Common use of Substitution of Collateral and Release of Security Interest Clause in Contracts

Substitution of Collateral and Release of Security Interest. (a) Subject to Section 5.02(p), so long as no Default or Event of Default shall have occurred and be continuing or would occur as a consequence of such sale, disposition or substitution and the Borrowing Base Test will be satisfied immediately following such sale, disposition or substitution, the Borrower may originate entitlement orders with respect to the Collateral Account and may sell or dispose of or substitute Pledged Collateral in accordance with the terms of this Agreement and the Control Agreement. (b) On the Program Termination Date the Lien granted under this Agreement shall be automatically terminated and released and the Program Agent at the written request of the Borrower shall execute, deliver and file such instruments as the Borrower shall reasonably request in order to reassign, release or terminate its security interest in the Pledged Collateral. Any and all actions under this Section 7.02 shall be without any recourse to, or representation or warranty by, the Program Agent or any Secured Party and shall be at the sole cost and expense of the Borrower.

Substitution of Collateral and Release of Security Interest. (a) (a) Subject to Section 5.02(p), so long as no Default or Event of Default shall have occurred and be continuing or would occur as a consequence of such sale, disposition or substitution and the Borrowing Base Test will be satisfied immediately following such sale, disposition or substitution, the Borrower may originate entitlement orders and instructions with respect to the Collateral Account and may sell or dispose of or substitute Pledged Collateral in accordance with the terms of this Agreement and the Control Agreement. (b) On the Program Termination Date the Lien granted under this Agreement shall be automatically terminated and released and the Program Agent at the written request of the Borrower shall execute, deliver and file such instruments as the Borrower shall reasonably request in order to reassign, release or terminate its security interest in the Pledged Collateral. Any and all actions under this Section SECTION 7.02 shall be without any recourse to, or representation or warranty by, the Program Agent or any Secured Party and shall be at the sole cost and expense of the Borrower.

Substitution of Collateral and Release of Security Interest. (a) Subject to Section 5.02(p5.02(q), so long as no Default or Event of Default shall have occurred and be continuing or would occur as a consequence of such sale, disposition or substitution and the Borrowing Base Test will be satisfied immediately following such sale, disposition or substitution, the Borrower may originate entitlement orders with respect to the Collateral Account and may sell or dispose of or substitute Pledged Collateral in accordance with the terms of this Agreement and the Control Agreement. (b) On the Program Termination Date the Lien granted under this Agreement shall be automatically terminated and released and the Program Agent at the written request of the Borrower shall execute, deliver and file such instruments as the Borrower shall reasonably request in order to reassign, release or terminate its security interest in the Pledged Collateral. Any and all actions under this Section 7.02 shall be without any recourse to, or representation or warranty by, the Program Agent or any Secured Party and shall be at the sole cost and expense of the Borrower.