Common use of Release of Credit Parties Clause in Contracts

Release of Credit Parties. If a Credit Party ceases to be a Credit Party under the Credit Agreement then such Credit Party shall automatically be released as a Credit Party under this Deed. Each of the Parties agrees that the Agents may release any of the Credit Parties from any guarantee or indemnity in the circumstances contemplated by the Credit Agreement. In the case of a Credit Party which is no longer a Credit Party under the Credit Agreement, the Agents shall (at the cost of that Credit Party) release the Security granted by it and the Agents are authorised, without the need for further authority from the Secured Creditors, to execute such agreements or deeds as are necessary to effect such a release.