Common use of Obligation to Release Clause in Contracts

Obligation to Release. (i) If at any time the Investment Grade Ratings Criteria is satisfied and a Collateral Period is not then in effect (a release under this Section 8.15(a) effected pursuant to this clause (i), the “Investment Grade Release”) or (ii) on or after any Collateral Release Date and no subsequent Collateral Trigger Date has occurred (a release under this Section 8.15(a) effected pursuant to this clause (ii), a “Collateral Release”), and, in each case, so long as no Default or Event of Default is then continuing, the Administrative Agent shall, subject to the satisfaction of the requirements of Section 8.15(b), promptly release all of (A) with respect to a Collateral Release, the Liens granted to the Administrative Agent pursuant to the requirements of Section 8.14 and the Collateral Documents and (B) the Subsidiary Guarantors (other than any Unsecured Indebtedness Subsidiary (except an Unsecured Indebtedness Subsidiary that solely has obligations under the Loan Documents and any Unsecured Indebtedness in respect of which such Subsidiary Guarantor shall be released as a borrower or guarantor or other obligor substantially concurrently with the release hereunder)) from their obligations under the Guaranty. Upon the release of any Person and/or any Collateral pursuant to this Section 8.15, the Administrative Agent shall (to the extent applicable) deliver to the Borrower, upon the Borrower’s request and at the Borrower’s expense, such documentation as may be reasonably satisfactory to the Administrative Agent and otherwise necessary or advisable to evidence the release of such Person and/or such Collateral from its obligations under the Loan Documents.

Obligation to Release. (i) If at any time the Investment Grade Ratings Criteria is satisfied and a Collateral Period is not then in effect (a release under this Section 8.15(a8.15.(a) effected pursuant to this clause (i), the “Investment Grade Release”) or (ii) on or after any Collateral Release Date and no subsequent Collateral Trigger Date has occurred (a release under this Section 8.15(a8.15.(a) effected pursuant to this clause (ii), a “Collateral Release”), and, in each case, so long as no Default or Event of Default is then continuing, the Administrative Agent shall, subject to the satisfaction of the requirements of Section 8.15(b8.15.(b), promptly release all of (A) with respect to a Collateral Release, the Liens granted to the Administrative Agent pursuant to the requirements of Section 8.14 8.14. and the Collateral Documents and (B) the Subsidiary Guarantors (other than any Unsecured Indebtedness Subsidiary (except an Unsecured Indebtedness Subsidiary that solely has obligations under the Loan Documents and any Unsecured Indebtedness in respect of which such Subsidiary Guarantor shall be released as a borrower or guarantor or other obligor substantially concurrently with the release hereunder)) from their obligations under the Guaranty. Upon the release of any Person and/or any Collateral pursuant to this Section 8.15., the Administrative Agent shall (to the extent applicable) deliver to the Borrower, upon the Borrower’s request and at the Borrower’s expense, such documentation as may be reasonably satisfactory to the Administrative Agent and otherwise necessary or advisable to evidence the release of such Person and/or such Collateral from its obligations under the Loan Documents.

Obligation to Release. (i) If at any time the Investment Grade Ratings Criteria is satisfied and a Collateral Period is not then in effect (a release under this Section 8.15(a8.15.(a) effected pursuant to this clause (i), the “Investment Grade Release”) or (ii) on or after any Collateral Release Date and no subsequent Collateral Trigger Date has occurred (a release under this Section 8.15(a8.15.(a) effected pursuant to this clause (ii), a “Collateral Release”), and, in each case, so long as no Default or Event of Default is then continuing, the Administrative Agent shall, subject to the satisfaction of the requirements of Section 8.15(b8.15.(b), promptly release all of (A) with respect to a Collateral Release, the Liens granted to the Administrative Agent pursuant to the requirements of Section 8.14 8.14. and the Collateral Documents and (B) the Subsidiary Guarantors (other than any Subsidiary of the Parent Guarantor that is a borrower or guarantor of, or otherwise has a payment obligation in respect of, any Unsecured Indebtedness Subsidiary (other than (x)Subsidiary (except an Unsecured Indebtedness Subsidiary that solely has obligations under the Loan Documents Documents, (y) and any Unsecured Indebtedness in respect of which such Subsidiary Guarantor shall be released as a borrower or guarantor or other obligor substantially concurrently with the release hereunderhereunder and (z) any intercompany Indebtedness between or among any of the Parent Guarantor, the Borrower and their Subsidiaries)) from their obligations under the GuarantyGuaranty (the “Investment Grade Release”), subject to satisfaction of the following conditions: . Upon the release of any Person and/or any Collateral pursuant to this Section 8.15., the Administrative Agent shall (to the extent applicable) deliver to the Borrower, upon the Borrower’s request and at the Borrower’s expense, such documentation as may be reasonably satisfactory to the Administrative Agent and otherwise necessary or advisable to evidence the release of such Person and/or such Collateral from its obligations under the Loan Documents.