Common use of Release of Security Interest in Revenue Equipment Clause in Contracts

Release of Security Interest in Revenue Equipment. (a) The Grantor shall be entitled to sell its Revenue Equipment in the ordinary course of business, prior to the occurrence of any Default and in accordance with the terms of the Credit Agreement. In connection with any such sale, the Agent agrees for its benefit and the benefit of the Banks that the lien of the Agent recorded on any certificate of title with respect to any Revenue Equipment to be sold may be released by the Agent's custodians (the "Custodians") pursuant to a custodial agreement substantially in the form attached hereto as Annex 5 ("Custodial Agreement"), with a power of attorney, effective for a period of one calendar quarter (or the remaining portion thereof) which shall authorize the Custodians to execute, on behalf of the Agent, all documents and instruments necessary to release the security interest granted hereunder with respect to the Revenue Equipment to be sold or transferred, subject to the limitations set forth in the Custodial Agreement and such power of attorney. Upon the occurrence of any Default under the Credit Agreement, the Agent may revoke any then outstanding power of attorney provided in accordance with this Section, by giving notice of such revocation to the Custodians, and the Grantor. Upon the resignation of any individual holding a power of attorney hereunder, the Agent may designate an agent (whether or not such agent is an employee of the Grantor or any of its Subsidiaries) to hold a power of attorney, and such agent may enter onto any premises where the Grantor retains certificates of title on behalf of the Agent for the purpose of fulfilling such agent's obligations to the Agent under said power of attorney.

Release of Security Interest in Revenue Equipment. (a) The Each Grantor shall be entitled to sell its Revenue Equipment in the ordinary course of business, business prior to the occurrence of any Default and in accordance with the terms of the Credit Agreement. In connection with any such sale, the Agent agrees for its benefit and the benefit of the Banks that the lien of the Agent recorded on any certificate of title with respect to any Revenue Equipment to be sold may be released by the Agent's custodians (the "Custodians") pursuant to a custodial agreement substantially in the form attached hereto as Annex 5 ("Custodial Agreement"), with a power of attorney, effective for a period of one calendar quarter (or the remaining portion thereof) ), which shall authorize the Custodians to execute, on behalf of the Agent, all documents and instruments necessary to release the security interest granted hereunder with respect to the Revenue Equipment to be sold or transferred, subject to the limitations set forth in the Custodial Agreement and such power of attorney. Upon the occurrence of any Default under the Credit Agreement, the Agent may revoke any then outstanding power of attorney provided in accordance with this Section, by giving notice of such revocation to the Custodians, the Borrower and the GrantorGrantors. Upon the resignation of any individual holding a power of attorney hereunder, the Agent may designate an agent (whether or not such agent is an employee of the Grantor Borrower or any of its Subsidiaries) to hold a power of attorney, and such agent may enter onto any premises where the any Grantor retains certificates of title on behalf of the Agent for the purpose of fulfilling such agent's obligations to the Agent under said power of attorney.