Common use of Release of Liens on the Collateral Clause in Contracts

Release of Liens on the Collateral. Subject to the terms of each of the Intercreditor Agreement, as applicable, or any Additional Intercreditor Agreement, the Security Agent shall release, and the Trustee shall release and if so requested direct the Security Agent to release, without the need for consent of the Holders, Liens on the Collateral securing the Notes: (a) upon payment in full of principal, interest and all other obligations on the Notes issued under this Indenture or discharge or defeasance thereof; (b) upon release of a Note Guarantee (with respect to the Liens securing such Note Guarantee granted by such Guarantor); (c) in connection with any disposition of Collateral to any Person, other than the Company or any of its Restricted Subsidiaries, or to a Guarantor; provided that if the Collateral is disposed to such Guarantor, the relevant Collateral becomes immediately subject to a substantially equivalent Lien in favor of the Security Agent securing the Notes; provided further, that, in each case, such disposition is permitted by this Indenture; (d) if the Company designates any Guarantor to be an Unrestricted Subsidiary in accordance with the applicable provisions of this Indenture, the release of the property, assets and Capital Stock of such Unrestricted Subsidiary; (e) as provided under Section 12.03; (f) in connection with certain enforcement actions taken by the creditors under certain of the Group’s secured Indebtedness as provided under the Intercreditor Agreement; and (g) as described under Article IX. Each of these releases shall be effected by the Security Agent without the consent of the Holders or any action on the part of the Trustee.

Release of Liens on the Collateral. Subject to the terms of each of the Intercreditor Agreement, as applicable, or any Additional Intercreditor Agreement, the Security Agent shall release, and the Trustee shall release and if so requested direct the Security Agent to release, without the need for consent of the Holders, (a) Liens on the Collateral securing the NotesNotes shall be automatically released under any one or more of the following circumstances: (ai) upon payment in full In part, as to any property or assets constituting Collateral, to enable the Issuer or its Restricted Subsidiaries to consummate the disposition of principal, interest and all other obligations on such property or assets to the Notes issued extent not prohibited under this Indenture or discharge or defeasance thereofSection 4.10; (bii) upon release in the case of a Note Guarantor that is released from its Guarantee (with respect to the Liens securing such Note Guarantee granted by such Guarantor); (c) in connection with any disposition of Collateral to any Person, other than the Company or any of its Restricted Subsidiaries, or to a Guarantor; provided that if the Collateral is disposed to such Guarantor, the relevant Collateral becomes immediately subject to a substantially equivalent Lien in favor of the Security Agent securing the Notes; provided further, that, in each case, such disposition is permitted by this Indenture; (d) if the Company designates any Guarantor to be an Unrestricted Subsidiary Notes in accordance with the applicable provisions of this IndentureSection 11.06, the release of the property, property and assets and Capital Stock of such Unrestricted SubsidiaryGuarantor; (eiii) as provided under Section 12.03upon any such property or assets becoming Excluded Assets; (fiv) as permitted by the Intercreditor Agreements; or (v) as permitted by Section 9.02(f). (b) The security interests in all Collateral securing the Notes will be released upon: (i) payment in full of the principal of, together with accrued and unpaid interest and premium, if any, on, the Notes and all other Obligations under this Indenture, the Guarantees and the Notes Security Documents that are due and payable at or prior to the time such principal, together with accrued and unpaid interest and premium, if any, are paid (including pursuant to a redemption or repurchase of all Notes or a satisfaction and discharge of this Indenture in accordance with Article XII); or (ii) a Legal Defeasance or Covenant Defeasance under this Indenture in accordance with Sections 8.02 and 8.03. (c) In connection with certain enforcement actions taken a release of Collateral, only an Officer’s Certificate to the Notes Collateral Agent will be required and neither the Trustee nor the Notes Collateral Agent shall have any liability for releases given in reliance on such Officer’s Certificate, which shall also certify that the release of Collateral is authorized or permitted under the Indenture and the Notes Security Documents. (d) Upon the receipt of an Officer’s Certificate from the Issuer, as described in Section 10.10(c), if applicable, and any necessary or proper instruments of termination, satisfaction or release prepared by the creditors under certain Issuer, the Notes Collateral Agent and/or the Trustee shall, at the Issuer’s expense, execute, deliver or acknowledge such instruments or releases reasonably requested in writing by the Issuer to evidence the release of any Collateral permitted to be released pursuant to this Indenture or the Group’s secured Indebtedness as provided under Notes Security Documents or the Equal Priority Intercreditor Agreement; and (g) as described under Article IX. Each of these releases shall be effected by the Security Agent without the consent of the Holders or any action on the part of the Trustee.

