Common use of Confirmation of Authority; Execution of Releases Clause in Contracts

Confirmation of Authority; Execution of Releases. Without in any manner limiting Administrative Agent’s and Additional Collateral Agent’s authority to act without any specific or further authorization or consent by Lenders, each Lender agrees to confirm in writing, upon request by Administrative Agent or Additional Collateral Agent, as applicable, the authority to release any Collateral conferred upon Administrative Agent and Additional Collateral Agent hereunder. Upon receipt by Administrative Agent or Additional Collateral Agent of any required confirmation from the Required Lenders of its authority to release any particular item or types of Collateral, Administrative Agent or Additional Collateral Agent, as applicable, shall (and is hereby irrevocably authorized by Lenders to) execute such documents as may be necessary to evidence the release of the liens granted to such Person upon such Collateral; provided, however, that (i) neither Administrative Agent nor Additional Collateral Agent shall be required to execute any such document on terms which, in such Person’s opinion, would expose such Person to liability or create any obligation or entail any consequence other than the release of such liens without recourse or warranty, and (ii) such release shall not in any manner discharge, affect or impair the indebtedness evidenced by the Notes or any Liens upon (or Indebtedness of Borrowers, in respect of), all interests retained by Borrowers, including (without limitation) the proceeds of any sale, all of which shall continue to constitute part of the Collateral.

Appears in 2 contracts

Samples: Loan and Security Agreement (Carbiz Inc), Loan and Security Agreement (Carbiz Inc)

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Confirmation of Authority; Execution of Releases. Without in any manner limiting Administrative Agent’s and Additional Collateral any Agent’s authority to act without any specific or further authorization or consent by LendersLenders (as set forth in Section 8.2(h)(i)), each Lender agrees to confirm in writing, upon request by Administrative any Authorized Agent or Additional Collateral Agent, as applicableany Borrower Representative, the authority to release any Collateral conferred upon Administrative such Agent under clauses (x) and Additional Collateral Agent hereunder(y) of Section 8.2(h)(i). Upon receipt by Administrative Agent or Additional Collateral any Authorized Agent of any required confirmation from the Required Requisite Lenders of its authority to release any particular item or types of Collateral, Administrative and upon at least ten (10) Business Days’ prior written request by Appropriate Borrower Representative, such Agent or Additional Collateral Agent, as applicable, shall (and is hereby irrevocably authorized by Lenders to) execute such documents as may be necessary to evidence the release of the liens Liens granted to such Person Agent upon such Collateral; provided, however, that (ix) neither Administrative Agent nor Additional Collateral such Agent shall not be required to execute any such document on terms which, in such PersonAgent’s opinion, would expose such Person Agent to liability or create any obligation or entail any consequence other than the release of such liens Liens without recourse or warranty, and (iiy) such release shall not in any manner discharge, affect or impair the indebtedness evidenced by the Notes Obligations or any Liens upon (or Indebtedness obligations of Borrowersany Credit Party, in respect of), all interests retained by Borrowersany Credit Party, including (without limitation) the proceeds of any sale, all of which shall continue to constitute part of the Collateral.

Appears in 1 contract

Samples: Credit Agreement (Tempur Pedic International Inc)

