Common use of Release of Subordinated Liens; Disposition of Collateral Clause in Contracts

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.

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 Beneficiary agrees 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 DebtObligations, the Beneficiaries agree Beneficiary agrees 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 Beneficiary hereby waive waives any right they it 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 Beneficiary -------------- 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 Beneficiary agrees 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.