Substitution of Collateral. (a) Provided that no Event of Default has occurred and is continuing, the Company shall have the right (and, under the terms of the Indenture, in certain circumstances the obligation) to substitute promissory notes or other similar instruments or investment property that meet the terms and conditions of Section 4.9 of the Indenture ("Substituted Notes") for Notes previously pledged as Collateral ("Released Notes").
Appears in 5 contracts
Samples: Security Agreement (American Church Mortgage Co), Security Agreement (American Church Mortgage Co), Security Agreement (American Church Mortgage Co)
Substitution of Collateral. (a) Provided that no Event of Default has occurred and is continuing, the Company shall have the right (and, under the terms of the Indenture, in certain circumstances the obligation) to substitute promissory notes or other similar instruments or investment property that meet the terms and conditions of Section 4.9 of the Indenture ("“Substituted Notes"”) for Notes previously pledged as Collateral ("“Released Notes"”).
Appears in 3 contracts
Samples: Security Agreement (American Church Mortgage Co), Security Agreement (American Church Mortgage Co), Security Agreement (American Church Mortgage Co)
