Common use of Discharge of Guaranty Upon Sale of Guarantor Clause in Contracts

Discharge of Guaranty Upon Sale of Guarantor. If all of the equity Securities of any Guarantor or any of its successors in interest hereunder shall be sold or otherwise disposed of (including by merger or consolidation) in accordance with terms and conditions hereof, the Guaranty of such Guarantor or such successor in interest, as the case may be, hereunder shall automatically be discharged and released without any further action by any Beneficiary or any other Person effective as of the time of such Asset Sale; provided, as a condition precedent to such discharge and release, Global Agent shall have received evidence satisfactory to it that arrangements satisfactory to it have been made for delivery to Global Agent of the applicable Net Asset Sale Proceeds of such disposition pursuant to Section 2.13(a).

Discharge of Guaranty Upon Sale of Guarantor. If all of the equity Securities Capital Stock of any Guarantor or any of its successors in interest hereunder shall be sold or otherwise disposed of (including by merger or consolidation) in accordance with the terms and conditions hereof, the Guaranty of such Guarantor or such successor in interest, as the case may be, hereunder shall automatically be discharged and released without any further action by any Beneficiary or any other Person effective as of the time of such Asset Sale; provided, as a -------- condition precedent to such discharge and release, Global Administrative Agent shall have received evidence satisfactory to it that arrangements satisfactory to it have been made for delivery to Global Administrative Agent of the applicable Net Asset Sale Proceeds of such disposition pursuant to Section 2.13(a2.12(a).

Discharge of Guaranty Upon Sale of Guarantor. If all of the equity Securities Capital Stock of any Guarantor or any of its successors in interest hereunder shall be sold or otherwise disposed of (including by merger or consolidation) in accordance with the terms and conditions hereof, the Guaranty of such Guarantor or such successor in interest, as the case may be, hereunder shall automatically be discharged and released without any further action by any Beneficiary or any other Person effective as of the time of such Asset Sale; provided, as a condition precedent to such discharge and release, Global the Administrative Agent shall have received 84 evidence satisfactory to it that arrangements satisfactory to it have been made for delivery to Global the Administrative Agent of the applicable Net Asset Sale Proceeds of such disposition pursuant to Section 2.13(a2.12(a).

Discharge of Guaranty Upon Sale of Guarantor. If all of the equity Securities Capital Stock of any Guarantor that is a Subsidiary of Company or any of its successors in interest hereunder shall be sold or otherwise disposed of (including by merger or consolidation) in accordance with the terms and conditions hereof, the Guaranty of such Guarantor or such successor in interest, as the case may be, hereunder shall automatically be discharged and released without any further action by any Beneficiary or any other Person effective as of the time of such Asset Sale; provided, as a condition precedent to such -------- discharge and release, Global Administrative Agent shall have received evidence satisfactory to it that arrangements satisfactory to it have been made for delivery to Global Administrative Agent of the applicable Net Asset Sale Proceeds of such disposition pursuant to Section 2.13(a2.12(a).

Discharge of Guaranty Upon Sale of Guarantor. If all of the equity Securities Capital Stock of any Guarantor or any of its successors in interest hereunder shall be sold or otherwise disposed of (including by merger or consolidation) in accordance with the terms and conditions hereof, the Guaranty of such Guarantor or such successor in interest, as the case may be, hereunder shall automatically be discharged and released without any further action by any Beneficiary or any other Person effective as of the time of such Asset Sale; provided, as a condition precedent to such discharge Subsidiaries -------- to modify current operations in a manner that could reasonably be expected to subject Holdings or any of its and release, Global Administrative Agent shall have received evidence satisfactory to it that arrangements satisfactory to it have been made for delivery to Global Administrative Agent of the applicable Net Asset Sale Proceeds of such disposition pursuant to Section 2.13(a2.12(a).

Discharge of Guaranty Upon Sale of Guarantor. If all of the equity Securities of any Guarantor or any of its successors in interest hereunder shall be sold or otherwise disposed of (including by merger or consolidation) in accordance with the terms and conditions hereof, the Guaranty of such Guarantor or such successor in interest, as the case may be, hereunder shall automatically be discharged and released without any further action by any Beneficiary or any other Person effective as of the time of such Asset Sale; provided, provided that as a condition precedent to such discharge and release, Global Administrative Agent shall have received evidence satisfactory to it that arrangements satisfactory to it have been made for delivery to Global Administrative Agent of the applicable Net Asset Sale Proceeds of such disposition pursuant to Section 2.13(a).

Discharge of Guaranty Upon Sale of Guarantor. If all of the equity Securities stock of any Guarantor or any of its successors in interest hereunder under this Guaranty shall be sold or otherwise disposed of (including by merger or consolidation) in accordance with terms and conditions hereofa transaction permitted by subsection 6.6 of the DIP Credit Agreement or otherwise consented to by Required Lenders, the Guaranty of such Guarantor or such successor in interest, as the case may be, hereunder shall automatically be discharged and released without any further action by Agent or any Beneficiary Lender or any other Person effective as of the time of such Asset Salesale or disposition; providedprovided that, as a condition precedent to such discharge and release, Global Agent shall have received evidence satisfactory to it that arrangements satisfactory to it have been made for delivery to Global Agent of the applicable Net Asset Sale Cash Proceeds of such disposition pursuant to Section 2.13(a)sale or disposition. SECTION 3.

Discharge of Guaranty Upon Sale of Guarantor. If all of the equity Securities of any Guarantor or any of its successors in interest hereunder shall be sold or otherwise disposed of (including by merger or consolidation) in accordance with the terms and conditions hereof, the Guaranty of such Guarantor or such successor in interest, as the case may be, hereunder shall automatically be discharged and released without any further action by any Beneficiary or any other Person effective as of the time of such Asset Sale; provided, as a condition precedent to such discharge and release, Global Administrative Agent shall have received evidence satisfactory to it that arrangements satisfactory to it have been made for delivery to Global Agent of the applicable Net Asset Sale Proceeds of such disposition pursuant to compliance with Section 2.13(a)2.10.

Discharge of Guaranty Upon Sale of Guarantor. If all of the equity Securities Capital Stock of any Guarantor that is a Subsidiary of Company or any of its successors in interest hereunder shall be sold or otherwise disposed of (including by merger or consolidation) in accordance with the terms and conditions hereof, the Guaranty of such Guarantor or such successor in interest, as the case may be, hereunder shall automatically be discharged and released without any further action by any Beneficiary or any other Person effective as of the time of such Asset Sale; provided, as a condition precedent to such discharge and release, Global Administrative Agent shall have received evidence satisfactory to it that arrangements satisfactory to it have been made for delivery to Global Administrative Agent of the applicable Net Asset Sale Proceeds of such disposition pursuant to Section 2.13(a2.12(a).