Common use of Release of Collateral Upon Permitted Collateral Sale Clause in Contracts

Release of Collateral Upon Permitted Collateral Sale. In connection with any sale, lease, exchange, transfer or other disposition of Collateral or any other assets of the Borrower by the Senior Lenders (or on behalf of, or for the benefit of, the Senior Lenders), each Subordinating Creditor hereby agrees: (i) that upon the written request of the Senior Lenders with respect to the Collateral or other assets subject to such sale or other disposition (which written request shall specify the proposed closing date), release or otherwise terminate any Subordinating Creditors Liens on such Collateral or other assets; (ii) to promptly deliver such terminations of financing statements, partial lien releases, mortgage satisfactions and discharges, endorsements, assignments or other instruments of transfer, termination or release (collectively, “Release Documents”) and take such further actions as the Senior Lenders shall reasonably require in order to release and/or terminate the Subordinating Creditors Liens or any other claims that any Subordinating Creditor may have on the Collateral or any other assets of any of the Borrower subject to such sale or other disposition; provided that no such Release Documents shall be filed or become effective until the closing of such sale or other disposition; and (iii) shall be deemed to have consented under the documents evidencing the Subordinated Debt to such sale or disposition free and clear of such Subordinating Creditors Liens or other claims or security interests any Subordinating Creditor may have and to have waived the provisions of the documents evidencing the Subordinated Debt to the extent necessary to permit such transaction.

Release of Collateral Upon Permitted Collateral Sale. In connection with any sale, lease, exchange, transfer or other disposition of Collateral or any other assets of the Borrower Credit Parties by the Senior Lenders TCA (or on behalf of, or for the benefit of, TCA) in accordance with the Senior Lenders)Loan Documents, each Subordinating Creditor hereby agrees: (i) that upon the written request of the Senior Lenders TCA with respect to the Collateral or other assets subject to such sale or other disposition (which written request shall specify the proposed closing date), release or otherwise terminate any Subordinating Creditors Creditor Liens on such Collateral or other assets; (ii) to promptly deliver such terminations of financing statements, partial lien releases, mortgage satisfactions and discharges, endorsements, assignments or other instruments of transfer, termination or release (collectively, “Release Documents”) and take such further actions as the Senior Lenders TCA shall reasonably require in order to release and/or terminate the Subordinating Creditors Creditor Liens or any other claims that any Subordinating Creditor may have on the Collateral or any other assets of any of the Borrower Credit Parties subject to such sale or other disposition; provided that no such Release Documents shall be filed or become effective until the closing of such sale or other disposition; and (iii) shall be deemed to have consented under the documents evidencing the Subordinated Debt Subordinating Creditor Loan to such sale or disposition free and clear of such Subordinating Creditors Creditor Liens or other claims or security interests any Subordinating Creditor may have and to have waived the provisions of the documents evidencing the Subordinated Debt Subordinating Creditor Loan to the extent necessary to permit such transaction.

Release of Collateral Upon Permitted Collateral Sale. In connection with any sale, lease, exchange, transfer or other disposition of Collateral or any other assets of the Borrower Credit Parties by the Senior Lenders (or on behalf of, or for the benefit ofTCA, the Senior Lenders), each Subordinating Subordinated Creditor hereby agrees: (i) that upon the written request of the Senior Lenders TCA with respect to the Collateral or other assets subject to such sale or other disposition (which written request shall specify the proposed closing date), release or otherwise terminate any Subordinating Creditors Existing Liens on such Collateral or other assets; (ii) to promptly deliver such terminations of financing statements, partial lien releases, mortgage satisfactions and discharges, endorsements, assignments or other instruments of transfer, termination or release (collectively, “Release Documents”) and take such further actions as the Senior Lenders TCA shall reasonably require in order to release and/or terminate the Subordinating Creditors Existing Liens or any other claims that any Subordinating the Subordinated Creditor may have on the Collateral or any other assets of any of the Borrower Credit Parties subject to such sale or other disposition; provided that no such Release Documents shall be filed or become effective until the closing of such sale or other disposition; and (iii) shall be deemed to have consented under the documents evidencing the Subordinated Debt Existing Obligations to such sale or disposition free and clear of such Subordinating Creditors Existing Liens or other claims or security interests any Subordinating the Subordinated Creditor may have and to have waived the provisions of the documents evidencing the Subordinated Debt Existing Obligations to the extent necessary to permit such transaction.

Release of Collateral Upon Permitted Collateral Sale. In connection with any sale, lease, exchange, transfer or other disposition of Collateral or any other assets of the Borrower Company by Senior Creditor, the Senior Lenders (or Subordinated Creditor on behalf of, or for of itself and the benefit of, the Senior Lenders), each Subordinating Creditor Investors hereby agrees: (i) that upon the written request of the Senior Lenders Creditor with respect to the Collateral or other assets subject to such sale or other disposition (which written request shall specify the proposed closing date), release or otherwise terminate any Subordinating Creditors Existing Liens on such Collateral or other assets; (ii) to promptly deliver such terminations of financing statements, partial lien releases, mortgage satisfactions and discharges, endorsements, assignments or other instruments of transfer, termination or release (collectively, “Release Documents”) and take such further actions as the Senior Lenders Creditor shall reasonably require in order to release and/or terminate the Subordinating Creditors Existing Liens or any other claims that the Subordinated Creditor or any Subordinating Creditor Investor may have on the Collateral or any other assets of any of the Borrower Company subject to such sale or other disposition; provided that no such Release Documents shall be filed or become effective until the closing of such sale or other disposition; and (iii) shall be deemed to have consented under the documents evidencing the Subordinated Debt Existing Obligations to such sale or disposition free and clear of such Subordinating Creditors Existing Liens or other claims or security interests the Subordinated Creditor or any Subordinating Creditor Investor may have and to have waived the provisions of the documents evidencing the Subordinated Debt Existing Obligations to the extent necessary to permit such transaction.