Confirmation of Authority; Execution of Releases. Without in any manner limiting Administrative Agent’s and Additional Collateral Agent’s authority to act without any specific or further authorization or consent by LendersLenders (as set forth in Section 16(a)), each Lender agrees to confirm in writing, upon request by Administrative Agent or Additional Collateral Agent, as applicableBorrowers, the authority to release any Collateral property covered by this Agreement or the Loan Documents conferred upon Administrative Agent and Additional Collateral Agent hereunderunder Section 16(a). Upon So long as no Event of Default is then continuing, upon receipt by Administrative Agent or Additional Collateral Agent of any required confirmation from the Required Lenders requisite percentage of Lenders, of its authority to release any particular item or types of Collateralproperty covered by this Agreement or the Loan Documents, Administrative and upon at least five (5) Business Days prior written request by Borrowers, Agent or Additional Collateral Agent, as applicable, shall (and is hereby irrevocably authorized by Lenders to) execute such documents as may be necessary to evidence the release of the liens Liens granted to such Person Agent for the benefit of Lenders herein or pursuant hereto upon such Collateral; provided, however, that (i) neither Administrative Agent nor Additional Collateral Agent shall not be required to execute any such document on terms which, in such PersonAgent’s opinion, would expose such Person Agent to liability or create any obligation or entail any consequence other than the release of such liens Liens without recourse or warranty, and (ii) such release shall not in any manner discharge, affect or impair the indebtedness evidenced by the Notes Obligations or any Liens upon (or Indebtedness obligations of Borrowersany Obligor, in respect of), all interests retained by Borrowersany Obligor, including (including, without limitation) , the proceeds of any sale, all of which shall continue to constitute part of the Collateralproperty covered by this Agreement or the Loan Documents.

Appears in 1 contract

Samples: Loan and Security Agreement (Lighting Science Group Corp)

Confirmation of Authority; Execution of Releases. Without in any manner limiting Administrative Agent’s and Additional Collateral Agent’s authority to act without any specific or further authorization or consent by LendersLenders (as set forth in subsection 8.2(H)(1)), each Lender agrees to confirm in writing, upon request by Administrative Collateral Agent or Additional Collateral Agent, as applicableBorrower, the authority to release any Collateral conferred upon Administrative Agent and Additional Collateral Agent hereunderunder clauses (i), (ii) and (iii) of subsection 8.2(H)(1). Upon receipt by Administrative Agent or Additional Collateral Agent of any required confirmation from the Required Requisite Lenders of its authority to release any particular item or types of Collateral, Administrative and upon at least ten (10) Business Days’ prior written request by Borrower, Collateral Agent or Additional Collateral Agent, as applicable, shall (and is hereby irrevocably authorized by Lenders to) execute such documents as may be necessary to evidence the release of the liens Liens granted to such Person Collateral Agent upon such Collateral; provided, however, that (i) neither Administrative Agent nor Additional Collateral Agent shall not be required to execute any such document on terms which, in such PersonCollateral Agent’s opinion, would expose such Person Collateral Agent to liability or create any obligation or entail any consequence other than the release of such liens Liens without recourse or warranty, and (ii) such release shall not in any manner discharge, affect or impair the indebtedness evidenced by the Notes Obligations or any Liens upon (or Indebtedness obligations of Borrowersany Loan Party, in respect of), all interests retained by Borrowersany Loan Party, including (without limitation) the proceeds of any sale, all of which shall continue to constitute part of the Collateral.. 50

Appears in 1 contract

Samples: Credit Agreement (Portola Packaging Inc)

Confirmation of Authority; Execution of Releases. Without in any manner limiting Administrative Agent’s and Additional Collateral Agent’s authority to act without any specific or further authorization or consent by Lenders, each Lender agrees to confirm in writing, upon request by Administrative Agent or Additional Collateral Agent, as applicable, the authority to release any Collateral conferred upon Administrative Agent and Additional Collateral Agent hereunder. Upon receipt by Administrative Agent or Additional Collateral Agent of any required confirmation from the Required Lenders of its authority to release any particular item or types of Collateral, Administrative Agent or Additional Collateral Agent, as applicable, shall (and is hereby irrevocably authorized by Lenders to) execute such documents as may be necessary to evidence the release of the liens granted to such Person Administrative Agent upon such Collateral; provided, however, that (i) neither Administrative Agent nor Additional Collateral Agent shall not be required to execute any such document on terms which, in such Person’s Administrative Agent's opinion, would expose such Person Administrative Agent to liability or create any obligation or entail any consequence other than the release of such liens without recourse or warranty, and (ii) such release shall not in any manner discharge, affect or impair the indebtedness evidenced by the Notes or any Liens upon (or Indebtedness of Borrowers, in respect of), all interests retained by Borrowers, including (without limitation) the proceeds of any sale, all of which shall continue to constitute part of the Collateral.

