Release and Substitution of Collateral. (a) Subject to subsections (b) and (c) of this Section 10.3, (i) in the event that any Collateral is sold, transferred or otherwise disposed of in an Asset Disposition (including the application of Insurance Proceeds) or any other transaction permitted by this Indenture, such Collateral shall, concurrently with the disposition of such Collateral automatically be released from the Lien of the relevant Security Documents and (ii) the Company and its Subsidiaries may (but shall not be required to) from time to time substitute property or securities released from the Lien of the Security Documents in connection with the sale, transfer or other disposition thereof for other property or securities to be subjected to the Lien of the Security Documents, in each case in accordance with the provisions of the Security Documents and as provided hereby. (b) Except as otherwise provided for in the Intercreditor Agreements, at any time when an Event of Default shall have occurred and be continuing and the maturity of the Notes shall have been accelerated (whether by declaration or otherwise) and such acceleration shall not have been rescinded or annulled, no release of Collateral pursuant to the provisions of this Indenture or of the Security Documents shall be effective as against the Holders of the securities without the consent of the Collateral Agent. The Trustee shall promptly notify the Collateral Agent of any rescission or annulment, pursuant to Section 6.4 hereof, of an acceleration of the Notes. (c) The release of any Collateral from the terms of the Security Documents will not be deemed to impair the security under this Indenture in contravention of the provisions hereof if and to the extent the Collateral is released pursuant to the Security Documents. At all time after qualification of this Indenture under the TIA, to the extent applicable, the Company shall cause TIA Section 314(d) relating to the release of property or securities from the Lien of the Security Documents and relating to the substitution therefor of any property or securities to be subjected to the Lien of the Security Documents to be complied with. Any certificate or opinion required by TIA Section 314(d) may be made by Officers of the Company, except in cases where TIA Section 314(d) requires that such certificate or opinion be made by an independent Person, which Person shall be an independent engineer, appraiser or other expert selected or approved by the Trustee in the exercise of reasonable care.
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Release and Substitution of Collateral. (a) Subject to subsections (b) and (c) of this Section 10.3, (i) in the event that any Collateral is sold, transferred or otherwise disposed of in an Asset Disposition (including the application of Insurance Proceeds) or any other transaction permitted by this Indenture, such Collateral shall, concurrently with the disposition of such Collateral automatically be released from the Lien of the relevant Security Documents and (ii) the Company Issuers and its their Subsidiaries may (but shall not be required to) from time to time substitute property or securities released from the Lien of the Security Documents in connection with the sale, transfer or other disposition thereof for other property or securities to be subjected to the Lien of the Security Documents, in each case in accordance with the provisions of the Security Documents and as provided herebyDocuments.
(b) Except as otherwise provided for in the Intercreditor Agreements, at At any time when an Event of Default shall have occurred and be continuing and the maturity of the Notes Securities shall have been accelerated (whether by declaration or otherwise) and such acceleration shall not have been rescinded or annulled, no release of Collateral pursuant to the provisions of this Indenture or of the Security Documents shall be effective as against the Holders of the securities without the consent of the Collateral Agent. The Trustee shall promptly notify the Collateral Agent of any rescission or annulment, pursuant to Section 6.4 hereof, of an -60- 61 acceleration of the NotesSecurities.
(c) The release of any Collateral from the terms of the Security Documents will not be deemed to impair the security under this Indenture in contravention of the provisions hereof if and to the extent the Collateral is released pursuant to the Security Documents. At all time after qualification of this Indenture under the TIA, to the extent applicable, the Company Issuers shall cause TIA Section 314(d) relating to the release of property or securities from the Lien of the Security Documents and relating to the substitution therefor of any property or securities to be subjected to the Lien of the Security Documents to be complied with. Any certificate or opinion required by TIA Section 314(d) may be made by Officers of the CompanyIssuers, except in cases where TIA Section 314(d4314(d) requires that such certificate or opinion be made by an independent Person, which Person shall be an independent engineer, appraiser or other expert selected or approved by the Trustee in the exercise of reasonable care.
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Samples: Indenture (Globalstar Capital Corp)
Release and Substitution of Collateral. (a) Subject to subsections (b), (c) and (cd) of this Section 10.3, (i) in the event that any Collateral is sold, transferred or otherwise disposed of in an Asset Disposition (including the application of Insurance Proceeds) or any other transaction permitted by this Indenture, such Collateral shall, concurrently with the disposition of such Collateral automatically be released from the Lien of the relevant Security Documents and (ii) the Company and its Subsidiaries may (but shall not be required to) from time to time substitute property or securities released from the Lien of the Security Documents in connection with the sale, transfer or other disposition thereof for other property or securities to be subjected to the Lien of the Security Documents, in each case in accordance with the provisions of the Security Documents and as provided hereby.
