Common use of Release of Collateral, etc Clause in Contracts

Release of Collateral, etc. If all or any part of the Guaranteed Obligations is at any time secured, Guarantor agrees that Administrative Agent or any Lender may, at any time and from time to time in its discretion and with or without valuable consideration, allow substitution or withdrawal of collateral or other security and release collateral or other security without impairing or diminishing the liabilities or obligations of Guarantor hereunder. Guarantor further agrees that, if Borrower or any other Person executes in favor of Administrative Agent or any Lender any collateral agreement, mortgage, deed of trust, collateral assignment, security agreement or other security instrument, the exercise by Administrative Agent or any Lender of any right or remedy thereby conferred on Administrative Agent or any Lender shall be wholly discretionary with Administrative Agent and such Lender, respectively, and that the exercise or failure to exercise any such right or remedy shall in no way impair or diminish the obligation of Guarantor hereunder. Guarantor further agrees that (except to the extent prohibited by applicable law notwithstanding an agreement of the parties to the contrary) neither Administrative Agent nor any Lender shall be liable for its failure to use diligence or care in the collection of the Guaranteed Obligations, in the creation or perfection of any lien, security interest or assignment intended as security or in preserving the liability of any Person liable or obligated on the Guaranteed Obligations, and Guarantor hereby waives presentment for payment, notice of nonpayment, protest and notice thereof, and diligence in bringing suit against any Person liable on the Guaranteed Obligations or any part thereof.

Release of Collateral, etc. If all or any part of the Guaranteed Obligations is at any time secured, Guarantor agrees that Administrative Agent GE Capital or any Lender Lessor may, at any time and from time to time in its discretion and with or without valuable consideration, allow substitution or withdrawal of collateral or other security and release collateral or other security without impairing or diminishing the liabilities or obligations of Guarantor hereunder. Guarantor further agrees that, if Borrower Savvis or any other Person executes in favor of Administrative Agent GE Capital or any Lender Lessor any collateral agreement, mortgage, deed of trust, collateral assignment, security agreement or other security instrument, the exercise by Administrative Agent GE Capital or any Lender Lessor of any right or remedy thereby conferred on Administrative Agent GE Capital or any Lender Lessor shall be wholly discretionary with Administrative Agent and such Lender, respectively, GE Capital or any Lessor and that the exercise or failure to exercise any such right or remedy shall in no way impair or diminish the obligation of Guarantor hereunder. Guarantor further agrees that (except to the extent prohibited by applicable law notwithstanding an agreement of the parties to the contrary) neither Administrative Agent GE Capital nor any Lender Lessor shall be liable for its failure to use diligence or care in the collection of the Guaranteed Obligations, in the creation or perfection of any lien, security interest or assignment intended as security or in preserving the liability of any Person liable or obligated on the Guaranteed Obligations, and Guarantor hereby waives presentment for payment, notice of nonpayment, protest and notice thereof, and diligence in bringing suit against any Person liable on the Guaranteed Obligations or any part thereof.

Release of Collateral, etc. If all or any part of the Guaranteed Obligations is at any time secured, each Guarantor agrees that the Administrative Agent or any Lender may, at any time and from time to time in its discretion and with or without valuable consideration, allow substitution or withdrawal of collateral or other security and release collateral or other security without impairing or diminishing the liabilities or obligations of any Guarantor hereunder. Each Guarantor further agrees that, if Borrower or any other Person executes in favor of the Administrative Agent or any Lender any collateral agreement, mortgage, deed of trust, collateral assignment, security agreement agreement, or other security instrument, the exercise by the Administrative Agent or any such Lender of any right or remedy thereby conferred on the Administrative Agent or any such Lender shall be wholly discretionary with the Administrative Agent and or such Lender, respectively, Lender and that the exercise or failure to exercise any such right or remedy shall in no way impair or diminish the obligation of any Guarantor hereunder. Each Guarantor further agrees that (except to neither the extent prohibited by applicable law notwithstanding an agreement of the parties to the contrary) neither Administrative Agent nor any Lender shall be liable for its failure to use diligence or care in the collection of the Guaranteed Obligations, in the creation or perfection of any lien, security interest interest, or assignment intended as security or in preserving the liability of any Person liable or obligated on the Guaranteed Obligations, and each Guarantor hereby waives presentment for payment, notice of nonpayment, protest and notice thereof, and diligence in bringing suit against any Person liable on the Guaranteed Obligations or any part thereof.

