Common use of Release of Loan Guarantors Clause in Contracts

Release of Loan Guarantors. (a) A Loan Guarantor shall automatically be released from its obligations under this Guaranty upon the consummation of any transaction permitted by this Agreement as a result of which such Loan Guarantor ceases to be a Subsidiary; provided that, if so required by this Agreement, the Required Lenders shall have consented to such transaction and the terms of such consent shall not have provided otherwise. In connection with any termination or release pursuant to this Section, the Administrative Agent shall (and is hereby irrevocably authorized by each Lender to) execute and deliver to any Loan Party, at such Loan Party’s expense, all documents that such Loan Party shall reasonably request to evidence such termination or release. Any execution and delivery of documents pursuant to this Section shall be without recourse to or warranty by the Administrative Agent. (b) Upon Payment in Full of all Secured Obligations, this Guaranty and all obligations (other than those expressly stated to survive such termination) of each Loan Guarantor hereunder shall automatically terminate, all without delivery of any instrument or performance of any act by any Person.

Release of Loan Guarantors. (a) A Loan Subsidiary Guarantor shall automatically be released from its obligations under this the Loan Guaranty upon the consummation of any transaction permitted by this Agreement as a result of which such Loan Subsidiary Guarantor ceases to be a Subsidiary; provided that, if so required by this Agreement, the Required Lenders shall have consented to such transaction and the terms of such consent shall not have provided otherwise. In connection with any termination or release pursuant to this Section, the Administrative Agent shall (and is hereby irrevocably authorized by each Lender to) execute and deliver to any Loan Party, at such Loan Party’s expense, all documents that such Loan Party shall reasonably request to evidence such termination or release. Any execution and delivery of documents pursuant to this Section shall be without recourse to or warranty by the Administrative Agent. (b) Upon Payment in Full of all Secured Obligations, this the Loan Guaranty and all obligations (other than those expressly stated to survive such termination) of each Loan Guarantor hereunder thereunder shall automatically terminate, all without delivery of any instrument or performance of any act by any Person.