Release of Unencumbered Property Owners as Subsidiary Guarantors Sample Clauses

Release of Unencumbered Property Owners as Subsidiary Guarantors. Provided no Default or Event of Default shall have occurred and be continuing (or would exist immediately after giving effect to the transactions contemplated by this Section 5.11(b)), in the event that (1) all Unencumbered Properties owned by such Subsidiary Guarantor have been removed from the Unencumbered Pool, and (2) such Subsidiary Guarantor will not, upon giving effect to such requested release, be a guarantor of or otherwise liable with respect to any other Unsecured Debt of the Borrower or any of its Subsidiaries, then such Subsidiary Guarantor shall be released by the Administrative Agent from liability under this Agreement and the other Loan Documents to which it is a party.