Common use of Release of Guarantees and Collateral Clause in Contracts

Release of Guarantees and Collateral. If the Borrower shall wish to effect the release of any Collateral or any Guarantee, it shall give notice thereof to the Administrative Agent. Upon receipt of such notice, the Administrative Agent shall request the Lenders to give notice to the Administrative Agent in writing of their approval or disapproval of the requested release. If Lenders whose Percentages aggregate at least 75% approve such request, the Administrative Agent shall give written notice of such approval to the Borrower, and such release may thereafter be effected without violation of this Agreement. For avoidance of doubt, no approval of the Requisite Lenders shall be necessary to effect the release of any Collateral which is the subject of any Asset Sale permitted by subsection 6.6.

Release of Guarantees and Collateral. If the Borrower shall wish to effect the release of any Collateral or any Guarantee, it shall give notice thereof to the Administrative Agent. Upon receipt of such notice, the Administrative Agent shall request the Lenders to give notice to the Administrative Agent in writing of their approval or disapproval of the requested release. If Lenders whose Percentages aggregate at least 75% approve such request, the Administrative Agent shall give written notice of such approval to the Borrower, and such release may thereafter be effected without violation of this Agreement. For avoidance of doubt, no approval of the Requisite Lenders shall be necessary to effect the release of any Collateral which is the subject of any Asset Sale permitted by subsection 6.6.