Collateral Release Event Sample Clauses

A Collateral Release Event clause defines the conditions under which collateral held by one party is released back to the other party. Typically, this clause specifies events such as the full repayment of a loan, satisfaction of certain obligations, or the occurrence of a specific date or event that triggers the release. For example, once a borrower has repaid their debt in full, the lender must return any pledged assets. The core function of this clause is to provide clear guidelines for when and how collateral is returned, thereby ensuring transparency and reducing disputes over the release of secured assets.
Collateral Release Event. Upon the occurrence of the Collateral Release Event, the Liens on the Collateral under the Security Documents will automatically be released and terminated. Thereafter, the Administrative Agent shall, in each case, at the cost and expense of the Borrower, execute such documents as the Borrower may reasonably request (including the amendment to the Collateral Agreement contemplated by the definition of the Collateral and Guarantee Requirement) to evidence and confirm such release and termination and the termination of the Foreign Pledge Agreements and will promptly cause any certificates evidencing pledged securities in its possession to be redelivered to the Borrower. The release of the Liens under the Security Documents will not affect the Guarantees of the Subsidiary Loan Parties under the Security Documents, which will remain in full force and effect.
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Collateral Release Event. Prior to the Collateral Release Event, each Secured Pool Property, and from and after the Collateral Release Event each Unencumbered Pool Property, is an Eligible Property.
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Collateral Release Event. Notwithstanding the foregoing provisions of this definition or anything in this Agreement or any other Loan Document to the contrary, upon the occurrence of a Collateral Release Event, (i) any Liens granted to the Administrative Agent pursuant to the Collateral and Guarantee Requirement which remain in effect at such time shall be promptly released by the Administrative Agent upon receipt by the Administrative Agent of a certificate of an Authorized Officer of the Company that the Collateral Release Event has occurred (and the Administrative Agent may rely conclusively on any such certificate, without further inquiry), and the Administrative Agent agrees to execute and deliver any documents or instruments reasonably requested by the Company and in form and substance reasonably satisfactory to the Administrative Agent to evidence the release of all applicable Collateral, all at the expense of the Company and without recourse to or warranty by the Administrative Agent and (ii) no Liens shall thereafter be required to be granted to the Administrative Agent pursuant to the Collateral and Guarantee Requirements.
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Collateral Release Event. (a) Notwithstanding anything in this Agreement or any other Loan Document to the contrary, upon the occurrence of a Collateral Release Event and prior to the termination of the applicable Collateral Release Period pursuant to Section 5.17(b), (i) any Liens granted to the Administrative Agent pursuant to the Collateral and Guarantee Requirement which remain in effect at such time shall be promptly released by the Administrative Agent upon receipt by the Administrative Agent of a certificate of an Authorized Officer of the Company that the Collateral Release Event has occurred (and the Administrative Agent may rely conclusively on any such certificate, without further inquiry), and the Administrative Agent agrees to execute and deliver any documents or instruments reasonably requested by the Company and in form and substance reasonably satisfactory to the Administrative Agent to evidence the release of all applicable Collateral, all at the expense of the Company and without recourse to or warranty by the Administrative Agent and (ii) no Liens shall thereafter be required to be granted to the Administrative Agent pursuant to the Collateral and Guarantee Requirements. (b) At any time after the occurrence of a Collateral Release Event, the Company may elect to terminate the Collateral Release Period in connection with the incurrence of any secured Indebtedness provided that concurrent with such termination (i) the Company shall have (and shall have caused its Subsidiaries to) comply with the Collateral and Guarantee Requirements and (ii) the Company shall have (and shall have caused its Subsidiaries to have) delivered to the Administrative Agent such legal opinions, board resolutions, secretary’s certificates, officer’s certificates and other documents as shall reasonably be requested by the Administrative Agent in connection therewith.
