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, 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 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 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 (a) The Liens on the Collateral created by the Security Documents shall automatically, and without any need for any further action by any other Person, be released with respect to the terms Notes and the Guarantee: (1) in whole, upon payment in full of each the principal of and premium, if any, and interest, on the Notes; (2) in whole, upon the satisfaction and discharge of this Indenture; (3) in whole, upon a legal defeasance or covenant defeasance of the Notes as set forth in Article VIII; (4) in whole or in part, as to any property or assets constituting Collateral owned by the Guarantor that is released from its Guarantee in accordance with this Indenture; (5) in whole or in part, with the consent of Holders of the requisite percentage of Notes in accordance with Section 9.2; (6) to the extent provided in the applicable provisions of the Security Documents; and (7) in whole, upon a Guarantee and Collateral Release Event; provided, however, that in the case of any release in whole pursuant to Sections 11.3(a)(1), 11.3(a)(2) or 11.3(a)(3) above, all amounts owing to the Trustee with respect to the Notes have been paid or duly provided for. (b) Upon the occurrence of any of the circumstances set forth in Section 11.3(a), and delivery to the Trustee of an Officers' Certificate and Opinion of Counsel, the Trustee shall as required pursuant to Section 7.2 of the Intercreditor Agreement, as applicable, or any Additional Intercreditor give written direction to the Collateral Agent to release all the Collateral from the Lien of the Security Agreement, and shall direct the Security Collateral Agent shall releaseto, promptly execute and deliver such documents and other instruments provided to the Trustee and the Collateral Agent and make or authorize the making of such filings and registrations as may be reasonably requested by the Company to evidence the release and reconveyance to the Guarantor of the Collateral; provided that, with respect to the occurrence of the circumstances described in Section 11.3(a)(6), no further deliveries to the Trustee shall release and if so requested direct be required as a condition to the Trustee's delivery of such written direction to the Collateral Agent beyond those required in the Security Agent Documents and, with respect to release, without the need for consent occurrence of the Holderscircumstance described in Section 11.3(a)(7), the Trustee shall not require any certificates or opinions of counsel as a condition to the Trustee's delivery of such written direction to the Collateral Agent other than (i) delivery of the Officer's Certificate described in clause (1) of the definition of “Guarantee and Collateral Release Event” and (ii) delivery of an Officer's Certificate certifying that the conditions described in clauses (2), (3) and (4) of such definition have been satisfied. (c) Notwithstanding the covenant set forth under Section 4.4 and the conditions of Section 10.4, the Liens on the Collateral securing the Notes: (a) upon payment in full of principalshall not be reinstated following a Guarantee and Collateral Release Event, 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 even if the Collateral Guarantee 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) reinstated as provided under Section 12.03; (f) in connection with certain enforcement actions taken contemplated by the creditors under certain definition 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“Guarantee and Collateral Release Event.”

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 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.