Additional Pledged Assets Clause Samples
Additional Pledged Assets. The Company may from time to time after the Closing Date by one Business Day prior notice to the Bank, in connection with a Credit Extension hereunder or otherwise, request that it be permitted to pledge additional Assets under the Security Agreement (whether in addition to or in substitution for existing Pledged Assets) and thereby constitute such additional Assets "Eligible Pledged Assets" hereunder. Such notice shall specify in detail reasonably acceptable to the Bank such additional Assets, the Company's opinion (and the source of such opinion) as to the fair market value thereof, the date such additional Assets are proposed to be pledged to the Bank and the proposed manner and source of consideration for the purchase thereof, and (in the case of Advances) shall be accompanied by (1) a true, complete and current copy certified by a senior officer of the Company of the loan or credit agreement and (if applicable) participation agreement relating thereto and any other documentation relating thereto containing provisions relating to the right of any holder thereof to assign or pledge the same, the right of any pledgee thereof to exercise foreclosure remedies with respect thereto or the obligation to provide notice to any Person relating to any of the foregoing and (2) a certificate of a senior officer of the Company which shall certify that no Pension Event shall have occurred. The Bank shall respond to such request not later than the close of business on the second Business Day following the date of receipt by it of such request, and (subject to the following sentence) it shall be in the Bank's sole discretion whether to accept such additional Assets as "Eligible Pledged Assets". The Bank shall be required so to accept Assets of the same issue or borrowed under the same loan or credit agreement and (if applicable) purchased under an identical participation agreement, as the case may be, as Assets previously accepted and then held by it in pledge under the Security Agreement as Eligible Pledged Assets so long as: (a) after giving effect to such acceptance the aggregate Fair Market Value of all Eligible Pledged Assets issued or otherwise owing by the same Person would not exceed a percentage of the Portfolio Value specified by the Bank to the Company at the time it initially accepted Assets issued or otherwise owing by such Person and (b) if such Assets are Advances, (i) such acceptance would not result in the aggregate Fair Market Value of all Eligible Pl...
Additional Pledged Assets. (a) The Borrower shall not, prior to the date on which the Release Conditions are satisfied, Dispose or commit to Dispose of any Additional Pledged Asset, or amend or terminate the Participation Agreement, in each case without the express prior written consent of the Administrative Agent (which the Administrative Agent may withhold in its sole and absolute discretion).
(b) If the Release Conditions have been satisfied, the security interest created under the Collateral Documents with respect to the Additional Pledged Assets shall automatically terminate, and the Collateral Agent shall (at the sole cost and expense of the Borrower) take such actions as shall be requested in writing by the Borrower to effect such release of its security interest in the Additional Pledged Assets. For the avoidance of doubt, upon satisfaction of the Release Conditions the Additional Pledged Assets shall no longer constitute "Collateral" and the Borrower shall be entitled to Dispose of the Additional Pledged Assets in its discretion as the owner of such assets.