Release of Shared Collateral Sample Clauses

Release of Shared Collateral. Each of the US Security Trustee and the ---------------------------- UK Security Trustee is authorized and directed to release security interests and liens in Shared Collateral where expressly permitted by the provisions of both the US Credit Agreement and the UK Credit Agreement without any further lender or agent consent and/or upon the direction not of the Majority Creditors, but instead of the US Banks and the UK Banks having at least 66?% of the sum of the US Commitment (or if the US Commitments have terminated, the principal (including letter of credit usage) amount of the outstanding of US Obligations) and UK Commitments (or if the UK Commitments have terminated, the principal (including letter of credit) amount of the outstanding UK Obligations) provided that the release applies to the interests of both the UK Lender Group and the US Lender Group in such collateral. The UK Agent, US Agent, the US Security Trustee and the UK Security Trustee agree to release security interests and liens in Shared Collateral upon the direction of the US Banks and the UK Banks having at least 66?% of the sum of the US Commitments (or if the US Commitments have terminated, the principal (including letter of credit usage) amount of the outstanding of US Obligations) and UK Commitments (or if the UK Commitments have terminated, the principal (including letter of credit) amount of the outstanding UK Obligations) provided that the release applies to the interests of both the UK Lender Group and the US Lender Group in such collateral. Consistent with, but not in limitation of, the foregoing, the Majority Creditors are not empowered by the provisions of this Intercreditor Agreement to authorize the release of the interests of only the UK Lender Group in any Shared Collateral.
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Release of Shared Collateral. (a) Subject to subsections (b), (c) and (d) of this Section 10.09, Shared Collateral may be released from the Lien and security interest created by the Security Documents at any time or from time to time in accordance with the provisions of the Security Documents or as provided hereby. In addition, upon the request of the Company pursuant to an Officers’ Certificate certifying that all conditions precedent hereunder have been met and stating whether or not such release is in connection with an Asset Sale and (at the sole cost and expense of the Company) the Collateral Trustee will release Shared Collateral that is sold, conveyed or disposed of in compliance with the provisions of this Indenture; provided that if such sale, conveyance or disposition constitutes an Asset Sale, the Company will apply the Net Proceeds in accordance with Section 4.10 hereof. Upon receipt of such Officers’ Certificate the Collateral Trustee shall execute, deliver or acknowledge any necessary or proper instruments of termination, satisfaction or release to evidence the release of any Shared Collateral permitted to be released pursuant to this Indenture or the Security Documents.
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Release of Shared Collateral. Creditors agree that either Creditor may release or refrain from enforcing its security interest in the Shared Collateral or any portion thereof. without incurring any liability to the other Creditor by doing so.
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Release of Shared Collateral. Except as otherwise provided in Section 5.03 with respect to this Agreement, the Collateral Agent may consent to the termination of any Pledge Agreement and the Liens thereunder or the release of any Shared Collateral under any Pledge Agreement, (a) so long as no Actionable Default shall have occurred and be continuing, with the prior consent of each Administrative Agent (each acting with the consent of the Amended and Restated Intercreditor and Collateral Agency Agreement requisite Lenders under the respective Credit Agreements) (but not otherwise) and (b) at any time after and during the continuance of an Actionable Default, with the prior consent of all of the Debt Holders (but not otherwise); provided that, notwithstanding the foregoing, so long as no Actionable Default shall have occurred and be continuing, the Collateral Agent may (and is hereby authorized by each Secured Party to) consent to the termination of the Liens under any Pledge Agreement covering, or the release of any Shared Collateral under any Pledge Agreement consisting of, (i) property that is the subject of either a disposition permitted under the Debt Agreements or a disposition to which the requisite Debt Holders have consented under the respective Debt Agreements or (ii) shares of non-voting Capital Stock of a Foreign Subsidiary of the Borrower if the continuation of the pledge of such shares could have adverse tax consequences for the Borrower.
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Release of Shared Collateral. Subject to the provisions of Section 38 ---------------------------- hereof, none of the Post-Petition Agent, the Post-Petition Collateral Agent or the Post-Petition Lenders shall be entitled in any manner to release or direct or cause the release of any of the security interests and liens in the Shared Collateral securing the repayment of the US Obligations or the UK Obligations (as the case may be) and none of the US Banks, the UK Banks, the Security Trustees, the UK Agent, or the US Agent shall be entitled to release or direct the release of any of the security interests and liens in the Shared Collateral securing the repayment of the Post-Petition Obligations. The release by the Post-Petition Collateral Agents of any security interests and liens in the Shared Collateral shall be governed exclusively by the provisions of the Post-Petition Credit Agreement and any orders entered by the courts having jurisdiction of the Existing Bermuda Insolvency Proceeding and Existing U.S.
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Release of Shared Collateral. Upon termination of the Commitments and repayment in full of the Liabilities, the Lien of the Administrative Agent on the Collateral shall be released by the Administrative Agent, and such release shall automatically constitute a release of any Lien on such Collateral in favor of the holders of the Senior Notes. Subject to Section 15.1, at the direction of the Required Banks, the Administrative Agent shall release its Lien with respect to any of the Collateral as so directed by such Banks, and such release shall automatically constitute a release of any Lien on such Collateral in favor of the holders of the Senior Notes.
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Release of Shared Collateral. Subordinated Agent shall, promptly upon the written notice of Senior Agent, release or otherwise terminate Subordinated Agent’s Lien on the Shared Collateral (or applicable portion thereof) contemporaneously with the release by the Senior Agent of its Lien thereon if the Shared Collateral (or a portion thereof) is sold or otherwise disposed of by the Senior Agent (or any representative thereof), whether by strict foreclosure or otherwise, or such Shared Collateral is sold or otherwise disposed of by the record owner thereof as permitted by the Basic Documents and the Subordinated Purchase Agreement or otherwise with the consent of the Required Holders (or any representative thereof); provided, that, (i) the subordinate Lien of Subordinated Agent securing the Subordinated Indebtedness shall attach to the proceeds of such sale or other disposition to the extent not applied to the reduction of the Senior Indebtedness, and (ii) such subordinate Lien on such proceeds shall in all respects remain subject to all of the terms and provisions of this Agreement. In connection with any release of Lien pursuant to the terms hereof, Subordinated Agent (on behalf of its itself and the Subordinated Creditor) will immediately deliver such release documents as the Senior Agent (or any representative thereof) may require in connection therewith. In furtherance of the foregoing, each of Subordinated Agent and the Subordinated Creditor hereby irrevocably appoints Senior Agent as its lawful attorney and agent to execute any and all such release documents (including, without limitation, Uniform Commercial Code termination statements) and to record and/or file such release documents as Senior Agent deems necessary if such release documents are not received promptly after written request therefor. Each of Senior Creditors, Subordinated Agent and the Subordinated Creditor agrees that Senior Agent has not assumed any obligations to act as agent for such Subordinated Agent or Subordinated Creditor with respect to the Shared Collateral.
Sample 1
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Related to Release of Shared Collateral

