Common use of Release of Motor Vehicles Clause in Contracts

Release of Motor Vehicles. So long as no Default shall have occurred and be continuing, upon the request of, and at the expense of, the Obligor, the Collateral Agent shall execute and deliver to the Obligor such instruments as the Obligor shall reasonably request to remove the notation of the Collateral Agent as lienholder on any certificate of title for any Motor Vehicle; provided that any such instruments shall be delivered, and the release shall be effective, only upon receipt by the Collateral Agent of a certificate from the Obligor stating that the Motor Vehicle the Lien on which is to be released is to be sold or has suffered a casualty loss (with title passing to the appropriate casualty insurance company in settlement of the claim for such loss).

Release of Motor Vehicles. So long as no Default shall have occurred and be continuing, upon the request of, and at the expense of, the Obligor, the Collateral Agent Holder shall execute and deliver to the Obligor such instruments as the Obligor shall reasonably request to remove the notation of the Collateral Agent Holder as lienholder on any certificate of title for any Motor Vehicle; provided that any such instruments shall be delivered, and the release shall be effective, only upon receipt by the Collateral Agent Holder of a certificate from the Obligor stating that the Motor Vehicle the Lien on which is to be released is to be sold or has suffered a casualty loss (with title passing to the appropriate casualty insurance company in settlement of the claim for such loss).

Release of Motor Vehicles. So long as no Default shall have occurred and be continuing, upon the request of, and at the expense of, the any Obligor, the Collateral Agent shall execute and deliver to the such Obligor such instruments as the such Obligor shall reasonably request to remove the notation of the Collateral Agent as lienholder on any certificate of title for any Motor Vehicle; provided that any such instruments shall be delivered, and the release shall be effective, only upon receipt by the Collateral Agent of a certificate from the such Obligor stating that the Motor Vehicle the Lien on which is to be released is to be sold or has suffered a casualty loss (with title passing to the appropriate casualty insurance company in settlement of the claim for such loss).

Release of Motor Vehicles. So long as no Event of Default shall have occurred and be continuing, upon the request of, and at the expense of, the ObligorCompany, the Collateral Agent shall execute and deliver to the Obligor a Grantor such instruments as the Obligor such Grantor shall reasonably request to remove the notation of the Collateral Agent as lienholder on any certificate of title for any Motor Vehicle; provided that any such instruments shall be delivered, and the release shall be effective, only upon receipt by the Collateral Agent of a certificate from the Obligor such Grantor stating that the Motor Vehicle the Lien on which is to be released is to be sold or exchanged or has suffered a casualty loss (with title passing to the appropriate casualty insurance company in settlement of the claim for such loss).

Release of Motor Vehicles. So long as no Default shall have occurred and be continuing, upon the request of, and at the expense of, of the Obligor, the Collateral Agent Trustee shall execute and deliver to the Obligor Obligor, at the Obligor's expense, such instruments as the Obligor shall reasonably request to remove the notation notation, if any, of the Collateral Agent Trustee as lienholder on any certificate of title for any Motor Vehicle; provided that any such instruments shall be delivered, and the release shall be effective, effective only upon receipt by the Collateral Agent Trustee of a certificate from the Obligor stating that the Motor Vehicle the Lien lien on which is to be released is to be sold or has suffered a casualty loss (with title thereto passing to the appropriate casualty insurance company therefor in settlement of the claim for such loss).

Release of Motor Vehicles. So long as no Default shall have occurred and be continuing, upon the request of, and at the expense of, the of any Obligor, the Collateral Agent shall execute and deliver to the such Obligor such instruments as the such Obligor shall reasonably request to remove the notation of the Collateral Agent as lienholder on any certificate of title for any Motor Vehicle; provided that any such instruments shall be delivered, and the release shall be effective, effective only upon receipt by the Security Agreement Collateral Agent of a certificate from the such Obligor stating that the Motor Vehicle the Lien lien on which is to be released is to be sold or has suffered a casualty loss (with title thereto passing to the appropriate casualty insurance company therefor in settlement of the claim for such loss).