Common use of Release of Canadian Borrowers Clause in Contracts

Release of Canadian Borrowers. Upon written request of the Company and any Canadian Borrower, such Canadian Borrower may be released as a Canadian Borrower hereunder, so long as such Canadian Borrower does not have any Credit Facility Exposure owing to any Lender at such time and has paid all accrued and unpaid interest and fees and other amounts due by or from such Canadian Borrower hereunder, if any, owing by it. No such release shall be effective until confirmed by the Agents to the Company, such Canadian Borrower and the Lenders in writing (which the Collateral Agent agrees to promptly do upon satisfaction of the conditions set forth in this subpart). The Lenders hereby authorize the Agents and the Collateral Agent to release such Canadian Borrower in accordance with the terms and conditions of this subpart and agree that the Agents and the Collateral Agent may execute and deliver such documents or agreements as the Agents and/or the Collateral Agent shall deem necessary or appropriate in connection therewith. No release of a Canadian Borrower shall affect the Company’s obligations under Article X of this Agreement or any other Credit Party’s obligations under the Guaranty.