Automatic Release of Liens; Amendments to Collateral Documents Sample Clauses

Automatic Release of Liens; Amendments to Collateral Documents. (a) If, at any time the Directing Agent acts on behalf of any Authorized Representative to foreclose, or pursuant to Section 2.02(d) any Authorized Representative forecloses, upon or otherwise exercises remedies against any Shared Collateral, then (whether or not any Insolvency or Liquidation Proceeding is pending at the time) the Liens in favor of each Authorized Representative for the benefit of each Class of Related Secured Parties upon such Shared Collateral will automatically be released and discharged; provided that any proceeds of any Shared Collateral realized therefrom shall be applied pursuant to Section 2.01 hereof. (b) Each Secured Party agrees that the Applicable Authorized Representative may enter into any amendment, consent, waiver or other modification (and, upon request by the Applicable Authorized Representative, each Authorized Representative shall sign a consent to such amendment, consent, waiver or other modification) to any Collateral Document to which it is a party (including to release Liens securing any Class of First Lien Obligations), so long as the Applicable Authorized Representative receives a certificate of the Borrower stating that such amendment, consent, waiver or other modification is permitted by the terms of such Collateral Document, and any such amendment, consent, waiver or other modification shall apply automatically to any comparable provision of each comparable Collateral Document without the consent of any Authorized Representative and without any action by the Borrower or any Grantor, unless such amendment, consent, waiver or other modification adversely affects one Class of Secured Parties in a manner different than such amendment, consent, waiver or other modification affects other Classes. Notwithstanding the foregoing, with respect to any release of any Lien on any Collateral securing any Class of First Lien Obligations by the Applicable Authorized Representative, such release shall only automatically apply to release comparable Liens under the other Collateral Documents if at such time the Applicable Authorized Representative is the Authorized Representative of the Class of First Lien Debt Obligations that constitutes the largest outstanding principal amount of any then outstanding Class of Obligations. Additionally, each Secured Party agrees that each Authorized Representative may enter into any amendment, consent, waiver or other modification (and, upon request by such Authorized Representative, each other...