Common use of Substitution of Collateral Notes Clause in Contracts

Substitution of Collateral Notes. If any Collateral Note is paid in full or is no longer an Eligible Note, Debtor may, at any time and from time to time, substitute one or more additional Eligible Notes in place of such Collateral Note, provided that the outstanding principal balance of such substitute Eligible Note is sufficient in amount to cause Debtor to comply with the Required MCR. Debtor shall execute any and all documents deemed necessary or required by Lender to evidence the assignment of any substitute Collateral Note, together with all security therefore (including the other Collateral Loan Documents relating thereto), to Lender.

Substitution of Collateral Notes. If any Collateral Note is paid in full or is no longer an Eligible Note, Debtor may, at any time and from time to time, substitute one or more additional Eligible Notes in place of such Collateral Note, provided that the outstanding principal balance of such substitute Eligible Note is sufficient in amount to cause Debtor to comply with the Required MCR and the Required Combined MCR. Debtor shall execute any and all documents deemed necessary or required by Lender to evidence the assignment of any substitute Collateral Note, together with all security therefore (including the other Collateral Loan Documents relating thereto), to Lender.

Substitution of Collateral Notes. If any Collateral Note is paid in full or is no longer an Eligible Note, Debtor Borrower may, at any time and from time to time, substitute one or more additional Eligible Notes in place of such Collateral Note, provided that the outstanding principal balance of such substitute Eligible Note is sufficient in amount to cause Debtor Borrower to comply with the Required MCR. Debtor Borrower shall execute any and all documents deemed necessary or required by Lender Credit Union to evidence the assignment of any substitute Collateral Note, together with all security therefore (including the other Collateral Loan Documents relating thereto), to Lender.Credit Union. 

Substitution of Collateral Notes. If any Collateral Note is paid in full or is no longer an Eligible Note, Debtor Borrower may, at any time and from time to time, substitute one or more additional Eligible Notes in place of such Collateral Note, provided that the outstanding principal balance of such substitute Eligible Note is sufficient in amount to cause Debtor Borrower to comply with the Required MCR. Debtor Borrower shall execute any and all documents deemed necessary or required by Lender Credit Union to evidence the assignment of any substitute Collateral Note, together with all security therefore (including the other Collateral Loan Documents relating thereto), to LenderCredit Union.