Release of Borrowers. Upon the consummation of any Asset Sale permitted under Section 10.02 of this Agreement as a result of which any Borrower (other than the Company) ceases to be a Subsidiary of a Borrower, the Administrative Agent may, without the consent of any Subsidiary other than the Company or any Lender, release such Borrower from its obligations under the Credit Documents and all security interests in the Collateral of such Borrower shall be automatically released in connection therewith (a “Borrower Release”); provided, that (a) the Administrative Agent shall have received a written request of the Company with respect to such Borrower Release at least five Business Days prior to the effective date of such requested Borrower Release and (b) no Default or Event of Default shall have occurred or shall be continuing prior to, or would occur after giving effect to, such Borrower Release. In connection with any termination or release pursuant to this Section 13.22, the Administrative Agent and/or the Collateral Agent, as the case may be, shall promptly execute and deliver to the Company and any Borrower, as applicable, at the Company’s or such Borrower’s expense, all documents that the Company or such Borrower shall reasonably request to evidence such termination or release. Any execution and delivery of documents pursuant to this Section 13.22 shall be without recourse to or warranty by the Administrative Agent or the Collateral Agent.
Release of Borrowers. The Lenders and the L/C Issuer irrevocably authorize the Administrative Agent to release any Borrower from its obligations under the Loan Documents if such Person ceases to be a Subsidiary as a result of a transaction permitted hereunder or is designated as an Excluded Subsidiary in accordance with Section 6.19. Upon request by the Administrative Agent at any time, subject to the provisions of Section 10.01(g), the Required Lenders will confirm in writing the Administrative Agent’s authority to release any Borrower from its obligations under the Loan Documents pursuant to this Section 9.10.
Release of Borrowers. In the event that all of the Equity Interests of one or more Borrowers (other than the US Company) is sold or otherwise disposed of or liquidated in compliance with the requirements of Section 10.03 (or such sale, other disposition or liquidation has been approved in writing by the Required Lenders (or all Lenders if required by Section 13.12)) and the proceeds of such sale, disposition or liquidation are applied in accordance with the provisions of Section 5.02(c), to the extent applicable, such Borrower shall, upon consummation of such sale or other disposition (except to the extent that such sale or disposition is to US Company or any of its Wholly-Owned Subsidiaries), be released from this Agreement and each remaining Borrower agrees that, with no action on its part required, the remaining Borrowers shall remain jointly and severally liable for all Obligations.
Release of Borrowers. In the event a Borrower has Conveyed or obtained the release of all of its Financed Properties pursuant to Section 2.7(a) above, the Agent shall if requested by the Borrower Representative, and at the Borrowers’ expense, execute, deliver, file and record any release, document or other instrument and take such action that may be necessary or that the Borrower may reasonably request, to evidence the release by the Agent of the Borrower from the Obligations hereunder.
Release of Borrowers. (a) In connection with a Borrower (other than Sxxxx Xxxxxxx Holdings and Sxxxx Xxxxxxx Building) that is to be dissolved following the sale of all of such Borrower’s assets in accordance with the terms of this Agreement, the Borrower may request in writing that the Administrative Agent release, and upon receipt of such request the Administrative Agent shall release, such Borrower from this Agreement and the applicable Loan Documents so long as: (i) such Borrower owns no Property included in the most-recent calculation of the Borrowing Base, nor any Equity Interest in any Subsidiary that owns a Property included in the most-recent calculation of Borrowing Base; (ii) no Event of Default shall then be in existence and be continuing or would occur as a result of such release; (iii) the representations and warranties made by any Borrower in the Loan Documents to which any of them is a party, shall be true and correct in all material respects on and as of the date of such release with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects as of such date) and except for changes in factual circumstances specifically and expressly permitted hereunder; and (iv) the Administrative Agent shall have received such written request at least ten (10) Business Days (or such shorter period as may be acceptable to the Administrative Agent) prior to the requested date of release. Delivery by the Borrower to the Administrative Agent of any such request shall constitute a representation by the Borrower that the matters set forth in the preceding sentence (both as of the date of the giving of such request and as of the date of the effectiveness of such request) are true and correct with respect to such request. Lenders hereby irrevocably authorize the Administrative Agent to release a Borrower (other than Sxxxx Xxxxxxx Building) from this Agreement and the applicable Loan Documents in accordance with this Section 4.5.
Release of Borrowers. Any Borrower other than the Company may from time to time deliver a termination notice to the Administrative Agent requesting that it no longer be a party hereto. Such termination shall be effective five (5) Business Days after receipt by the Administrative Agent so long as all Obligations of such Borrower have been paid in full (including principal, interest and all other amounts) and no Letter of Credit issued for the account of such Borrower is outstanding; provided that, to the extent this Agreement or any other Loan Document provides for the survival of certain provisions upon termination hereof, such surviving provisions shall survive a termination under this subsection with respect to any such Borrower.
Release of Borrowers. If, in compliance with the terms and provisions of the Loan Documents, 100% of the Equity Interests of any Borrower (other than the Company) are sold or transferred (a “Transferred Borrower”) to a Person or Persons, none of which is a Borrower, then, such Transferred Borrower shall, upon the consummation of such issuance, sale or transfer, be automatically released from its obligations under this Agreement (including under Section 9.03 hereof) and any other Loan Documents to which it is a party and its obligations to pledge and grant any Collateral owned by it pursuant to any Security Document, and the Administrative Agent shall take such actions as are within its powers to effect each release described in this Section 9.18(d) in accordance with the relevant provisions of the Security Documents.
Release of Borrowers. Any Borrower (other than the Initial Borrowers) may cease to be a Borrower if at any time, whilst there are no sums which are or may be outstanding from that Borrower under the Finance Documents and there is no outstanding Utilisation Request in relation to that Borrower, it delivers a notice to that effect to the Agent. Upon delivery of any such notice the relevant Borrower shall cease to be a Borrower and shall, subject as provided in this Clause, cease to have any obligations under the Finance Documents in its capacity (only) as a Borrower but without affecting any obligations it may have as a Guarantor or in any other capacity.
Release of Borrowers. Subject to the completion of the Transaction, the Agent and the Banks hereby agree (i) to release each NBACo Borrower from all of its Obligations under the Credit Agreement and the other Loan Documents, and (ii) to direct the Collateral Agent to release all Collateral of each NBACo Borrower subject to a security interest.
Release of Borrowers. The Lenders hereby consent to the release of the following Borrowers as parties to the Credit Agreement and the other Credit Documents, subject to the terms and conditions set forth herein:
