Common use of Collateral Release Event Clause in Contracts

Collateral Release Event. (a) Notwithstanding anything in this Agreement or any other Loan Document to the contrary, upon the occurrence of a Collateral Release Event and prior to the termination of the applicable Collateral Release Period pursuant to Section 5.17(b), (i) any Liens granted to the Administrative Agent pursuant to the Collateral and Guarantee Requirement which remain in effect at such time shall be promptly released by the Administrative Agent upon receipt by the Administrative Agent of a certificate of an Authorized Officer of the Company that the Collateral Release Event has occurred (and the Administrative Agent may rely conclusively on any such certificate, without further inquiry), and the Administrative Agent agrees to execute and deliver any documents or instruments reasonably requested by the Company and in form and substance reasonably satisfactory to the Administrative Agent to evidence the release of all applicable Collateral, all at the expense of the Company and without recourse to or warranty by the Administrative Agent and (ii) no Liens shall thereafter be required to be granted to the Administrative Agent pursuant to the Collateral and Guarantee Requirements. (b) At any time after the occurrence of a Collateral Release Event, the Company may elect to terminate the Collateral Release Period in connection with the incurrence of any secured Indebtedness provided that concurrent with such termination (i) the Company shall have (and shall have caused its Subsidiaries to) comply with the Collateral and Guarantee Requirements and (ii) the Company shall have (and shall have caused its Subsidiaries to have) delivered to the Administrative Agent such legal opinions, board resolutions, secretary’s certificates, officer’s certificates and other documents as shall reasonably be requested by the Administrative Agent in connection therewith.

Collateral Release Event. (a) Notwithstanding the foregoing provisions of this definition or anything in this Agreement or any other Loan Document to the contrary, upon the occurrence of a Collateral Release Event and prior to the termination of the applicable Collateral Release Period pursuant to Section 5.17(b), (i) any Liens granted to the Administrative Agent pursuant to the Collateral and Guarantee Requirement which remain in effect at such time shall be promptly released by the Administrative Agent upon receipt by the Administrative Agent of a certificate of an Authorized Officer of the Company that the Collateral Release Event has occurred (and the Administrative Agent may rely conclusively on any such certificate, without further inquiry), and the Administrative Agent agrees to execute and deliver any documents or instruments reasonably requested by the Company and in form and substance reasonably satisfactory to the Administrative Agent to evidence the release of all applicable Collateral, all at the expense of the Company and without recourse to or warranty by the Administrative Agent and (ii) no Liens shall thereafter be required to be granted to the Administrative Agent pursuant to the Collateral and Guarantee Requirements. (b) At any time after the occurrence of a Collateral Release Event, the Company may elect to terminate the Collateral Release Period in connection with the incurrence of any secured Indebtedness provided that concurrent with such termination (i) the Company shall have (and shall have caused its Subsidiaries to) comply with the Collateral and Guarantee Requirements and (ii) the Company shall have (and shall have caused its Subsidiaries to have) delivered to the Administrative Agent such legal opinions, board resolutions, secretary’s certificates, officer’s certificates and other documents as shall reasonably be requested by the Administrative Agent in connection therewith.