Substitution or Release of Collateral. Notwithstanding the foregoing, so long as no Default or Event of Default exists or would otherwise result therefrom, the Borrower shall be permitted from time to time to (i) substitute additional Properties reasonably satisfactory to the Administrative Agent (collectively, the “Substituted Properties”) as Collateral for Properties previously pledged as Collateral; provided, that, the Collateral Value of all Substituted Properties shall not exceed fifteen percent (15%) of the Collateral Value of all Mortgaged Properties, in each case as determined at the time of any such substitution by the 2005 Appraisals, the 2006 Appraisals or such later appraisals as may be required by the Administrative Agent, as applicable, and/or (ii) request that certain Collateral be released so long as, prior to any release of Collateral, the Borrower shall deliver to the Administrative Agent an updated Collateral Value Report demonstrating, to the satisfaction of the Administrative Agent, that after giving effect to such release (and any new Collateral pledged in substitution therefor) the Collateral Value shall be greater than or equal to 2.0 times the principal amount of the then outstanding Term Loan. In connection with the delivery of additional Collateral, the Credit Parties shall comply with the requirements set forth in Subsection (a) hereof. To the extent the Borrower requests the release of certain Collateral in accordance with the terms hereof, then the Administrative Agent shall promptly release Collateral, at the expense of the Borrower.
Substitution or Release of Collateral. The Debtor may, from time to time provided there shall not be any Event of Default or Potential Default (as defined in the Credit Agreement) in existence and no Event of Default or Potential Default would exist as a result thereof, withdraw assets from the Collateral provided that the reason for the withdrawal is the sale of the asset in question or damage to it by reason of accident or otherwise and provided further that simultaneously therewith a new asset of fair market value at least equal to the asset withdrawn is made the subject of a supplemental Schedule A hereto. The fair market value of the asset shall be determined by reference to the XxXxxx Xxxxxx National Market Reports, Inc. Truck Blue Book and Commercial Trailer Blue Book, where such reports contain an adequate reference to the asset being valued. In addition, upon partial prepayment of any Term Loan in accordance with the Credit Agreement, the Debtor may, provided there shall not be any Event of Default or Potential Default in existence and no Event of Default or Potential Default would exist as a result thereof, withdraw assets from the Collateral in an aggregate fair market value which is not greater than the aggregate principal amount of the Term Loan prepaid.
Substitution or Release of Collateral. At any time and from time to time during the term of this Agreement, upon prior written notice to the Bank, the Guarantor shall have the right to add or substitute additional Government Securities to or for any or all of the Government Securities then held by the Bank as part of the Pledged Collateral or to request the release of all or any part of the Pledged Collateral, provided that:
