Limited Right to Substitute Collateral Sample Clauses

Limited Right to Substitute Collateral. 23 Section 3.12 Book-Entry Bonds........................................................................ 24 ARTICLE FOUR AUTHENTICATION AND DELIVERY OF BONDS
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Limited Right to Substitute Collateral. (a) Unless otherwise provided in the related Series Supplement, on any Subsequent Delivery Date for any Series, the Depositor shall have the right to pledge to the Trustee under a Series Supplement as security for the Series, in substitution for any one or more On the Subsequent Delivery Date, the Depositor shall have the right to deliver and pledge to the Trustee as security for the Series in exchange for each such item of Original Mortgage Collateral (1) the item of Substitute Mortgage Collateral plus (2) cash in an amount equal to the payment of principal and interest paid or to be paid on such Substitute Mortgage Collateral during the month of the Subsequent Delivery Date. Upon such substitution, all of the Depositor's right, title and interest to the item of Substitute Mortgage Collateral shall be assigned to the Trustee pursuant to Section 4.02(2) or (3) of this Indenture, and the Depositor shall receive (1) the item of Original Mortgage Collateral for which the item of Substitute Mortgage Collateral was substituted and (2) all Collateral Proceeds received on the Due Date in the month of the Subsequent Delivery Date by the Trustee on the item of Original Mortgage Collateral delivered to the Depositor. The Trustee shall also receive, not later than the Subsequent Delivery Date, an Officer's Certificate of the Depositor and of the Master Servicer to the effect that:
Sample 1
Limited Right to Substitute Collateral. (a) On any Subsequent Delivery Date for any Series, the Issuer shall have the right to pledge to the Trustee under this Standard Provisions Indenture as security for the Bonds of such Series, in substitution for any one or more items of Original Mortgage Collateral or Substitute Mortgage Collateral securing such Series, one or more items of Substitute Mortgage Collateral as long as each such item of Substitute Mortgage Collateral has (i) an Outstanding Bond Value at least equal to the Outstanding Bond Value of the item of Original Mortgage Collateral or Substitute Mortgage Collateral for which such item of Substitute Mortgage Collateral is substituted, in each case determined on the last preceding Due Date with respect to such item of Mortgage Collateral before taking into account payments received by the Trustee on such Due Date, and (ii) an interest rate within one percentage point of, and a Maturity Date not later than, the item of Original Mortgage Collateral securing such Series as of the Delivery Date for such Series; provided, however, that only GNMA Certificates may be substituted for GNMA Certificates; Xxxxxxx Mac PCs, FNMA MBSs or GNMA Certificates may be substituted for Xxxxxxx Mac PCs or FNMA MBSs; Mortgage Certificates and Pledged Loans may be substituted for Pledged Loans; and Other Mortgage Certificates of equal or better quality as the Other Mortgage Certificate for which it is substituted may be substituted for Other Mortgage Certificates.
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Related to Limited Right to Substitute Collateral

  • Default Remedies Substitute Collateral Section 5.1

  • Use and Disposition of Collateral None of the Grantors shall make or permit to be made an assignment, pledge or hypothecation of the Collateral or shall grant any other Lien in respect of the Collateral, except as expressly permitted by Section 6.02

