Common use of Optional Preservation of the Contracts Clause in Contracts

Optional Preservation of the Contracts. Following an Event of Default and if such Event of Default has not been rescinded and annulled, and except as otherwise provided above, the Indenture Trustee may, but need not, elect to maintain possession of the Collateral; provided, however, that the Indenture Trustee shall at all times maintain possession of the Collateral, consisting of "instruments" (within the meaning of the UCC), not constituting part of chattel paper (if any), evidencing any Contract that had previously been delivered to the Indenture Trustee as part of the Collateral, unless and until such "instruments" are delivered in connection with a realization with respect to the Collateral in accordance with the terms of this Indenture. It is the desire of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal and interest on the Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Collateral. In determining whether to maintain possession of the Collateral, the Indenture Trustee may, but need not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Collateral for such purpose.

Optional Preservation of the Contracts. Following an Event of Default and if such Event of Default has not been rescinded and annulled, and except as otherwise provided above, the Indenture Trustee may, but need not, elect to maintain possession of the Collateral; provided, however, that the Indenture Trustee shall at all times maintain possession of the Collateral, consisting of "instruments" (within the meaning of the UCC), not constituting part of chattel paper (if any), evidencing any Contract that had previously been delivered to the Indenture Trustee as part of the Collateral, unless and until such "instruments" are delivered in connection with a realization with respect to the Collateral in accordance with the terms of this Indenture. It is the desire of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal and interest on the Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Collateral. In determining whether to maintain possession of the Collateral, the Indenture Trustee may, but need not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Collateral for such purpose.national