Substitution and Replacement of Collateral. Upon Request, the Trustee shall, at any time and from time to time, execute and deliver a release of all the right and interest of the Trustee in and to any of the units of Collateral as provided herein; provided, however, that, at the option of the Company, (a) there shall be paid to the Trustee cash in an amount not less than the Value, as of the date of such Request, of the units of Collateral to be released by the Trustee or (b) there shall be conveyed to the Trustee, at the time of release of any units of Collateral, other units of Equipment and of a Value not less than the Value, as of the date of such Request, of the units of Collateral to be released. At the time of delivery of any Request pursuant to the first paragraph of this Section, the Company shall, if other Equipment is to be conveyed to the Trustee in substitution for the Collateral to be released by the Trustee, deliver to the Trustee the following papers:
Substitution and Replacement of Collateral. 6.1. In the event that ABC is required or elects to propose substitute or replacement collateral in satisfaction of its obligations under this agreement, at the time ABC advises XYZ of the identity of the proposed substitute or replacement collateral, it also shall advise XYZ of:
Substitution and Replacement of Collateral. At any time and ------------------------------------------ from time to time, as required for valid business reasons arising in the ordinary course of the Company's business (as determined in the Company's reasonable discretion), the Company may issue to the Trustee a Request, and upon such Request, the Trustee shall execute and deliver a release of all the right and interest of the Trustee in and to any of the units of Equipment and the related Leasehold Interests as provided herein; provided, however, that, at the -------- ------- option of the Company, (a) there shall be paid to the Trustee cash in an amount not less than the Value, as of the date of such Request, of the units of Equipment to be released by the Trustee or (b) there shall be conveyed to the Trustee, at the time of release of any units of Equipment and the related Leasehold Interests, a security interest in (i) other units of Equipment with a Value not less than the Value, and a remaining useful life not less than that as of the date of such Request, of the units of Equipment to be released and (ii) the Leasehold Interests relating to such other units of Equipment. At the time of delivery of any Request pursuant to the first paragraph of this Section, the Company shall, if other Equipment and related Leasehold Interests are to be conveyed to the Trustee in substitution for the Collateral to be released by the Trustee, deliver to the Trustee the following papers:
Substitution and Replacement of Collateral. 6.1. In the event that ABC is required or elects to propose substitute or replacement collateral in satisfaction of its obligations under this agreement, at the time ABC advises XYZ of the identity of the proposed substitute or replacement collateral, it also shall advise XYZ of:
(a) the identity and ABC's estimation of the value of the collateral which will be replaced or for which the proposed collateral will substitute; and
(b) the source, manufacturer, cost or purchase price, date of purchase and ABC's estimation of the value of the proposed substitute or replacement collateral.
6.2. If XYZ should not concur in ABC's valuation of the collateral which will be replaced or substituted for or if XYZ should not concur in ABC's valuation of the proposed substitute or replacement collateral, it shall notify ABC of such disagreement within days of the date on which it was given the information required by Section 6.1 of this agreement.
6.3. In the event that there is a disagreement concerning valuation, XYZ and ABC agree to hold discussions in a good-faith effort to resolve such disagreement.
6.4. In the event that ABC and XYZ are unable to agree on the amount by which the collateral will be or has been reduced in value by ABC's activities or on the value of any proposed substitute or replacement collateral within days of the date on which XYZ notifies ABC of any such disagreement, such disagreement shall be submitted to binding arbitration in accordance with the rules of the American Arbitration Association. The costs of such arbitration shall be shared equally by the parties. The determination rendered by the arbitrator shall be final, and judgment may be entered upon it in accordance with applicable law in any court having jurisdiction thereof.
