Common use of Release of Liability of Pledgor Clause in Contracts

Release of Liability of Pledgor. In the event that all of the capital stock or other Equity Interests of one or more Pledgors is sold or otherwise disposed of (except to any of the CBII Entities) or liquidated in compliance with the requirements of the Credit Agreement and the proceeds of such sale, disposition or liquidation are applied as permitted or required by the terms of the Credit Agreement, such Pledgor shall, upon consummation of such sale or other disposition, be released from this Pledge Agreement automatically and without further action and this Pledge Agreement shall, as to each such Pledgor, terminate, and have no further force or effect (it being understood and agreed that the sale of one or more Persons that own, directly or indirectly, all of the Equity Interests of any Pledgor shall be deemed to be a sale of such Pledgor for purposes of this Section 17.27).