Common use of Termination of Designation as Unencumbered Pool Property Clause in Contracts

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. From time to time the a 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 such 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 none of the Loans conditions referred to in Section 2.14. exists or will not exceed the Maximum Loan Availability exist 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 RCLP 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 Subsidiarynot the Parent; (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.