Cancellation of Notes; Discharge of Borrowers' and Guarantor's Obligations

Example Definitions of "Cancellation of Notes; Discharge of Borrowers' and Guarantor's Obligations"
Cancellation of Notes; Discharge of Borrowers' and Guarantor's Obligations. After the date hereof, the Lender shall promptly deliver the Note to the Borrowers and the Borrowers shall cancel the Note. The Lender hereby: (i) acknowledges that no unpaid amounts remain payable by the Borrowers or the Guarantor to or on behalf of the Lender pursuant to the Transaction Documents; (ii) releases (A) its security interest in any and all Collateral granted under the Security Agreement and other Security Documents, and (B) to the Borrowers without recourse and without any... representation or warranty of any kind, all right, title and interest, if any, in and to any and all Collateral; (iii) agrees that its interests under the Transaction Documents shall and hereby do terminate; and (iv) cancels and discharges any and all of the Borrowers' respective liabilities related to the Note or any and all obligations and liabilities owed to the Lender under the other Transaction Documents; provided, however, that the Lender acknowledges and agrees that in accordance with Section 12.05 of the Credit Agreement, the provisions of Sections 5.09, 5.10 and 12.03 and Article XI of the Credit Agreement shall survive and remain in full force and effect notwithstanding the termination of the Credit Agreement and the other Transaction Documents. View More
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