Collateral Disposition definition

Collateral Disposition means (i) the sale, lease, transfer or other disposition of the Vessel by the Borrower to any Person (it being understood that a Permitted Chartering Arrangement is not a Collateral Disposition) or the sale of 100% of the Capital Stock of the Borrower or (ii) any Event of Loss of the Vessel.

Collateral Disposition means (i) the sale, lease, transfer or other disposition of the Collateral Vessel by the Borrower to any Person (it being understood that a Permitted Chartering Arrangement is not a Collateral Disposition) or the sale of 100% of the Capital Stock of the Borrower or (ii) any Event of Loss of the Collateral Vessel.

Collateral Disposition means any sale, transfer or other disposition (whether voluntary or involuntary) to the extent involving assets or other rights or property that constitute Collateral. The sale or issuance of Equity Interests in a Guarantor such that it thereafter is no longer a Guarantor shall be deemed to be a Collateral Disposition of the Collateral owned by such Guarantor.

Examples of Collateral Disposition in a sentence

• So long as no Collateral Disposition Event has occurred, the Pledgor shall have the right to exercise all voting and decision-making, consensual and other powers of ownership pertaining to the Collateral for all purposes not inconsistent with the terms of the Indenture or any other Transaction Documents.

• So long as no Collateral Disposition Event has occurred, and subject to the requirements of the Indenture, the Pledgor shall be entitled to receive, retain, and utilize for any purpose any profits, dividends or other distributions (including, without limitation, any distributions in the nature of a management, investment banking or other fee) on the Pledged Assets paid in cash out of earned surplus.

• If a Collateral Disposition Event shall have occurred and be continuing, the Brazilian Collateral Agent (acting in accordance with the terms of the Indenture) may exercise, in addition to all other rights and remedies granted in this Agreement and in any other instrument or agreement securing, evidencing or relating to the Secured Obligations, all rights and remedies of a secured party under the laws of the Federative Republic of Brazil and all other rights and remedies available at law or in equity.

• The Brazilian Collateral Agent (acting in accordance with the provisions of the Indenture and the Transaction Documents) shall be entitled under this Agreement, upon the occurrence and during the continuation of any Collateral Disposition Event, to instruct and direct the Pledgor, and upon such instruction or direction the Pledgor shall be obligated, to vote the Collateral representing the Pledged Assets in the manner and within the time frames indicated in such instruction or direction.

• If any Collateral Disposition Event has occurred, and whether or not the Brazilian Collateral Agent or the Secured Parties seek or pursue any right, remedy, power or privilege available to them under Applicable Law, this Agreement or any other Transaction Document, all profits and other distributions on the Collateral shall be paid directly to the Brazilian Collateral Agent and retained by it as part of the Collateral, subject to the terms of this Agreement.

More Definitions of Collateral Disposition

Collateral Disposition means any Asset Sale of assets or other rights or property that constitute Collateral under the Security Documents. The sale or issuance of Capital Stock in a Subsidiary Guarantor that owns Collateral, or of Capital Stock in such Subsidiary Guarantor’s direct or indirect parent, such that, as a consequence, such Person no longer is a Subsidiary Guarantor, shall be deemed a Collateral Disposition of the Collateral owned by such Subsidiary Guarantor; provided, that a Subsidiary Guarantor that owns Collateral may form a Joint Venture and contribute assets constituting Undeveloped Property to such Joint Venture so long as the provisions of paragraph (I) of the definition of “Asset Sale” are complied with. For the avoidance of doubt, no Collateral Release shall constitute a Collateral Disposition.

Collateral Disposition means (i) the sale, lease, transfer or other disposition of Collateral by the Parent or any of its Subsidiaries to any Person other than the Parent or any Subsidiary of the Parent or (ii) any Event of Loss of any Collateral Vessel; provided, however, that (a) the charter of any Collateral Vessel shall not be considered a Collateral Disposition and (b) a Vessel Exchange in accordance with the provisions of this Agreement shall not constitute a Collateral Disposition for purposes of Section 4.02 of this Agreement.

Collateral Disposition means (a) any sale, transfer or other disposition of Collateral (including any property or assets that would constitute Collateral but for the release of the Senior Lien and the Second Priority Lien with respect thereto in connection with such sale, transfer or other disposition), or (b) any casualty or other insured damage or Condemnation with respect to Collateral.

Collateral Disposition means an Asset Sale of property or assets that are Collateral or Capital Stock of a Subsidiary that owns Collateral.

Collateral Disposition means any Asset Disposition with respect to any Collateral; provided, however, that a substitution of Moveable Assets Collateral in compliance with Section 12.07 shall be excluded from the definition of "Collateral Disposition."

Collateral Disposition means any sale, transfer or other disposition (whether voluntary or involuntary) to the extent involving assets or other rights or property that constitute Collateral.

Collateral Disposition means any Asset Sale of assets or other rights or property that constitute Collateral under the Security Documents. The sale or issuance of Capital Stock in a Category 1 Subsidiary, such that, as a consequence, such Person no longer is a Subsidiary Guarantor, shall be deemed a Collateral Disposition of the Collateral owned by such Category 1 Subsidiary. For the avoidance of doubt, no Collateral Release shall constitute a Collateral Disposition.