Automatic Release Clause Samples

Automatic Release. As provided in Section 9.02 of the Credit Agreement, a Guarantor shall be automatically released from its obligations under this Guarantee upon the satisfaction of the conditions set forth therein.

Automatic Release. All Liens in the Collateral and all Guarantees granted under any Loan Document shall automatically terminate and be released on the Date of Full Satisfaction. If any Collateral (i) is the subject of a Disposition (other than to another Loan Party) which is permitted under Section 6.05 or (ii) becomes an Excluded Asset (other than Excluded Assets pursuant to clauses (i) or (k) of the definition thereof and/or clause (b) of the definition of “Excluded Equity Interests”), the Liens in such Collateral granted under the Loan Documents shall automatically terminate and such Collateral will be (in the case of a Disposition, when disposed of) free and clear of all such Liens.

Automatic Release. If the Escrowed Shares, or any part thereof, (collectively, the "Remaining Balance"), has not been otherwise released by the Escrow Agent pursuant to Section 4.1 by 5:00 p.m. on the Termination Date, then the Escrow Agent shall at 12:00 noon on the following Business Day release and deliver the Remaining Balance to Macnor and thereby be forever released from any and all obligations or liabilities in respect thereof.

Automatic Release. If any Obligor sells any Collateral which is permitted to be disposed of under Section 8.05, the Liens in the Collateral granted to the Agent under the Basic Document shall automatically terminate and the Collateral will be disposed of free and clear of all Liens of the Agent.

Automatic Release. If any Collateral (i) is the subject of a Disposition (other than to another Loan Party) which is permitted under Section 6.05 or (ii) becomes an Excluded Asset (other than Excluded Assets pursuant to clauses (i) or (k) of the definition thereof and/or clause (b) of the definition of “Excluded Equity Interests”) , the Liens in such Collateral granted under the Loan Documents shall automatically terminate and such Collateral will be (in the case of a Disposition, when disposed of) free and clear of all such Liens.

Automatic Release. The Charged Assets shall be immediately and automatically released from the IM-Security Interest upon (a) the occurrence of the Final Security Release Date, the Parties complying with their respective obligations under Clause 11(3) (Final release) and the effective transfer of all Charged Assets in accordance with such instructions; or (b) the Single Pledgor Pledged Account Agreement having been terminated in accordance with its terms and the transfer of the Charged Assets in accordance with its terms.

Automatic Release. If the Borrower sells any Collateral which is permitted to be disposed of under all of the Transaction Documents and the Borrower complies with the terms of the Transaction Documents, the Collateral will be disposed of free and clear of all Liens of the Collateral Agent.

Automatic Release. (a) Upon the occurrence of the Separation Date, (i) the Guaranties provided by the Separation Date Guarantors will automatically be released and (ii) the security interest granted hereunder and/or under any Other Document by the Separation Date Guarantors will automatically be released, including all such Liens in favor of, or held by, the Agent, and, in each case, each of the Lenders hereby consents to each such release and authorizes the Agent to take all such actions reasonably necessary to give effect to each such release. (b) Upon (i) the Disposition of any Collateral (including Aircraft Collateral, or other assets subject to the Agent’s Lien that do not necessarily constitute Collateral hereunder) permitted to be Disposed pursuant to Section 7.1(b) or (ii) any Aircraft Collateral (or other assets subject to the Agent’s Lien that do not necessarily constitute Aircraft Collateral hereunder) becomes (x) subject to a Permitted Encumbrance relating to Permitted Indebtedness incurred pursuant to any of clauses (k) or (o) of the definition of Permitted Indebtedness or (y) Excluded Property, in either case of clause (i) or (ii) and subject to satisfaction of any required conditions to such Disposition with respect clause (i) (if any), the Lien securing the Obligation hereunder in favor of the Agent with respect to such Collateral shall automatically be released and each of the Lenders hereby consents to such release and authorizes the Agent to take all such actions reasonably necessary to give effect to such release and the Agent shall reasonably cooperate to effectuate, or reflect of public record, the release and discharge of such security interests.

Automatic Release. If the Purchaser fails to provide any information required by this Article within the times herein specified, or if the Parties are not able to reach agreement as to the substance of a Change Order to which the Seller is entitled pursuant to this Article by the conclusion of the Order Definition Meeting, the Seller will deliver the Equipment as originally described in Attachment 2.