Release of Liens on the Collateral. Subject to the terms of each of the Intercreditor Agreement, as applicable, Agreement or any Additional Intercreditor Agreement, the Security Agent shall release, and the Trustee shall release and if so requested direct the Security Agent to release, without the need for consent of the Holders, Liens on the Collateral securing the Notes: (a1) upon payment in full of principal, interest and all other obligations on the Notes issued under this Indenture or discharge or defeasance thereof; (b2) upon release of a Note Guarantee (with respect to the Liens securing such Note Guarantee granted by such Guarantor); (c3) in connection with any disposition of Collateral to any Person, Person other than the Company or any of its Restricted Subsidiaries, or to a GuarantorGuarantor (other than CCM); provided that if the Collateral is disposed to such Guarantor, the relevant Collateral becomes immediately subject to a substantially equivalent Lien in favor of the Security Agent securing the NotesNotes (but excluding any transaction subject to Section 5.01(a); provided provided, further, that, in each case, such disposition is permitted by this Indenture; (d4) if the Company designates any Subsidiary Guarantor to be an Unrestricted Subsidiary in accordance with the applicable provisions of this Indenture, the release of the property, assets and Capital Stock of such Unrestricted Subsidiary; (e5) as provided under Section 12.03;; and (f6) in connection with certain enforcement actions taken by the creditors under certain of the Group’s secured Indebtedness as provided under the Intercreditor Agreement; and (g) as described under Article IX. Each of these releases shall be effected by the Security Agent without the consent of the Holders or any action on the part of the Trustee.

Release of Liens on the Collateral. Subject to the terms of each of the Intercreditor AgreementAgreements, as applicable, or any Additional Intercreditor Agreement, the Security Agent shall release, and the Trustee shall release and if so requested direct the Security Agent to release, without the need for consent of the Holders, Liens on the Collateral securing the Notes: (a1) upon payment in full of principal, interest and all other obligations on the Notes issued under this Indenture or discharge or defeasance thereof; (b2) upon release of a Note Guarantee (with respect to the Liens securing such Note Guarantee granted by such Guarantor); (c3) in connection with any disposition of Collateral to any Person, other than the Company or any of its Restricted Subsidiaries, or to a GuarantorGuarantor (other than CCM); provided that if the Collateral is disposed to such Guarantor, the relevant Collateral becomes immediately subject to a substantially equivalent Lien in favor of the Security Agent securing the NotesNotes (but excluding any transaction subject to Section 5.01(a)); provided further, that, in each case, such disposition is permitted by this Indenture; (d4) if the Company designates any Subsidiary Guarantor to be an Unrestricted Subsidiary in accordance with the applicable provisions of this Indenture, the release of the property, assets and Capital Stock of such Unrestricted Subsidiary; (e5) as provided under Section 12.03; (f6) in connection with certain enforcement actions taken by the creditors under certain of the Group’s secured Indebtedness as provided under the Intercreditor AgreementAgreements; (7) in order to effectuate a merger, consolidation, conveyance or transfer conducted in compliance with Section 5.01(a); provided that following such merger, consolidation, conveyance or transfer, a Lien of at least equivalent ranking over the same assets or property is granted in favor of the Security Agent (on its own behalf and on behalf of the Trustee for the Holders) to the extent such assets or property continue to exist as assets or property of the Company, the Successor Company or a Restricted Subsidiary or consist of Capital Stock of the Company or the Successor Company; and (g) 8) as described under Article IX. Each of these releases shall be effected by the Security Agent without the consent of the Holders or any action on the part of the Trustee.

