Optional Preservation of Collateral. If the Notes have been accelerated under Section 5.2(a) and the declaration of acceleration has not been rescinded, the Indenture Trustee may elect to maintain possession of the Collateral. The Indenture Trustee will take into account that the Collections and other amounts expected to be received on the Collateral must be sufficient to pay the unpaid principal of and accrued and unpaid interest on the Notes when determining whether or not to maintain possession of part of the Collateral. In making this determination, the Indenture Trustee may rely on an opinion of a nationally-recognized Independent investment banking firm or firm of certified public accountants.
Optional Preservation of Collateral. (a) Subject to Section 5.5(d) and Section 12.1(c), but notwithstanding any other provision to the contrary herein, if an Event of Default shall have occurred and be continuing, the Trustee shall retain the Collateral securing the Notes intact, collect and cause the collection of the proceeds thereof and make and apply all payments and deposits and maintain all accounts in respect of the Collateral and the Notes in accordance with the Priority of Payments and the provisions of Article 10 and Article 12 unless either:
(i) (A) the Trustee, pursuant to Section 5.5(c), determines that the anticipated proceeds of a sale or liquidation of the Collateral (after deducting the reasonable expenses of such sale or liquidation) would be sufficient to discharge in full (1) the Outstanding Class A-R Funded Amount and any other amounts due and unpaid in respect of the Class A-R Notes, (2) the amounts then due (or, in the case of interest, accrued) and unpaid on the Class A Notes for principal and interest, and in the case of clauses (1) and (2), all other amounts that, pursuant to the Priority of Payments, are required to be paid prior to such payments on such Notes (including amounts due and owing as Administrative Expenses); and (B) the Majority Noteholders agree with such determination; or
(ii) the Majority Noteholders direct the sale and liquidation of the Collateral. The Trustee shall give written notice of the retention of the Collateral to the Issuer with a copy to the Collateral Manager and to the Revolving Credit Note Agent. So long as such Event of Default is continuing, any such retention pursuant to this Section 5.5(a) may be rescinded at any time when the conditions specified in clause (i) or (ii) exist.
(b) Nothing contained in Section 5.5(a) shall be construed to require the Trustee to sell the Collateral securing the Notes if the conditions set forth in clause (i) or (ii) of Section 5.5(a) are not satisfied. Nothing contained in Section 5.5(a) shall be construed to require the Trustee to preserve the Collateral securing the Notes if prohibited by applicable law.
(c) In determining whether the condition specified in Section 5.5(a)(i) exists, the Trustee shall compute the anticipated proceeds of sale or liquidation on the basis of the Current Price of each Portfolio Asset. In addition, for the purposes of determining issues relating to the execution of a sale or liquidation of the Collateral and the execution of a sale or other liquidation thereof in connect...
Optional Preservation of Collateral. If the Notes have been accelerated following an Event of Default and such acceleration and its consequences have not been rescinded and annulled, to the extent permitted by law, the Trustee at the request of the Control Party shall retain the Collateral securing the Notes intact for the benefit of the Holders of the Notes, the Insurer and the Swap Counterparty and in such event it shall deposit all funds received with respect to the Collateral into the Collection Account and apply such funds in accordance with the payment priorities set forth in this Indenture, as if there had not been such an acceleration. So long as the Trustee retains the Collateral, the Trustee shall continue to apply all distributions received on such Collateral in accordance with this Agreement.
Optional Preservation of Collateral. If an Event of Default exists, the Trustee shall, upon written request from the Control Party, elect, by giving written notice of such election to the Issuer, to take possession of and retain the Collateral intact, collect or cause the collection of all income, payments and proceeds thereof and make and apply all payments and deposits and maintain all accounts in respect of such Notes in accordance with the provisions of Article XIII. If the Trustee is unable to or is stayed from giving such notice to the Issuer for any reason whatsoever, such election shall be effective as of the time of such request from the Control Party, as the case may be, notwithstanding any failure to give such notice, and the Trustee shall give such notice upon the removal or cure of such inability or stay (but shall have no obligation to effect such removal or cure). Any such election may be rescinded with respect to any portion of the Collateral remaining at the time of such rescission by written notice to the Trustee and the Issuer from the Control Party.
