Example ContractsClausesauthorization of collateral agentVariants
Remove:

The Secured Parties irrevocably authorize the Administrative Agent, at its option and in its discretion to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document upon repayment in full and termination of all Secured Obligations (other than contingent indemnification obligations as to which no claim has been made), or subject to Section 11.1, if approved, authorized or ratified in writing by the Requisite [[Organization A:Organization]]. Upon request by the Administrative Agent at any time, the Requisite [[Organization A:Organization]] will confirm in writing the Administrative Agent’s authority to release its interest in particular types or items of property pursuant to this Section 10.13.

TheEach of the Lenders, on behalf of itself and any of its Affiliates that are Secured PartiesParties, irrevocably authorizeauthorizes the Administrative Agent, at its option and in its discretionsole discretion, to release any Liens granted to the Administrative Agent by the Loan Parties on any Collateral # upon Security Termination, # constituting property being Disposed of if the Borrower certifies to the Administrative Agent that the Disposition is made in compliance with the terms of this Agreement (and the Administrative Agent may rely conclusively on any such certificate, without further inquiry), # constituting property leased to the Borrower or any Subsidiary under a lease which has expired or been terminated in a transaction permitted under this Agreement, # if approved or authorized in writing pursuant to Section 9.02(b) or (v) as required to effect any Disposition of such Collateral in connection with any exercise of remedies of the Administrative Agent and the Lenders pursuant to Article VII. Any such release shall not in any manner discharge, affect, or impair the Secured Obligations or any Liens (other than those expressly being released) upon (or obligations of the Loan Parties in respect of) all interests retained by the Loan Parties, including the proceeds of any Disposition, all of which shall continue to constitute part of the Collateral. In addition, each of the Lenders, on behalf of itself and any of its Affiliates that are Secured Parties, irrevocably authorizes the Administrative Agent, at its option and in its discretion, # to subordinate any Lien on any propertyassets granted to or held by the Administrative Agent under any Loan Document upon repaymentto the holder of any Lien on such property that is permitted by Section 6.02(h) or (ii) in full and termination of all Secured Obligations (other than contingent indemnification obligations as to which no claim has been made), or subject to Section 11.1, if approved, authorized or ratified in writingthe event that the Borrower shall have advised the Administrative Agent that, notwithstanding the use by the Requisite [[Organization A:Organization]]. Upon requestBorrower of commercially reasonable efforts to obtain the consent of such holder (but without the requirement to pay any sums to obtain such consent) to permit the Administrative Agent to retain its Liens (on a subordinated basis as contemplated by [clause (i) above]), the holder of such other Indebtedness requires, as a condition to the extension of such credit, that the Liens on such assets granted to or held by the Administrative Agent atunder any time, the Requisite [[Organization A:Organization]] will confirm in writingLoan Document be released, to release the Administrative Agent’s authorityLiens on such assets. Any execution and delivery by the Administrative Agent of documents in connection with any such release shall be without recourse to release its interest in particular types or items of property pursuant to this Section 10.13.warranty by the Administrative Agent.

The Secured Parties irrevocably authorize the Administrative Agent, at its option and in its discretiondiscretion, to releasesubordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document upon repaymentto the holder of any Lien on such property that is permitted by [Section 6.02(b)]. The Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative Agent’s Lien thereon or any certificate prepared by any Loan Party in full and termination of all Secured Obligations (other than contingent indemnification obligations as to which no claim has been made), or subject to Section 11.1, if approved, authorized or ratified in writing by the Requisite [[Organization A:Organization]]. Upon request byconnection therewith, nor shall the Administrative Agent atbe responsible or liable to the or any time,other Secured Party for any failure to monitor or maintain any portion of the Requisite [[Organization A:Organization]] will confirm in writing the Administrative Agent’s authority to release its interest in particular types or items of property pursuant to this Section 10.13.Collateral.