Release of Collateral, etc. If all or any part of the Guaranteed Obligations is at any time secured, Guarantor agrees that Administrative Agent or any Lender may, at any time and from time to time in its discretion and with or without valuable consideration, allow substitution or withdrawal of collateral or other security and release collateral or other security without impairing or diminishing the liabilities or obligations of Guarantor hereunder. Guarantor further agrees that, if Borrower or any other Person executes in favor of Administrative Agent or any Lender any collateral agreement, mortgage, deed of trust, collateral assignment, security agreement or other security instrument, the exercise by Administrative Agent or any Lender of any right or remedy thereby conferred on Administrative Agent or any Lender shall be wholly discretionary with Administrative Agent and such Lender, respectively, and that the exercise or failure to exercise any such right or remedy shall in no way impair or diminish the obligation of Guarantor hereunder. Guarantor further agrees that (except to the extent prohibited by applicable law notwithstanding an agreement of the parties to the contrary) neither Administrative Agent nor any Lender shall be liable for its failure to use diligence or care in the collection of the Guaranteed Obligations, in the creation or perfection of any lien, security interest or assignment intended as security or in preserving the liability of any Person liable or obligated on the Guaranteed Obligations, and Guarantor hereby waives presentment for payment, notice of nonpayment, protest and notice thereof, and diligence in bringing suit against any Person liable on the Guaranteed Obligations or any part thereof.

Release of Collateral, etc. If all or any part of the Guaranteed --------------------------- Obligations is at any time secured, Guarantor agrees that Administrative Agent or any Lender may, at any time and from time to time in its discretion and with or without valuable consideration, allow substitution or withdrawal of collateral or other security and release collateral or other security without impairing or diminishing the liabilities or obligations of Guarantor hereunder. Guarantor further agrees that, if Borrower or any other Person executes in favor of Administrative Agent or any Lender any collateral agreement, mortgage, deed of trust, collateral assignment, security agreement or other security instrument, the exercise by Administrative Agent or any Lender of any right or remedy thereby conferred on Administrative Agent or any Lender shall be wholly discretionary with Administrative Agent and such Lender, respectively, and that the exercise or failure to exercise any such right or remedy shall in no way impair or diminish the obligation of Guarantor hereunder. Guarantor further agrees that (except to the extent prohibited by applicable law notwithstanding an agreement of the parties to the contrary) neither Administrative Agent nor any Lender shall be liable for its failure to use diligence or care in the collection of the Guaranteed Obligations, in the creation or perfection of any lien, security interest or assignment intended as security or in preserving the liability of any Person liable or obligated on the Guaranteed Obligations, and Guarantor hereby waives presentment for payment, notice of nonpayment, protest and notice thereof, and diligence in bringing suit against any Person liable on the Guaranteed Obligations or any part thereof.

Release of Collateral, etc. If all (a) Upon the sale, lease, transfer or other disposition of any part item of Collateral of any Loan Party (including, without limitation, as a result of the Guaranteed Obligations is sale, in accordance with the terms of the Loan Documents, of the Loan Party that owns such Collateral) in accordance with the terms of the Loan Documents, the Collateral Agent will, at any time securedthe Borrower’s expense, Guarantor agrees that execute and deliver to such Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral Documents in accordance with the terms of the Loan Documents. The Administrative Agent or on behalf of the Lenders will release any Lender mayGuarantor from its obligations under the Guaranty if such Guarantor ceases to be a Subsidiary of the Borrower as a result of a transaction permitted under this Agreement and will, at the Borrower’s expense, execute and deliver to such Guarantor such documents as such Guarantor may reasonably request to evidence such release. (b) Notwithstanding anything to the contrary contained herein or in any time other Loan Document, when all Obligations have been paid in full, all Commitments have terminated or expired and from time to time in its discretion all Secured Hedge Agreements and with Cash Management Obligations secured under the Collateral Documents have terminated, expired or without valuable consideration, allow substitution or withdrawal of collateral been cash collateralized (or other arrangements satisfactory to the applicable Hedge Bank or Cash Management Counterparty counterparty thereto shall have been made), upon request of the Borrower, the Collateral Agent shall (without notice to, or vote or consent of, any Lender) take such actions as shall be required to release its security interest in all Collateral, and to release collateral all Guaranties. Any such release of a Guaranty shall be deemed subject to the provision that such Guaranty shall be reinstated if after such release any portion of any payment in respect of the Obligations guaranteed thereby shall be rescinded or other security without impairing must otherwise be restored or diminishing returned upon the liabilities insolvency, bankruptcy, dissolution, liquidation or obligations reorganization of Guarantor hereunder. Guarantor further agrees that, if the Borrower or any other Person executes in favor Guarantor, or upon or as a result of Administrative Agent the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower or any Lender any collateral agreement, mortgage, deed of trust, collateral assignment, security agreement or other security instrument, the exercise by Administrative Agent Guarantor or any Lender substantial part of any right its property, or remedy thereby conferred on Administrative Agent or any Lender shall be wholly discretionary with Administrative Agent and otherwise, all as though such Lender, respectively, and that the exercise or failure to exercise any such right or remedy shall in no way impair or diminish the obligation of Guarantor hereunder. Guarantor further agrees that (except to the extent prohibited by applicable law notwithstanding an agreement of the parties to the contrary) neither Administrative Agent nor any Lender shall be liable for its failure to use diligence or care in the collection of the Guaranteed Obligations, in the creation or perfection of any lien, security interest or assignment intended as security or in preserving the liability of any Person liable or obligated on the Guaranteed Obligations, and Guarantor hereby waives presentment for payment, notice of nonpayment, protest and notice thereof, and diligence in bringing suit against any Person liable on the Guaranteed Obligations or any part thereofpayment had not been made.

