Common use of Lien Release Upon Disposition of Collateral in Exercise of Secured Creditor Remedies Clause in Contracts

Lien Release Upon Disposition of Collateral in Exercise of Secured Creditor Remedies. Until the Discharge of the Senior Priority Obligations occurs, if any Exercise of Secured Creditor Remedies by Senior Agent (in each case on behalf of the requisite Senior Creditors), results in a Disposition of any Collateral securing the Senior Obligations (with the Proceeds thereof being applied in accordance with Section 10(c)), then the Liens, if any, of any Subordinated Creditor or any other Subordinated Claimholder on such Collateral shall be automatically, unconditionally, and simultaneously released (and, if the Exercise of Secured Creditor Remedies results in a Disposition of equity interests in any Obligor, (x) the Persons whose equity interests are Disposed of (including each Subsidiary of each such Person) shall be automatically, unconditionally, and simultaneously released from all of their obligations under the Subordinated Loan Documents, and (y) any Liens granted by such Persons to secure the Subordinated Obligations shall be automatically, unconditionally and simultaneously released); provided that (i) Senior Agent delivers to Subordinated Agent the notice of Disposition required by Section 3(g), (ii) in the event that such sale is to an Affiliate of an Obligor, such sale has been conducted pursuant to Section 363 of the Bankruptcy Code, or pursuant to another public sale or auction process, and (iii) Senior Agent also releases its Liens on such Collateral (and, if the Exercise of Secured Creditor Remedies results in a Disposition of equity interests in any Obligor, Senior Agent also releases such Persons whose equity interests are Disposed of (including each Subsidiary of each such Person) from all of their obligations in respect of the Senior Obligations). Each Subordinated Creditor, for itself and on behalf of any such Subordinated Claimholders, promptly shall execute and deliver to Senior Agent such termination or amendment statements, releases, and other documents as Senior Agent may reasonably request to effectively confirm such release.

Lien Release Upon Disposition of Collateral in Exercise of Secured Creditor Remedies. Until the Discharge of the Senior Priority Obligations occurs, if any Exercise of Secured Creditor Remedies by the Senior Agent (in each case on behalf of the requisite Senior Creditors), results in a Disposition of any Collateral securing the Senior Obligations (with the Proceeds thereof being applied in accordance with Section 10(c))Collateral, then the Liens, if any, of any the Subordinated Creditor Agent or any other Subordinated Claimholder on such Collateral Collateral, and the obligations of such Obligor under its guarantee or otherwise in respect of the Subordinated Obligations, shall be automatically, unconditionally, and simultaneously released (and, if the Exercise of Secured Creditor Remedies results in a Disposition of equity interests in any Obligor, (x) the Persons whose equity interests are Disposed of (including each Subsidiary of each such Person) shall be automatically, unconditionally, and simultaneously released from all of their obligations under the Subordinated Loan Documents, and (y) any Liens granted by such Persons to secure the Subordinated Obligations shall be automatically, unconditionally and simultaneously released); provided that (ia) Senior Agent delivers to Subordinated Agent the notice of Disposition required by Section 3(g), (ii) in the event that such sale is to an Affiliate of an Obligor, such sale has been conducted pursuant to Section 363 of the Bankruptcy Code, or pursuant to another public sale or auction process, and (iii) Senior Agent also releases its Liens on such Collateral (and, if the Exercise of Secured Creditor Remedies results in a Disposition of equity interests in any Obligor, the Senior Agent also releases such Persons whose equity interests are Disposed of (including each Subsidiary of each such Person) from all of their obligations in respect under the Senior Loan Documents) and (b) the net proceeds of such Disposition are applied substantially concurrently with such Disposition to the repayment of the Senior Obligations). Each The Subordinated CreditorAgent, for itself and on behalf of any such Subordinated Claimholders, promptly shall execute and deliver to the Senior Agent such termination or amendment statements, releases, and other documents as the Senior Agent may reasonably request to effectively confirm such release.