  • Release of Collateral Subject to Section 11.01 and the terms of the Basic Documents, the Indenture Trustee shall release property from the lien of this Indenture only upon receipt by it of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates.

  • Retention of Collateral In addition to the rights and remedies hereunder, the Administrative Agent may, in compliance with Sections 9-620 and 9-621 of the UCC or otherwise complying with the requirements of applicable Law of the relevant jurisdiction, accept or retain the Collateral in satisfaction of the Secured Obligations. Unless and until the Administrative Agent shall have provided such notices, however, the Administrative Agent shall not be deemed to have retained any Collateral in satisfaction of any Secured Obligations for any reason.

  • Disposition of Collateral Such Grantor will not sell, lease or otherwise dispose of the Collateral owned by it except for dispositions specifically permitted pursuant to Section 6.05 of the Credit Agreement.

  • Certain After-Acquired Collateral Borrowers shall promptly notify Agent in writing if, after the Closing Date, any Borrower obtains any interest in any Collateral consisting of Deposit Accounts, Chattel Paper, Documents, Instruments, Intellectual Property, Investment Property or Letter-of-Credit Rights and, upon Agent’s request, shall promptly take such actions as Agent deems appropriate to effect Agent’s duly perfected, first priority Lien upon such Collateral, including obtaining any appropriate possession, control agreement or Lien Waiver. If any Collateral is in the possession of a third party, at Agent’s request, Borrowers shall obtain an acknowledgment that such third party holds the Collateral for the benefit of Agent.

