Common use of Partial Releases Clause in Contracts

Partial Releases. If any of the Collateral shall be sold, transferred or otherwise disposed of by any Obligor in a transaction permitted by the Credit Agreement, then the Administrative Agent, at the request and sole expense of such Obligor, shall promptly execute and deliver to such Obligor all releases or other documents reasonably necessary or desirable for the release of the Liens created hereby on such Collateral. At the request and sole expense of the Borrowers, a Guarantor shall be released from its obligations hereunder in the event that all the Equity Interests of such Guarantor shall be sold, transferred or otherwise disposed of in a transaction permitted by the Credit Agreement; provided that the Borrowers shall have delivered to the Administrative Agent, at least ten (10) Business Days prior to the date of the proposed release, a written request of a Responsible Officer of the Borrowers for release identifying the relevant Guarantor and the terms of the sale or other disposition in reasonable detail, including the price thereof and any expenses in connection therewith, together with a certification by the Borrowers stating that such transaction is in compliance with the Credit Agreement and the other Guaranteed Documents.

Partial Releases. If any of the Collateral shall be sold, transferred or otherwise disposed of by any Obligor Grantor in a transaction permitted by the Credit Agreement, then the Administrative Agent, at the request and sole expense of such ObligorGrantor, shall promptly execute and deliver to such Obligor Grantor all releases or other documents reasonably necessary or desirable for the release of the Liens created hereby on such CollateralCollateral and the capital stock of such Grantor. At the request and sole expense of the BorrowersBorrower, a Guarantor Grantor shall be released from its obligations hereunder in the event that all the Equity Interests capital stock of such Guarantor Grantor shall be sold, transferred or otherwise disposed of in a transaction permitted by the Credit Agreement; provided that the Borrowers Borrower shall have delivered to the Administrative Agent, at least ten (10) Business Days prior to the date of the proposed release, a written request of a Responsible Officer of the Borrowers for release identifying the relevant Guarantor Grantor and the terms of the sale or other disposition in reasonable detail, including the price thereof and any expenses in connection therewith, together with a certification by the Borrowers Borrower stating that such transaction is in compliance with the Credit Agreement and the other Guaranteed Loan Documents.

Partial Releases. If any of the Collateral shall be sold, transferred or otherwise disposed of by any Obligor Grantor in a transaction permitted by the Credit Term Loan Agreement, then the Administrative Agent, at the request and sole expense of such ObligorGrantor, shall promptly execute and deliver to such Obligor Grantor all releases or other documents reasonably necessary or desirable for the release of the Liens created hereby on such Collateral. At the request and sole expense of the BorrowersBorrower, a Guarantor shall be released from its obligations hereunder in the event that all the Equity Interests of such Guarantor shall be sold, transferred or otherwise disposed of in a transaction permitted by the Credit Term Loan Agreement; provided that the Borrowers Borrower shall have delivered to the Administrative Agent, at least ten (10) fifteen Business Days prior to the date of the proposed release, a written request of a Responsible Officer of the Borrowers for release identifying the relevant Guarantor and the terms of the sale or other disposition in reasonable detail, including the price thereof and any expenses in connection therewith, together with a certification by the Borrowers Borrower stating that such transaction is in compliance with the Credit Term Loan Agreement and the other Guaranteed Loan Documents.

Partial Releases. If any of the Collateral shall be sold, transferred or otherwise disposed of by any Obligor Grantor in a transaction permitted by the Credit Agreement, then the Administrative Agent, at the request and sole expense of such ObligorGrantor, shall promptly execute and deliver to such Obligor Grantor all releases or other documents reasonably necessary or desirable for the release of the Liens created hereby on such Collateral. At the request and sole expense of the BorrowersBorrower, a Guarantor shall be released from its obligations hereunder in the event that all the Equity Interests of such Guarantor shall be sold, transferred or otherwise disposed of in a transaction permitted by the Credit Agreement; provided that the Borrowers Borrower shall have delivered to the Administrative Agent, at least ten (10) fifteen Business Days prior to the date of the proposed release, a written request of a Responsible Officer of the Borrowers for release identifying the relevant Guarantor and the terms of the sale or other disposition in reasonable detail, including the price thereof and any expenses in connection therewith, together with a certification by the Borrowers Borrower stating that such transaction is in compliance with the Credit Agreement and the other Guaranteed Loan Documents.

Partial Releases. If any of the Collateral shall be sold, transferred or otherwise disposed of by any Obligor in a transaction permitted by the Credit AgreementAgreement to a Person that is not, and is not required to be, an Obligor, then the Administrative Agent, at the request and sole expense of such Obligor, shall promptly (but in any event within ten (10) Business Days of receipt by the Agent of a written notice from the Borrower with respect to such disposition) execute and deliver to such Obligor all releases or other documents reasonably necessary or desirable for the release of the Liens created hereby on such Collateral. At the request and sole expense of the BorrowersBorrower, a Guarantor shall be released from its obligations hereunder in the event that all the Equity Interests of such Guarantor shall be sold, transferred or otherwise disposed of in a transaction permitted by the Credit AgreementAgreement to a Person that is not, and is not required to be, an Obligor; provided that the Borrowers Borrower shall have delivered to the Administrative Agent, at least ten (10) Business Days prior to the date of the proposed release, a written request of a Responsible Officer of the Borrowers Borrower for release identifying the relevant Guarantor and the terms of the sale or other disposition in reasonable detail, including the price thereof and any expenses in connection therewith, together with a certification by the Borrowers Borrower stating that such transaction is in compliance with the Credit Agreement and the other Guaranteed Loan Documents.