Common use of Guarantor Release Clause in Contracts

Guarantor Release. To the extent any Facility Guaranty is outstanding, the Guarantors shall be released from all obligations under the Credit Agreement and the Facility Guarantees at such time as all Guarantors cease to guarantee Indebtedness for borrowed money, other than a discharge through payment thereon, under all Material Credit Facilities of the Borrower (the “Guarantor Release”); provided that no Event of Default shall have occurred and be continuing at the time of or after giving effect to such Guarantor Release; provided further that the foregoing shall not require the prior release of any guarantee under any Material Credit Facility which, by its terms, will be released upon the release of such Guarantors’ guarantee of the Revolving Credit Facility (each, an “Auto-Releasing Credit Facility”).

Guarantor Release. To the extent any Facility Guaranty is outstanding, the The Guarantors shall be released from all obligations under the Credit Agreement and the Facility Guarantees at such time as all Guarantors cease to guarantee Indebtedness for borrowed moneyIndebtedness, other than a discharge through payment thereon, under all Material Credit Facilities of the Borrower (the “Guarantor Release”); provided that no Event of Default shall have occurred and be continuing at the time of or after giving effect to such Guarantor Release; provided further that the foregoing shall not require the prior release of any guarantee under any Material Credit Facility which, by its terms, will be released upon the release of such Guarantors’ guarantee of the Revolving Credit Facility (each, an “Auto-Releasing Credit Facility”).