Release of Guarantees and Collateral. If the Borrower shall wish to effect the release of any Collateral or any Guarantee, it shall give notice thereof to the Administrative Agent. Upon receipt of such notice, the Administrative Agent shall request the Lenders to give notice to the Administrative Agent in writing of their approval or disapproval of the requested release. If Lenders whose Percentages aggregate at least 75% approve such request, the Administrative Agent shall give written notice of such approval to the Borrower, and such release may thereafter be effected without violation of this Agreement. For avoidance of doubt, no approval of the Requisite Lenders shall be necessary to effect the release of any Collateral which is the subject of any Asset Sale permitted by subsection 6.6.
Release of Guarantees and Collateral. Subject to the terms of the Security Trust and Intercreditor Deed, the Guarantee of the Senior Notes by any Guarantor under this Indenture, and the Transaction Security that secures such Guarantor's obligation under the Guarantee of the Senior Notes, shall be released upon a sale or other disposition of all of the Equity Interests of such Guarantor by the Issuer or a Subsidiary of the Issuer, in compliance, to the extent applicable, with Section 4.03 (Asset Sales). In addition, subject to the terms of the Security Trust and Intercreditor Deed, each of the Guarantors shall be discharged from its obligations in respect of its Guarantee of the Senior Notes in the circumstances set forth in Section 9.01 (Satisfaction and Discharge). Subject to the terms of the Security Trust and Intercreditor Deed, the Transaction Security shall be released upon the sale or other disposition of the assets constituting such Transaction Security by the Issuer or any of its Subsidiaries in compliance, to the extent applicable, with Section 4.03 (Asset Sales). Notwithstanding the foregoing, the Guarantee of the Senior Notes by MCHI and any Transaction Security related thereto shall be released at the request of the Issuer upon certification provided by the Issuer to the Security Trustee, the Trustee and Junior Note Trustee that, subject to such releases, MCHI has completed all distributions to the stockholders of MCHI pursuant to and in accordance with the MCHI Plan of Liquidation and Dissolution.
Release of Guarantees and Collateral. If (i) any Guarantor or any of its successors in interest shall cease to be a Subsidiary as a result of a transaction permitted hereunder or (ii) if any Guarantor is merged, liquidated, dissolved or consolidated into another Guarantor or its assets are sold as permitted under the terms of the Loan Documents and, in the case of such liquidation, dissolution or sale the assets of such Guarantor or the proceeds thereof, as applicable, are distributed in accordance with the Loan Documents or, if the Loan Documents do not provide for such distribution, to (x) the Borrower or (y) the Subsidiary of the Borrower holding all of the Equity Interests of such Person or into which such Person is dissolved or liquidated, the Administrative Agent shall execute and deliver to the Borrower, at the Borrower’s expense, all documents that the Borrower shall reasonably request to evidence the release of such obligations of such Guarantor under the Guaranty and the Liens securing such obligations. Chemtura (Term Loan) Credit Agreement
Release of Guarantees and Collateral. As of the Amendment No. 1 Effective Date, the Lenders (a) hereby agree that all Obligations of each Guarantor and each Grantor (as defined in the Pledge Agreement) under the Credit Agreement and the other Loan Documents to which it is a party are hereby released and terminated and, without limiting the foregoing, the Pledge Agreement and the security interests and other liens granted thereunder to or in favor of the Collateral Agent for the benefit of the Lenders, shall be released and terminated and the Grantors shall cease to have any rights and obligations thereunder, all without further action by any Person necessary to give effect thereto, and (b) hereby direct and authorize the Collateral Agent (i) to execute and/or deliver (as applicable) Uniform Commercial Code termination statements (and, to the extent permitted under the Uniform Commercial Code in effect in any relevant jurisdiction, the Lenders and the Collateral Agent hereby authorize the Borrower and its counsel and other designees, without further notice, to prepare and file such termination statements at any time from and after the Amendment No. 1 Effective Date) and such other instruments of release pertaining to such security interests and other liens as the Borrower may reasonably request to effectuate, or reflect of public record, such release of all such security interests and liens and (ii) to surrender to the Borrower any and all possessory Collateral heretofore delivered to the Collateral Agent by the Borrower or any of its Subsidiaries pursuant to the Pledge Agreement, all without recourse to or warranty by the Collateral Agent, the Lenders and the Administrative Agent. By their execution and delivery of this Amendment, the Subsidiaries of the Borrower that are Guarantors and Grantors hereby acknowledge and agree to the terms of this Amendment and the releases under this Section. The parties hereto agree that, notwithstanding anything herein to the contrary, effective as of the Amendment No. 1 Effective Date, the Guarantors shall cease to be parties to the Credit Agreement and have any rights and obligations thereunder.
