Common use of Release of Motor Vehicles Clause in Contracts

Release of Motor Vehicles. So long as no Event of Default shall have occurred and be continuing, upon the request of the Guarantor, the Administrative Agent shall execute and deliver to the Guarantor such instruments as the Guarantor shall reasonably request to remove the notation of the Administrative Agent as lienholder on any certificate of title for any Motor Vehicle; provided that any such instruments shall be delivered, and the release effective only upon receipt by the Administrative Agent of a certificate from the Guarantor 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 thereto passing to the casualty insurance company therefor 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 the Guarantorany Obligor, the Administrative Agent shall execute and deliver to the Guarantor such Obligor such instruments as the Guarantor such Obligor shall reasonably request to remove the notation of the Administrative Agent as lienholder on any certificate of title for any Motor Vehicle; provided that any such instruments shall be delivered, and the release effective only upon receipt by the Administrative Agent of a certificate from the Guarantor 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 thereto passing to the casualty insurance company therefor 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 the Subsidiary Guarantor, the Administrative Agent shall execute and deliver to the Subsidiary Guarantor such instruments as the Subsidiary Guarantor shall reasonably request to remove the notation of the Administrative Agent as lienholder on any certificate of title for any Motor Vehicle; provided that any such instruments shall be delivered, and the release effective only upon receipt by the Administrative Agent of a certificate from the Subsidiary Guarantor 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 thereto passing to the casualty insurance company (or its designee) therefor in settlement of the claim for such loss)) and any proceeds of such sale or casualty loss being paid to the Agent hereunder.