  • Termination of Security Interests; Release of Collateral Upon payment in full of all Secured Obligations, the Security Interests shall terminate and all rights to the Collateral shall revert to Debtor. Upon such termination of the Security Interest or release of any Collateral, the Secured Party will, at the expense of Debtor, execute and deliver to Debtor such documents as Debtor shall reasonably request to evidence the termination of the Security Interest or the release of such Collateral, as the case may be.

  • Release of Lien on Collateral At the same time as (i) any Collateral expires by its terms and all amounts in respect thereof have been paid in full by the related Obligor and deposited in the Collection Account, (ii) such Loan has been the subject of a Discretionary Sale pursuant to Section 2.14, has been sold to the Seller as required under the Sale Agreement or has been sold pursuant to Section 6.5 or (iii) this Agreement terminates in accordance with Section 12.6, the Administrative Agent, as agent for the Secured Parties will, to the extent requested by the Collateral Manager, release its interest in such Collateral. In connection with any sale of such Collateral, the Administrative Agent, as agent for the Secured Parties, will after the deposit by the Collateral Manager of the Proceeds of such sale into the Collection Account, at the sole expense of the Collateral Manager, execute and deliver to the Collateral Manager any assignments, bills of sale, termination statements and any other releases and instruments as the Collateral Manager may reasonably request in order to effect the release and transfer of such Collateral; provided that, the Administrative Agent, as agent for the Secured Parties, will make no representation or warranty, express or implied, with respect to any such Collateral in connection with such sale or transfer and assignment. Nothing in this section shall diminish the Collateral Manager’s obligations hereunder with respect to the Proceeds of any such sale.

  • Change in Collateral; Collateral Records (i) Give the Collateral Agent not less than 30 days prior written notice of any change in the location of any Collateral, other than to (or in-transit between) locations set forth on Schedule 6.01(ff) and with respect to which the Collateral Agent has filed financing statements and otherwise fully perfected its Liens thereon, (ii) advise the Collateral Agent promptly, in sufficient detail, of any material adverse change relating to the type, quantity or quality of the Collateral or the Lien granted thereon and (iii) execute and deliver, and cause each of its Subsidiaries to execute and deliver, to the Collateral Agent for the benefit of the Agents and the Lenders from time to time, solely for the Collateral Agent’s convenience in maintaining a record of Collateral, such written statements and schedules as the Collateral Agent may reasonably require, designating, identifying or describing the Collateral.

  • After-Acquired Collateral From and after the Issue Date, subject to the Intercreditor Agreement and any other Pari Passu Intercreditor Agreement, if (a) any Subsidiary becomes a Guarantor pursuant to Section 4.16 or (b) the Company or any Guarantor acquires any property or rights which are of a type constituting Collateral under the Notes Security Agreement (excluding, for the avoidance of doubt, any Excluded Assets or assets expressly not required to be Collateral pursuant to this Indenture or the Security Documents), it will be required to execute and deliver such security instruments, financing statements and certificates as are required under this Indenture and/or the Notes Security Agreement (for avoidance of doubt, after taking into account any exclusions or exceptions to the Collateral and/or the requirements to perfect a security interest in the Collateral pursuant to the Notes Security Agreement or other applicable Security Document) to vest in the Notes Collateral Agent a security interest (subject to Permitted Liens) in such after-acquired collateral and to take such actions to add such after-acquired collateral to the Collateral, and thereupon all provisions of this Indenture and the Security Documents relating to the Collateral shall be deemed to relate to such after-acquired collateral to the same extent and with the same force and effect.

  • Compromises and Collection of Collateral The Grantors and the Administrative Agent recognize that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or become uncollectible in whole or in part and that the expense and probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to a Receivable. In view of the foregoing, each Grantor agrees that the Administrative Agent may at any time and from time to time, if an Event of Default has occurred and is continuing, compromise with the obligor on any Receivable, accept in full payment of any Receivable such amount as the Administrative Agent in its sole discretion shall determine or abandon any Receivable, and any such action by the Administrative Agent shall be commercially reasonable so long as the Administrative Agent acts in good faith based on information known to it at the time it takes any such action.

  • Collection Efforts, Modification of Collateral (a) The Servicer will use commercially reasonable efforts to collect, or cause to be collected, all payments called for under the terms and provisions of the Collateral Loans included in the Collateral as and when the same become due, all in accordance with the Servicing Standard.

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