the Operative Agreements to the extent of its interest therein. Upon request of the Lessor or the Lessee following any such release, the Agent shall, at the sole cost and expense of the Lessee, execute and deliver to the Lessor and the Lessee such documents as the Lessor or the Lessee shall reasonably request to evidence such release.
(b) Each of the Lessor Parties irrevocably authorizes the Agent, at its option and in its discretion, to release any Guarantor from its obligations under the Guaranty set forth in Section 6B of this Agreement if such Person ceases to be a Subsidiary as a result of a transaction permitted hereunder. Upon request by the Agent at any time, the Majority Secured Parties will confirm in writing the Agent’s authority to release any Guarantor from its obligations under the Guaranty pursuant to this Section 8.8(b). In each case as specified in this Section 8.8(b), the Agent will, at the Lessee’s expense, execute and deliver to the applicable Lessor Party such documents as such Lessor Party may reasonably request (provided, such are in form and substance reasonably satisfactory to the Agent) to release such Guarantor from its obligations under the Guaranty, in each case in accordance with the terms of the Operative Agreements and this Section 8.8(b).
Release of Property, etc. If the Lessee shall at any time purchase the Property pursuant to the Lease, or the Construction Agent shall purchase the Property pursuant to the Agency Agreement, or if the Property shall be sold in accordance with Article XXI of the Lease, then, upon payment of all amounts then due and owing by the Lessee and the Construction Agent under the Operative Agreements, the Agent is hereby authorized and directed to release the Property from the Liens created by the Operative Agreements to the extent of its interest therein. In addition, upon the termination of the Credit Loan Commitments, the Mortgage Loan Commitments and the Lessor Commitment and the payment in full of all amounts then due and owing by the Lessee under the Operative Agreements, the Agent is hereby authorized and directed to release the Property from the Liens created by the Operative Agreements to the extent of its interest therein. Upon request of the Lessor or the Lessee following any such release, the Agent shall, at the sole cost and expense of the Lessee, promptly execute and deliver to the Lessor and the Lessee such documents as the Lessor or the Lessee shall reasonably request to evidence such release.
Release of Property, etc. If the Lessee shall at any time purchase the Property or any portion thereof pursuant to the Lease, or the Construction Agent shall purchase the Property or any portion thereof pursuant to the Construction Agency Agreement, or if the Property or any portion thereof shall be sold in accordance with Article XXII of the Lease, then, upon satisfaction by the Owner Trustee of its obligation to prepay the Loans, Holder Advances and all other amounts owing to the Lenders and the Holders under the Operative Agreements in respect of the Property or the applicable portion thereof, the Agent is hereby authorized and directed to release the Property or the applicable portion thereof from the Liens created by the Security Documents to the extent of its interest therein. In addition, upon the termination of the Commitments and the Holder Commitments and the payment in full of the Loans, the Holder Advances and all other amounts owing by the Owner Trustee and the Lessee hereunder or under any other Operative Agreement the Agent is hereby authorized and directed to release all of the Property from the Liens created by the Security Documents to the extent of its interest therein. Upon request of the Owner Trustee following any such release, the Agent shall, at the sole cost and expense of the Lessee, execute and deliver to the Owner Trustee and the Lessee such documents as the Owner Trustee or the Lessee shall reasonably request to evidence such release.
Release of Property, etc. If the Lessee shall at any time purchase any Property pursuant to Article XV of the Master Lease, or if the Purchase Option is exercised with respect to any Property under Article XVIII of the Master Lease, or if any Property shall be sold in accordance with, and the Lessee otherwise satisfies each of the obligations and conditions set forth in, Article XX of the Master Lease, then, upon application of such amounts to prepay the Loans pursuant to Article II and the Administrative Agent's and the Lenders' receipt of all accrued interest and any other payments due and owing from the Lessee and/or the Lessor Trust to the Administrative Agent and the Lenders on such date, including without limitation pursuant to Article XIII of the Participation Agreement, such Property shall be released from the Lien in favor of the Lenders created by the Assignment of Lease and Rent to the extent relating to such Property without delivery of any instrument or performance of any act by any party.
Release of Property, etc. (a) If the Lessee shall at any time purchase any Property pursuant to Article XV or XVIII of the Master Lease, or if any Property shall be sold in accordance with, and the Lessee otherwise satisfies each of the obligations and conditions set forth in, Article XX of the Master Lease, then, upon application of such amounts to repay the Capital pursuant to Article II and the Administrative Agent’s and the Purchasers’ receipt of all accrued ROC and any other payments due and owing from the Lessee to the Administrative Agent and the Purchasers on such date, including without limitation pursuant to Article XIII of the Participation Agreement, such Property shall be released from the Lien in favor of the Purchasers created by the Assignment of Lease and Rent to the extent relating to such Property and the applicable Mortgage without delivery of any instrument or performance of any act by any party.
(b) Upon the termination of the Purchasers’ Commitments and the payment in full of the Capital and all other amounts owing by the Lessor hereunder or under any other Receivables Document, the Properties shall be released from the Lien in favor of the Purchasers created by the Assignment of Lease and Rent and the Mortgage without delivery of any instrument or performance of any act by any party. Tandem Health Care of Ohio, Inc. Receivables Purchase Agreement
(c) Upon request of the Lessor or the Lessee following a release of any Property described in clause (a) or (b) above, the Administrative Agent shall at the Lessee’s sole cost and expense execute and deliver to the Lessor or the Lessee such documents as the Lessor or the Lessee shall reasonably request to evidence such release.