Release of Certain Guarantors. Provided no Default or Event of Default shall have occurred and be continuing (or would exist immediately after giving effect to the transactions contemplated by this §5.6(a)), in the event that all Borrowing Base Assets owned directly or indirectly by a Subsidiary Guarantor have been removed from the calculation of Borrowing Base Availability in accordance with this Agreement and shall have been released as Collateral for the Obligations and Hedge Obligations in accordance with the terms of this Agreement, then such Subsidiary Guarantor shall be released by Agent from liability under this Agreement and the Guaranty. The provisions of this §5.6 shall not apply to Borrower or REIT.
Appears in 3 contracts
Sources: Credit Agreement (Jernigan Capital, Inc.), Credit Agreement (Jernigan Capital, Inc.), Credit Agreement (Jernigan Capital, Inc.)