Common use of Resignation of a Guarantor Clause in Contracts

Resignation of a Guarantor. (a) The Parent may request that a Guarantor (other than the Parent) ceases to be a Guarantor by delivering to the Facility Agent a duly completed Resignation Request. (b) The Facility Agent shall accept a Resignation Request and notify the Parent and the Lenders of its acceptance if: (i) the Parent has confirmed that no Default is continuing or would result from the acceptance of the Resignation Request; (ii) all the Lenders have consented to the Parent’s request; (iii) no payment is due from the Guarantor under Clause 16.1 (Guarantee and indemnity); and (iv) where the Guarantor is also a Borrower, it is under no actual or contingent obligations as a Borrower and has resigned and ceased to be a Borrower under Clause 28.3 (Resignation of a Borrower).

Resignation of a Guarantor. (a) The Parent Company may request that a Guarantor (other than the Parent) ceases to be a Guarantor by delivering to the Facility Agent a duly completed Resignation RequestLetter. (b) The Facility Agent shall accept a Resignation Request Letter and notify the Parent Company and the Lenders of its acceptance if: (i) the Parent has confirmed that no Default is continuing or would result from the acceptance of the Resignation RequestLetter (and the Company has confirmed this is the case); (ii) all the Lenders have consented to the Parent’s request; (iii) no payment is due from the Guarantor under Clause 16.1 (Guarantee and indemnity); and (iv) where the Guarantor is also a Borrower, it is under no actual or contingent obligations as a Borrower and has resigned and ceased to be a Borrower under Clause 28.3 29.3 (Resignation of a Guarantor); and (iii) (A) the relevant Guarantor is not required to comply with the Guarantor Coverage requirement or (B) all the Lenders have consented to the Company's request, whereupon that person shall cease to be a Borrower and shall have no further rights or obligations under the Finance Documents as a Borrower).

Resignation of a Guarantor. (a) The Parent may request that a Guarantor (other than the Parent) ceases to be a Guarantor by delivering to the Facility Agent a duly completed Resignation RequestLetter. (b) The Facility Agent shall accept a Resignation Request Letter and notify the Parent and the Lenders of its acceptance if: (i) the Parent has confirmed that no Default is continuing or would result from the acceptance of the Resignation Request; Letter (ii) all and the Lenders have consented to Parent has confirmed this is the Parent’s request; (iii) no payment is due from the Guarantor under Clause 16.1 (Guarantee and indemnitycase); and (ivii) where the Guarantor is also a Borrower, it is under no actual or contingent obligations as a Borrower and has resigned and ceased (or will on the same date resign and cease) to be a Borrower under Clause 28.3 24.5 (Resignation of a Borrower), whereupon that company shall cease to be a Guarantor and shall have no further rights or obligations under the Finance Documents.

Resignation of a Guarantor. (a) The Parent may request that a Guarantor (other than the Parent) ceases to be a Guarantor by delivering to the Facility Agent a duly completed Resignation RequestLetter. (b) The Facility Agent shall accept a Resignation Request Letter and notify the Parent and the Lenders of its acceptance if: (i) the Parent has confirmed that no Default is continuing or would result from the acceptance of the Resignation Request; Letter (ii) all and the Lenders have consented to Parent has confirmed this is the Parent’s request; (iii) no payment is due from the Guarantor under Clause 16.1 (Guarantee and indemnitycase); and (ivii) where the Guarantor is also a Borrower, it is under no actual or contingent obligations as a Borrower and has resigned and ceased (or will on the same date resign and cease) to be a Borrower under Clause 28.3 23.5 (Resignation of a Borrower), whereupon that company shall cease to be a Guarantor and shall have no further rights or obligations under the Finance Documents.