Lien Release Upon Disposition of Collateral in Exercise of Secured Creditor Remedies. Until the Discharge of the Senior Priority Obligations occurs, if any Exercise of Secured Creditor Remedies by any Senior Agent (in each case on behalf of the requisite or any other Senior Creditors), Claimholder results in a Disposition of any Collateral securing the Senior Obligations (with the Proceeds proceeds thereof being applied to the Senior Obligations in accordance with Section 10(c)), then the Liens, if any, of any the Subordinated Creditor Agent or any other Subordinated Claimholder on such Collateral shall be automatically, unconditionally, and simultaneously released (and, if the Exercise of Secured Creditor Remedies results in a Disposition of equity interests in any Obligor, (x) the Persons whose equity interests are Disposed of (including each Subsidiary of each such Person) shall be automatically, unconditionally, and simultaneously released from all of their obligations under the Subordinated Loan Documents, and (y) any Liens granted by such Persons to secure the Subordinated Obligations shall be automatically, unconditionally and simultaneously released); provided that (i) the Senior Agent delivers to Subordinated Agent Agents and the notice of Disposition required by Section 3(g), (ii) in the event that such sale is to an Affiliate of an Obligor, such sale has been conducted pursuant to Section 363 of the Bankruptcy Code, or pursuant to another public sale or auction process, and (iii) applicable Senior Agent Claimholder also releases its release their Liens on such Collateral (and, if the Exercise of Secured Creditor Remedies results in a Disposition of equity interests in any Obligor, the Senior Agent Agents and the applicable Senior Claimholder also releases release such Persons whose equity interests are Disposed of (including each Subsidiary of each such Person) from all of their obligations in respect of under the applicable Senior ObligationsLoan Documents). Each The Subordinated CreditorAgent, for itself and on behalf of any such Subordinated Claimholders, promptly shall execute and deliver to each Senior Agent or the applicable Senior Claimholder such termination or amendment statements, releases, and other documents as such Senior Agent or such Senior Claimholder may reasonably request to effectively confirm such release.

Lien Release Upon Disposition of Collateral in Exercise of Secured Creditor Remedies. Until the Discharge of the Senior Priority Obligations occurs, if any Exercise of Secured Creditor Remedies by any Senior Agent (in each case on behalf of the requisite or any other Senior Creditors), Claimholder results in a Disposition of any Collateral securing the Senior Obligations (with the Proceeds proceeds thereof being applied to the Senior Obligations in accordance with Section 10(c)), then the Liens, if any, of any the Subordinated Creditor Agent or any other Subordinated Claimholder on such Collateral shall be automatically, unconditionally, and simultaneously released (and, if the Exercise of Secured Creditor Remedies results in a Disposition of equity interests in any Obligor, (x) the Persons whose equity interests are Disposed of (including each Subsidiary of each such Person) shall be automatically, unconditionally, and simultaneously released from all of their obligations under the Subordinated Loan Documents, and (y) any Liens granted by such Persons to secure the Subordinated Obligations shall be automatically, unconditionally and simultaneously released); provided that (i) the Senior Agent delivers to Subordinated Agent Agents and the notice of Disposition required by Section 3(g), (ii) in the event that such sale is to an Affiliate of an Obligor, such sale has been conducted pursuant to Section 363 of the Bankruptcy Code, or pursuant to another public sale or auction process, and (iii) applicable Senior Agent Claimholder also releases its release their Liens on such Collateral (and, if the Exercise of Secured Creditor Remedies results in a Disposition of equity interests in any Obligor, the Senior Agent Agents and the applicable Senior Claimholder also releases release such Persons whose equity interests are Disposed of (including each Subsidiary of each such Person) from all of their obligations in respect of under the applicable Senior ObligationsLoan Documents). Each The Subordinated CreditorAgent, for itself and on behalf of any such Subordinated Claimholders, promptly shall execute and deliver to each Senior Agent or the applicable Senior Claimholder such termination or amendment statements, releases, and other documents as such Senior Agent or such Senior Claimholder may reasonably request to effectively confirm such release.