  • Remedies; Disposition of the Collateral If any Event of Default shall have occurred and be continuing, then any Collateral repossessed by the Collateral Agent under or pursuant to Section 7.1 hereof and any other Collateral whether or not so repossessed by the Collateral Agent, may be sold, assigned, leased or otherwise disposed of under one or more contracts or as an entirety, and without the necessity of gathering at the place of sale the property to be sold, and in general in such manner, at such time or times, at such place or places and on such terms as the Collateral Agent may, in compliance with any mandatory requirements of applicable law, determine to be commercially reasonable. Any of the Collateral may be sold, leased or otherwise disposed of, in the condition in which the same existed when taken by the Collateral Agent or after any overhaul or repair at the expense of the relevant Assignor which the Collateral Agent shall determine to be commercially reasonable. Any such disposition which shall be a private sale or other private proceedings permitted by such requirements shall be made upon not less than 10 days' prior written notice to the relevant Assignor specifying the time at which such disposition is to be made and the intended sale price or other consideration therefor, and shall be subject, for the 10 days after the giving of such notice, to the right of the relevant Assignor or any nominee of such Assignor to acquire the Collateral involved at a price or for such other consideration at least equal to the intended sale price or other consideration so specified. Any such disposition which shall be a public sale permitted by such requirements shall be made upon not less than 10 days' prior written notice to the relevant Assignor specifying the time and place of such sale and, in the absence of applicable requirements of law, shall be by public auction (which may, at the Collateral Agent's option, be subject to reserve), after publication of notice of such auction (where required by applicable law) not less than 10 days prior thereto. The Collateral Agent may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for the sale, and such sale may be made at any time or place to which the sale may be so adjourned. To the extent permitted by any such requirement of law, the Collateral Agent may bid for and become the purchaser of the Collateral or any item thereof, offered for sale in accordance with this Section without accountability to the relevant Assignor. If, under mandatory requirements of applicable law, the Collateral Agent shall be required to make disposition of the Collateral within a period of time which does not permit the giving of notice to the relevant Assignor as hereinabove specified, the Collateral Agent need give such Assignor only such notice of disposition as shall be reasonably practicable in view of such mandatory requirements of applicable law. Each Assignor agrees to do or cause to be done all such other acts and things as may be reasonably necessary to make such sale or sales of all or any portion of the Collateral valid and binding and in compliance with any and all applicable laws, regulations, orders, writs, injunctions, decrees or awards of any and all courts, arbitrators or governmental instrumentalities, domestic or foreign, having jurisdiction over any such sale or sales, all at such Assignor's expense.

  • Possession and Transfer of Collateral Unless an Event of Default exists hereunder, the Borrower shall be entitled to possession or use of the Collateral (other than Instruments or Documents, Tangible Chattel Paper, Investment Property consisting of certificated securities and other Collateral required to be delivered to the Bank pursuant to this Section 6). The cancellation or surrender of any Note, upon payment or otherwise, shall not affect the right of the Bank to retain the Collateral for any other of the Obligations. The Borrower shall not sell, assign (by operation of law or otherwise), license, lease or otherwise dispose of, or grant any option with respect to any of the Collateral, except that the Borrower may sell Inventory in the ordinary course of business and may sell property, plant and Equipment in the ordinary course of business.

  • Defense of Claims; Transferability of Pledged Collateral Each Pledgor shall, at its own cost and expense, defend title to the Pledged Collateral pledged by it hereunder and the security interest therein and Lien thereon granted to the Collateral Agent and the priority thereof against all claims and demands of all persons, at its own cost and expense, at any time claiming any interest therein materially adverse to the Collateral Agent or any other Secured Party other than Permitted Liens. There is no agreement, order, judgment or decree, and no Pledgor shall enter into any agreement or take any other action, that would restrict the transferability of any of the Pledged Collateral or otherwise materially impair or conflict with such Pledgor’s obligations or the rights of the Collateral Agent hereunder.

  • Grant of General Security Interest in Collateral 3.1 As security for the Obligations of Debtor, Debtor hereby grants the Collateral Agent, for the benefit of the Lenders, a security interest in the Collateral.

  • Condition of Collateral Secured Party has no obligation to repair, clean-up or otherwise prepare the Collateral for sale.

  • Disposition of Collateral Such Grantor will not sell, lease or otherwise dispose of the Collateral owned by it except for dispositions specifically permitted pursuant to Section 6.05 of the Credit Agreement.

  • Exercise of Rights in Pledged Collateral (i) Without in any way limiting the foregoing and subject to clause (ii) below, such Grantor shall have the right to exercise all voting rights or other rights relating to the Pledged Collateral owned by it for all purposes not inconsistent with this Security Agreement, the Credit Agreement or any other Loan Document; provided however, that no vote or other right shall be exercised or action taken which would have the effect of impairing the rights of the Administrative Agent in respect of such Pledged Collateral.

  • Voting Rights in Respect of the Pledged Collateral (i) So long as no Event of Default shall have occurred and be continuing, to the extent permitted by law, each Pledgor may exercise any and all voting and other consensual rights pertaining to the Pledged Collateral of such Pledgor or any part thereof for any purpose not inconsistent with the terms of this Pledge Agreement or the Credit Agreement; and

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