(b) Except as otherwise provided for in the Intercreditor AgreementsAgreement, at any time when an Event of Default shall have occurred and be continuing and the maturity of the Notes shall have been accelerated (whether by declaration or otherwise) and such acceleration shall not have been rescinded or annulled, no release of Collateral pursuant to the provisions of this Indenture or of the Security Documents shall be effective as against the Holders of the securities without the consent of the Collateral Agent. The Trustee shall promptly notify the Collateral Agent of any rescission or annulment, pursuant to Section 6.4 hereof, of an acceleration of the Notes.
(c) The release of any Collateral from the terms of the Security Documents will not be deemed to impair the security under this Indenture in contravention of the provisions hereof if and to the extent the Collateral is released pursuant to the Security Documents. At all time after qualification of this Indenture under the TIA, to the extent applicable, the Company shall cause TIA Section 314(d) relating to the release of property or securities from the Lien of the Security Documents and relating to the substitution therefor of any property or securities to be subjected to the Lien of the Security Documents to be complied with. Any certificate or opinion required by TIA Section 314(d) may be made by Officers of the Company, except in cases where TIA Section 314(d) requires that such certificate or opinion be made by an independent Person, which Person shall be an independent engineer, appraiser or other expert selected or approved by the Trustee in the exercise of reasonable care. With respect to the release of the Lien of the Mortgage on the Retail Unit in connection with a closing of the sale of all or a portion of the Retail Unit under the Retail Unit Contract of Sale, the Trustee acknowledges and agrees that (i) to the extent applicable, any requirement under the TIA for a certificate or an opinion with respect to the fair value of the Retail Unit (or such Lien thereon) has already been satisfied, and (ii) upon the receipt of an officer's certificate from the Company substantially in the form of Exhibit H hereto and an opinion of counsel to the Company substantially in the form of Exhibit I hereto, all other applicable requirements under the TIA with respect to the release of such Lien shall have been satisfied, and the Trustee shall release such Lien in accordance with the terms of the Mortgage.
(d) It is acknowledged and agreed that the Bankruptcy Court has found that the proceeds of sale of the Retail Unit (or portion thereof) pursuant to the Retail Unit Contract of Sale represents the fair value of the Retail Unit, and that the release of the Lien of the Mortgage on Retail Unit from the terms of the Security Documents does not impair the security under this Indenture in contravention of the provisions hereof. It is hereby acknowledged and agreed that the Bankruptcy Court's finding shall serve as the opinion or certificate of an independent engineer, appraiser or other expert, to the extent such opinion or certificate is required by TIA Section 314(d).
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Release and Substitution of Collateral. (a) Subject to subsections (b), (c) and (cd) of this Section 10.3, (i) in the event that any Collateral is sold, transferred or otherwise disposed of in an Asset Disposition (including the application of Insurance Proceeds) or any other transaction permitted by this Indenture, such Collateral shall, concurrently with the disposition of such Collateral automatically be released from the Lien of the relevant Security Documents and (ii) the Company and its Subsidiaries may (but shall not be required to) from time to time substitute property or securities released from the Lien of the Security Documents in connection with the sale, transfer or other disposition thereof for other property or securities to be subjected to the Lien of the Security Documents, in each case in accordance with the provisions of the Security Documents and as provided hereby.
(b) Except as otherwise provided for in the Intercreditor Agreements, at At any time when an Event of Default shall have occurred and be continuing and the maturity of the Notes shall have been accelerated (whether by declaration or otherwise) and such acceleration shall not have been rescinded or annulled, no release of Collateral pursuant to the provisions of this Indenture or of the Security Documents shall be effective as against the Holders of the securities without the consent of the Collateral Agent. The Trustee shall promptly notify the Collateral Agent of any rescission or annulment, pursuant to Section 6.4 hereof, of an acceleration of the Notes.
(c) The release of any Collateral from the terms of the Security Documents will not be deemed to impair the security under this Indenture in contravention of the provisions hereof if and to the extent the Collateral is released pursuant to the Security Documents. At all time after qualification of this Indenture under the TIA, to the extent applicable, the Company shall cause TIA Section 314(d) relating to the release of property or securities from the Lien of the Security Documents and relating to the substitution therefor of any property or securities to be subjected to the Lien of the Security Documents to be complied with. Any certificate or opinion required by TIA Section 314(d) may be made by Officers of the Company, except in cases where TIA Section 314(d) requires that such certificate or opinion be made by an independent Person, which Person shall be an independent engineer, appraiser or other expert selected or approved by the Trustee in the exercise of reasonable care.
