Common use of Resignation of a Debtor Clause in Contracts

Resignation of a Debtor. (a) The Parent may request that a Debtor ceases to be a Debtor by delivering to the Collateral Agent a Debtor Resignation Request. (b) The Collateral Agent shall accept a Debtor Resignation Request and notify the Parent and each other Party of its acceptance if: (i) the Parent has confirmed that no Default is continuing or would result from the acceptance of the Debtor Resignation Request; (ii) the Agent notifies the Collateral Agent that that Debtor is not, or has ceased to be, a Borrower or a Guarantor; and (iii) the Parent confirms that that Debtor is under no actual or contingent obligations in respect of the Intra-Group Liabilities (and the same is true). (c) Upon notification by the Collateral Agent to the Parent of its acceptance of the resignation of a Debtor, that member of the Group shall cease to be a Debtor and shall have no further rights or obligations under this Deed as a Debtor.