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 Bank under the Credit Agreement, the other Loan Documents or applicable law, in the event that the Agent releases or discharges any guaranties of the Senior Debt given by guarantors which have also guaranteed the Subordinated Debt or any security interests in, or mortgages or liens upon, any collateral securing the Senior Debt and also securing the Subordinated Debt, 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 Subordinating Creditor provided 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 the Senior Debt. The Subordinating Creditor agrees that, within ten (10) days following the Agent's written request therefor, the 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 Subordinating Creditor hereby irrevocably appoints the Agent, and its successors and assigns, and their respective officers, with full power of substitution, the true and lawful attorney(s) of the Subordinating Creditor for the purpose of effecting any such executions, deliveries and filings if and to the extent that the Subordinating Creditor shall have failed to perform such obligations pursuant to the foregoing provisions of this 7.3 within such ten (10) day period.

Release of Guaranties and Collateral. Without limiting any of the rights of the Administrative Agent or any Bank other Secured Party under the Credit Agreement, the other Loan Documents or applicable law, in the event that the Administrative Agent releases or discharges (i) any guaranties of the Senior Debt given by guarantors which have also guaranteed the Subordinated Debt or (ii) any security interests in, or mortgages or liens Liens upon, any collateral securing the Senior Debt (whether granted by the Borrowers, any guarantor or any other Person) and also securing the Subordinated Debt, 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 Subordinating Creditor provided 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 the Senior DebtLender. The Subordinating Creditor Lender agrees that, within ten (10) days following the Administrative Agent's ’s written request therefor, the 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 Subordinating Creditor Lender hereby irrevocably appoints the Administrative Agent, and its successors and assigns, and their respective officers, with full power of substitution, the true and lawful attorney(s) of the Subordinating Creditor Lender for the purpose of effecting any such executions, deliveries and filings if and to the extent that the Subordinating Creditor Lender shall have failed to perform such obligations pursuant to the foregoing provisions of this Section 7.3 within such ten (10) day period.

Release of Guaranties and Collateral. Without limiting any of the rights of the Agent or any Bank under the Credit Loan Agreement, the other Loan Documents or applicable law, in the event that the Agent releases or discharges any guaranties of the Senior Debt given by guarantors which have also guaranteed guarantied the Subordinated Debt in connection with the sale or other disposition of the stock of such guarantor or any security interests in, or mortgages or liens upon, any collateral securing the Senior Debt and also securing the Subordinated DebtDebt in connection with any sale or other disposition of such collateral, 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 Subordinating Creditor Agent or any Subordinating Creditors, provided that any net cash proceeds received by the any 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 the Senior Debt. The Each of the Subordinating Creditor Parties agrees that, within ten (10) days following the Agent's written request therefor, the such Subordinating Creditor Party 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 Each of the Subordinating Creditor Parties hereby irrevocably appoints the Agent, and its successors and assigns, and their respective officers, with full power of substitution, the true and lawful attorney(s) of the such Subordinating Creditor Party for the purpose of effecting any such executions, deliveries and filings if and to the extent that the such Subordinating Creditor Party shall have failed to perform such obligations pursuant to the foregoing provisions of this 7.3 Section 3 within such ten (10) day period.

Release of Guaranties and Collateral. Without limiting any of the rights of the Agent or any Bank Lender under the Credit Agreement, the other Loan Documents (as defined in the Credit Agreement) or applicable law, in the event that the Agent releases or discharges any guaranties of the Senior Debt given by guarantors which have also guaranteed guarantied the Subordinated Debt or any security interests in, or mortgages or liens upon, any collateral securing the Senior Debt and also securing the Subordinated Debt, 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 Subordinating Creditor provided that any net cash proceeds received by the Borrower or such guarantor in connection with any sale or other disposition Creditors. SAC, for and on behalf of assets in which such release or discharge is granted are appliedeach Subordinating Creditor, or are held for application, to the Senior Debt. The Subordinating Creditor agrees that, within ten (10) days following concurrently with the release of any lien of the Agent's written request therefor, the Subordinating Creditor SAC 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 SAC and each Subordinating Creditor hereby irrevocably appoints the Agent, and its successors and assigns, and their respective officers, with full power of substitution, the true and lawful attorney(s) of the SAC and such Subordinating Creditor for the purpose of effecting any such executions, deliveries and filings if and to the extent that the SAC or such Subordinating Creditor shall have failed to perform such obligations pursuant to the foregoing provisions of this 7.3 §7.4 within such ten (10) day period.