Common use of Release of Guaranties and Collateral Clause in Contracts

Release of Guaranties and Collateral. Without limiting any of the rights of the Agent or any Lender under the Credit Agreement, the other Loan Documents (as defined in the Credit Agreement) or applicable law, in the event that, prior to the termination of this Agreement pursuant to §11 hereof, the Agent releases or discharges any guaranties of the Senior Debt given by guarantors which have also guarantied the Subordinated Debt and Trustee Claims or any security interests in, or mortgages or liens upon, any collateral securing the Senior Debt and also securing the Subordinated Debt and Trustee Claims, such guarantors or (as the case may be) such collateral shall thereupon be deemed to have been released from all such guaranties or security interests, mortgages or liens in favor of the Collateral Agent and the Subordinating Creditors. The Collateral Agent, for and on behalf of itself and each Holder, and each other Subordinating Creditor each agrees that, concurrently with the release of any lien of the Agent, the Collateral Agent or such other Subordinating Creditor will execute, deliver and file any and all such termination statements, mortgage discharges, lien releases and other agreements and instruments as the Agent reasonably deems necessary or appropriate in order to give effect to the preceding sentence. The Trustee and the Collateral Agent, in each case for and on behalf of itself and each Holder, and each other Subordinating Creditor hereby irrevocably appoints the Agent, and its successors and assigns, and their respective officers, with full power of substitution, its true and lawful attorney(s) of the Collateral Agent and each Subordinating Creditor for the purpose of effecting any such executions, deliveries and filings if and to the extent the Collateral Agent or such Subordinating Creditor shall have failed to perform such obligations pursuant to the foregoing provisions of this §7.4 within ten (10) days after receiving a written request therefor.

Release of Guaranties and Collateral. Without limiting any of the rights of the Senior Agent or any Lender under the Credit Agreement, the other Loan applicable Senior Documents (as defined in the Credit Agreement) or applicable law, in the event that, prior to that the termination of this Agreement pursuant to §11 hereof, the Senior Agent releases or discharges any guaranties of the Senior Debt given by guarantors any Loan Party which have has also guarantied the Subordinated Debt and Trustee Claims or any security interests in, or mortgages or liens upon, any collateral Lien on Collateral securing the Senior Debt and also securing the Subordinated Debt and Trustee ClaimsDebt, such guarantors Loan Party or (as the case may be) such collateral Collateral shall thereupon be deemed to have been released from all such guaranties or security interests, mortgages or liens Liens in favor of the Collateral Agent and the Subordinating CreditorsSubordinated Lender. The Collateral AgentSubordinated Lender hereby authorizes the Senior Agent to file any necessary UCC and/or PPSA termination statements or discharges (with respect to any UCC and/or PPSA financing statements or other Lien registrations filed by the Subordinated Lender) to reflect the termination, for discharge or release of any Lien contemplated hereby and on behalf of itself and each Holder, and each other Subordinating Creditor each agrees that, concurrently with within ten (10) business days following the release of any lien of the Senior Agent’s written request therefor, the Collateral Agent or such other Subordinating Creditor Subordinated Lender will execute, deliver and file any and all such termination statements, mortgage discharges, lien releases Lien releases, terminations and discharges and other agreements and instruments as the Senior Agent reasonably deems necessary or appropriate in order to give effect to the preceding sentence. The Trustee and the Collateral Agent, in each case for and on behalf of itself and each Holder, and each other Subordinating Creditor Subordinated Lender hereby irrevocably appoints the Senior Agent, and its successors and assigns, and their respective officers, with full power of substitution, its the true and lawful attorney(s) of the Collateral Agent and each Subordinating Creditor Subordinated Lender for the purpose of effecting any such executions, deliveries and filings if and to the extent that the Collateral Agent or such Subordinating Creditor Subordinated Lender shall have failed to perform such obligations pursuant to the foregoing provisions of this §7.4 Section 7.6 within such ten (10) days after receiving a written request thereforbusiness day period.