Release of Guarantees and Collateral. (a) The Lenders irrevocably authorize the Agents to, and the Agents agree to:
Release of Guarantees and Collateral. If (i) any Guarantor or US Subsidiary Borrower or any of their successors in interest shall cease to be a Restricted Subsidiary as a result of a transaction permitted hereunder or (ii) if any Guarantor or US Subsidiary Borrower is merged, liquidated, dissolved or consolidated into another Guarantor or US Subsidiary Borrower or its assets are sold as permitted under the terms of the Loan Documents and, in the case of such liquidation, dissolution or sale the assets of such Guarantor or US Subsidiary Borrower or the proceeds thereof, as applicable, are distributed in accordance with the Loan Documents or, if the Loan Documents do not provide for such distribution, to (x) the Company or (y) the Subsidiary of the Company holding all of the Equity Interests of such Person or into which such Person is dissolved or liquidated, each applicable Administrative Agent shall execute and deliver to the Borrowers, at the Borrowers’ expense, all documents that the Borrowers shall reasonably request to evidence the release of such obligations of such Guarantor under the Guaranty (and in the case of a US Subsidiary Borrower, under this Agreement) and the Liens securing such obligations.
Release of Guarantees and Collateral. All of the Facility Guarantees (other than those executed by Subsidiaries of the Borrower) and all Liens required by this ARTICLE VII will be released, at Borrower's cost and expense, upon the payment and performance in full of the Obligations, except, in the case of Liens encumbering the Borrowing Base Properties, to the extent that such Liens are carried forward to secure any credit facility which may be provided by, through or under Agent or any Bank which is used to refinance the Obligations. Borrower acknowledges that neither Agent, nor any Bank nor any of their Affiliates has provided any commitment for any such financing and that any election by Agent, any Bank or any of their Affiliates to provide any such financing shall be made in their sole and absolute discretion. Provided that no Default or Event of Default has occurred which is continuing, all of the Facility Guarantees (other than those executed by Subsidiaries of the Borrower) and all pledges of the issued and outstanding capital stock of Borrower and MSR shall be canceled and released upon the satisfaction of each of the following conditions: (a) a reduction in the Outstanding Credit to an amount equal or below the amount of the Conforming Borrowing Base, and (b) the execution and delivery by Borrower, Agent and each Bank of a letter agreement in form and substance acceptable to Agent and each Bank pursuant to which the Borrowing Base is reduced to the amount of the Conforming Borrowing Base then in effect.
Release of Guarantees and Collateral. If (i) any Guarantor or any of its successors in interest shall cease to be a Subsidiary as a result of a transaction permitted hereunder or (ii) if any Guarantor is merged, liquidated, dissolved or consolidated into another Guarantor or its assets are sold as permitted under the terms of the Loan Documents and, in the case of such liquidation, dissolution or sale the assets of such Guarantor or the proceeds thereof, as applicable, are distributed in accordance with the Loan Documents or, if the Loan Documents do not provide for such distribution, to (x) the Borrower or (y) the Subsidiary of the Borrower holding all of the Equity Interests of such Person or into which such Person is dissolved or liquidated, the Administrative Agent shall execute and deliver to the Borrower, at the Borrower’s expense, all documents that the Borrower shall reasonably request to evidence the release of such obligations of such Guarantor under the Guaranty and the Liens securing such obligations. 97 Chemtura (Term Loan) Credit Agreement IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written. CHEMTURA CORPORATION, as Borrower By: /s/ Xxxxxxx X. Xxxxxxx Name: Xxxxxxx X. Xxxxxxx Title: Executive Vice President and Chief Financial Officer BANK OF AMERICA, N.A., as Administrative Agent and Initial Lender By: /s/ Xxxxx X. Xxx, Xx. Name: Xxxxx X. Xxx, Xx. Title: Senior Vice President
Release of Guarantees and Collateral. Subject to the satisfaction of the Protective Conditions, all guarantees provided, or collateral posted, by Executive in respect of indebtedness of the Company and its affiliates, as set forth on Exhibit 3 (the “Guarantees” and the “Collateral,” respectively) shall be released by (a) the Company and its affiliates, and (b) all counter-parties thereto within ten (10) days following the Separation Date. Until such time as all Guarantees and Collateral as set forth on Exhibit 3, are released by the Company and all counter-parties thereto, the Company shall (a) indemnify and hold harmless Executive from and against any and all Claims (defined in Section 10.1 below) based upon, arising from or with respect to the Guarantees and the Collateral in accordance with Section 9 of this Separation Agreement, and (b) be the primary obligor of all such indebtedness and other obligations.
Release of Guarantees and Collateral. (a) A Guarantor shall be automatically released from its Transaction Guarantee in the circumstances set forth in Section 2(c) of the Guarantee Agreement.
