Partial Release Conditions definition
Partial Release Conditions has the meaning provided in Section 7.13(C).
Partial Release Conditions means Partial Release Conditions as defined in Paragraph 29(b).
Partial Release Conditions means, with respect to a Borrower Subsidiary or any assets of a Borrower Subsidiary, (i) an amount equal to the sum of the Minimum Payoff Amount and the Holdco Minimum Payoff Amount has been deposited into the Takeout Transaction Account, as evidenced by (x) with respect to the Holdco Minimum Payoff Amount, the related Holdco Minimum Payoff Amount Notice and (y) with respect to the Minimum Payoff Amount, a Borrowing Base Certificate delivered by the Borrower to Administrative Agent giving pro forma effect to such prepayments or additions, (ii) no Potential Default or Event of Default has occurred and is continuing, (iii) the amount on deposit in the Liquidity Reserve Account shall not be less than the Liquidity Reserve Account Required Balance, (iv) the amount on deposit in the Post-PTO Reserve Account shall not be less than the Post-PTO Reserve Account Required Balance, (v) the related Supplemental Reserve Account Deposit shall have been deposited into the Supplemental Reserve Account, taking into account the application of the Net Proceeds of the Takeout Transaction on the date of the consummation of such Takeout Transaction, and (vi) the Borrower and Borrower Subsidiaries have executed and delivered to the Administrative Agent instruments, certificates, and agreements required by the Transaction Documents and/or reasonably requested by the Administrative Agent in connection with the release of such assets, the prepayment of principal and payment of interest, and the release of a Borrower Subsidiary or Solar Assets, as applicable.
Examples of Partial Release Conditions in a sentence
In the event the proposed Released Real Property consists of less than all of the Mortgaged Real Property subject to a single Mortgage, the Partial Release Conditions must be satisfied in order for the Company to receive the Release.
In the event the proposed Released Property consists of less than all of the Mortgaged Real Property subject to a single Mortgage, the Partial Release Conditions must be satisfied in order for the Borrower or its Subsidiaries to receive the Release.
The Company shall (i) execute, deliver, obtain and record such instruments as the Collateral Agent may require, including, without limitation, amendments to the Security Documents or this Agreement and (ii) deliver to the Collateral Agent such evidence of the satisfaction of the Release Conditions and the Partial Release Conditions as the Collateral Agent may require.
Agent and Lenders agree that Agent shall release its security interest and Liens on the Real Estate and Equipment upon Borrower's satisfaction of the Partial Release Conditions, as determined by Agent and Lenders in their sole discretion.
Permitted Fixed Asset Loan - after the satisfaction of the Partial Release Conditions, Debt for Money Borrowed incurred by Borrower to a Person other than Agent and Lenders that is secured by a Permitted Fixed Asset Lien only.
More Definitions of Partial Release Conditions
Partial Release Conditions has the meaning provided in Section 6.05(C).
Partial Release Conditions all of the following conditions with respect to a proposed release of a Property from the lien of the Mortgage:
(a) No Event of Default or Incipient Default shall have occurred and be continuing;
(b) Borrowers shall either have paid Lender an amount equal to 115% of the Allocated Loan Amount for such Property or shall have substituted a Property satisfying all of the conditions for a "Substitute Property", subject to the limitation that the option to provide a Substitute Property may be used only twice during the term of the Loan;
(c) Borrowers shall have paid Lender a release fee equal to 3% of the amount of the Loan prepaid if such prepayment occurs during loan months 25 through 36;
(d) The remaining Properties (after application of the release price) shall have a Debt Service Coverage Ratio of 1.4x or greater, determined using (i) an interest rate the greater of the actual rate on the Notes at the time of determination or 10% and (ii) a 25 year amortization schedule and with NOI adjusted so that payments of membership and initiation fees do not exceed 10% of total Gross Revenues; and
(e) No Partial Release may occur until June 2, 2005.
Partial Release Conditions means each of the following conditions:
Partial Release Conditions set forth in Exhibit A of the Credit Agreement is hereby amended by deleting clause (i) thereof in its entirety and replacing it with the following:
Partial Release Conditions as set forth in Schedule 1.1 of the Credit Agreement is hereby amended so that it reads, in its entirety, as follows:
Partial Release Conditions means, with respect to a Borrower Subsidiary or any assets of a Borrower Subsidiary, (i) the Borrower has paid the Minimum Payoff Amount as evidenced by a Borrowing Base Certificate delivered by Borrower to Administrative Agent giving pro forma effect to such prepayments or additions, (ii) no Potential Default or Event of Default has occurred and is continuing, (iii) each of the Reserve Accounts has been fully funded in an amount at least equal to the required reserve amount under the CADA; and (iv) the Borrower and Borrower Subsidiaries have executed and delivered to the Administrative Agent instruments, certificates, and agreements required by the Transaction documents and/or reasonably requested by the Administrative Agent in connection with the release of such assets, the prepayment of principal and payment of interest, and the addition of Tax Equity Funds or Solar Assets, as applicable.
Partial Release Conditions means, with respect to a Subject Fund, (i) the Borrower has prepaid a portion of Outstanding Principal or added Subject Funds or Systems to the Available Borrowing Base in an amount such that Borrower will be in compliance with the Borrowing Base Requirement following (x) such prepayments or such additions, as applicable, and (y) the removal of the Net Cash Flow of the Subject Fund being released from the calculation of the Available Borrowing Base, as evidenced by a Borrowing Base Certificate delivered by Borrower to Administrative Agent giving pro forma effect to such prepayments or additions, (ii) the Borrower has paid any and all interest accrued as of the date of the release of such Subject Fund on the principal amount of the Loan being prepaid, as well as all other fees and expenses incurred in connection with such release, (iii) no Default or Event of Default has occurred and is continuing, (iv) no Repayment Event has occurred and is continuing, (v) each of the Interest Reserve Account and the Inspected-Only Reserve Account has been fully funded in an amount at least equal to the required reserve amount under the CADA, and (vi) the Borrower and Guarantors have executed and delivered to the Administrative Agent instruments, certificates, and agreements required by the Financing Documents and/or reasonably requested by the Administrative Agent in connection with the release of such Subject Fund, the prepayment of principal and payment of interest, and the addition of Subject Funds or Systems, as applicable.