Release of Collateral, etc. If all or any part of the Guaranteed Obligations is at any time secured, Guarantor agrees that Administrative Agent or any Lender may, at any time and from time to time in its discretion and with or without valuable consideration, allow substitution or withdrawal of collateral or other security and release collateral or other security without impairing or diminishing the liabilities or obligations of Guarantor hereunder. Guarantor further agrees that, if Borrower or any other Person executes in favor of Administrative Agent or any Lender any collateral agreement, mortgage, deed of trust, collateral assignment, security agreement or other security instrument, the exercise by Administrative Agent or any Lender of any right or remedy thereby conferred on Administrative Agent or any Lender shall be wholly discretionary with Administrative Agent and such Lender, respectively, and that the exercise or failure to exercise any such right or remedy shall in no way impair or diminish the obligation of Guarantor hereunder. Guarantor further agrees that (except to the extent prohibited by applicable law notwithstanding an agreement of the parties to the contrary) neither Administrative Agent nor any Lender shall be liable for its failure to use diligence or care in the collection of the Guaranteed Obligations, in the creation or perfection of any lien, security interest or assignment intended as security or in preserving the liability of any Person liable or obligated on the Guaranteed Obligations, and Guarantor hereby waives presentment for payment, notice of nonpayment, protest and notice thereof, and diligence in bringing suit against any Person liable on the Guaranteed Obligations or any part thereof.presentment

Release of Collateral, etc. If all (a) Upon the sale, lease, transfer or other disposition of any part item of Collateral of any Loan Party (including, without limitation, as a result of the Guaranteed Obligations is sale, in accordance with the terms of the Loan Documents, of the Loan Party that owns such Collateral) in accordance with the terms of the Loan Documents, the Collateral Agent will, at any time securedthe Borrower’s expense, Guarantor agrees that execute and deliver to such Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral Documents in accordance with the terms of the Loan Documents. The Administrative Agent or on behalf of the Lender Parties will release any Lender mayGuarantor from its obligations under the Guaranty if such Guarantor ceases to be a Subsidiary of the Borrower as a result of a transaction permitted under this Agreement and will, at the Borrower’s expense, execute and deliver to such Guarantor such documents as such Guarantor may reasonably request to evidence such release. The Administrative Agent on behalf of the Lender Parties will release any time Negative Pledgor from its obligations under the Negative Pledge Agreement if such Negative Pledgor ceases to be a Subsidiary of the Borrower as a result of a transaction permitted under this Agreement and from time will, at the Borrower’s expense, execute and deliver to time such Negative Pledgor such documents as such Negative Pledgor may reasonably request to evidence such release. (b) Notwithstanding anything to the contrary contained herein or in any other Loan Document, when all Obligations have been paid in full, all Commitments have terminated or expired, no Letter of Credit shall be outstanding that is not Cash Collateralized or backstopped, and all Secured Hedge Agreements have terminated, expired or been Cash Collateralized, upon request of the Borrower, the Collateral Agent shall (without notice to, or vote or consent of, any Lender) take such actions as shall be required to release its discretion security interest in all Collateral, and with to release all Guaranties. Any such release of Guaranty shall be deemed subject to the provision that such Guaranty shall be reinstated if after such release any portion of any payment in respect of the Obligations guaranteed thereby shall be rescinded or without valuable considerationmust otherwise be restored or returned upon the insolvency, allow substitution bankruptcy, dissolution, liquidation or withdrawal reorganization of collateral or other security and release collateral or other security without impairing or diminishing the liabilities or obligations of Guarantor hereunder. Guarantor further agrees that, if Borrower or any other Person executes in favor Guarantor, or upon or as a result of Administrative Agent the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower or any Lender any collateral agreement, mortgage, deed of trust, collateral assignment, security agreement or other security instrument, the exercise by Administrative Agent Guarantor or any Lender substantial part of any right its property, or remedy thereby conferred on Administrative Agent or any Lender shall be wholly discretionary with Administrative Agent and otherwise, all as though such Lender, respectively, and that the exercise or failure to exercise any such right or remedy shall in no way impair or diminish the obligation of Guarantor hereunder. Guarantor further agrees that (except to the extent prohibited by applicable law notwithstanding an agreement of the parties to the contrary) neither Administrative Agent nor any Lender shall be liable for its failure to use diligence or care in the collection of the Guaranteed Obligations, in the creation or perfection of any lien, security interest or assignment intended as security or in preserving the liability of any Person liable or obligated on the Guaranteed Obligations, and Guarantor hereby waives presentment for payment, notice of nonpayment, protest and notice thereof, and diligence in bringing suit against any Person liable on the Guaranteed Obligations or any part thereofpayment had not been made.

