Common use of Optional Preservation of the Receivables Clause in Contracts

Optional Preservation of the Receivables. If the ---------------------------------------- Security Majority is the Controlling Party and if the Notes have been declared to be due and payable under Section 5.2 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Trustee, if so directed by the Security Majority, may direct the Trust Collateral Agent to maintain possession of the Trust Property.

Appears in 2 contracts

Sources: Indenture (TFC Enterprises Inc), Indenture (TFC Enterprises Inc)

Optional Preservation of the Receivables. If the ---------------------------------------- Security Majority is the Controlling Party and if the Notes have been declared to be due and payable under Section 5.2 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Trustee, if so directed by the Security Majority, may direct the Trust Collateral Agent to maintain possession of the Trust Property.

Appears in 1 contract

Sources: Indenture (TFC Enterprises Inc)

Optional Preservation of the Receivables. If the Security ---------------------------------------- Security Majority is the Controlling Party and if the Notes have been declared to be due and payable under Section 5.2 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Trustee, if so directed by the Security Majority, may direct the Trust Collateral Agent to maintain possession of the Trust Property.

Appears in 1 contract

Sources: Indenture (TFC Enterprises Inc)