Common use of Releases of Guarantors Clause in Contracts

Releases of Guarantors. (a) Notwithstanding any contrary provision herein or in any other Loan Document, if the Company shall request the release under the Guarantee Agreement of any Guarantor that shall have been sold in or disposed of (or will, simultaneously with such release, be sold or disposed of) to a Person or Persons (other than the Company and the Subsidiaries) pursuant to any transaction permitted hereby and shall deliver to the Administrative Agent a certificate to the effect that such sale complied or will comply with the terms of this Agreement, the Administrative Agent, if satisfied in its reasonable judgment that the applicable certificate is correct, shall, without the consent of any Lender, execute and deliver all such releases and other instruments, and take all such further actions, as shall be necessary to effect the release of such Guarantor.

Releases of Guarantors. (a) Notwithstanding any contrary provision herein or in any other Loan Document, if the Company shall request the release under the Guarantee Agreement of any Guarantor that shall have been sold in or disposed of (or will, simultaneously with such release, be sold or disposed of) to a Person or Persons (other than the Company and the Subsidiaries) pursuant to the Pharmerica Spin-Off or any other transaction permitted hereby and shall deliver to the Administrative Agent a certificate to the effect that such sale complied or will comply with the terms of this Agreement, the Administrative Agent, if satisfied in its reasonable judgment that the applicable certificate is correct, shall, without the consent of any Lender, execute and deliver all such releases and other instruments, and take all such further actions, as shall be necessary to effect the release of such Guarantor.