Common use of Collateral and Guarantee Matters Clause in Contracts

Collateral and Guarantee Matters. The Lenders and the L/C Issuer irrevocably authorize the Administrative Agent, at its option and in its discretion, (a) to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (i) upon termination of the Aggregate Commitments and payment in full of all Obligations (other than contingent indemnification obligations) and the expiration or termination of all Letters of Credit, (ii) that is sold or to be sold, or otherwise disposed of, as part of or in connection with any sale or other transaction permitted hereunder or under any other Loan Document, (iii) that is to be released in connection with the Permitted Securitization, or (iv) subject to Section 10.01, if approved, authorized or ratified in writing by the Required Lenders; and (b) to release any Guarantor from its obligations under the relevant Guarantee if such Person ceases to be a Subsidiary as a result of a transaction permitted hereunder or any other Loan Document, including due to the Permitted Securitization. Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent's authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor from its obligations under the relevant Guarantee pursuant to this Section 9.09.

Collateral and Guarantee Matters. The Lenders and the L/C Issuer irrevocably authorize the Administrative Agent, at its option and in its discretion,: (a) to release any Lien on any property Collateral granted to or held by the Administrative Agent, for the benefit of itself and the other Secured Parties, under any Loan Document (i) upon payment in full of the Obligations, (ii) that is sold or to be sold as part of or in connection with any Asset Disposition expressly permitted hereunder, or (iii) subject to Section 14.2, if approved, authorized or ratified in writing by the Required Lenders and each Hedge Lender; (b) to subordinate or release any Lien on any Collateral granted to or held by the Administrative Agent under any Loan Document (i) upon termination to the holder of the Aggregate Commitments and payment in full of all Obligations (other than contingent indemnification obligations) and the expiration or termination of all Letters of Credit, (ii) that is sold or to be sold, or otherwise disposed of, as part of or in connection with any sale or other transaction permitted hereunder or under any other Loan Document, (iii) that is to be released in connection with the Permitted Securitization, or (iv) subject to Section 10.01Lien, if approved, authorized or ratified in writing by the Required Lenderseach Hedge Lender; and (bc) to release any Guarantor Credit Party from its obligations under the relevant Guarantee and Collateral Agreement if such Person ceases to be a Subsidiary as a result of a transaction expressly permitted hereunder and if no Default or any other Loan Document, including due to the Permitted Securitizationan Event of Default shall have occurred and be continuing. Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent's ’s authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor Credit Party from its obligations under the relevant Guarantee and Collateral Agreement pursuant to this Section 9.09Section.

Collateral and Guarantee Matters. The Lenders and the L/C Issuer irrevocably authorize the Administrative Agent, at its option and in its discretion, (a) to release any Lien on any Collateral or other property granted to or held by the Administrative Agent under any Loan Document (i) upon termination of the Aggregate Revolving Commitments and payment in full of all Obligations (other than contingent indemnification obligations) and the expiration or termination of all Letters of Credit), (ii) that is sold or to be sold, or otherwise disposed of, sold as part of or in connection with any sale or other transaction permitted hereunder or under any other Loan Document, or (iii) that is to be released in connection with the Permitted Securitization, or (iv) subject to Section 10.0110.1, if approved, authorized or ratified in writing by the Required Lenders; and; (b) to subordinate any Lien on any Collateral or other property granted to or held by the Administrative Agent under any Loan Document to the holder of any Lien on such property that is permitted by Section 7.3(g); and (c) to release any Guarantor Grantor from its obligations under the relevant Guarantee Collateral Agreement if such Person ceases to be a Subsidiary as a result of a transaction permitted hereunder or any other Loan Document, including due to the Permitted Securitizationhereunder. Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent's ’s authority to release or subordinate its interest in particular types or items of property, or to release any Guarantor Grantor from its obligations under the relevant Guarantee Collateral Agreement pursuant to this Section 9.099.10.