Termination of Designation as Unencumbered Pool Property Sample Clauses
The 'Termination of Designation as Unencumbered Pool Property' clause defines the process by which a property previously classified as part of an unencumbered pool loses that status. Typically, this occurs when the property becomes subject to a lien, is sold, or otherwise no longer meets the criteria for being unencumbered. The clause outlines the specific events or conditions that trigger this change and may require notification or documentation to formalize the termination. Its core function is to ensure that all parties have a clear understanding of when a property is no longer available as unencumbered collateral, thereby maintaining the integrity of asset pools and managing risk for lenders or investors.
Termination of Designation as Unencumbered Pool Property. A Property shall cease to be included as an Unencumbered Pool Property for purposes of this Agreement if either (i) such Unencumbered Pool Property ceases to be an Eligible Property (with the termination effective immediately) or (ii) such Property is not included in an Unencumbered Pool Certificate subsequently submitted pursuant to this Agreement (with the termination effective as of the date of receipt by the Agent of such Unencumbered Pool Certificate). Notwithstanding the foregoing, no Property will be terminated as an Unencumbered Pool Property if (i) a Default or Event of Default exists or (ii) a Default or Event of Default would exist immediately after such Property is terminated as an Unencumbered Pool Property.
Termination of Designation as Unencumbered Pool Property. A Real Property Asset shall cease to be an Unencumbered Pool Property if it shall cease to be an Eligible Property; provided, however, with respect to any -------- Real Property Asset accepted as an Unencumbered Pool Property even though at the time of such acceptance such Real Property Asset did not meet all of the requirements of an Eligible Property (a "Non-Conforming Property"), such Real Property Asset shall cease to be an Unencumbered Pool Property if it shall cease to satisfy those requirements of an Eligible Property that it did satisfy at the time of its acceptance as an Unencumbered Pool Property. Subject to Section 4.4, from time to time the Borrower may request, upon not less than 30 days prior written notice to the Administrative Agent and the Lenders, that an Unencumbered Pool Property cease to be an Unencumbered Pool Property. The Administrative Agent shall grant such request if all of the following conditions are satisfied:
(a) no Default or Event of Default shall have occurred and be continuing both at the time of such request and immediately after giving effect to such request; and
(b) the Borrower shall have delivered to the Administrative Agent a Compliance Certificate demonstrating on a pro forma basis, and the Administrative Agent shall have determined, that the Borrower will remain in compliance with Section 10.1 hereof after giving effect to such request and any prepayment to be made and/or the acceptance of any Real Property Asset as an additional or replacement Unencumbered Pool Property to be given concurrently with such request.
Termination of Designation as Unencumbered Pool Property. From time to time Borrower may request, upon not less than 30 days prior written notice to Lender, that an Unencumbered Pool Property cease to be an Unencumbered Pool Property. Lender shall grant such request if all of the following conditions are satisfied:
(a) no Default or Event of Default shall have occurred and be continuing both at the time of such request and immediately after giving effect to such request; and
(b) Borrower shall have delivered to Lender an Unencumbered Pool Certificate demonstrating on a pro forma basis, and Lender shall have determined, that the outstanding principal balance of the Loans, together with the aggregate amount of Letter of Credit Liabilities, will not exceed the Maximum Loan Availability after giving effect to such request and any prepayment to be made and/or the acceptance of any Property as an additional or replacement Unencumbered Pool Property to be given concurrently with such request.
Termination of Designation as Unencumbered Pool Property. Any Property previously included as an Unencumbered Pool Property but which is not included in an Unencumbered Pool Certificate subsequently submitted pursuant to this Agreement shall no longer be included as an Unencumbered Pool Property (effective as of the date of receipt by the Agent of such Unencumbered Pool Certificate) so long as no Default or Event of Default exists or would exist immediately after such Property is no longer included as an Unencumbered Pool Property.
Termination of Designation as Unencumbered Pool Property. From time to time the Borrower may request, upon not less than 20 days prior written notice to the Agent and the Lenders, that an Unencumbered Pool Property cease to be an Unencumbered Pool Property. The Agent shall grant such request if all of the following conditions are satisfied:
(a) no Default or Event of Default shall have occurred and be continuing both at the time of such request and immediately after giving effect to such request; and
(b) the Borrower shall have delivered to the Agent an Unencumbered Pool Certificate demonstrating on a pro forma basis, and the Agent shall have determined, that the outstanding principal balance of the Loans will not exceed the Maximum Loan Availability after giving effect to such request and any prepayment to be made and/or the acceptance of any Property as an additional or replacement Unencumbered Pool Property to be given concurrently with such request. After giving effect to any request that an Unencumbered Pool Property cease to be designated as such, the Borrower may request in writing that the Agent release, and upon receipt of such request the Agent shall release, a Guarantor from the Guaranty so long as: (i) such Guarantor is a Subsidiary; (ii) such Guarantor owns no other Unencumbered Pool Property, nor any direct or indirect equity interest in any Subsidiary that does own an Unencumbered Pool Property; (iii) such Guarantor is not otherwise required to be a party to the Guaranty under Section 8.24.; and (iv) no Default or Event of Default shall then be in existence or would occur as a result of such release.
