Disposition of Collateral Outside Ordinary Course. The Grantor is not authorized to sell or otherwise dispose of the Collateral outside of the ordinary course of business unless consented to by the Trustee, with the consent or at the direction of the Holders of at least a majority in principal amount of the then-outstanding Bonds.
Disposition of Collateral Outside Ordinary Course. No Entity Grantor is authorized to sell or otherwise dispose of the Collateral outside of the ordinary course of business unless consented to by the Trustee, with the consent or at the direction of the Holders of at least a majority in principal amount of the then-outstanding Securities. No Individual Grantor is authorized to sell or otherwise dispose of the Equity Collateral outside of the ordinary course of business (unless consented to by the Trustee with such consent not to be unreasonably withheld, or unless consented to be the Trustee with the consent or at the direction of the Holders of at least a majority in principal amount of the then-outstanding Securities). In this regard, the “ordinary course of business” means any private or public resale of the Equity Collateral initiated by an Individual Grantor in an amount that does not cause the remaining Equity Collateral to represent less than 10% of the Equity Collateral held by the Individual Grantor as of the date of this Security Agreement.
Disposition of Collateral Outside Ordinary Course. No Entity Grantor is authorized to sell or otherwise dispose of the Collateral outside of the ordinary course of business unless consented to by the Trustee, with the consent or at the direction of the Holders of at least a majority in principal amount of the then-outstanding L Bonds. No Individual Grantor is authorized to sell or otherwise dispose of the Equity Collateral outside of the ordinary course of business (unless consented to by the Trustee, with such consent not to be unreasonably withheld, or unless consented to by the Trustee with the consent or at the direction of the Holders of at least a majority in principal amount of the then-outstanding L Bonds). For purposes of the foregoing, any disposition of Equity Collateral by an Individual Grantor (whether by private or public resale(s), encumbrance, or otherwise) shall be deemed to be “in ordinary course of business” if such disposition does not cause the remaining Equity Collateral of that Individual Grantor to represent less than 10% of the Equity Collateral beneficially held by the Individual Grantor as of October 19, 2011.
