Release of Loan Collateral. The Lenders and LC Issuer hereby authorize Agent, at its option and in its discretion, to release any of Agent’s Liens on any Loan Collateral (i) on termination of the Commitments and payment and satisfaction of all of the Obligations (and all Letters of Credit have been cancelled and returned to LC Issuer) at any time arising under or in respect of this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than contingent Obligations that survive the termination of this Agreement for which Agent has not given notice thereof to Borrower, (ii) constituting property in which Borrower, Holding Co., or the Affiliate Guarantor did not own an interest at the time the Lien was granted to Agent, (iii) to the extent required to effect any sale or other disposition of any Loan Collateral in connection with any exercise of remedies of Agent and Lenders pursuant to the Loan Documents, (iv) owned by or leased to Borrower or any of its Subsidiaries which is subject to a purchase money security interest or which is the subject of a capital lease, in either case, entered into pursuant to Section 10.10(i)(e), (v) constituting property leased to Borrower under a lease which has expired or been terminated in a transaction permitted under this Agreement or is about to expire and which has not been, and is not intended by Borrower to be, renewed or extended, or (vi) other than on all or a substantial part of the Loan Collateral, if (a) not in an amount in excess of $1,000,000 in the aggregate in any 12 month period and (b) after giving effect thereto a Deficiency does not exist (but this clause (iii) shall not be deemed to require such approval to the extent such release is expressly authorized under this Agreement). On request by Agent at any time, the Lenders and LC Issuer will confirm in writing Agent’s authority to release particular types or items of Loan Collateral pursuant to this Section 13.10. In the event of any sale or transfer of Loan Collateral, or any foreclosure with respect to any of the Loan Collateral, Agent is authorized to deduct all of the expenses incurred by Agent from the proceeds of any such sale, transfer or foreclosure.
Appears in 2 contracts
Samples: Financing Agreement (CitiSteel PA, Inc.), Financing Agreement (CitiSteel PA, Inc.)
Release of Loan Collateral. (a) The Lenders parties agree -------------------------- that pursuant to the provisions of this Section 7.03. and LC Issuer hereby authorize AgentSection 9.07 of the Collateral Agreement, at its option any and all of the Liens for the benefit of Xxxxx (including the Lien of the Agent as assignee of Xxxxx under the Collateral Agreement) on the Vehicles and the Certificates of Title therefor shall be released or deemed to be released, as provided in its discretionthis Section 7.03. As to any Vehicle, to release any of Agent’s Liens on any Loan Collateral so long as no Amortization Event or Potential Amortization Event has occurred and is continuing, and after the:
(i) on termination deposit of the Commitments and payment and satisfaction Disposition Proceeds with respect to such Vehicle if it is sold or otherwise disposed of all of the Obligations (and all Letters of Credit have been cancelled and returned to LC Issuer) at any time arising under or in respect of accordance with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than contingent Obligations that survive the termination of this Agreement for which Agent has not given notice thereof to Borrower, Agreement; and
(ii) constituting property in Agent has determined that, excluding the Vehicles with respect to which Borrower, Holding Co., or the Affiliate Guarantor did not own an interest at the time the Lien was granted to Agent, (iii) to the extent required to effect any sale or other disposition of any Loan Collateral in connection with any exercise of remedies of Agent and Lenders pursuant to the Loan Documents, (iv) owned by or leased to Borrower or any of its Subsidiaries which is subject to a purchase money security interest or which is the subject of a capital lease, in either case, entered into pursuant to Section 10.10(i)(e), (v) constituting property leased to Borrower under a lease which has expired or been terminated in a transaction permitted under this Agreement or is about to expire and which has not been, and is not intended by Borrower to be, renewed or extended, or (vi) other than on all or a substantial part of the Loan Collateral, if (a) not in an amount in excess of $1,000,000 in the aggregate in any 12 month period and (b) after giving effect thereto a Deficiency does not exist (but this clause (iii) shall not Agent would be deemed to require such approval to the extent such release is expressly authorized under this Agreement). On request by Agent at any time, the Lenders and LC Issuer will confirm in writing Agent’s authority to release particular types or items of Loan Collateral released pursuant to this Section 13.10. In 7.03, the event Enhancement Test Percentage will be equal to or greater than the Required Enhancement Percentage; any and all Liens for the benefit of any sale or transfer of Loan Collateral, or any foreclosure with respect to any Xxxxx (including the Lien of the Loan CollateralAgent as assignee of Xxxxx under the Collateral Agreement) on such Vehicle and the Certificate of Title therefor shall be deemed to be released.
