Sales, Substitutions and Assignments Sample Clauses
The 'Sales, Substitutions and Assignments' clause governs the rights and procedures for transferring, replacing, or assigning interests or obligations under an agreement. It typically outlines whether a party can sell their stake, substitute goods or services, or assign their contractual rights and duties to another party, often requiring prior written consent or meeting specific conditions. This clause ensures that all parties are aware of and agree to any changes in the contractual relationship, thereby maintaining control and stability within the agreement and preventing unwanted or unauthorized transfers.
Sales, Substitutions and Assignments. Provided that no Event of Default has occurred and is continuing (except for sales pursuant to clauses (i), (iii), (iv), (vi) or (viii) below which shall be permitted during the continuance of an Event of Default but only so long as the Majority Lenders have provided their written consent thereto pursuant to Section 6.2(a)) and subject to the satisfaction of the conditions specified in this Agreement, including without limitation Sections 5.33, 10.1(b) and 10.1(c), the Borrower or the Services Provider (on behalf of the Borrower) may direct the Collateral Agent in writing to sell, and the Collateral Agent shall sell or substitute in the manner directed by the Borrower or the Services Provider (on behalf of the Borrower) in writing, any Collateral Loan or other loan included in the Collateral (including (x) subject to Section 10.1(b), the sale by participation of all or a portion of the Borrower’s interest in any Collateral Loan or other loan and (y) without limitation, the sale by assignment of a portion of the Borrower’s interest in any Collateral Loan or other loan); provided that (x) such sale meets the requirements of any one of clauses (i) through (viii) of this Section 10.1(a) and (y) such substitution shall meet the requirements of clause (vii) of this Section 10.1(a), each of which requirements shall be satisfied upon receipt by the Collateral Agent of a trade ticket or other direction to sell or substitute (which shall be deemed to be a representation and certification from the Borrower or the Services Provider that such conditions are satisfied):
Sales, Substitutions and Assignments. Provided that no Event of Default has occurred and is continuing (except for sales pursuant to clauses (i), (iii), (iv), (vi) or (vii) below which shall be permitted during the continuance of an Event of Default but only so long as the Majority Lenders have provided their written consent thereto pursuant to Section 6.2(a)) and subject to the satisfaction of the conditions specified in this Agreement, including without limitation Sections 5.33, 10.1(b) and 10.1(c), the Borrower or the Services Provider (on behalf of the Borrower) may direct the Collateral Agent in writing to sell, and the Collateral Agent shall sell or substitute in the manner directed by the Borrower or the Services Provider (on behalf of the Borrower) in writing, any Collateral Loan or other loan included in the Collateral (including
Sales, Substitutions and Assignments. Provided that no Event of Default has occurred and is continuing (except for sales pursuant to clauses (i), (iii), (iv), (vi) or (vii) below which shall be permitted during the continuance of an Event of Default but only so long as the Majority Lenders have provided their written consent thereto pursuant to Section 6.2(a)), the Lender Advance Rate Test is satisfied or if not satisfied, the degree of compliance with the Lender Advance Rate Test is maintained or improved, and subject to the satisfaction of the conditions specified in this Agreement, including without limitation Sections 5.33, 10.1(b) and 10.1(c), the Borrower or the Services Provider (on behalf of the Borrower) may direct the Collateral Agent in writing to sell, and the Collateral Agent shall sell or substitute in the manner directed by the Borrower or the Services Provider (on behalf of the Borrower) in writing, any Collateral Loan or other loan included in the Collateral (including (x) subject to Section 10.1(b), the sale by participation of all or a portion of the Borrower’s interest in any Collateral Loan or other loan and
Sales, Substitutions and Assignments. Subject to the satisfaction of the conditions specified in Section 10.3, the Collateral Manager may, pursuant to a Borrower Order delivered by an Authorized Officer of the Collateral Manager on behalf of the Borrower (except as otherwise specified in this Section 10.1), direct the Collateral Agent to sell and the Collateral Agent shall sell on behalf of the Borrower in the manner directed by the Collateral Manager any Collateral Loan, Equity Security or Unsaleable Asset if, as certified by the Collateral Manager (which certification shall be deemed to be made upon delivery of an Borrower Order or trade ticket with respect to such sale), such sale meets the requirements of any of Section 10.1(a)(i) through (vii) (subject in each case to any applicable requirement of disposition under Section 10.1(a)(iv)); provided that if an Event of Default that would permit the Loans to be accelerated in accordance with Article VI has occurred and is continuing, the Collateral Manager may not direct the Collateral Agent to sell any Collateral Loan or Equity Security pursuant to Section 10.1(a)(ii) or 10.1(a)(v):