Common use of Releases of Subsidiary Guarantees Clause in Contracts

Releases of Subsidiary Guarantees. In the event of (i) a sale or other disposition of all of the assets of any Guarantor, by way of merger, consolidation or otherwise or (ii) a sale or other disposition of all of the Capital Stock of any Guarantor, such Guarantor (in the event of a sale or other disposition, by way of such a merger, consolidation, distribution or otherwise, of all of the Capital Stock of such Guarantor) or the corporation acquiring the property (in the event of a sale or other disposition of all of the assets of such Guarantor) will be released and relieved of any obligations under its Subsidiary Guarantee; provided that the net proceeds of such sale or other disposition shall be applied in accordance with the provisions of Section 8.05 hereof. Any Guarantor not released from its obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Series A Notes and for the other obligations of any Guarantor under this Agreement as provided in this Section 12.

Releases of Subsidiary Guarantees. In the event of (i) a sale or other disposition of all or substantially all of the assets of any Guarantor, by way of merger, consolidation or otherwise or in a transaction that complies with the provisions of section 14.3, (ii) a sale or other disposition of all of the Capital Stock capital stock of any GuarantorGuarantor or (iii) a distribution of all of the capital stock of any Guarantor to shareholders of the Company in a transaction that complies with the provisions of Section 8.2, such Guarantor (in the event of a sale or other disposition, by way of such a merger, consolidation, distribution or otherwise, of all of the Capital Stock capital stock of such Guarantor) or the corporation entity acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guarantor) will be released and relieved of any obligations under its such Guarantor’s Subsidiary Guarantee; provided that the net proceeds Net Cash Proceeds of such sale or other disposition shall be applied in accordance with the provisions of Section 8.05 8.5 hereof. Any Guarantor not released from its obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Series A Notes and for the other obligations of any Guarantor under this Agreement as provided in this Section 12Notes.