Release of Collateral, etc. If all (a) Upon the sale, lease, transfer or other disposition of any part item of Collateral of any Loan Party (including, without limitation, as a result of the Guaranteed Obligations is sale, in accordance with the terms of the Loan Documents, of the Loan Party that owns such Collateral) in accordance with the terms of the Loan Documents, the Collateral Agent will, at any time securedthe Borrower’s expense, Guarantor agrees that execute and deliver to such Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under the Collateral Documents in accordance with the terms of the Loan Documents. The Administrative Agent or on behalf of the Lender Parties will release any Lender mayGuarantor from its obligations under the Guaranty if such Guarantor ceases to be a Subsidiary of the Borrower as a result of a transaction permitted under this Agreement and will, at the Borrower’s expense, execute and deliver to such Guarantor such documents as such Guarantor may reasonably request to evidence such release. (b) Notwithstanding anything to the contrary contained herein or in any time other Loan Document, when all Obligations have been paid in full, all Commitments have terminated or expired, no Letter of Credit shall be outstanding that is not cash collateralized or backstopped, and from time all Secured Hedge Agreements have terminated, expired or been cash collateralized, upon request of the Borrower, the Collateral Agent shall (without notice to, or vote or consent of, any Lender) take such actions as shall be required to time release its security interest in its discretion all Collateral, and with to release all Guaranties. Any such release of Guaranty shall be deemed subject to the provision that such Guaranty shall be reinstated if after such release any portion of any payment in respect of the Obligations guaranteed thereby shall be rescinded or without valuable considerationmust otherwise be restored or returned upon the insolvency, allow substitution bankruptcy, dissolution, liquidation or withdrawal reorganization of collateral or other security and release collateral or other security without impairing or diminishing the liabilities or obligations of Guarantor hereunder. Guarantor further agrees that, if Borrower or any other Person executes in favor Guarantor, or upon or as a result of Administrative Agent the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower or any Lender any collateral agreement, mortgage, deed of trust, collateral assignment, security agreement or other security instrument, the exercise by Administrative Agent Guarantor or any Lender substantial part of any right its property, or remedy thereby conferred on Administrative Agent or any Lender shall be wholly discretionary with Administrative Agent and otherwise, all as though such Lender, respectively, and that the exercise or failure to exercise any such right or remedy shall in no way impair or diminish the obligation of Guarantor hereunder. Guarantor further agrees that (except to the extent prohibited by applicable law notwithstanding an agreement of the parties to the contrary) neither Administrative Agent nor any Lender shall be liable for its failure to use diligence or care in the collection of the Guaranteed Obligations, in the creation or perfection of any lien, security interest or assignment intended as security or in preserving the liability of any Person liable or obligated on the Guaranteed Obligations, and Guarantor hereby waives presentment for payment, notice of nonpayment, protest and notice thereof, and diligence in bringing suit against any Person liable on the Guaranteed Obligations or any part thereofpayment had not been made.