Common use of Release of Collateral and Guarantees Clause in Contracts

Release of Collateral and Guarantees. (a) In ------------------------------------- connection with any sale, transfer or disposition of any Collateral to any Person other than the Borrower or any Subsidiary Loan Party that does not violate any Secured Instrument, the Secured Parties agree that any Liens on such Collateral created pursuant to the Security Documents will be released upon the delivery of evidence satisfactory to the Collateral Agent that such sale, transfer or disposition (and the release of such Liens and, if applicable, any guarantee of the Obligations) is in compliance with the requirements of each Secured Instrument (including a certificate from a Financial Officer to such effect). In the event any such sale, transfer or disposition to a Person other than the Parent or any subsidiary thereof (including the Borrower or any Subsidiary Loan Party) shall be of 100% of the Equity Interests of a Subsidiary Loan Party, the Secured Parties hereby authorize the Collateral Agent upon the delivery of such evidence to release such Subsidiary and its assets from its obligations under and the Liens created by the Support Documents and to execute amendments, releases and other documents in form and substance satisfactory to the Collateral Agent confirming such release.

Release of Collateral and Guarantees. (a) In ------------------------------------- connection with any sale, transfer or disposition of any Collateral to any Person other than the Borrower or any Subsidiary Loan Party that does not violate any Secured Instrument, the Secured Parties agree that any Liens on such Collateral created pursuant to the Security Documents will be released upon the delivery of evidence satisfactory to the Collateral Agent that such sale, transfer or disposition (and the release of such Liens and, if applicable, any guarantee of the Obligations) is in compliance with the requirements of each Secured Instrument (including a certificate from a Financial Officer to such effect). In the event any such sale, transfer or disposition to a Person other than the Parent or any subsidiary thereof (including the Borrower or any Subsidiary Loan Party) shall be of 100% of the Equity Interests of a Subsidiary Loan Party, the Secured Parties hereby authorize the Collateral Agent upon the delivery of such evidence to release such Subsidiary and its assets from its obligations under and the Liens created by the Support Documents and to execute amendments, releases and other documents in form and substance satisfactory to the Collateral Agent confirming such release.

Release of Collateral and Guarantees. (a) In ------------------------------------- connection ------------------------------------ with any sale, transfer or disposition of any Collateral to any Person other than the Borrower or any Subsidiary Loan Party that does not violate any Secured Instrument, the Secured Parties agree that any Liens on such Collateral created pursuant to the Security Documents will be released upon the delivery of evidence satisfactory to the Collateral Agent that such sale, transfer or disposition (and the release of such Liens and, if applicable, any guarantee of the Obligations) is in compliance with the requirements of each Secured Instrument (including a certificate from a Financial Officer to such effect). In the event any such sale, transfer or disposition to a Person other than the Parent or any subsidiary thereof (including the Borrower or any Subsidiary Loan Party) shall be of 100% of the Equity Interests of a Subsidiary Loan Party, the Secured Parties hereby authorize the Collateral Agent upon the delivery of such evidence to release such Subsidiary and its assets from its obligations under and the Liens created by the Support Documents and to execute amendments, releases and other documents in form and substance satisfactory to the Collateral Agent confirming such release.