Substitution or Release of Collateral Sample Clauses

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.
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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and provided further that simultaneously therewith a new asset of fair market value at least equal to the asset withdrawn is made the subject of a supplemental Schedule A hereto.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.
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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: (a) The Guarantor shall deliver a written notice to the Bank setting forth a list of the Government Securities to be released and/or the Government Securities to be substituted therefor or added thereto, as the case may be, and, in each case, the Fair Market Value thereof, together with a revised Schedule of Collateral after giving effect thereto; (b) The sum of (i) the principal amount of the Term Loan then outstanding plus (ii) the Commitment, does not exceed the Borrowing Base after giving effect to such release, substitution or addition of Pledged Collateral; and (c) No Default or Event of Default exists under any of the Loan Documents.
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Related to Substitution or Release of Collateral

  • Release of Collateral Subject to Section 11.01 and the terms of the Basic Documents, the Indenture Trustee shall release property from the lien of this Indenture only upon receipt by it of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates.

  • Substitution of Collateral A Fund may substitute securities for any securities identified as Collateral by delivery to the Custodian of a Pledge Certificate executed by such Fund on behalf of the applicable Portfolio, indicating the securities pledged as Collateral.

  • Application of Collateral The proceeds of any sale, or other realization (other than that received from a sale or other realization permitted by the Credit Agreement) upon all or any part of the Pledged Collateral pledged by the Pledgors shall be applied by the Secured Party as set forth in Section 7.06 of the Credit Agreement.

  • Release of Collateral, etc Any release, surrender, exchange, subordination, deterioration, waste, loss or impairment (including without limitation negligent, willful, unreasonable or unjustifiable impairment) of any collateral, property or security, at any time existing in connection with, or assuring or securing payment of, all or any part of the Liabilities;

  • Location of Collateral All tangible items of Collateral, other than Inventory in transit, shall at all times be kept by Borrowers at the business locations set forth in Schedule 8.6.1, except that Borrowers may (a) make sales or other dispositions of Collateral in accordance with Section 10.2.6; and (b) move Collateral to another location in the United States, upon 30 Business Days prior written notice to Agent.

  • Possession and Use of Collateral Subject to the provisions of the Security Documents, the Issuer and the Guarantors shall have the right to remain in possession and retain exclusive control of and to exercise all rights with respect to the Collateral (other than monies or U.S. government obligations deposited pursuant to Article VIII, and other than as set forth in the Security Documents and this Indenture), to operate, manage, develop, lease, use, consume and enjoy the Collateral (other than monies and U.S. government obligations deposited pursuant to Article VIII and other than as set forth in the Security Documents and this Indenture), to alter or repair any Collateral so long as such alterations and repairs do not impair the creation or perfection of the Lien of the Security Documents thereon, and to collect, receive, use, invest and dispose of the reversions, remainders, interest, rents, lease payments, issues, profits, revenues, proceeds and other income thereof.

  • Defense of Collateral Defend the Collateral from any Liens other than Liens permitted by Section 8.2.

  • Purchase of Collateral Credit bid and purchase all or any portion of the Collateral at any public sale. Any deficiency that exists after disposition of the Collateral as provided above will be paid immediately by Borrower.

  • Release of Collateral or Guarantor Except for sales of assets permitted by Section 8.2.7 [Dispositions of Assets or Subsidiaries], release all or substantially all of the Collateral or any Guarantor from its Obligations under the Guaranty Agreement without the consent of all Lenders (other than Defaulting Lenders); or

  • Condition of Collateral Secured Party has no obligation to repair, clean-up or otherwise prepare the Collateral for sale.

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