Common use of Release and Reattachment of Collateral Clause in Contracts

Release and Reattachment of Collateral. (a) If Borrower and its Restricted Subsidiaries become entitled to the release of all of the Liens contemplated by the Intercreditor Agreement, or to the release of any later equal, ratable and pari passu Liens described in clause (b) below, and provided that no Default or Event of Default has then occurred and remains continuing, Borrower and the Co-Borrowers may in their sole discretion request that the Administrative Agent release any Liens securing the Obligations in accordance with this clause (a). Borrower and the Co-Borrowers shall submit any request under this Section in the form of a Certificate, in form and substance acceptable to the Administrative Agent, signed by a Senior Officer of Borrower and each Co-Borrower certifying that no Default or Event of Default exists, together with a written consent to the release of collateral executed by each Guarantor and such other supporting information as the Administrative Agent may request, including evidence reasonably satisfactory to the Administrative Agent that all other classes of Senior Obligations then holding Liens of the type described in Sections 6.7(g) or (h) shall previously or concurrently release all Liens held by such creditors. Promptly upon receipt of such a Certificate, the Administrative Agent shall provide a copy thereof to the Banks and, unless the Requisite Banks contest the accuracy thereof within five Banking Days, shall (i) execute and deliver to Borrower and its Subsidiaries reconveyances and releases of such Liens (or shall provide its written concurrence to any release of Liens being provided by the Collateral Agent under the Intercreditor Agreement), and (ii) return to the Persons legally entitled thereto, all collateral pledged in support of the Obligations, all at the sole expense of Borrower and the Co-Borrowers (a "Collateral Release"), in each case subject to the requirement that the Liens of the types described in Sections 6.7(g) or (h) are previously or concurrently released. No Collateral Release shall constitute or be construed as a release (or to require the release) of the Guaranty.

Release and Reattachment of Collateral. (a) If If, following the date hereof, Borrower and its Restricted Subsidiaries become are then entitled to the release of all of the Liens contemplated by described in the Intercreditor Agreement, or pursuant to the release Intercreditor Agreement and pursuant to the credit documents governing each of any later equal, ratable and pari passu Liens described in clause (b) belowthe then existing Qualified Obligations, and provided that no Default or Event of Default has then occurred and remains continuing, Borrower and the Co-Borrowers may in their sole discretion request that the Administrative Agent, as a Creditor Representative under the Intercreditor Agreement, and the Administrative Agent shall, upon such request, direct the Collateral Agent to release any each of the Liens securing the Obligations in accordance with this clause (a)and the other Qualified Obligations. Borrower and the Co-Borrowers shall submit any request under this Section in the form of a Certificate, in form and substance acceptable to the Administrative Agent, signed by a Senior Officer of Borrower and each Co-Borrower certifying that no Default or Event of Default exists, together with a written consent to the release of collateral executed by each Guarantor and such other supporting information as the Administrative Agent may request, including evidence reasonably satisfactory to the Administrative Agent that all other classes of Senior Obligations then holding Liens the Collateral Agent and the holders of the type described in Sections 6.7(g) or (h) other Qualified Obligations shall previously or concurrently release all Liens held by such creditors. Promptly upon receipt of such a Certificate, the Administrative Agent shall (i) provide a copy thereof to the Banks and, unless the Requisite Banks contest the accuracy thereof within five Banking Days, shall (i) execute and deliver to Borrower and its Subsidiaries reconveyances and releases of such Liens (or shall provide its written concurrence to any release of Liens being provided by the Collateral Agent under the Intercreditor Agreement), Lenders and (ii) direct the Collateral Agent to return to the Persons legally entitled thereto, all collateral Collateral pledged in support of the Obligations and the other Qualified Obligations, but subject to the requirement that the Liens held by the Collateral Agent and the holders of the other Qualified Obligations are previously or concurrently released, all at the sole expense of Borrower and the Co-Borrowers (a "Collateral Release"), in each case subject to the requirement that the Liens of the types described in Sections 6.7(g) or (h) are previously or concurrently released. No Collateral Release shall constitute or be construed as a release (or to require the release) of the Guaranty.

Release and Reattachment of Collateral. (a) If If, following the Closing Date, Borrower and its Restricted Subsidiaries become are then entitled to the release of all of the Liens contemplated by described in the Intercreditor Agreement, or both pursuant to this Agreement, pursuant to the release Intercreditor Agreement and pursuant to the credit documents governing each of any later equal, ratable and pari passu Liens described in clause (b) belowthe then existing Qualified Obligations, and provided that no Default or Event of Default has then occurred and remains continuing, Borrower and the Co-Borrowers may in their sole discretion request that the Administrative Agent release any release, and that the Administrative Agent as a Creditor Representative under the Intercreditor Agreement direct the Collateral Agent to release, each of the Liens securing the Obligations in accordance with this clause (a)and the other Qualified Obligations. Borrower and the Co-Borrowers shall submit any request under this Section in the form of a Certificate, in form and substance acceptable to the Administrative Agent, signed by a Senior Officer of Borrower and each Co-Borrower certifying that no Default or Event of Default exists, together with a written consent to the release of collateral executed by each Guarantor and such other supporting information as the Administrative Agent may request, including evidence reasonably satisfactory to the Administrative Agent that all other classes of Senior Obligations then holding Liens the Collateral Agent and the holders of the type described in Sections 6.7(g) or (h) other Qualified Obligations shall previously or concurrently release all Liens held by such creditors. Promptly upon receipt of such a Certificate, the Administrative Agent shall (i) provide a copy thereof to the Banks andLenders, unless the Requisite Banks contest the accuracy thereof within five Banking Days, shall (iii) execute and deliver to Borrower and its Subsidiaries reconveyances and releases of such Liens (or shall provide its written concurrence to any release of Liens being provided by direct the Collateral Agent under the Intercreditor Agreement), and (ii) to return to the Persons legally entitled thereto, all collateral Collateral pledged in support of the Obligations and the other Qualified Obligations, and (iii) release any Liens then held for the Obligations by the Administrative Agent (other than any rights of set off or other inchoate Liens), but subject to the requirement that the Liens held by the Collateral Agent and the holders of the other Qualified Obligations are previously or concurrently released, all at the sole expense of Borrower and the Co-Borrowers (a "Collateral Release"), in each case subject to the requirement that the Liens of the types described in Sections 6.7(g) or (h) are previously or concurrently released. No Collateral Release shall constitute or be construed as a release (or to require the release) of the Guaranty.