Sale or release of Collateral Vessels 6 Sample Clauses

Sale or release of Collateral Vessels 6. 4.1 In the event of a sale, disposal or removal (following designation by the Borrower for a specific project purpose) of a Collateral Vessel or the Agent having received not less than five (5) Business Days' notice from the Borrower requesting that the security relating to a Collateral Vessel be released and discharged, the Maximum Amount of the Loan shall, subject to the provisions of Clause 6.4.2 and Clause 6.4.3, on the date of such sale, disposal, removal or release be reduced by an amount equivalent to the Available Loan Amount applicable to that Collateral Vessel at that time. If, as a result of any reduction in the Maximum Amount of the Loan pursuant to this Clause 6.4.1, the Loan Outstanding would exceed the Maximum Amount of the Loan, the Borrower shall, on the date of the sale, disposal, removal or release, prepay such amount of the Loan as will ensure that the Loan Outstanding is not greater than the Maximum Amount of the Loan. 6.4.2 The Borrower shall have the right to replace one or more Collateral Vessels that have been sold, disposed, removed or released pursuant to Clause 6.4.1 with one or more Replacement Vessels within 365 days of the sale, disposal, removal or release of such Collateral Vessel or Collateral Vessels (the "Vessel Replacement Period") provided that (i) the Borrower fulfils, or shall procure the fulfilment of, the conditions precedent set out Part IV of Schedule 2 and (ii) the VTL Coverage (as defined in Clause 10.9) following such replacement would be no less than the VTL Coverage immediately prior to the sale, disposal, removal or release of the Collateral Vessel or Collateral Vessels in question. 6.4.3 For the period from the date of the sale, disposal, removal or release of the Collateral Vessel or Collateral Vessels in question to the earlier of (a) the provision of the Replacement Vessel or Replacement Vessels and the satisfaction of the conditions referred to in Clauses 6.4.2(i) and (ii) above and (b) the end of the Vessel Replacement Period, the relevant Available Loan Amount shall not be available for drawing. Thereafter, the relevant Available
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Related to Sale or release of Collateral Vessels 6

  • 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.

  • Release of Collateral, etc Any release, surrender, exchange, subordination, deterioration, waste, loss or impairment (including without limitation negligent, willful, unreasonable or unjustifiable impairment) of any collateral, property or security, at any time existing in connection with, or assuring or securing payment of, all or any part of the Liabilities;

  • Partial Release of Collateral Lender hereby releases the following collateral:

  • 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.

  • Release of Collateral or Guarantor Except for sales of assets permitted by Section 8.2.7 [Dispositions of Assets or Subsidiaries], release all or substantially all of the Collateral or any Guarantor from its Obligations under the Guaranty Agreement without the consent of all Lenders (other than Defaulting Lenders); or

  • 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.

  • Condition of Collateral Secured Party has no obligation to repair, clean-up or otherwise prepare the Collateral for sale.

  • Amendments, Waivers and Release of Collateral Neither this Agreement, nor any of the Notes, nor any of the other Credit Documents, nor any terms hereof or thereof may be amended, supplemented, waived or modified except in accordance with the provisions of this Section nor may be released except as specifically provided herein or in the Security Documents or in accordance with the provisions of this Section 9.1. The Required Lenders may, or, with the written consent of the Required Lenders, the Administrative Agent may, from time to time, (a) enter into with the Borrower written amendments, supplements or modifications hereto and to the other Credit Documents for the purpose of adding any provisions to this Agreement or the other Credit Documents or changing in any manner the rights of the Lenders or of the Borrower hereunder or thereunder or (b) waive, on such terms and conditions as the Required Lenders may specify in such instrument, any of the requirements of this Agreement or the other Credit Documents or any Default or Event of Default and its consequences; provided, however, that no such waiver and no such amendment, waiver, supplement, modification or release shall:

  • Release of Individual Property Concurrently with the release of an Individual Property from the Lien of the Mortgage (and related Mortgage Loan Documents) pursuant to Section 2.5.1 of the Mortgage Loan Agreement (a “Release” and such Individual Property, a “Release Property”), Borrower may obtain the release of the related Individual Borrower with an indirect ownership interest in such Individual Property (a “Release Borrower”) and such Release Borrower’s obligations under the Loan Documents with respect to the Release Property (other than those expressly stated to survive), upon the satisfaction of each of the following conditions:

  • Return of Collateral The Collateral shall be returned to Borrower at the termination of the Loan upon the return of the Loaned Securities by Borrower to State Street in accordance with the applicable Securities Loan Agreement.

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