Common use of Release of Collateral or Guarantor Clause in Contracts

Release of Collateral or Guarantor. Except for (i) the release of Collateral and Guarantors as provided in Section 10.10 [Authorization to Release Collateral and Guarantors], (ii) sales of assets permitted by Section 8.2.7 [Disposition of Assets or Subsidiaries] or 8.2.6 [Liquidations, Mergers, Consolidations, Acquisitions] to a Person that is not a Loan Party and (iii) the release of any Guarantor from its obligations under the Guaranty Agreement if the ownership interests in such Guarantor are sold or otherwise disposed of or transferred to persons other than Loan Parties or Subsidiaries of the Loan Parties in a transaction permitted under Section 8.2.7 [Disposition of Assets or Subsidiaries] or 8.2.6 [Liquidations, Mergers, Consolidations, Acquisitions], (A) release all or substantially all of the Collateral or release any Guarantor from its Obligations under the Guaranty Agreement or (B) enter into any agreement or instrument (y) subordinating (or permitting the subordination of) the Lien on Collateral securing any Obligations to any Lien on such Collateral securing any other Indebtedness or other obligations or (y) subordinating (or permitting the subordination of) any Obligations in right of payment to any other Indebtedness or obligations, in each case without the consent of all Lenders (other than Defaulting Lenders);