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This excerpt taken from the FL 8-K filed May 21, 2008. Collateral and Guaranty Matters. The Banks and the LC Agents irrevocably authorize the Administrative Agent, at its option and in its discretion,
(a) to release any Lien on any property granted to or held by the Administrative Agent in the circumstances contemplated by Section 13 of the Security Agreement, Section 16 of the Pledge Agreement or Section 5.18(b) hereof; and (b) to release any Subsidiary Guarantor from its obligations under its Guarantee in the circumstances contemplated by Section 4 of the Guarantee Agreement. Upon request by the Administrative Agent at any time, the Required Banks will confirm in writing the Administrative Agent’s authority to release its interest in particular types or items of property, or to release any Guarantor from its guarantee under the Guarantee Agreement pursuant to this Section 7.09. |
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