Release of Guaranties and Collateral. Without limiting any of the rights of the Administrative Agent or any Lender other Secured Party under the Credit Agreement, the other Loan Documents (as defined in the Credit Agreement) or applicable law, in the event that, prior to that the termination of this Agreement pursuant to §11 hereof, the Administrative Agent releases or discharges (i) any guaranties of the Senior Debt given by guarantors which have also guarantied guaranteed the Subordinated Debt and Trustee Claims or (ii) any security interests in, or mortgages or liens Liens Exhibit I Form of Subordination Agreement upon, any collateral securing the Senior Debt (whether granted by the Borrowers, any guarantor or any other Person) and also securing the Subordinated Debt and Trustee ClaimsDebt, such guarantors or (as the case may be) such collateral shall thereupon be deemed to have been released from all such guaranties or security interests, mortgages or liens Liens in favor of the Collateral Agent and the Subordinating CreditorsLender. The Collateral Agent, for and on behalf of itself and each Holder, and each other Subordinating Creditor each Lender agrees that, concurrently with within ten (10) days following the release of any lien of the Administrative Agent's written request therefor, the Collateral Agent or such other Subordinating Creditor Lender will execute, deliver and file any and all such termination statements, mortgage discharges, lien Lien releases and other agreements and instruments as the Administrative Agent reasonably deems necessary or appropriate in order to give effect to the preceding sentence. The Trustee and the Collateral Agent, in each case for and on behalf of itself and each Holder, and each other Subordinating Creditor Lender hereby irrevocably appoints the Administrative Agent, and its successors and assigns, and their respective officers, with full power of substitution, its the true and lawful attorney(s) of the Collateral Agent and each Subordinating Creditor Lender for the purpose of effecting any such executions, deliveries and filings if and to the extent that the Collateral Agent or such Subordinating Creditor Lender shall have failed to perform such obligations pursuant to the foregoing provisions of this §7.4 Section 7.3 within such ten (10) days after receiving a written request thereforday period.

Release of Guaranties and Collateral. Without limiting any of the rights of the Agent or any Lender other Secured Party under the Credit Loan Agreement, the other Loan Documents (as defined in the Credit Agreement) or applicable law, in the event that, prior to the termination of this Agreement pursuant to §11 hereof, that the Agent releases or discharges (i) any guaranties of the Senior Debt given by guarantors which have also guarantied guaranteed the Subordinated Debt and Trustee Claims or (ii) any security interests in, or mortgages or liens Liens upon, any collateral securing the Senior Debt and also securing the Subordinated Debt and Trustee ClaimsDebt, such guarantors or (as the case may be) such collateral shall thereupon be deemed to have been released from all such guaranties or security interests, mortgages or liens Liens in favor of the Collateral Agent and Subordinating Lender provided that any net cash proceeds received by any of the Subordinating CreditorsBorrowers or such guarantor in connection with any sale or other disposition of assets in which such release or discharge is granted are applied, or are held for application, to the Senior Debt. The Collateral Agent, for and on behalf of itself and each Holder, and each other Subordinating Creditor each Lender agrees that, concurrently with the release of any lien of within ten (10) days following the Agent’s written request therefor, the Collateral Agent or such other Subordinating Creditor Lender will execute, deliver and file any and all such termination statements, mortgage discharges, lien Lien releases and other agreements and instruments as the Agent reasonably deems necessary or appropriate in order to give effect to the preceding sentence. The Trustee and the Collateral Agent, in each case for and on behalf of itself and each Holder, and each other Subordinating Creditor Lender hereby irrevocably appoints the Agent, and its successors and assigns, and their respective officers, with full power of substitution, its the true and lawful attorney(s) of the Collateral Agent and each Subordinating Creditor Lender for the purpose of effecting any such executions, deliveries and filings if and to the extent that the Collateral Agent or such Subordinating Creditor Lender shall have failed to perform such obligations pursuant to the foregoing provisions of this §7.4 Section 7.3 within such ten (10) days after receiving a written request thereforday period.