Release of Liens on the Collateral. Subject to the terms of each of the Intercreditor Agreement, as applicable, or any Additional Intercreditor Agreement, the Security Agent shall release, and the Trustee shall release and if so requested direct the Security Agent to release, without the need for consent of the Holders, Liens on the Collateral securing the Notes: (a) upon payment in full of principal, interest and all other obligations on the Notes issued under this Indenture or discharge or defeasance thereof; (b) upon release of a Note Guarantee (with respect to the Liens securing such Note Guarantee granted by such Guarantor); (c) in connection with any disposition of Collateral to any Person, other than the Company or any of its Restricted Subsidiaries, or to a Guarantor; provided that if the Collateral is disposed to such Guarantor, the relevant Collateral becomes immediately subject to a substantially equivalent Lien in favor of the Security Agent securing the Notes; provided further, that, in each case, such disposition is permitted by this Indenture; (d) if the Company designates any Guarantor to be an Unrestricted Subsidiary in accordance with the applicable provisions of this Indenture, the release of the property, assets and Capital Stock of such Unrestricted Subsidiary; (e) as provided under Section 12.03; (f) in connection with certain enforcement actions taken by the creditors under certain of the Group’s secured Indebtedness as provided under the Intercreditor Agreement; and (g) as described under Article IX. Each of these releases shall be effected by the Security Agent without the consent of the Holders or any action on the part of the Trustee.

Release of Liens on the Collateral. Subject to the terms of each of the Intercreditor Agreement, as applicable, Agreement or any Additional Intercreditor Agreement, the Security Agent shall release, and the Trustee (if party to a Security Document) shall release and if so requested direct the Security Agent to release, without the need for consent of the Holders, Liens on the Collateral securing the Notes: (a1) upon payment in full of principal, interest and all other obligations on amounts under the Notes issued under this Indenture or discharge or defeasance thereof; (b2) upon release of a Note Guarantee (with respect to the Liens securing such Note Guarantee granted by such Guarantor); (c3) in connection with any disposition of Collateral to any Person, Person other than the Company or any of its Restricted Subsidiaries, or to a GuarantorGuarantor (other than MFG or MFI); provided that if the Collateral is disposed to such Guarantor, the relevant Collateral becomes immediately subject to a substantially equivalent Lien in favor of the Security Agent securing the NotesNotes (but excluding any transaction subject to Section 5.01(a); provided further, that, in each case, such disposition is permitted by Section 4.10 and the other provisions of this Indenture; (d4) if the Company designates any Subsidiary Guarantor to be an Unrestricted Subsidiary in accordance with the applicable provisions of this Indenture, the release of the property, assets and Capital Stock of such Unrestricted Subsidiary; (e5) as provided under Section 12.03; (f6) in connection with certain enforcement actions taken by the creditors under certain of the Group’s secured Indebtedness as provided under the Intercreditor Agreement; and (g7) as described provided under Article IX. Each of these releases shall be effected by the Security Agent without the consent of the Holders or any further action on the part of the TrusteeTrustee (unless action is required by it).

