Common use of Release of Collateral and Guarantees Clause in Contracts

Release of Collateral and Guarantees. The Administrative Agent, the Collateral Trustee and the Lenders (as the case may be) agree that if all of the capital stock of or other equity interests in, or any assets of, any Subsidiary that is owned by the Credit Parties is sold to any Person as permitted by the terms of this Agreement and the Collateral Agreements, or if any Subsidiary is merged or consolidated with or into any other Person as permitted by the terms of this Agreement and such Subsidiary is not the continuing or surviving corporation, the Administrative Agent and the Collateral Trustee shall, upon request of the Borrower (and upon the receipt by the Administrative Agent of such evidence as the Administrative Agent or any Lender may reasonably request to establish that such sale, designation, merger or consolidation is permitted by the terms of this Agreement), terminate the Guarantee of such Subsidiary under Article 3 and authorize the Collateral Trustee to release the Lien created by the Collateral Agreements on any capital stock of or other equity interests in such Subsidiary and on any assets of such Subsidiary.

Release of Collateral and Guarantees. The Administrative Agent, the Collateral Trustee Agent and the Lenders (as the case may be) agree that if all of the capital stock of or other equity interests in, or any assets of, any Subsidiary that is owned by the Credit Parties is sold to any Person as permitted by the terms of this Agreement and the Collateral AgreementsDocuments, or if any Subsidiary is merged or consolidated with or into any other Person as permitted by the terms of this Agreement and such Subsidiary is not the continuing or surviving corporation, the Administrative Agent and the Collateral Trustee Agent shall, upon request of the Borrower (and upon the receipt by the Administrative Agent of such evidence as the Administrative Agent or any Lender may reasonably request to establish that such sale, designation, merger or consolidation is permitted by the terms of this Agreement), terminate the Guarantee of such Subsidiary under Article 3 and authorize the Collateral Trustee Agent to release the Lien created by the Collateral Agreements Documents on any capital stock of or other equity interests in such Subsidiary and on any assets of such Subsidiary.