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 Company, the Administrative Agent shall execute and deliver to the Company such instruments as the Company 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 Company 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 Companyany Obligor, the Administrative Agent shall execute and deliver to the Company such Obligor such instruments as the Company 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 PROVIDED that any such instruments shall be delivered, and the release effective only upon receipt by the Administrative Agent of a certificate from the Company 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 Companyany Obligor, the Administrative Agent shall execute and deliver to the Company such Obligor such instruments as the Company 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 Company such Obligor stating that the Security Agreement 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).