Release of Subordinated Liens; Disposition of Collateral Clause Samples

Release of Subordinated Liens; Disposition of Collateral. If the -------------------------------------------------------- Senior Agent consents to any request by a Grantor to sell or otherwise dispose of any Collateral, the Beneficiaries agree to release any Subordinated Liens encumbering any such Collateral sold or otherwise disposed of, and to execute and deliver promptly such lien release documents as Senior Agent may reasonably request in connection therewith. If the Senior Agent agrees with a Grantor to take possession of or otherwise acquire any Collateral in complete or partial satisfaction of any Senior Debt, the Beneficiaries agree to release any Subordinated Liens encumbering any such Collateral acquired by Senior Agent, and to execute and deliver promptly such lien release documents as Senior Agent may reasonably request in connection therewith. The Beneficiaries hereby waive any right they may have by contract or by law to require Senior Agent to give notice of any disposition of Collateral contemplated by this Section 2.2(c) or any such -------------- right the Beneficiaries may have to object to or otherwise contest any such disposition, including, without limitation, any requirement that Senior Agent foreclose upon such Collateral under applicable law. If Senior Agent elects to foreclose upon any Collateral, the Beneficiaries agree not to contest or otherwise challenge any such foreclosure and further agree not to assert any claim or defense that any such foreclosure was not commercially reasonable or otherwise failed to comply with applicable law.
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Related to Release of Subordinated Liens; Disposition of Collateral

  • Disposition of Collateral Such Grantor will not sell, lease or otherwise dispose of the Collateral owned by it except for dispositions specifically permitted pursuant to Section 6.05 of the Credit Agreement.

  • Release of Collateral Subject to Section 11.01 and the terms of the Basic Documents, the Indenture Trustee shall release property from the lien of this Indenture only upon receipt by it of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates.

  • Use and Disposition of Collateral None of the Grantors shall make or permit to be made an assignment, pledge or hypothecation of the Collateral or shall grant any other Lien in respect of the Collateral, except as expressly permitted by Section 6.02

  • Termination of Security Interests; Release of Collateral Upon payment in full of all Secured Obligations, the Security Interests shall terminate and all rights to the Collateral shall revert to Debtor. Upon such termination of the Security Interest or release of any Collateral, the Secured Party will, at the expense of Debtor, execute and deliver to Debtor such documents as Debtor shall reasonably request to evidence the termination of the Security Interest or the release of such Collateral, as the case may be.

  • Retention of Collateral In addition to the rights and remedies hereunder, the Administrative Agent may, in compliance with Sections 9-620 and 9-621 of the UCC or otherwise complying with the requirements of applicable Law of the relevant jurisdiction, accept or retain the Collateral in satisfaction of the Secured Obligations. Unless and until the Administrative Agent shall have provided such notices, however, the Administrative Agent shall not be deemed to have retained any Collateral in satisfaction of any Secured Obligations for any reason.