Common use of Release of Pledged Collateral Clause in Contracts

Release of Pledged Collateral. The Administrative Agent may release any of the Pledged Collateral from this Pledge Agreement or may substitute any of the Pledged Collateral for other Pledged Collateral without altering, varying or diminishing in any way the force, effect, lien, pledge or security interest of this Pledge Agreement as to any Pledged Collateral not expressly released or substituted, and this Pledge Agreement shall continue as a first priority lien on all Pledged Collateral not expressly released or substituted. At any time a Person ceases to be a Borrowing Base Entity under the Credit Agreement in compliance with the terms thereof and without such cessation resulting in a Default thereunder, the Administrative Agent shall, upon the request and at the expense of the Pledgors, (i) return all certificates representing the Pledged Equity Interests of such Borrowing Base Entity and all instruments of transfer or assignment which have been delivered to the Administrative Agent pursuant to this Pledge Agreement in connection therewith and (ii) release all of its liens and security interests hereunder with respect to such Pledged Collateral and shall authorize and deliver all UCC termination statements and/or other documents reasonably requested by the Pledgors evidencing such termination with respect thereto.

Release of Pledged Collateral. The Administrative Agent may release any of the Pledged Collateral from this Pledge Agreement or may substitute any of the Pledged Collateral for other Pledged Collateral without altering, varying or diminishing in any way the force, effect, lien, pledge or security interest of this Pledge Agreement as to any Pledged Collateral not expressly released or substituted, and this Pledge Agreement shall continue as a first priority lien on all Pledged Collateral not expressly released or substituted. At Upon the consummation of any time a Person ceases disposition of any Pledged Collateral permitted by the Agreement, the security interest and Lien granted hereby in the Pledged Collateral subject to such disposition shall automatically terminate and be a Borrowing Base Entity under the Credit Agreement in compliance with the terms thereof released and without such cessation resulting in a Default thereunder, the Administrative Agent shall, upon the request and at the expense of the Pledgors, (i) return all certificates representing the Pledged Equity Interests of such Borrowing Base Entity and all instruments of transfer or assignment which have been delivered to the Administrative Agent pursuant to this Pledge Agreement in connection therewith and (ii) release all of its liens and security interests hereunder with respect to Pledgors any such Pledged Collateral in its possession and shall authorize execute and deliver all UCC termination statements and/or other documents reasonably requested by the Pledgors evidencing such termination. Upon the consummation of any disposition of any Pledgor permitted by the Agreement, such Pledgor shall by automatically released from its obligations hereunder and the security interest and Lien in the Pledged Collateral of such Pledgor shall automatically terminate and be released and the Administrative Agent shall, upon the request and at the expense of the Pledgors, return to the Pledgors any such Pledged Collateral in its possession and execute and deliver all UCC termination with respect theretostatements and/or other documents reasonably requested by the Pledgors evidencing such termination.

Release of Pledged Collateral. The Administrative Agent may release any of the Pledged Collateral from this Pledge Agreement or may substitute any of the Pledged Collateral for other Pledged Collateral without altering, varying or diminishing in any way the force, effect, lien, pledge or security interest of this Pledge Agreement as to any Pledged Collateral not expressly released or substituted, and this Pledge Agreement shall continue as a first priority lien on all Pledged Collateral not expressly released or substituted. At Upon the consummation of any time a Person ceases disposition of any Pledged Collateral permitted by the Agreement, the security interest and Lien granted hereby in the Pledged Collateral subject to such disposition shall automatically terminate and be a Borrowing Base Entity under the Credit Agreement in compliance with the terms thereof released and without such cessation resulting in a Default thereunder, the Administrative Agent shall, upon the request and at the expense of the Pledgors, (i) return all certificates representing the Pledged Equity Interests of such Borrowing Base Entity and all instruments of transfer or assignment which have been delivered to the Administrative Agent pursuant to this Pledge Agreement in connection therewith and (ii) release all of its liens and security interests hereunder with respect to Pledgors any such Pledged Collateral in its possession and shall authorize execute and deliver all UCC termination statements and/or other documents reasonably requested by the Pledgors evidencing such termination. Upon the consummation of any disposition of any Pledgor permitted by the Agreement, such Pledgor shall by automatically released from its obligations hereunder and the security interest and Lien in the Pledged Collateral of such Pledgor shall automatically terminate and be released and the Administrative Agent shall, upon the request and at the expense of the Pledgors, return to the Pledgors any such Pledged Collateral in its possession and execute and deliver all 5.01(a)(iv) - 12 UCC termination with respect theretostatements and/or other documents reasonably requested by the Pledgors evidencing such termination.