Common use of Automatic Release of Liens; Amendments to Security Documents Clause in Contracts

Automatic Release of Liens; Amendments to Security Documents. (a) If, at any time the Applicable 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 the Applicable Authorized Representative for the benefit of each Series of 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.

Automatic Release of Liens; Amendments to Security Documents. (a) If, at any time the Applicable Authorized Representative Controlling Collateral Agent 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 the Applicable Authorized Representative other Collateral Agent for the benefit of each Series of 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.

Automatic Release of Liens; Amendments to Security Documents. (a) If, at any time the Applicable Authorized Representative Collateral Agent 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 the Applicable Authorized Representative Collateral Agent for the benefit of each Series of 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.

Automatic Release of Liens; Amendments to Security Documents. (a) If, at any time the Applicable Authorized Representative Agent 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 the Applicable Authorized Representative Agent for the benefit of each Series of 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.

Automatic Release of Liens; Amendments to Security Documents. (a) If, at any time the Applicable Authorized Representative Collateral Agent 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 the Applicable Authorized Representative Collateral Agent for the benefit of each Series of Junior-Priority 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.

Automatic Release of Liens; Amendments to Security Documents. (a) If, If at any time the Applicable an Authorized Representative forecloses upon or otherwise exercises rights, remedies and powers against any Shared CollateralCollateral resulting in a disposition thereof, then (whether or not any Insolvency or Liquidation Proceeding is pending at the time) the Liens on such Shared Collateral in favor of the Applicable each Authorized Representative Representative, for the benefit of each Series of its Related Secured Parties upon such Shared Collateral Parties, will automatically be released and discharged; provided that any proceeds of any Shared Collateral Proceeds realized therefrom shall be applied pursuant to Section 2.01 hereof2.01(b).