Common use of Possession, Use and Release of Collateral Clause in Contracts

Possession, Use and Release of Collateral. (a) Subject to the terms of the Collateral Documents, the First Lien Collateral Documents and the Intercreditor Agreement, the Guarantor will have the right to remain in possession and retain control of the Collateral (other than cash or any securities constituting part of the Collateral and deposited with the Collateral Agent in accordance with the provisions of the Collateral Documents and other than as otherwise set forth in the Collateral Documents), to freely operate the Collateral and to collect, invest and dispose of any income therefrom. (b) The Second Priority Liens securing the Secured Obligations shall be released in whole: (i) upon payment in full of the principal of, and premium, if any, and accrued and unpaid interest on, the Securities and payment in full of all other obligations that are due and payable at or prior to the time such principal, premium, if any, and accrued and unpaid interest are paid; (ii) with the consent of a majority of the Holders of the outstanding Securities (including, without limitation, consents obtained in connection with a tender offer or exchange offer for or other purchase of Securities). (c) The Second Priority Liens securing the Secured Obligations shall be released automatically in part with respect to any asset constituting Collateral if all Liens on such asset securing First Lien Obligations are also released in accordance with the terms of the Intercreditor Agreement. (d) The Trustee shall execute and deliver to the Guarantor, at the Guarantor’s request and sole expense, all documents that the Guarantor shall reasonably request to evidence any of the releases of Collateral described in clause (b) above and Section 17.04 hereof.