The Secured PartiesEach Lender hereby irrevocably authorizeauthorizes the Administrative Agent, at its option and in its discretionsole discretion, to release any Lien for the benefit of such Lender on any Collateral under the Collateral Documents # upon the termination of all Commitments and payment and satisfaction in full in cash of all Obligations - All Credit Parties, # constituting property grantedbeing sold or disposed of if the Loan Party disposing of such property certifies to or held by the Administrative Agent under any Loan Document upon repaymentthat the sale or disposition is made in full and terminationcompliance with the terms of all Secured Obligations (other than contingent indemnification obligations as to which no claim has been made), or subject to Section 11.1, if approved, authorized or ratified in writing by the Requisite [[Organization A:Organization]]. Upon request bythis Agreement (and the Administrative Agent atmay rely conclusively on any time,such certificate, without further inquiry), # constituting property leased to a Loan Party under a lease which has expired or been terminated in a transaction permitted under this Agreement, # if such release is required or permitted under the Requisite [[Organization A:Organization]] will confirmrelevant Collateral Document, # as required by law, or # as required to effect any sale or other disposition of such Collateral in writingconnection with any exercise of remedies of the Administrative Agent’s authority to release its interest in particular types or items of propertyAgent and the pursuant to this Section 10.13.Article VII.

The Secured Parties irrevocably authorize the Administrative Agent, at its option and in its discretiondiscretion, to releasesubordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document upon repaymentto the holder of any Lien on such property that is permitted by [Section 6.02(b), (c), (d), (e), (f), (h), (i) or (k)])])]. The Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative Agent’s Lien thereon or any certificate prepared by any Loan Party in full and termination of all Secured Obligations (other than contingent indemnification obligations as to which no claim has been made), or subject to Section 11.1, if approved, authorized or ratified in writing by the Requisite [[Organization A:Organization]]. Upon request byconnection therewith, nor shall the Administrative Agent atbe responsible or liable to the Lenders or any time,other Secured Party for any failure to monitor or maintain any portion of the Requisite [[Organization A:Organization]] will confirm in writing the Administrative Agent’s authority to release its interest in particular types or items of property pursuant to this Section 10.13.Collateral.

The Secured PartiesSubject to [Sections 9.02(b)(ix)], the Lenders hereby irrevocably authorize the Administrative Agent, at its option and in its discretionsole discretion, to release any Lien on any propertyLiens granted to or held by the Administrative Agent underby the Loan Parties on any Loan DocumentCollateral # upon repaymentthe termination of the all Commitments, payment and satisfaction in full and terminationin cash of all Secured Obligations (other than contingent indemnification obligationsUnliquidated Obligations), and the cash collateralization of all Unliquidated Obligations in a manner satisfactory to each affected Lender, # constituting property being sold or disposed of if the Loan Party disposing of such property certifies to the Administrative Agent that the sale or disposition is made in compliance with the terms of this Agreement (and the Administrative Agent may rely conclusively on any such certificate, without further inquiry), and to the extent that the property being sold or disposed of constitutes 100% of the Equity Interest of a Subsidiary, the Administrative Agent is authorized to release any Loan Guaranty provided by such Subsidiary, # constituting property leased to a Loan Party under a lease which has expired or been terminated in a transaction permitted under this Agreement, or # as required to effect any sale or other disposition of such Collateral in connection with any exercise of remedies of the Administrative Agent and the Lenders pursuant to Article VII. Except as provided in the preceding sentence, the Administrative Agent will not release any Liens on Collateral without the prior written authorization of the Required Lenders; provided, that the Administrative Agent may, in its discretion, release its Liens on Collateral valued in the aggregate not in excess of $1.0 million during any calendar year without the prior written authorization of the Required Lenders (it being agreed that the Administrative Agent may rely conclusively on one or more certificates of the Borrower as to which no claim has been made),the value of any Collateral to be so released, without further inquiry). Any such release shall not in any manner discharge, affect, or subject to Section 11.1, if approved, authorizedimpair the Obligations or ratifiedany Liens (other than those expressly being released) upon (or obligations of the Loan Parties in writingrespect of) all interests retained by the Requisite [[Organization A:Organization]]. Upon requestLoan Parties, including the proceeds of any sale, all of which shall continue to constitute part of the Collateral. Any execution and delivery by the Administrative Agent atof documents in connection with any time, the Requisite [[Organization A:Organization]] will confirm in writingsuch release shall be without recourse to or warranty by the Administrative Agent’s authority to release its interest in particular types or items of property pursuant to this Section 10.13.Agent.

