Common use of Releases of Second Priority Lien Clause in Contracts

Releases of Second Priority Lien. (a) Upon any release, sale or disposition of Common Collateral permitted pursuant to the terms of the First Priority Documents that results in the release of the First Priority Lien on any Common Collateral (including, without limitation, any sale or other disposition pursuant to any Enforcement Action), the Second Priority Lien on such Common Collateral (excluding any portion of the proceeds of such Common Collateral remaining after the First Priority Obligations Payment Date occurs) shall be automatically and unconditionally released with no further consent or action of any Person, unless, in the case of any such release, sale or disposition of the Common Collateral (other than pursuant to any Enforcement Action), such release of the Second Priority Lien would not then be permitted under the Existing Second Priority Agreement.

Releases of Second Priority Lien. (a) Upon any release, sale or disposition of Common Collateral permitted pursuant to the terms of the First Priority Documents that results in the release of the First Priority Lien on any Common Collateral (including, without limitation, excluding (i) any sale or other disposition pursuant to that is expressly prohibited by the Second Priority Agreement as in effect on the date hereof unless such sale or disposition is consummated in connection with an Enforcement Action or consummated after the institution of any Enforcement ActionInsolvency Proceeding and (ii) the release of all First Priority Liens in connection with the payment in full of all First Priority Obligations), the Second Priority Lien on such Common Collateral (excluding any portion of the proceeds of such Common Collateral remaining after the First Priority Obligations Payment Date occurs) shall be automatically and unconditionally released with no further consent or action of any Person, unless, in the case of any such release, sale or disposition of the Common Collateral (other than pursuant to any Enforcement Action), such release of the Second Priority Lien would not then be permitted under the Existing Second Priority Agreement.

Releases of Second Priority Lien. (a) Upon any release, sale or disposition of Common Collateral permitted pursuant to the terms of the First Priority Documents that results in the release of the First Priority Lien on any Common Collateral (including, without limitation, excluding (i) any sale or other disposition pursuant to that is expressly prohibited by the Second Priority Agreement unless such sale or disposition is consummated in connection with an Enforcement Action or consummated after the institution of any Enforcement ActionInsolvency Proceeding and (ii) the release of all First Priority Liens after the occurrence of the First Priority Obligations Payment Date), the Second Priority Lien on such Common Collateral (excluding any portion of the proceeds of such Common Collateral remaining after the First Priority Obligations Payment Date occurs) shall be automatically and unconditionally released with no further consent or action of any Person, unless, in except that the case of any such release, sale or disposition of the Common Collateral (other than pursuant to any Enforcement Action), such release of First Priority Creditor shall have notified the Second Priority Lien would not then be permitted under the Existing Second Priority AgreementRepresentative of such release.

Releases of Second Priority Lien. (a) Upon any release, sale or disposition of Common Collateral permitted pursuant to the terms of the First Priority Documents that results in the release of the First Priority Lien on any Common Collateral (including, without limitation, any sale or other disposition pursuant to any Enforcement ActionAction or the exercise of any rights or remedies under the First Priority Documents), the Second Priority Lien on such Common Collateral (excluding any portion of the proceeds of such Common Collateral remaining after the First Priority Obligations Payment Date occurs) shall be automatically and unconditionally released with no further consent or action of any Person, unless, in the case of any such release, sale or disposition of the Common Collateral (other than pursuant to any Enforcement Action), such release of the Second Priority Lien would not then be permitted under the Existing Second Priority Agreement.