Termination of Designation as Unencumbered Pool Property. A Real Property Asset shall cease to be an Unencumbered Pool Property if it shall cease to be an Eligible Property. From time to time the Borrower may request, upon not less than thirty (30) days prior written notice to the Administrative Agent and the Lenders, that an Unencumbered Pool Property cease to be an Unencumbered Pool Property. The Administrative Agent shall grant such request if all of the following conditions are satisfied:
(a) no Default or Event of Default shall have occurred and be continuing both at the time of such request and immediately after giving effect to such request; and
(b) the Borrower shall have delivered to the Administrative Agent a Compliance Certificate demonstrating on a pro forma basis, and the Administrative Agent shall have determined, that the Borrower will remain in compliance with Section 10.1. hereof after giving effect to such request and any prepayment to be made and/or the acceptance of any Real Property Asset as an additional or replacement Unencumbered Pool Property to be given concurrently with such request.
Termination of Designation as Unencumbered Pool Property. From time to time the Borrower may request, upon not less than 30 days prior written notice to the Agent and the Lenders, that an Unencumbered Pool Property cease to be an Unencumbered Pool Property. The Agent shall grant such request if all of the following conditions are satisfied:
(a) no Default or Event of Default shall have occurred and be continuing both at the time of such request and immediately after giving effect to such request; and
(b) the Borrower shall have delivered to the Agent an Unencumbered Pool Certificate demonstrating on a pro forma basis, and the Agent shall have determined, that the outstanding principal balance of the Loans will not exceed the Maximum Loan Availability after giving effect to such request and any prepayment to be made and/or the acceptance of any Property as an additional or replacement Unencumbered Pool Property to be given concurrently with such request.
Termination of Designation as Unencumbered Pool Property. If Borrower at any time intends to withdraw any Eligible Property from inclusion as an Unencumbered Pool Property, it shall (a) notify the Administrative Agent of its intention, and (b) deliver to the Administrative Agent an Unencumbered Pool Certificate setting forth the calculations establishing that Borrower will be in compliance with Section 2.13 with giving effect to such withdrawal (and any concurrent addition of Eligible Properties as Unencumbered Pool Properties), which calculations shall be in such detail, and otherwise in such form and substance, as Administrative Agent reasonably requires. Effective automatically upon receipt of such notice and certificate by Administrative Agent (or upon any later date stated in such notice), such Eligible Property shall no longer constitute an Unencumbered Pool Property. Additionally, any Property previously included as an Unencumbered Pool Property but which is not included in an Unencumbered Pool Certificate subsequently submitted pursuant to this Agreement shall no longer be included as an Unencumbered Pool Property (effective as of the date of receipt by the Administrative Agent of such Unencumbered Pool Certificate and until such time, if ever, as Borrower re-designates such Property as an Unencumbered Pool Property in accordance with Section 4.1(b)) so long as no Default or Event of Default exists or would exist immediately after such Property is no longer included as an Unencumbered Pool Property. 54
Termination of Designation as Unencumbered Pool Property. From time to time Borrower may request, upon prior written notice to Agent (which shall promptly send a copy thereof to each other Lender), that an Unencumbered Pool Property cease to be designated as such, which termination of designation ("Termination of Designation") shall be consented to by Agent if all of the following conditions are satisfied as of the date of such Termination of Designation:
3.2.1 No Unmatured Event of Default or Event of Default has occurred and is continuing; and
Termination of Designation as Unencumbered Pool Property. Borrower may terminate the designation of a property as an Unencumbered Pool Property by deleting such property from the list of properties identified in the Unencumbered Pool Certificate or by requesting at any time, upon prior written notice to Administrative Agent (which shall promptly send a copy thereof to each other Lender), that an Unencumbered Pool Property cease to be designated as such, which termination of designation ("Termination of Designation") shall be consented to by Administrative Agent if all of the following conditions are satisfied as of the date of such Termination of Designation:
3.2.1 No Unmatured Event of Default or Event of Default has occurred and is continuing; and
3.2.2 Borrower shall have delivered to Administrative Agent an Unencumbered Pool Certificate demonstrating on a pro forma basis, and Administrative Agent shall have determined, that after giving effect to such Termination of Designation and any prepayment to be made and/or the acceptance of any property as an additional or replacement Unencumbered Pool Property to be given concurrently with such