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Collateral Release Event. Upon the occurrence of the Collateral Release Event, this Article and the appointment of the Administrative Agent as such Borrower's attorney in fact shall immediately and automatically terminate and shall have no further force or effect; provided, however, nothing contained in this Section 10-3 shall affect the Administrative Agent's rights pursuant to Section 7-7 of the Mortgage.
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Collateral Release Event. Notwithstanding the provisions of Section 5-1 and 5-2, above, the Administrative Agent and the Lenders hereby agree that upon the determination by the Administrative Agent that the Borrowers have satisfied all of the following conditions (collectively, the "COLLATERAL RELEASE EVENT"), which determination shall be made promptly by the Administrative Agent exercising its commercially reasonable discretion, the Collateral Interests, except for the Mortgage, shall be deemed released: (a) The Administrative Agent shall have received the financial statements for the Borrowers' fiscal year ending December 31, 2005, which are required to be delivered pursuant to Section 11-4(a) hereof, which financial statements shall reflect that, (x) the consummation of the Impact Acquisition shall not have resulted in a Material Adverse Change to the Borrowers when compared to the financial condition of the Borrowers, on a Consolidated basis, as of the Closing Date, and (y) the business operations of the Borrowers have performed within, or in excess of, ninety percent (90%) of projected contract revenues and ninety percent (90%) of projected EBITDA for such fiscal year, based upon the annual financial projections for such fiscal year which the Lead Borrower has provided to the Administrative Agent and which are entitled "Statement of Projections, dated as of August 18, 2004"; (b) The Leverage Ratio for the Borrowers' fiscal year ending December 31, 2005, based upon the financial statements which are required to be delivered pursuant to Section 11-4(a) hereof, is less than 2.00 to 1.00;
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Collateral Release Event. Upon the delivery to the Administrative Agent of the instruments, documents, agreements, certificates, notices and opinions set forth in Part I of Schedule I attached hereto and pursuant to the terms and conditions of the Credit Agreement, the Collateral Release Event shall be deemed to have occurred immediately prior to the effectiveness of this Second Amendment.
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Collateral Release Event. (a) The obligations of the Issuers and the Guarantors to grant and maintain Liens on Collateral in accordance with the provisions of this Article 10 shall, by notice given by the Company to the Trustee in the manner specified herein (a “Collateral Release Event Notice”), be terminated if the Existing Second Lien Notes Discharge occurs, provided that no Default or Event of Default in either case relating to a failure to pay principal, premium, if any, or interest on the Notes when due has occurred and is continuing at the time of delivery of the Collateral Release Event Notice. (b) Upon delivery of a valid Collateral Release Event Notice to the Trustee in accordance with the terms of this Indenture, together with an Officer’s Certificate and Opinion of Counsel, all of the Liens on the Collateral securing the Notes, the Note Guarantees and the other Obligations hereunder will cease to secure the Notes, the Note Guarantees and the other Obligations hereunder without any further action by any of the Issuers or Guarantors, the Collateral Trustee or the Trustee. The occurrence of the Existing Second Lien Notes Discharge and the release of the Liens securing the Notes and the Note Guarantees in accordance with the foregoing is referred to as the “Collateral Release Event.” (c) Notwithstanding the foregoing, upon repayment of the Existing Second Lien Notes concurrently with the issuance of the Notes, the Existing Second Lien Notes Discharge shall be deemed to have occurred and a Collateral Release Event shall be deemed automatically to have occurred without notice to or action by or on behalf of any person. (d) Notwithstanding the foregoing, if the Collateral Release Event occurs, if reasonably requested by the Company and at the Company’s expense, the Trustee and the Collateral Trustee shall cooperate with the Company to take any action reasonably necessary to further evidence the release of Liens and of Coffeyville Resources’ Note Guarantee in connection with the Collateral Release Event, subject to the terms hereof.
