Common use of Release upon Sale Clause in Contracts

Release upon Sale. Upon any sale of any Guarantor permitted by this Agreement, such Guarantor (a) be released from its obligations as a Guarantor hereunder, (b) all Liens securing such Guaranty shall automatically be terminated and released and (c) the Administrative Agent will, at the expense of said Guarantor, execute and deliver such documents as are reasonably necessary to evidence said releases and terminations, following written request from the Borrower and receipt by the Administrative Agent of a certificate from the Borrower certifying no Default or Event of Default exists.

Release upon Sale. Upon any sale of any Guarantor permitted by this Agreement, such Guarantor (a) such Guarantor shall be released from its obligations as a Guarantor hereunder, (b) all Liens securing granted by such Guaranty Guarantor to secure its Guarantee shall automatically be terminated and released and (c) the Administrative Agent will, at the expense of said Guarantorthe Parent, execute and deliver such documents as are reasonably necessary to evidence said releases and terminations, following written request from the Borrower Parent and receipt by the Administrative Agent of a certificate from the Borrower a Financial Officer certifying that no Default or Event of Default exists.