Common use of Release of Subsidiary Guarantors; Substitution of Subsidiary Guarantors Clause in Contracts

Release of Subsidiary Guarantors; Substitution of Subsidiary Guarantors. Upon notice by the Company to each holder of a Note (which notice shall contain a certification by the Company as to the applicable matters specified below), a Subsidiary shall cease to be an Obligor under this Agreement (i) if such Subsidiary has been, or will be concurrently, liquidated, dissolved or otherwise disposed of, or otherwise ceases to exist by way of merger or otherwise, in each case to the extent not prohibited by this Agreement or (ii) in connection with the execution and delivery of a Joinder Agreement from a successor Subsidiary and compliance with Section 9.10, provided, that, both immediately before and after giving effect to any such release (and execution and delivery of such Joinder Agreement, if any) no Default or Event of Default shall have occurred and be continuing, or would have existed, on a pro forma basis, if such release (and Joinder Agreement, if any) had been effective as of the end of the most recent fiscal quarter. Notwithstanding anything to the contrary in this Agreement, no Subsidiary Guarantor will be released from its obligations as an Obligor under this Agreement unless concurrently with such release one or more replacement Subsidiary Guarantors are added to this Agreement pursuant to Section 9.10 that have total assets and earnings before interest, taxes, depreciation and amortization in each case no less than those of the Subsidiary Guarantor being released and are located in jurisdictions reasonably acceptable to the Required Holders.

Release of Subsidiary Guarantors; Substitution of Subsidiary Guarantors. (a) Upon notice by the Company to each holder of a Note the Issuing Bank (which notice shall contain a certification by the Company as to the applicable matters specified below), a Subsidiary Guarantor shall cease to be an Obligor under this Agreement (i) if such the Subsidiary Guarantor has been, been or will be concurrently, liquidated, dissolved or otherwise disposed of, or otherwise ceases to exist by way of merger or otherwise, in each case to the extent not prohibited by this Agreement the Financing Agreements or (ii) in connection with the execution and delivery of a Joinder Agreement from a successor Subsidiary and compliance with Section 9.10, ; provided, that, both immediately before and after giving effect to any such release (and execution and delivery of such Joinder Agreement, if any) no Default or Event of Default shall have occurred and be continuing, or would have existed, on a pro forma basis, if such release (and Joinder Agreement, if any) had been effective as of the end of the most recent fiscal quarter. Notwithstanding anything to the contrary in this Agreement, no Subsidiary Guarantor will be released from its obligations as an Obligor under this Agreement unless concurrently with such release one or more replacement Subsidiary Guarantor or Subsidiary Guarantors are added to this Agreement pursuant to Section 9.10 that have total assets and earnings before interest, taxes, depreciation and amortization in each case and total assets no less than those of the Subsidiary Guarantor being released and (ii) are located in jurisdictions reasonably acceptable to the Required Holders.Issuing Bank. UTi Worldwide Inc. Letter of Credit Agreement

Release of Subsidiary Guarantors; Substitution of Subsidiary Guarantors. (a) Upon notice by the Company Borrower to each holder of a Note the Lender (which notice shall contain a certification by the Company Borrower as to the applicable matters specified below), a Subsidiary Guarantor shall cease to be an Obligor under this Agreement if (i) if such the Subsidiary Guarantor has been, or will be concurrently, liquidated, dissolved or otherwise disposed of, or otherwise ceases to exist by way of merger or otherwise, in each case to the extent not prohibited by this Agreement the Loan Documents or (ii) in connection with the execution and delivery of a Joinder Agreement from a successor Subsidiary and compliance with Section 9.10, 6.13; provided, that, both immediately before and after giving effect to any such release (and execution and delivery of such Joinder Agreement, if any) no Default or Event of Default shall have occurred and be continuing, or would have existed, on a pro forma basis, if such release (and Joinder Agreement, if any) had been effective as of the end of the most recent fiscal quarter. Notwithstanding anything to the contrary in this Agreement, no Subsidiary Guarantor will be released from its obligations as an Obligor under pursuant to this Section 6.14(a) of this Agreement unless concurrently with such release one or more a replacement Subsidiary Guarantor or Subsidiary Guarantors is or are added to this Agreement pursuant to Section 9.10 6.13 that (i) has or have total assets and in the aggregate (A) earnings before interest, taxes, depreciation and amortization in each case and (B) total assets no less than those of the Subsidiary Guarantor being released released, and (ii) is or are located in one or more jurisdictions reasonably acceptable to the Required HoldersLender.

Release of Subsidiary Guarantors; Substitution of Subsidiary Guarantors. (a) Upon notice by the Company to each holder of a Note the Lender (which notice shall contain a certification by the Company as to the applicable matters specified below), a Subsidiary Guarantor shall cease to be an Obligor under this Agreement (i) if such the Subsidiary Guarantor has been, or will be concurrently, liquidated, dissolved or otherwise disposed of, or otherwise ceases to exist by way of merger or otherwise, in each case to the extent not prohibited by this Agreement the Financing Agreements or (ii) in connection with the execution and delivery of a Joinder Agreement from a successor Subsidiary and compliance with Section 9.10, ; provided, that, both immediately before and after giving effect to any such release (and execution and delivery of such Joinder Agreement, if any) no Default or Event of Default shall have occurred and be continuing, or would have existed, on a pro forma basis, if such release (and Joinder Agreement, if any) had been effective as of the end of the most recent fiscal quarter. Notwithstanding anything to the contrary in this Agreement, no Subsidiary Guarantor will be released from its obligations as an Obligor under this Agreement unless concurrently with such release one or more replacement Subsidiary Guarantor or Subsidiary Guarantors are added to this Agreement pursuant to Section 9.10 that (i) have total assets and earnings before interest, taxes, depreciation and amortization in each case and total assets no less than those of the Subsidiary Guarantor being released and (ii) are located in jurisdictions reasonably acceptable to the Required Holders.Lender. UTi Worldwide Inc. Nedbank Facilities Agreement