Common use of Termination; Release of Pledged Collateral Clause in Contracts

Termination; Release of Pledged Collateral. Any Lien upon any Pledged Collateral will be released automatically if the Pledged Collateral constitutes property being sold, transferred or disposed of in a Permitted Disposition. Upon at least two (2) Business Days’ prior written request by the Pledgors, the Collateral Agent shall execute such documents as may be necessary to evidence the release of the Liens upon any Pledged Collateral described in this Section 12.1; provided, however, that (i) the Collateral Agent shall not be required to execute any such document on terms which, in its reasonable opinion, would, under applicable Law, expose the Collateral Agent to liability or entail any adverse consequence other than the release of such Liens without recourse or warranty, and (ii) such release shall not in any manner discharge, affect or impair the Secured Obligations or any Liens (other than those expressly being released) upon (or obligations of the Pledgors in respect of) all interests retained by the Pledgors, including, without limitation, the Proceeds of any sale, all of which shall continue to constitute part of the Pledged Collateral.

Termination; Release of Pledged Collateral. Any Lien upon any Pledged Collateral will be released automatically if the Pledged Collateral constitutes property being sold, transferred or otherwise disposed of in a Permitted Dispositiontransaction permitted by the Credit Agreement. Upon at least two five (25) Business Days’ prior written request by the PledgorsPledgor, the Collateral Administrative Agent shall execute such documents as may be necessary to evidence the release of the Liens upon any Pledged Collateral described in this Section 12.111.2 (a); provided, however, that (i) the Collateral Administrative Agent shall not be required to execute any such document on terms which, in its reasonable opinion, would, under applicable Law, expose the Collateral Administrative Agent to liability or create any obligation or entail any adverse consequence other than the release of such Liens without recourse or warranty, and (ii) such release shall not in any manner discharge, affect or impair the Secured Obligations or any Liens (other than those expressly being released) upon (or obligations of the Pledgors such Pledgor in respect of) all interests retained by the PledgorsPledgor, including, without limitation, the Proceeds of any sale, all of which shall continue to constitute part of the Pledged Collateral.

Termination; Release of Pledged Collateral. Any Lien upon any Pledged Collateral will be released automatically if the Pledged Collateral constitutes property being sold, transferred or disposed of in a Permitted Dispositiondisposition permitted pursuant to Section 9.2.6 of the Loan Agreement upon receipt by the Lender of the Net Proceeds thereof to the extent required by the Loan Agreement. Upon at least two (2) Business Days’ Days prior written request by the Pledgorsapplicable Pledgor, the Collateral Agent Lender shall execute such documents as may be necessary to evidence the release of the Liens upon any Pledged Collateral described in this Section 12.1; provided, however, that (i) the Collateral Agent Lender shall not be required to execute any such document on terms which, in its reasonable opinion, would, under applicable Lawlaw, expose the Collateral Agent Lender to liability or entail any adverse consequence other than the release of such Liens without recourse or warranty, and (ii) such release shall not in any manner discharge, affect or impair the Secured Obligations or any Liens (other than those expressly being released) upon (or obligations of the Pledgors any Pledgor in respect of) all interests retained by the Pledgorsany Pledgor, including, without limitation, the Net Proceeds of any sale, all of which shall continue to constitute part of the Pledged Collateral.