Sale and Release of Properties Sample Clauses

Sale and Release of Properties. (a) Borrower may obtain the release of all or any of the Converting Property and the Spinners Properties from the Lien of the applicable Mortgage (and related Loan Documents) upon a bona fide sale of any such Property provided each of the following conditions are satisfied: (i) the sale of such Property is pursuant to an arms’ length agreement with a third party (A) which is not an Affiliate of any Borrower or Guarantor (other than holders of publicly traded shares or other securities of Guarantor) and (B) in which no direct or indirect member, partner or shareholder of any Borrower or Guarantor (other than holders of publicly traded shares or other securities of Guarantor) has any beneficial interest; (ii) Borrower shall pay to Lender (A) all accrued and unpaid interest on the Principal being defeased pursuant to clause (B) of this subsection (ii) (including, if such payment is not made on a Payment Date, interest through the end of the current Interest Period), and (B) an amount equal to the Release Amount, which shall be applied to defease the outstanding Principal. (iii) both immediately before such sale and immediately thereafter, no Event of Default shall be continuing; (iv) after giving effect to such release and the defeasance as if the Principal were being prepaid therefrom, the Debt Service Coverage Ratio shall be not less than the greater of (A) Debt Service Coverage Ratio as of the Closing Date and (B) the Debt Service Coverage Ratio immediately prior to such release; (v) the representations and warranties made in this Agreement and the other Loan Documents shall be true and correct in all material respects on and as of such sale (and after giving effect to such sale); (vi) Borrower shall have given Lender not less than forty-five (45) days prior written notice of such sale accompanied by a copy of the applicable contract of sale and, not less than ten (10) days prior to closing thereof (or such shorter period as Lender may agree to in advance in writing), drafts of any applicable release documents (which shall be subject to Lender’s approval, which shall not be unreasonably withheld); (vii) Lender shall have approved the final closing settlement statement for such sale, a draft of which settlement statement shall be delivered to Lender at least two (2) Business Days prior to the closing of such sale (or such shorter period as Lender may agree to in advance in writing); (viii) Borrower shall have paid to Lender all reasonable third party out-of...
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Sale and Release of Properties. Unless otherwise provided for herein, Grantor shall not Transfer the Subject Well during the Net Profits Period.
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Sale and Release of Properties 
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Related to Sale and Release of Properties

  • Release of Property Except as set forth in this Section 2.6, no repayment or prepayment of all or any portion of the Loan shall cause, give rise to a right to require, or otherwise result in, the release of the Lien of the Mortgage on the Property.

  • Lease of Property Landlord, for and in consideration of the covenants and agreements herein contained on the part of Tenant to be paid, kept, observed, and performed, hereby leases to Tenant, and Tenant hereby leases from Landlord for the Term (as hereinafter defined), the Property. Tenant’s use of the Property shall be in compliance with the terms of this Lease.

  • 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.

  • Purchase of Property With any cash at any time held by it, to purchase or subscribe for any Authorized Investment (as defined in Section 6.3) and to retain the same in trust.

  • Sale of Properties The Borrower will not, and will not permit any of the Guarantors to, sell, assign, farm-out, convey or otherwise transfer any Property except for: (a) the sale of Hydrocarbons in the ordinary course of business; (b) farmouts of undeveloped acreage and assignments in connection with such farmouts; (c) the sale or transfer of equipment that is no longer necessary for the business of the Borrower or such Subsidiary or is replaced by equipment of at least comparable value and use; (d) sales or other dispositions (excluding Casualty Events) of Oil and Gas Properties or any interest therein or Subsidiaries owning Oil and Gas Properties; provided that (i) 100% of the consideration received in respect of such sale or other disposition shall be cash and/or publicly traded securities, (ii) the consideration received in respect of such sale or other disposition shall be equal to or greater than the fair market value of the Oil and Gas Property, interest therein or Subsidiary subject of such sale or other disposition (as reasonably determined by the board of directors of the Borrower and, if requested by the Administrative Agent, the Borrower shall deliver a certificate of a Responsible Officer of the Borrower certifying to that effect), (iii) if such sale or other disposition of Oil and Gas Property or Subsidiary owning Oil and Gas Properties included in the most recently delivered Reserve Report during any period between two successive Scheduled Redetermination Dates has a fair market value (as determined by the Administrative Agent), individually or in the aggregate, in excess of $5,000,000, the Borrowing Base shall be reduced, effective immediately upon such sale or disposition, by an amount equal to the value, if any, assigned such Property as determined by the Required Lenders assigned such Property in the most recently delivered Reserve Report and (iv) if any such sale or other disposition is of a Subsidiary owning Oil and Gas Properties, such sale or other disposition shall include all the Equity Interests of such Subsidiary; and (e) sales and other dispositions of Properties not regulated by Section 9.12(a) to (d) having a fair market value not to exceed $250,000 during any 12-month period.