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Related to Collateral Release Event

  • Release of Collateral, etc Any release, surrender, exchange, subordination, deterioration, waste, loss or impairment (including without limitation negligent, willful, unreasonable or unjustifiable impairment) of any collateral, property or security, at any time existing in connection with, or assuring or securing payment of, all or any part of the Obligations;

  • Collateral Event In the event that either (a) the Advisor does not make the Fund Reimbursement Payment due in connection with a particular calendar month by the tenth day of the following calendar month or (b) the Board enacts a resolution calling for the liquidation of the Fund (either (a) or (b), a “Collateral Event”), then, in either event, the Board shall have absolute discretion to redeem any shares or other Collateral held in the Collateral Account and utilize the proceeds from such redemptions or such other Collateral to make any required Fund Reimbursement Payment, or to cover any costs or expenses which the Board, in its sole and absolute discretion, estimates will be required in connection with the liquidation of the Fund (the “Liquidation Expenses”). Pursuant to the terms of Paragraph 6 of this Agreement, upon authorization from the Board, but subject to the provisions of the Control Agreement, no further instructions shall be required from the Advisor for the Securities Intermediary to transfer any Collateral from the Collateral Account to the Fund. The Advisor acknowledges that in the event the Collateral available in the Collateral Account is insufficient to cover the full cost of any Fund Reimbursement Payment or Liquidation Expenses, the Fund shall retain the right to receive from the Advisor any costs in excess of the value of the Collateral.

  • Release of Collateral Subject to Section 11.01 and the terms of the Basic Documents, the Indenture Trustee shall release property from the lien of this Indenture only upon receipt by it of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates.

  • Transfer of Collateral upon Occurrence of Termination Event Upon the occurrence of a Termination Event and the Transfer to the Purchase Contract Agent of the Applicable Ownership Interest in Debentures, the Applicable Ownership Interest in the Treasury Portfolio or the Treasury Securities, as the case may be, underlying the Corporate Units and the Treasury Units pursuant to the terms of the Pledge Agreement, the Purchase Contract Agent shall request transfer instructions with respect to the Applicable Ownership Interest in Debentures, the Applicable Ownership Interest in the Treasury Portfolio or Treasury Securities, as the case may be, from each Holder by written request mailed to such Holder at its address as it appears in the Security Register. Upon book-entry transfer of the Corporate Units or Treasury Units or delivery of a Corporate Unit Certificate or Treasury Unit Certificate to the Purchase Contract Agent with such transfer instructions, the Purchase Contract Agent shall transfer the Applicable Ownership Interest in Debentures, the Applicable Ownership Interest in the Treasury Portfolio or Treasury Securities, as the case may be, underlying such Corporate Units or Treasury Units, as the case may be, to such Holder by book-entry transfer, or other appropriate procedures, in accordance with such instructions. In the event a Holder of Corporate Units or Treasury Units fails to effect such Transfer or delivery, the Applicable Ownership Interest in Debentures, the Applicable Ownership Interest in the Treasury Portfolio or Treasury Securities, as the case may be, underlying such Corporate Units or Treasury Units, as the case may be, and any interest thereon, shall be held in the name of the Purchase Contract Agent or its nominee in trust for the benefit of such Holder, until such Corporate Units or Treasury Units are transferred or the Corporate Unit Certificate or Treasury Unit Certificate is surrendered or such Holder provides satisfactory evidence that such Corporate Unit Certificate or Treasury Unit Certificate has been destroyed, mutilated, lost or stolen, together with any indemnity that may be required by the Purchase Contract Agent and the Company. In the case of the Treasury Portfolio or any Treasury Securities, the Purchase Contract Agent may dispose of the subject securities for cash and pay the applicable portion of such cash to the Holders in lieu of such Holders’ Applicable Ownership Interest in such Treasury Portfolio, or any Treasury Securities, where such Holder would otherwise have been entitled to receive less than $1,000 of any such security.

