Common use of Release of Pledged Collateral Clause in Contracts

Release of Pledged Collateral. To the extent permitted by and in accordance with the Intercreditor Agreement, the Collateral 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. Notwithstanding the foregoing, the Collateral Agent may release any Lien on any Pledged Collateral granted to or held by the Collateral Agent under this Pledge Agreement (i) upon the termination of the Pledge Agreement in accordance with the terms of the Intercreditor Agreement, (ii) that is transferred or to be transferred as part of or in connection with any transfer or other disposition permitted under the Financing Documents, or (iii) as approved in accordance with the Intercreditor Agreement.

Release of Pledged Collateral. To At the extent permitted direction of (i) the Required Secured Parties (or as otherwise required by and in accordance with the respective Financing Documents), or if such direction is not required pursuant to the terms of the Intercreditor AgreementAgreement or any Financing Document, then in the Collateral Agent’s sole discretion, the Collateral 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. Notwithstanding anything to the foregoingcontrary contained herein, the Collateral Agent may Agent, without the direction of the Secured Parties, shall be entitled to release or substitute any Lien on any of the Pledged Collateral granted to of any Pledgor for other Pledged Collateral upon any merger, consolidation or held by the Collateral Agent under this Pledge Agreement (i) upon the termination recapitalization of the Pledge Agreement in accordance with the terms issuer of any of the Intercreditor Agreement, (ii) that is transferred or to be transferred as part of or in connection with any transfer or other disposition permitted under the Financing Documents, or (iii) as approved in accordance with the Intercreditor AgreementPledged Shares.