Common use of Release of Collateral or Guarantor of Payment Clause in Contracts

Release of Collateral or Guarantor of Payment. In the event of a merger, sale of assets or other transaction permitted pursuant to Section 5.12 hereof or otherwise permitted pursuant to this Agreement, and so long as there is no Default or Event of Default existing, Agent, at the request and expense of US Borrower, is hereby authorized by the Lenders to (a) release such Collateral from this Agreement or any other Loan Document, (b) release a Guarantor of Payment or Foreign Borrower in connection with such permitted transfer or event, and (c) duly assign, transfer and deliver to the affected Person (without recourse and without any representation or warranty) such Collateral as is then (or has been) so transferred or released and as may be in possession of Agent and has not theretofore been released pursuant to this Agreement.

Release of Collateral or Guarantor of Payment. In the event of a merger, sale of assets or other transaction permitted pursuant to by Section 5.12 hereof (or otherwise permitted pursuant to this Agreement, and ) where the proceeds of such transfer are applied in accordance with the terms of this Agreement to the extent required to be so long as there is no Default or Event of Default existingapplied, Agent, at the request and expense of US Borrower, is hereby authorized by the Lenders to (a) release such the relevant Collateral from this Agreement or any other Loan Document, (b) release a Guarantor of Payment or Foreign Borrower in connection with such permitted transfer or event, and (c) duly assign, transfer and deliver to the affected Person (without recourse and without any representation or warranty) such Collateral as is then (or has been) so transferred or released and as may be in possession of Agent and has not theretofore been released pursuant to this Agreement.