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Release and Substitution of Collateral. (a) Subject to subsections (b) and (c) of this Section 10.3, (i) in the event that any Collateral is sold, transferred or otherwise disposed of in an Asset Disposition (including the application of Insurance Proceeds) Sale or any other transaction permitted by this Indenture, such Collateral shall, concurrently with the disposition of such Collateral or the issuance of such Indebtedness, as the case may be, automatically be released from the Lien lien of the relevant Security Documents and (ii) the Company and its Subsidiaries may (but shall not be required to) from time to time substitute property or securities released from the Lien lien of the Security Documents in connection with the sale, transfer or other disposition thereof for other property or securities to be subjected to the Lien lien of the Security Documents, in each case in accordance with the provisions of the Security Documents and as provided herebyDocuments.
(b) Except as otherwise provided for in the Intercreditor Agreements, at At any time when an Event of Default shall have occurred and be continuing and the maturity of the Notes Securities shall have been accelerated (whether by declaration or otherwise) and such acceleration shall not have been rescinded or annulled, no release of Collateral pursuant to the provisions of this Indenture or of the Security Documents shall be effective as against the Holders of the securities Securities without the consent of the Collateral Agent. The Trustee shall promptly notify the Collateral Agent of any rescission or annulment, pursuant to Section 6.4 hereof, of an acceleration of the NotesSecurities.
(c) The release of any Collateral from the terms of the Security Documents will not be deemed to impair the security under this Indenture in contravention of the provisions hereof if and to the extent the Collateral is released pursuant to the Security Documents. At all time after qualification of this Indenture under the TIA, to the extent applicable, the Company shall cause TIA Section 314(d) relating to the release of property or securities from the Lien lien of the Security Documents and relating to the substitution therefor of any property or securities to be subjected to the Lien lien of the Security Collateral Documents to be complied with. Any certificate or opinion required by TIA Section 314(d) may be made by Officers an Officer of the Company, except in cases where TIA Section 314(d) requires that such certificate or opinion be made by an independent Personperson, which Person person shall be an independent engineer, appraiser or other expert selected or approved by the Trustee in the exercise of reasonable care.
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Release and Substitution of Collateral. (a) Subject to subsections (b), (c) and (cd) of this Section 10.3, (i) in the event that any Collateral is sold, transferred or otherwise disposed of in an Asset Disposition (including the application of Insurance Proceeds) or any other transaction permitted by this Indenture, such Collateral shall, concurrently with the disposition of such Collateral automatically be released from the Lien of the relevant Security Documents and (ii) the Company and its Subsidiaries may (but shall not be required to) from time to time substitute property or securities released from the Lien of the Security Documents in connection with the sale, transfer or other disposition thereof for other property or securities to be subjected to the Lien of the Security Documents, in each case in accordance with the provisions of the Security Documents and as provided hereby.
(b) Except as otherwise provided for in the Intercreditor AgreementsAgreement, at any time when an Event of Default shall have occurred and be continuing and the maturity of the Notes shall have been accelerated (whether by declaration or otherwise) and such acceleration shall not have been rescinded or annulled, no release of Collateral pursuant to the provisions of this Indenture or of the Security Documents shall be effective as against the Holders of the securities without the consent of the Collateral Agent. The Trustee shall promptly notify the Collateral Agent of any rescission or annulment, pursuant to Section 6.4 hereof, of an acceleration of the Notes.
(c) The release of any Collateral from the terms of the Security Documents will not be deemed to impair the security under this Indenture in contravention of the provisions hereof if and to the extent the Collateral is released pursuant to the Security Documents. At all time after qualification of this Indenture under the TIA, to the extent applicable, the Company shall cause TIA Section 314(d) relating to the release of property or securities from the Lien of the Security Documents and relating to the substitution therefor of any property or securities to be subjected to the Lien of the Security Documents to be complied with. Any certificate or opinion required by TIA Section 314(d) may be made by Officers of the Company, except in cases where TIA Section 314(d) requires that such certificate or opinion be made by an independent Person, which Person shall be an independent engineer, appraiser or other expert selected or approved by the Trustee in the exercise of reasonable care.
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