The. Without limiting the provisions of [Section 12.09], Secured PartiesParties, Swingline Lender and the Letter of Credit Issuer irrevocably authorize the Administrative Agent, at its option and in its discretion to release any Lien on any property granted to or held by the Administrative Agent under any Loan DocumentDocument: # upon repaymenttermination of the Commitments and payment in full and termination of all Secured Obligations (other than contingent indemnification obligationsobligations) and the expiration or termination of all Letters of Credit prior to draws thereon (other than Letters of Credit as to which no claim hasother arrangements satisfactory to Administrative Agent and the Letter of Credit Issuer shall have been made),; # that is sold or otherwise Disposed of or to be sold or otherwise Disposed of as part of or in connection with any sale or other Disposition permitted hereunder or under any other Loan Document; or # subject to Section 11.1,[Section 13.01], if approved, authorized or ratified in writing by the Requisite [[Organization A:Organization]]. Upon request by the Administrative Agent at any time, the Requisite [[Organization A:Organization]] will confirm in writing the Administrative Agent’s authority to release its interest in particular types or items of property pursuant to this Section 10.13.

The Secured Parties irrevocably authorize the [[Administrative Agent,Agent:Organization]], at its option and in its discretiondiscretion, to releasesubordinate any Lien on any property granted to or held by the [[Administrative AgentAgent:Organization]] under any Loan Document upon repaymentto the holder of any Lien on such property that is permitted by [Sections 6.01(c), (d), (e), (f), (g) or (h)])])])])]. [[Administrative Agent:Organization]] shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of [[Administrative Agent:Organization]]’s Lien thereon or any certificate prepared by any Loan Party in full and termination of all Secured Obligations (other than contingent indemnification obligations asconnection therewith, nor shall [[Administrative Agent:Organization]] be responsible or liable to which no claim has been made), or subject to Section 11.1, if approved, authorized or ratified in writing by the Requisite [[Organization A:Organization]]. Upon request by or any other Secured Party for any failure to monitor or maintain any portion of the Administrative Agent at any time, the Requisite [[Organization A:Organization]] will confirm in writing the Administrative Agent’s authority to release its interest in particular types or items of property pursuant to this Section 10.13.Collateral.

The Secured Parties irrevocably authorize the Administrative Agent, at its option and in its discretion to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document upon repayment in full and termination of all Secured Obligations (other than contingent indemnification obligations as to which no claim has been made), or subject to Section 11.1, if approved, authorized or ratified in writing by the Requisite [[Organization A:Organization]]. Upon request by the Administrative Agent at any time, the Requisite [[Organization A:Organization]]Required Lenders will confirm in writing the Administrative Agent’Agents authority to release its interest in particular types or items of propertyproperty, or to release any Loan Party from its obligations under the applicable Collateral Documents pursuant to this Section 10.13.Section. In each case as specified in this Section, the Administrative Agent is authorized, at the Borrower’s expense, to execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the Liens granted under the applicable Collateral Documents, or to release such Loan Party from its obligations under the applicable Collateral Documents, in each case in accordance with the terms of the Loan Documents and this Section.

The Secured Parties irrevocably authorize the Administrative Agent, at its option and in its discretiondiscretion, to releasesubordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document upon repaymentto the holder of any Lien on such property that is permitted by [Sections 6.02(d), 6.02(e), 6.02(f), 6.02(g), 6.02(h), 6.02(i) and 6.02(k)])])])])])])]. The Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative Agent’s Lien thereon or any certificate prepared by any Loan Party in full and termination of all Secured Obligations (other than contingent indemnification obligations as to which no claim has been made), or subject to Section 11.1, if approved, authorized or ratified in writing by the Requisite [[Organization A:Organization]]. Upon request byconnection therewith, nor shall the Administrative Agent atbe responsible or liable to the Lenders or any time,other Secured Party for any failure to monitor or maintain any portion of the Requisite [[Organization A:Organization]] will confirm in writing the Administrative Agent’s authority to release its interest in particular types or items of property pursuant to this Section 10.13.Collateral.

Load more...
Select clause to view document information.

Draft better contracts
faster with AllDrafts

AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.

And AllDrafts generates clean Word and PDF files from any draft.