Common use of Release of Collateral and Guaranty Obligations Clause in Contracts

Release of Collateral and Guaranty Obligations. (a) Notwithstanding anything to the contrary contained herein or in any other Loan Document, upon request of Borrower in connection with any Disposition of Property permitted by the Loan Documents, Administrative Agent is hereby authorized (without notice to or vote or consent of any Lender, or any Affiliate of any Lender that is a party to any Hedge Agreement) to, and shall, take such actions as shall be required to release its security interest in any Collateral being Disposed of in such Disposition, and to release any Guarantied Obligations of (and Collateral held by) any Person being Disposed of in such Disposition, to the extent necessary to permit consummation of such Disposition in accordance with the Loan Documents; provided that, Borrower shall have delivered to Administrative Agent, at least five Business Days (or such shorter period as may be satisfactory to Administrative Agent) prior to the date of the proposed release, a written request for release identifying the relevant Collateral being Disposed of in such Disposition and the terms of such Disposition in reasonable detail, including the date thereof, the price thereof (if applicable) and any actual or reasonably estimated expenses in connection therewith, together with a certification by Borrower stating that such transaction is in compliance with this Agreement and the other Loan Documents and that the proceeds of such Disposition will be applied in accordance with this Agreement and the other Loan Documents.

Release of Collateral and Guaranty Obligations. (a) Notwithstanding anything to the contrary contained herein or in any other Loan Document, upon request of Borrower in connection with any Disposition of Property 151 permitted by the Loan Documents, Administrative Agent is hereby authorized (without notice to or vote or consent of any Lender, or any Affiliate of any Lender that is a party to any Hedge Agreement) to, and shall, take such actions as shall be required to release its security interest in any Collateral being Disposed of in such Disposition, and to release any Guarantied Obligations of (and Collateral held by) any Person being Disposed of in such Disposition, to the extent necessary to permit consummation of such Disposition in accordance with the Loan Documents; provided that, Borrower shall have delivered to Administrative Agent, at least five Business Days (or such shorter period as may be satisfactory to Administrative Agent) prior to the date of the proposed release, a written request for release identifying the relevant Collateral being Disposed of in such Disposition and the terms of such Disposition in reasonable detail, including the date thereof, the price thereof (if applicable) and any actual or reasonably estimated expenses in connection therewith, together with a certification by Borrower stating that such transaction is in compliance with this Agreement and the other Loan Documents and that the proceeds of such Disposition will be applied in accordance with this Agreement and the other Loan Documents.

Release of Collateral and Guaranty Obligations. (a) Notwithstanding anything to the contrary contained herein or in any other Loan Document, upon request of Borrower in connection with any Disposition of Property permitted by the Loan Documents, Administrative Agent is hereby authorized (without notice to or vote or consent of any Lender, or any Affiliate of any Lender that is a party to any Hedge Agreement) to, and shall, take such actions as shall be required to release its security interest in any Collateral being Disposed of in such Disposition, and to release any Guarantied Obligations of (and Collateral held by) any Person being Disposed of in such Disposition, to the extent necessary to permit consummation of such Disposition in accordance with the Loan Documents; provided that, Borrower shall have delivered to Administrative Agent, at least five ten Business Days (or such shorter period as may be satisfactory to Administrative Agent) prior to the date of the proposed release, a written request for release identifying the relevant Collateral being Disposed of in such Disposition and the terms of such Disposition in reasonable detail, including the date thereof, the price thereof (if applicable) and any actual or reasonably estimated expenses in connection therewith, together with a certification by Borrower stating that such transaction is in compliance with this Agreement and the other Loan Documents and that the proceeds of such Disposition will be applied in accordance with this Agreement and the other Loan Documents.