Common use of Termination of Existing Guarantees Clause in Contracts

Termination of Existing Guarantees. To the extent any letter of credit issued outside this Agreement by any Issuing Lender or any Affiliate thereof becomes a Letter of Credit hereunder pursuant to paragraph (a) or (b) above, any guarantees provided by the Company, any Loan Party or any Applicable Account Party to such Issuing Lender or such Affiliate in respect of such Existing Letters of Credit or Designated Letters of Credit, as applicable, shall automatically terminate with respect to such Existing Letters of Credit or Designated Letters of Credit, as applicable, on the Closing Date or the applicable Designation Date, as the case may be, and be of no further force or effect. Additionally, any collateral provided by the Company, any Loan Party or any Applicable Account Party with regard to such Existing Letters of Credit or Designated Letters of Credit (other than, prior to the Collateral Release Date, the Collateral) shall be released and returned to the Company or such Applicable Account Party on the Closing Date or the applicable Designation Date, as the case may be. For the avoidance of doubt, this paragraph (c) shall have no effect on the Guarantee or the Security Documents.

Termination of Existing Guarantees. To the extent any letter of credit issued outside this Agreement by any Issuing Lender or any Affiliate thereof becomes a Letter of Credit hereunder pursuant to paragraph (a) or (b) above, any guarantees provided by the Company, any Loan Party or any Applicable Account Party to such Issuing Lender or such Affiliate in respect of such Existing Letters of Credit or Designated Letters of Credit, as applicableapplicable (other than any such existing guarantee provided by the Company under the Existing Three Year Credit Agreement), shall automatically terminate with respect to such Existing Letters of Credit or Designated Letters of Credit, as applicable, on the Closing Date or the applicable Designation Date, as the case may be, and be of no further force or effect. Additionally, any collateral provided by the Company, any Loan Party or any Applicable Account Party with regard to such Existing Letters of Credit or Designated Letters of Credit (other than, prior to the Collateral Release Date, the Collateral) shall be released and returned to the Company or such Applicable Account Party on the Closing Date or the applicable Designation Date, as the case may be. For the avoidance of doubt, this paragraph (c) shall have no effect on the Guarantee or the Security Documents.

Termination of Existing Guarantees. To the extent any letter of credit issued outside this Agreement by any Issuing Lender or any Affiliate affiliate thereof becomes a Letter of Credit hereunder pursuant to paragraph (a) or (b) above, any guarantees provided by the Company, any Loan Party or any Applicable Account Party to such Issuing Lender or such Affiliate affiliate in respect of such Existing Letters of Credit or Designated Letters of Credit, as applicableapplicable (other than any such existing guarantee provided by the Company under the Existing Three Year Credit Agreement), shall automatically terminate with respect to such Existing Letters of Credit or Designated Letters of Credit, as applicable, on the Closing Date or the applicable Designation Date, as the case may be, and be of no further force or effect. Additionally, any collateral provided by the Company, any Loan Party or any Applicable Account Party with regard to such Existing Letters of Credit or Designated Letters of Credit (other than, prior to the Collateral Release Date, the Collateral) shall be released and returned to the Company or such Applicable Account Party on the Closing Date or the applicable Designation Date, as the case may be. For the avoidance of doubt, this paragraph (c) shall have no effect on the Guarantee or the Security Documents.