Sales of Collateral Assets Sample Clauses

Sales of Collateral Assets. Subject to the satisfaction (or waiver, by the Administrative Agent) of the conditions specified in Sections 10.04, the Borrower may, but will not be required to, sell any Collateral Asset if such sale meets each of the requirements set forth below: (i) no Default or Event of Default is continuing or would result upon giving effect thereto, to all other sales or purchases of Collateral Assets previously or substantially concurrently committed to and to all substantially concurrent substitutions of Collateral Assets, unless such Default or Event of Default will be cured upon giving effect to such transactions and the application of the proceeds thereof; provided that, notwithstanding the foregoing, this clause (i) shall not prohibit (x) any sale of a Collateral USActive 59109857.15 Asset the trade date of which was prior to the occurrence of a Default or Event of Default, and the settlement date of which is scheduled to occur on a date following such Default or Event of Default, or (y) any sale of a Collateral Asset at a price at least equal to par; (ii) upon giving effect thereto, to all other sales or purchases of Collateral Assets previously or substantially concurrently committed to and to all substantially concurrent substitutions of Collateral Assets and to the application of the proceeds thereof, each of the Collateral Quality Tests is satisfied or, if it is not satisfied, it is maintained or improved; (iii) such sale is made for Cash; (iv) if such sale is made to an Affiliate of the Borrower, the Equityholder or the Collateral Manager, either (a) such sale is for a price at least equal to the Asset Value of such Collateral Asset or (b) the Administrative Agent has provided its prior written consent to such sale in its sole discretion; (v) no adverse selection procedures were employed by the Borrower or the Collateral Manager in selecting such Collateral Asset for sale; and (vi) upon giving effect thereto, to all other sales or purchases of Collateral Assets previously or substantially concurrently committed to and to all substantially concurrent substitutions of Collateral Assets and to the application of the proceeds thereof, the Borrowing Base Test (Aggregate) is satisfied and, with respect to any Collateral Assets denominated in an Eligible Currency, the Borrowing Base Test (Currency) for such Eligible Currency is satisfied.