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.

Substitution of Collateral and Release of Security Interest. (a) Subject to Section 5.02(p), so long as no Default or Unless an Event of Default under Section 6.01(f) with respect to the Borrower shall have occurred and be is continuing or would occur as the Agent shall have delivered a consequence Notice of such sale, disposition or substitution and Exclusive Control to the Borrowing Base Test will be satisfied immediately following such sale, disposition or substitutionCustodian, 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.

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.