Appears in 1 contract

Samples: Loan and Security Agreement (Carbiz Inc)

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Confirmation of Authority; Execution of Releases. Without in any manner limiting Administrative Agent’s and Additional Collateral Agent’s authority to act without any specific or further authorization or consent by LendersLenders (as set forth in Section 8.2(h)(i)), each Lender agrees to confirm in writing, upon request by Administrative each Agent or Additional Collateral Agent, as applicableGreat Lakes, the authority to release any Collateral conferred upon Administrative Agent and Additional Collateral Agent hereunderunder clauses (x) and (y) of Section 8.2(h)(i). Upon receipt by Administrative Agent or Additional Collateral Agent of any required confirmation from the Required Administrative Agent and Requisite Lenders of its authority to release any particular item or types of Collateral, Administrative and upon at least ten (10) Business Days’ prior written request by Great Lakes, Collateral Agent or Additional Collateral Agent, as applicable, shall (and is hereby irrevocably authorized by Lenders to) execute such documents as may be necessary to evidence the release of the liens Liens granted to such Person Collateral Agent upon such Collateral; provided, however, that (ix) neither Administrative Agent nor Additional Collateral Agent shall not be required to execute any such document on terms which, in such PersonCollateral Agent’s opinion, would expose such Person Collateral Agent to liability or create any obligation or entail any consequence other than the release of such liens Liens without recourse or warranty, and (iiy) such release shall not in any manner discharge, affect or impair the indebtedness evidenced by the Notes Obligations or any Liens upon (or Indebtedness obligations of BorrowersGreat Lakes or any of its Subsidiaries, in respect of), all interests retained by BorrowersGreat Lakes or any of its Subsidiaries, including (without limitation) the proceeds of any sale, all of which shall continue to constitute part of the Collateral.

Appears in 1 contract

Samples: Credit Agreement (Great Lakes Aviation LTD)

Confirmation of Authority; Execution of Releases. Without in any manner limiting Administrative Agent’s and Additional Collateral Agent’s authority to act without any specific or further authorization or consent by LendersLenders (as set forth in subsection 8.2(H)(1)), each Lender agrees to confirm in writing, upon request by Administrative Collateral Agent or Additional Collateral Agent, as applicableBorrower, the authority to release any Collateral conferred upon Administrative Agent and Additional Collateral Agent hereunderunder clauses (i), (ii) and (iii) of subsection 8.2(H)(1). Upon receipt by Administrative Agent or Additional Collateral Agent of any required confirmation from the Required Requisite Lenders of its authority to release any particular item or types of Collateral, Administrative and upon at least ten (10) Business Days’ prior written request by Borrower, Collateral Agent or Additional Collateral Agent, as applicable, shall (and is hereby irrevocably authorized by Lenders to) execute such documents as may be necessary to evidence the release of the liens Liens granted to such Person Collateral Agent upon such Collateral; provided, however, that (i) neither Administrative Agent nor Additional Collateral Agent shall not be required to execute any such document on terms which, in such PersonCollateral Agent’s opinion, would expose such Person Collateral Agent to liability or create any obligation or entail any consequence other than the release of such liens Liens without recourse or warranty, and (ii) such release shall not in any manner discharge, affect or impair the indebtedness evidenced by the Notes Obligations or any Liens upon (or Indebtedness obligations of Borrowersany Loan Party, in respect of), all interests retained by Borrowersany Loan Party, including (without limitation) the proceeds of any sale, all of which shall continue to constitute part of the Collateral.

Appears in 1 contract

Samples: Petition Credit Agreement (Portola Packaging Inc)

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