Collateral Disposition. Grantor has not, and will not, sell, assign, transfer, encumber or otherwise dispose of any of Grantor's rights in the Collateral except (i) with respect to Permitted Security Interests, (ii) in the ordinary course of Grantor's business or (iii) upon the prior written consent of Secured Party, to be withheld, conditioned or delayed by Secured Party in Secured Party's sole discretion
Collateral Disposition. Sell, lease, transfer or otherwise dispose of, or permit any of its Subsidiaries to sell, lease, transfer or otherwise dispose of, any Collateral prior to the Collateral Release Date. For avoidance of doubt, the foregoing sentence does not permit any disposition on or after the Collateral Release Date of Equity Interests in TGPL to the extent otherwise prohibited by Section 5.2(f).
Collateral Disposition. In respect of any Eligible Vessel and Barge or Eligible Physical Asset listed on Schedule XI hereto, (i) furnish to the Administrative Agent, as soon as available but in any event no later than 10 Business Days prior to any Vessel or Barge Disposition or Physical Asset Disposition, (A) a notice of such Vessel or Barge Disposition or Physical Asset Disposition, as the case may be, and (B)(1) an appraisal of the value of the Eligible Vessel and Barge or Eligible Physical Asset that is the subject of such Vessel or Barge Disposition or Physical Asset Disposition, as the case may be, as determined in accordance with the appraisal procedures set forth in the applicable Ship Mortgage, in the case of any Eligible Vessel and Barge, or as determined in accordance with the appraisal requirements set forth in Section 5.01(o), in the case of any Eligible Physical Asset, or (2) a certificate, in form and substance satisfactory to the Administrative Agent and signed by a duly authorized officer of such Loan Party stating the agreed sale price for such Eligible Vessel and Barge or Eligible Physical Asset, as the case may be;
Collateral Disposition. Until default hereunder:
Collateral Disposition. (i) If any Collateral Disposition occurs with respect to any Mortgaged Revolving Credit Facility Rig and the Security Maintenance Ratio is at least 2.0 to 1.0 (calculated with respect to the Market Values set forth in the related Additional Appraisal Report and both with and without giving effect to or credit for the Mortgaged Revolving Credit Facility Rig affected by such Collateral Disposition or any related Collateral Disposition Proceeds), then the Total Revolving Commitments shall be reduced by an amount equal to (A) the Total Revolving Commitments in effect immediately prior to such Collateral Disposition multiplied by (B) the Appraised Value Percentage of the affected Mortgaged Revolving Credit Facility Rig, effective on the 90th day following the occurrence of such Collateral Disposition, unless on or before the 90th day following such Collateral Disposition, the Parent Company or one of its Subsidiaries shall have replaced such disposed Mortgaged Revolving Credit Facility Rig with an offshore drilling rig of the same or superior type, class and value (as verified by a written appraisal report prepared by an Approved Rigbroker setting forth the Market Value of such replacement rig) as the disposed Mortgaged Revolving Credit Facility Rig or with another offshore drilling rig reasonably acceptable to the Collateral Agent (acting on the instruction of the Required Revolving Lenders) and for which the Collateral Agent has received a written appraisal report prepared by an Approved Rigbroker setting forth the Market Value of such replacement rig and granted an Acceptable Security Interest pursuant to a Rig Mortgage in relation thereto (together with any required amendments to any applicable Security Agreement and such evidence of corporate authority to enter into and such legal opinions in relation to such Security Documents as the Collateral Agent may reasonably request).
Collateral Disposition. Without prejudice to Clause 11.4(a) above,
Collateral Disposition. Until the occurrence of an Event of ---------------------- Default:
Collateral Disposition. Until default hereunder or receipt of contrary instructions from Secured Party:
Collateral Disposition. Borrower has not, and will not, sell, assign, transfer, encumber or otherwise dispose of any of Borrower’s rights in the Collateral except (i) in the ordinary course of Borrower’s business or (ii) except as otherwise allowed in the Credit Agreement.
