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.

Releases of Second Priority Lien. (a) Upon With respect to each Type of Common Collateral, upon any release, sale or disposition of such Common Collateral permitted pursuant to the terms of the First Priority Documents that results in the release of the First Priority Lien on any such Common Collateral and that is (including without limitation any sale or other disposition i) permitted pursuant to any the terms of the First Priority Documents and not prohibited under the Second Priority Documents or (ii) effected pursuant to an Enforcement Action), the Second Priority Lien on such Common Collateral (excluding but not on any portion of the proceeds of such Common Collateral remaining after not required to be paid to the First Priority Obligations Payment Date occursSecured Parties) shall be automatically and unconditionally released with no further consent or action of any Personreleased.

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 but not on any portion of the proceeds of such Common Collateral remaining after not required to be paid to the First Priority Obligations Payment Date occursSecured Parties) shall be automatically and unconditionally released with no further consent or action of any Person.