Optional Preservation of Collateral. (a) If an Event of Default shall have occurred and be continuing and an acceleration has occurred, the Trustee shall retain the Collateral, collect and cause the collection of the proceeds thereof and make and apply all payments and deposits and maintain all accounts hereunder in accordance with the provisions of Article X, Article XI,
Optional Preservation of Collateral. (a) If the Obligations then accrued and unpaid have been accelerated following an Event of Default, to the extent permitted by law, the Deal Agent may elect to retain the Collateral intact for the benefit of itself and the Lenders and in such event it shall deposit all funds received with respect to the Collateral in the Collection Account and apply such funds in accordance with the payment priorities set forth in Section 7.06, as if there had not been such ------------ an acceleration.
(b) Until the Deal Agent has elected, or has determined not to elect, to retain the Collateral pursuant to this Section 10.03, the Deal Agent shall -------------- continue to apply all distributions received on such Collateral in accordance with Section 7.06. If the Deal Agent determines to retain the Collateral as ------------- provided in this Section 10.03, such determination shall be deemed to be a -------------- rescission and annulment (but not a waiver) of the aforementioned Event of Default and its consequences pursuant to Section 10.02, but no such rescission ------------- and annulment shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon.
Optional Preservation of Collateral. If (a) an Event of Default shall have occurred and be continuing and (b) no Automatic Acceleration has occurred, and no Notes have been declared due and payable or such declaration and its consequences have been annulled and rescinded, the Indenture Trustee, upon direction from the Controlling Party, by giving written notice of such election to the Issuers, shall take possession of and retain the Collateral intact, collect or cause the collection of the proceeds thereof and make and apply all payments and deposits and maintain all accounts in respect of such Notes in accordance with the provisions of Article XII of this Indenture. If the Indenture Trustee is unable to or is stayed from giving such notice to the Issuers for any reason whatsoever, such election shall be effective as of the time of such determination or request, as the case may be, notwithstanding any failure to give such notice, and the Indenture Trustee shall give such notice upon the removal or cure of such inability or stay (but shall have no obligation to effect such removal or cure). Any such election may be rescinded with respect to any Collateral remaining at the time of such rescission by written notice to the Indenture Trustee and the Issuers from the Controlling Party.
Optional Preservation of Collateral. If all Series of Notes have been declared to be due and payable under Section 8.02 hereof following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee shall, at the written direction of the Global Requisite Majority, take possession of the Collateral and shall, provided that such Collateral continues to provide sufficient funds for the payment of principal of and interest on all Series of Notes then Outstanding and for the payment of all payments under each Qualified Currency Hedge and each Interest Rate Hedge Agreement as they would have become due if there had not been such a declaration, hold and maintain the Collateral for the benefit of the Noteholders, each Currency Hedge Counterparty, each Interest Rate Hedge Counterparty and the Administrative Agent and apply all distributions received on the Collateral, subject to the provisions of Section 3.02 of this Indenture, to the payment of principal of and interest on all Series of Notes then Outstanding and to the payment of all payments under each Qualified Currency Hedge and each Interest Rate Hedge Counterparty and all other amounts payable hereunder as if there had not been such a declaration. The Indenture Trustee shall promptly notify each Noteholder, each Currency Hedge Counterparty, each Interest Rate Hedge Counterparty and the Administrative Agent of the direction by the Global Requisite Majority to retain the Collateral pursuant to this Section 8.16.
Optional Preservation of Collateral. (a) Notwithstanding anything to the contrary herein, if an Event of Default shall have occurred and be continuing, the Trustee shall retain the Collateral securing the Notes intact, collect and cause the collection of the proceeds thereof and make and apply all payments and deposits and maintain all accounts in respect of the Collateral and the Notes in accordance with the Priority of Payments and the provisions of Article 10 and Article 12 unless either:
(i) (A) the Trustee, pursuant to Section 5.5(c), determines that the anticipated proceeds of a sale or liquidation of the Collateral (after deducting the reasonable expenses of such sale or liquidation) would be sufficient to discharge in full (1) the Outstanding Class A-R Funded Amount and any other amounts due and unpaid in respect of the Class A-R Notes, (2) the amounts then due (or, in the case of interest, accrued) and unpaid on the Class A Notes for principal and interest, and in the case of clauses (1) and
Optional Preservation of Collateral. 45 Section 6.06. Trustee May File Proofs of Claim................................................. 45 Section 6.07. Trustee May Enforce Claims Without Possession of Notes........................... 46 Section 6.08. Application of Money or Property Collected....................................... 46 Section 6.09.
