Common use of Agreement to Release Liens Clause in Contracts

Agreement to Release Liens. Notwithstanding anything to the contrary contained in any agreement between the Lenders, the Preferred B Holder, and the Borrower, until the Preferred A Debt has been paid in full, only the Preferred A Holder shall have the right to restrict or permit, or approve or disapprove, the sale, transfer, release or other disposition of the Collateral or take any action with respect to the Collateral without any consultation with or the consent of the Lenders and the Preferred B Holder. In the event that the Preferred A Holder agrees to release any of its liens or security interests in any portion of the Collateral in connection with the sale or other disposition thereof, or any of the Collateral is sold or retained pursuant to a foreclosure or similar action, the Lenders and the Preferred B Holder, shall promptly consent to such sale or other disposition and promptly execute and deliver to the Preferred A Holder such consent to such sale other disposition, termination statements and releases as the Lenders or the Preferred B Holder shall reasonably request to effect the release of the liens and security interests of the Lenders or the Preferred B Holder in such Collateral. In the event of any sale, transfer, or other disposition (including a casualty loss or taking through eminent domain) of the Collateral, the proceeds resulting therefrom (including insurance proceeds) shall be applied in accordance with the terms of the Senior A Debt until such time as the Senior A Debt has been paid in full. 11.

Agreement to Release Liens. Notwithstanding anything to the contrary contained in any agreement between the Lenders, the Preferred B Holder, Subordinated Lender and the BorrowerDebtors, until the Preferred A Senior Secured Debt has Obligations have been paid Paid in fullFull, only the Preferred A Holder Senior Collateral Agent shall have the right to restrict or permit, or approve or disapprove, the sale, transfer, release or other disposition of the Collateral or take any action with respect to the Collateral. Any such action may be taken by the Senior Collateral Agent without any consultation with or the consent of the Lenders and the Preferred B HolderSubordinated Lender. In the event that the Preferred A Holder Senior Collateral Agent releases or agrees to release any of its liens Liens or security interests in any portion of the Collateral in connection with the sale or other disposition thereof, or any of the Collateral is sold or retained pursuant to a foreclosure or similar action, the Lenders and the Preferred B Holder, Subordinated Lender shall promptly be deemed to consent to such sale or other disposition and promptly execute and deliver to the Preferred A Holder such consent to such sale other disposition, termination statements and releases as the Lenders or the Preferred B Holder shall reasonably request to effect the release of the liens Subordinated Lender’s Liens on and security interests of interest in the Lenders Collateral to be sold or retained may be released without the Preferred B Holder in such Collateralneed for any further consent or action from the Subordinated Lender. In the event of any sale, transfer, or other disposition (including a casualty loss or taking through eminent domain) of the Collateral, the proceeds resulting therefrom (including insurance proceeds) shall be applied in accordance with the terms of the Senior A Secured Debt Documents until such time as the Senior A Secured Debt has Obligations have been Paid in Full and thereafter shall be applied in accordance with the terms of the Subordinated Note Documents until such time as the Subordinated Obligations have been paid in full. 11.

Agreement to Release Liens. Notwithstanding anything to the contrary contained in any agreement between the Lenders, the Preferred B Holder, Subordinated Lender and the BorrowerDebtors, until the Preferred A Senior Secured Debt has Obligations have been paid Paid in fullFull, only the Preferred A Holder Senior Secured Parties shall have the right to restrict or permit, or approve or disapprove, the sale, transfer, release or other disposition of the Collateral or take any action with respect to the Collateral Collateral. Any such action may be taken by the Senior Secured Parties without any consultation with or the consent of the Lenders and the Preferred B HolderSubordinated Lender. In the event that the Preferred A Holder Senior Secured Parties releases or agrees to release any of its liens their Liens or security interests in any portion of the Collateral in connection with the sale or other disposition thereof, or any of the Collateral is sold or retained pursuant to a foreclosure or similar action, the Lenders and the Preferred B Holder, Subordinated Lender shall promptly be deemed to consent to such sale or other disposition and promptly execute and deliver to the Preferred A Holder such consent to such sale other disposition, termination statements and releases as the Lenders or the Preferred B Holder shall reasonably request to effect the release of the liens Subordinated Lender’s Liens on and security interests of interest in the Lenders Collateral to be sold or retained may be released without the Preferred B Holder in such Collateralneed for any further consent or action from the Subordinated Lender. In the event of any sale, transfer, or other disposition (including a casualty loss or taking through eminent domain) of the Collateral, the proceeds resulting therefrom (including insurance proceeds) shall be applied in accordance with the terms of the Senior A Secured Debt Documents until such time as the Senior A Secured Debt has Obligations have been Paid in Full and thereafter shall be applied in accordance with the terms of the Subordinated Note Documents until such time as the Subordinated Obligations have been paid in full. 11.

Agreement to Release Liens. Notwithstanding anything to the contrary contained in any agreement between the Lenders, Existing Lenders or the Preferred B Holder, New Lender and the Borrower, until the Preferred A Debt has been paid in full, only the Preferred A Holder there shall have the be no right to restrict or permit, or approve or disapprove, the sale, transfer, release or other disposition of the Collateral or take any action with respect to the Collateral without any consultation with or the consent unanimous approval of the Existing Lenders and the Preferred B HolderNew Lender. In the event the New Lender assigns, sells, or transfer the New Note, any approval or waiver required herein shall require only that percentage or amount required in the assignment, sale or transfer for approval of any matter hereunder, including without limitation, any lien release, and each such New Note holder shall be entitled to the pro-rata rights and benefits of the New Lender provided herein as if named herein directly. In the event that a Collateral Agent is appointed and the Preferred A Holder Collateral Agent releases or agrees to release any of its liens or security interests in any portion of the Collateral in connection with the sale or other disposition thereof, or any of the Collateral is sold or retained pursuant to a foreclosure or similar action, the Lenders and the Preferred B Holder, shall promptly consent to such sale or other disposition and promptly execute and deliver to the Preferred A Holder Collateral Agent such consent to such sale other disposition, termination statements and releases as the Lenders or the Preferred B Holder Collateral Agent shall reasonably request to effect the release of the liens Liens and security interests of the Lenders or the Preferred B Holder in such Collateral. In the event of any sale, transfer, or other disposition (including a casualty loss or taking through eminent domain) of the Collateral, the proceeds resulting therefrom (including insurance proceeds) shall be applied in accordance with the terms of the Senior A Debt until such time as the Senior A Debt has been paid in full. 11Loan Documents and this Agreement.