Release of Guaranties and Collateral. Without limiting any of the rights of the Agent or any Lender and the Lenders under the Credit Agreement, the other Loan Agreement Documents (as defined in the Credit Agreement) or applicable law, in the event that, prior to the termination of this Agreement pursuant to §11 hereof, that the Agent releases or discharges the Lenders, in connection with any sale or other disposition of assets in the Obligor's ordinary course of business, release or discharge any guaranties of the Senior Debt given by guarantors which have also guarantied the Subordinated Debt and Trustee Claims or any security interests in, or mortgages or liens upon, any collateral securing the Senior Debt and also securing the Subordinated Debt and Trustee ClaimsDebt, such guarantors or (as the case may be) such collateral shall thereupon be deemed to have been released from all such guaranties or security interests, mortgages or liens in favor of the Collateral Agent and Subordinating Creditor; provided that any net cash proceeds received by the Subordinating CreditorsBorrower or such guarantor in connection with any sale or other disposition of assets in which such release or discharge is granted are applied, or are held for application, to reduce the Senior Debt. The Collateral Agent, for and on behalf of itself and each Holder, and each other Subordinating Creditor each agrees that, concurrently with the release of any lien of within ten (10) days following the Agent's written request therefor, the Collateral Agent or such other Subordinating Creditor will execute, execute and deliver and file to the Agent for filing any and all such termination statements, mortgage discharges, lien releases and other agreements and instruments as the Agent reasonably deems necessary or appropriate in order to give effect to the preceding sentence. The Trustee If and to the Collateral extent that any net cash proceeds received by the Borrower or such guarantor in connection with any sale or other disposition of assets in which such release or discharge is granted are applied, or are held for application, to reduce the Senior Debt, then, subject to the Agent's receipt of such proceeds, in each case for and on behalf of itself and each Holder, and each other the Subordinating Creditor hereby irrevocably appoints the Agent, and its successors and assigns, and their respective officers, with full power of substitution, its the true and lawful attorney(s) of the Collateral Agent and each Subordinating Creditor for the purpose of effecting any such executions, deliveries and filings if and to the extent that the Collateral Agent or such Subordinating Creditor shall have failed to perform such obligations pursuant to the foregoing provisions of this §7.4 Section 5.2 within such ten (10) day period. [Credit Agreement to include customary provisions requiring application of net cash proceeds to permanent reduction of Senior Debt or reinvestment of sales proceeds in assets of Obligors within 180 days after receiving a written request thereforof receipt.]

Release of Guaranties and Collateral. Without limiting any of the rights of the any Senior Agent or any Lender under the Credit Agreement, the other Loan applicable Senior Documents (as defined in the Credit Agreement) or applicable lawApplicable Law, in the event that, prior to the termination of this Agreement pursuant to §11 hereof, the that any Senior Agent releases or discharges any guaranties of the Senior Debt given by guarantors any Obligor which have has also guarantied the Subordinated Debt and Trustee Claims or any security interests in, or mortgages or liens upon, any collateral Lien on Collateral securing the Senior Debt and also securing the Subordinated Debt and Trustee ClaimsDebt, such guarantors Obligor or (as the case may be) such collateral Collateral shall thereupon be deemed to have been been, and hereby is automatically and unconditionally, released from all such guaranties or security interests, mortgages or liens Liens in favor of the Collateral Agent and the Subordinating Junior Creditors. The Collateral Agent, for Each Junior Creditor hereby authorizes each Senior Agent to file any necessary UCC termination statements (with respect to any UCC financing statements filed by any Junior Creditor) to reflect the termination or release of any Lien contemplated hereby and on behalf of itself and each Holder, and each other Subordinating Creditor each agrees that, concurrently with the release of within three (3) days following any lien of the Senior Agent’s written request therefor, the Collateral Agent or such other Subordinating each Junior Creditor will execute, deliver and file any and all such termination statements, mortgage discharges, lien Lien releases and other agreements and instruments as the such Senior Agent reasonably deems necessary or appropriate in order to give effect to the preceding sentence. The Trustee and the Collateral Agent, in each case for and on behalf of itself and each Holder, and each other Subordinating Each Junior Creditor hereby irrevocably appoints the each Senior Agent, and its successors and assigns, and their respective officers, with full power of substitution, its the true and lawful attorney(s) of the Collateral Agent and each Subordinating Junior Creditor for the purpose of effecting any such executions, deliveries and filings if and to the extent the Collateral Agent or such Subordinating that any Junior Creditor shall have failed to perform such obligations pursuant to the foregoing provisions of this §7.4 Section 7.6 within ten such three (103) days after receiving a written request thereforday period.