Common use of Release or Subordination of Liens Clause in Contracts

Release or Subordination of Liens. The Collateral Agent will not release or subordinate any Lien of the Collateral Agent or consent to the release or subordination of any Lien of the Collateral Agent, except: (a) as directed by an Act of Required Secured Parties accompanied by an Officers’ Certificate to the effect that the release or subordination was permitted by each applicable Secured Debt Document; (b) as required by Article 4; (c) as ordered pursuant to applicable law under a final and nonappealable order or judgment of a court of competent jurisdiction; (d) for the subordination of the Second Liens to the First Liens; or (e) for the subordination of the Third Liens to the First Liens and the Second Liens.

Release or Subordination of Liens. The Collateral Agent Trustee will not release or subordinate any Lien of the Collateral Agent Trustee or consent to the release or subordination of any Lien of the Collateral AgentTrustee, except: (a) as directed by an Act of Required Secured Parties Debtholders accompanied by an Officers’ Officer’s Certificate to the effect that the release or subordination was permitted by each applicable Secured Debt Document; (b) with respect to the release of any Lien, as required by Article 4; (c) as ordered pursuant to applicable law under a final and nonappealable order or judgment of a court of competent jurisdiction; (d) for the subordination in connection with any foreclosure or exercise of the Second Liens rights and remedies pursuant to the First LiensSection 3.3; or (e) for the subordination (in accordance with the terms hereof and of the Third other Security Documents) of the Second Lien Collateral and the Second Liens to the First Liens Lien Collateral and the Second First Liens.