Automatic Release and Subordination of Second Lien Security. (a) If, in connection with the exercise of the First Lien Secured Parties’ remedies in respect of the Collateral, the Agent, for itself or on behalf of any of the First Lien Secured Parties, releases any of the First Lien Security on any part of the Collateral or releases any Material Subsidiary from its obligations under the First Lien Security, then the Second Lien Security, if any, on such Collateral and the obligations of such Material Subsidiary under the Second Lien Security shall be automatically, unconditionally and simultaneously released, with no further consent or action of any Second Lien Creditor. The Second Lien Collateral Agent ( on behalf of the Second Lien Creditors) promptly shall execute and deliver to the Agent, the Borrowers or such Material Subsidiary such financing change statements, releases and other documents as the Agent, a Borrower or such Material Subsidiary may request to effectively confirm such release.