Release of Liens on the Collateral. Subject to the terms of each of the Intercreditor AgreementAgreements, as applicable, or any Additional Intercreditor AgreementAgreements, the Security Agent shall release, and the Trustee shall release and if so requested direct the Security Agent to release, without the need for consent of the Holders, Liens on the Collateral securing the Notes: (a) upon payment in full of principal, interest and all other obligations on the Notes issued under this Indenture or discharge or defeasance thereof; (b) upon release of a Note Guarantee (with respect to the Liens securing such Note Guarantee granted by such Guarantor); (c) in connection with any disposition of Collateral to any Person, other than the Company or any of its Restricted Subsidiaries, or to a GuarantorGuarantor (other than CCM); provided that if the Collateral is disposed to such Guarantor, the relevant Collateral becomes immediately subject to a substantially equivalent Lien in favor of the Security Agent securing the NotesNotes (but excluding any transaction subject to Section 5.01(a)); provided further, that, in each case, such disposition is permitted by this Indenture; (d) if the Company designates any Subsidiary Guarantor to be an Unrestricted Subsidiary in accordance with the applicable provisions of this Indenture, the release of the property, assets and Capital Stock of such Unrestricted Subsidiary; (e) as provided under Section 12.03; (f) in connection with certain enforcement actions taken by the creditors under certain of the Group’s secured Indebtedness indebtedness as provided under the Intercreditor AgreementAgreements; (g) in order to effectuate a merger, consolidation, conveyance or transfer conducted in compliance with Section 5.01(a); provided that following such merger, consolidation, conveyance or transfer, a Lien of at least equivalent ranking over the same assets or property is granted in favor of the Security Agent (on its own behalf and on behalf of the Trustee for the Holders) to the extent such assets or property continue to exist as assets or property of the Company, the Successor Company or a Restricted Subsidiary or consist of Capital Stock of the Company or the Successor Company; and (gh) as described under Article IX. Each of these releases shall be effected by the Security Agent without the consent of the Holders or any action on the part of the Trustee.

Release of Liens on the Collateral. Subject to the terms of each of the Intercreditor AgreementAgreements, as applicable, or any Additional Intercreditor Agreement, the Security Agent shall release, and the Trustee shall release and if so requested direct the Security Agent to release, without the need for consent of the Holders, Liens on the Collateral securing the Notes: (a1) upon payment in full of principal, interest and all other obligations on the Notes issued under this Indenture or discharge or defeasance thereof; (b2) upon release of a Note Guarantee (with respect to the Liens securing such Note Guarantee granted by such Guarantor); (c3) in connection with any disposition of Collateral to any Person, other than the Company or any of its Restricted Subsidiaries, or to a GuarantorGuarantor (other than CCM); provided that if the Collateral is disposed to such Guarantor, the relevant Collateral becomes immediately subject to a substantially equivalent Lien in favor of the Security Agent securing the NotesNotes (but excluding any transaction subject to Section 5.01(a); provided further, that, in each case, such disposition is permitted by this Indenture; (d4) if the Company designates any Subsidiary Guarantor to be an Unrestricted Subsidiary in accordance with the applicable provisions of this Indenture, the release of the property, assets and Capital Stock of such Unrestricted Subsidiary; (e5) as provided under Section 12.03;; and (f6) in connection with certain enforcement actions taken by the creditors under certain of the Group’s secured Indebtedness as provided under the Intercreditor Agreement; and (g) as described under Article IXAgreements. Each of these releases shall be effected by the Security Agent without the consent of the Holders or any action on the part of the Trustee.

Release of Liens on the Collateral. Subject to the terms of each of the Intercreditor Agreement, as applicable, or any Additional Intercreditor Agreement, the Security Agent shall release, and the Trustee shall release and if so requested direct the Security Agent to release, without the need for consent of the Holders, Liens on the Collateral securing the Notes: (a) upon payment in full of principal, interest and all other obligations on the Notes issued under this Indenture or discharge or defeasance thereof; (b) upon release of a Note Guarantee (with respect to the Liens securing such Note Guarantee granted by such Guarantor); (c) in connection with any disposition of Collateral to any Person, other than the Company or any of its Restricted Subsidiaries, or to a Guarantor; provided that if the Collateral is disposed to such Guarantor, the relevant Collateral becomes immediately subject to a substantially equivalent Lien in favor of the Security Agent securing the Notes; provided further, that, in each case, such disposition is permitted by this Indenture; (d) if the Company designates any Guarantor to be an Unrestricted Subsidiary in accordance with the applicable provisions of this Indenture, the release of the property, assets and Capital Stock of such Unrestricted Subsidiary; (e) as provided under Section 12.03; (f) in connection with certain enforcement actions taken by the creditors under certain of the Group’s secured Indebtedness indebtedness as provided under the Intercreditor Agreement; and (g) as described under Article IX. Each of these releases shall be effected by the Security Agent without the consent of the Holders or any action on the part of the Trustee.