(b) Leasco may direct TRS to sell any Vehicle in an ordinary course sale, provided, that such sale is made in accordance with this Section 7.03. Xxxxx shall and shall cause the Agent is authorized to deduct all execute such documents and instruments as Leasco may reasonably request (including a power of attorney of the expenses incurred by Agent appointing Leasco to act as the agent of the Agent in releasing the Lien of the Agent on Vehicles sold pursuant to the provisions of this Section 7.03, which power of attorney shall be revocable at any time following a Liquidation Event of Default). The parties hereto agree, however, that until such time that no Commercial Paper Notes are Outstanding, the number of Vehicles sold or disposed of during any month shall not exceed the Fleet Disposition Limit unless the aggregate Disposition Proceeds from such sales or dispositions exceed the proceeds aggregate Net Book Value of any all Vehicles sold or disposed of during such sale, transfer month (such Net Book Value to be measured for each Vehicle as of the date such Vehicle was sold or foreclosuredisposed of).
Appears in 1 contract
Samples: Loan Agreement (Ryder TRS Inc)
Release of Loan Collateral. The Lenders and LC Issuer hereby authorize Agent, at its option and in its discretion, to release any of Agent’s Liens on any Loan Collateral (i) on termination of the Commitments and payment and satisfaction upon Payment in Full of all of the Obligations (and all Letters of Credit have been cancelled and returned to LC Issuer) at any time arising under or in respect of this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than contingent Obligations that survive the termination of this Agreement for which Agent has not given notice thereof to Borrowerthereby, (ii) constituting property in which Borrower, Holding Co., Borrower or the Affiliate Guarantor any other Credit Party did not own an interest at the time the Lien was granted to Agent, (iii) to the extent required in connection with the sale or disposition of any Loan Collateral by any Credit Party, as permitted hereunder (including under Section 10.24 hereof) or under any of the other Loan Documents, or in connection with any merger permitted under Section 10.16 hereof, or to effect any sale or other disposition of any Loan Collateral in connection with any exercise of remedies of Agent and Lenders pursuant to the Loan Documents, (iv) owned by or leased to Borrower or any of its Subsidiaries Credit Party which is subject to a purchase money security interest or which is the subject of a capital leaseCapital Lease, in either case, entered into pursuant to Section 10.10(i)(e), 10.10(a) or (v) constituting property leased to Borrower any Credit Party under a lease which has expired or been terminated in a transaction permitted under this Agreement or is about to expire and which has not been, and is not intended by Borrower such Credit Party to be, renewed or extended, or (vi) other than on all or a substantial part of the Loan Collateral, if (a) not in an amount in excess of $1,000,000 in the aggregate in any 12 month period and (b) after giving effect thereto a Deficiency does not exist (but this clause (iii) shall not be deemed to require such approval to the extent such release is expressly authorized under this Agreement). On request by Agent at any time, the Lenders and LC Issuer will confirm in writing Agent’s authority to release particular types or items of Loan Collateral pursuant to this Section 13.10. In the event of any sale or transfer of Loan Collateral, or any foreclosure with respect to any of the Loan Collateral, Agent is authorized to deduct all of the expenses incurred by Agent from the proceeds of any such sale, transfer or foreclosure.
Appears in 1 contract
Samples: Financing Agreement (Westaff Inc)
Release of Loan Collateral. The Lenders and LC Issuer hereby authorize Agent, at its option and in its discretion, to release any of Agent’s Liens Lien granted to or held by Agent on any Loan Collateral (i) on termination of the Commitments and payment and satisfaction of all of the Obligations (and all Letters of Credit have been cancelled and returned to LC Issuer) at any time arising under or in respect of this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than contingent Obligations that survive the termination of this Agreement for which Agent has not given notice thereof to Borrowerthereby, (ii) constituting property in which Borrower, Holding Co., or the Affiliate Guarantor did not own no Borrower owned an interest at the time the Lien was granted to Agent, (iii) to the extent required to effect any sale or other disposition of any Loan Collateral in connection with any exercise of remedies of Agent and Lenders pursuant to the Loan Documents, (iv) owned by or leased to any Borrower or any of its Subsidiaries which is subject to a purchase money security interest or which is the subject of a capital lease, in either case, entered into pursuant to Section 10.10(i)(e), (v) constituting property leased to any Borrower under a lease which has expired or been terminated in a transaction permitted under this Agreement or is about to expire and which has not been, and is not intended by such Borrower to be, renewed or extended, or (vi) other than on all or a substantial part of the Loan Collateral, if (a) not approved, authorized or ratified in an amount in excess of $1,000,000 in writing by the aggregate in any 12 month period Required Lenders and (b) after giving effect thereto a Deficiency does not exist (but this clause (iii) shall not be deemed to require such approval to the extent such release is expressly authorized under this Agreement). On request by Agent at any time, the Lenders and LC Issuer will confirm in writing Agent’s 's authority to release particular types or items of Loan Collateral pursuant to this Section 13.10. In the event of any sale or transfer of Loan Collateral, or any foreclosure with respect to any of the Loan Collateral, Agent is authorized to deduct all of the expenses incurred by Agent from the proceeds of any such sale, transfer or foreclosure.
Appears in 1 contract
Samples: Financing Agreement (Suntron Corp)