Releases of Guaranties. (a) Notwithstanding anything to the contrary contained herein or in any other Loan Document, the Administrative Agent is hereby irrevocably authorized by each Lender (without requirement of notice to or consent of any Lender except as expressly required by Section 9.02) to take any action requested by the Borrower having the effect of releasing any guarantee obligations (i) to the extent necessary to permit consummation of any transaction not prohibited by any Loan Document or that has been consented to in accordance with Section 9.02 or (ii) under the circumstances described in paragraphs (b) and (c) below.
Releases of Guaranties. Notwithstanding anything to the contrary contained herein or in any other Loan Document, the Administrative Agent is hereby irrevocably authorized by each Lender (without requirement of notice to or consent of any Lender except as expressly required by Section 9.02) to take any action requested by the Borrower having the effect of releasing any guarantee obligations (i) to the extent necessary to permit consummation of any transaction not prohibited by any Loan Document or that has been consented to in accordance with Section 9.02 or (ii) under the circumstances described in paragraphs (b) and (c) below. ny-11773361177179 At such time as the Loans and the other Obligations shall have been paid in full, the Commitments have been terminated and no Letters of Credit shall be outstanding, the Guarantors shall be released from their obligations under the Guaranties (other than those expressly stated to survive such termination), all without delivery of any instrument or performance of any act by any Person. If the Borrower achieves two (2) Investment Grade Ratings, the Subsidiary Guarantors shall be released from their obligations under the Subsidiary Guaranty (other than those expressly stated to survive such termination) and the Material Subsidiaries of the Borrower shall not be required to provide a Subsidiary Guaranty, except that any Subsidiary of the Borrower that (x) owns or ground leases any Real Estate Asset that qualifies as an Unencumbered Property or owns any Mortgage Note that is included in the computation of Unencumbered Asset Value and (y) is liable for any Recourse Indebtedness (whether secured or unsecured, and including any guarantee obligations in respect of indentures or otherwise) shall nonetheless be required to be a Subsidiary Guarantor and to provide a Subsidiary Guaranty in order for each Real Estate Asset owned or ground leased by such Subsidiary to be treated as an Unencumbered Property and each Mortgage Note owned by such Subsidiary to be included in the computation of Unencumbered Asset Value.
Releases of Guaranties. To the extent not accomplished prior to Closing, the Buying Parties shall use their reasonable best efforts to effect the termination or release of each of the personal guarantees or collateral pledged by any member of PlayStream that are set forth in Section 4(ee) of the PlayStream Disclosure Schedule (the "Member Guarantees"). For purposes of clarification, the Buying Parties' "reasonable best efforts" shall not include prepayment of any capital lease or other obligations secured by such Member Guarantees (other than obligations to Lexington State Bank). Notwithstanding anything in this Agreement to the contrary, the Buying Parties shall indemnify and reimburse in full any member of PlayStream that is required to make any payment or suffers any loss in connection with a Member Guarantee.
Releases of Guaranties. Notwithstanding anything to the contrary contained herein or in any other Loan Document, the Agent is hereby irrevocably authorized by each Lender (without requirement of notice to or consent of any Lender except as expressly required by Section 9.01) to take any action requested by Borrower having the effect of releasing any guarantee obligations to the extent necessary to permit consummation of any transaction not prohibited by any Loan Document or that has been consented to in accordance with Section 9.01, provided that releases of Guarantors must comply with Section 5.07 unless otherwise consented to by the Lenders in accordance with Section 9.01.
Releases of Guaranties. Within sixty (60) days after the Closing Date, Buyer shall take all necessary steps to cause Carlxxxx xx be released from any agreements it may have as guarantor, codebtor, cosigner or surety for or in connection with the Company or its obligations, provided that such obligations are reflected in the Financial Statements or Schedule 6.10 hereto, and Buyer shall defend and indemnify Carlxxxx xxxinst any and all claims, demands, liabilities, costs, and damages under any such agreements. The failure of Buyer to obtain the releases required by this Section 6.10 within the specified sixty (60) day period shall constitute an event of default under the Promissory Note.
