Common use of Release of Loan Parties Clause in Contracts

Release of Loan Parties. If, in compliance with the terms and provisions of the Loan Documents, all of the Capital Stock of any Guarantor are sold or otherwise transferred (a “Transferred Guarantor”) to a person or persons, none of which is the Borrower, a Guarantor or an Affiliate thereof, such Transferred Guarantor shall, upon the consummation of such sale or transfer, be automatically released from its obligations under this Agreement (including under Section 9.5of the Credit Agreement) and its obligations to pledge and grant any Collateral owned by it pursuant to any Security Document shall be automatically released, and, so long as the Borrower shall have provided the Administrative Agent such reasonable certifications or reasonable documents as the Administrative Agent shall reasonably request, the Administrative Agent shall take such actions as are necessary or reasonably requested by the Borrower to effect each release described in this Section 2.10 in accordance with the relevant provisions of the Security Documents.

Release of Loan Parties. If, in compliance with the terms and provisions of the Loan Documents, all of the Capital Stock Equity Interests of any Guarantor are sold sold, conveyed, assigned, disposed of, distributed or otherwise transferred (a “Transferred Guarantor”) to a person or persons, none of which is the Borrower, a Guarantor or an Affiliate thereof, such Transferred Guarantor shall, upon the consummation of such sale or transfer, be automatically released from its obligations under this Agreement (including under Section 9.5of the Credit Agreement10.03) and its obligations to pledge and grant any Collateral owned by it pursuant to any Security Document shall be automatically released, and, so long as the Borrower shall have provided the Administrative Agent Agents such reasonable certifications or reasonable documents as the Administrative any Agent shall reasonably request, the Administrative Agent shall take such actions as are necessary or reasonably requested by the Borrower to effect each release described in this Section 2.10 7.10 in accordance with the relevant provisions of the Security Documents.