  • Servicing Default If any one of the following events ("Servicing Default") shall occur and be continuing: (a) Any failure by the Master Servicer to deposit in the Custodial Account or Payment Account any deposit required to be made under the terms of this Servicing Agreement which continues unremedied for a period of five Business Days after the date upon which written notice of such failure shall have been given to the Master Servicer by the Issuer or the Indenture Trustee, or to the Master Servicer, the Issuer and the Indenture Trustee by the Credit Enhancer; or (b) Failure on the part of the Master Servicer duly to observe or perform in any material respect any other covenants or agreements of the Master Servicer set forth in the Securities or in this Servicing Agreement, which failure, in each case, materially and adversely affects the interests of Securityholders or the Credit Enhancer and which continues unremedied for a period of 45 days after the date on which written notice of such failure, requiring the same to be remedied, and stating that such notice is a "Notice of Default" hereunder, shall have been given to the Master Servicer by the Issuer or the Indenture Trustee, or to the Master Servicer, the Issuer and the Indenture Trustee by the Credit Enhancer; or (c) The entry against the Master Servicer of a decree or order by a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a trustee, conservator, receiver or liquidator in any insolvency, conservatorship, receivership, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days; or (d) The Master Servicer shall voluntarily go into liquidation, consent to the appointment of a conservator, receiver, liquidator or similar person in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Master Servicer or of or relating to all or substantially all of its property, or a decree or order of a court, agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator, receiver, liquidator or similar person in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Master Servicer and such decree or order shall have remained in force undischarged, unbonded or unstayed for a period of 60 days; or the Master Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations, then, and in every such case, so long as a Servicing Default shall not have been remedied by the Master Servicer, either the Issuer or the Indenture Trustee, with the consent of the Credit Enhancer, or the Credit Enhancer, by notice then given in writing to the Master Servicer (and to the Issuer and the Indenture Trustee if given by the Credit Enhancer) may terminate all of the rights and obligations of the Master Servicer as servicer under this Servicing Agreement other than its right to receive servicing compensation and expenses for servicing the Home Equity Loans hereunder during any period prior to the date of such termination and the Issuer or the Indenture Trustee, with the consent of the Credit Enhancer, or the Credit Enhancer may exercise any and all other remedies available at law or equity. Any such notice to the Master Servicer shall also be given to each Rating Agency, the Credit Enhancer and the Issuer. On or after the receipt by the Master Servicer of such written notice, all authority and power of the Master Servicer under this Servicing Agreement, whether with respect to the Securities or the Home Equity Loans or otherwise, shall pass to and be vested in the Indenture Trustee as pledgee of the Home Equity Loans, as successor Master Servicer pursuant to and under this Section 7.01; and, without limitation, the Indenture Trustee is hereby authorized and empowered to execute and deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement of each Home Equity Loan and related documents, or otherwise. The Master Servicer agrees to cooperate with the Indenture Trustee in effecting the termination of the responsibilities and rights of the Master Servicer hereunder, including, without limitation, the transfer to the Indenture Trustee for the administration by it of all cash amounts relating to the Home Equity Loans that shall at the time be held by the Master Servicer and to be deposited by it in the Custodial Account, or that have been deposited by the Master Servicer in the Custodial Account or thereafter received by the Master Servicer with respect to the Home Equity Loans. All reasonable costs and expenses (including, but not limited to, attorneys' fees) incurred in connection with amending this Servicing Agreement to reflect such succession as Master Servicer pursuant to this Section 7.01 shall be paid by the predecessor Master Servicer (or if the predecessor Master Servicer is the Indenture Trustee, the initial Master Servicer) upon presentation of reasonable documentation of such costs and expenses. Notwithstanding any termination of the activities of the Master Servicer hereunder, the Master Servicer shall be entitled to receive, out of any late collection of a payment on a Home Equity Loan which was due prior to the notice terminating the Master Servicer's rights and obligations hereunder and received after such notice, that portion to which the Master Servicer would have been entitled pursuant to Sections 3.03 and 3.09 as well as its Master Servicing Fee in respect thereof, and any other amounts payable to the Master Servicer hereunder the entitlement to which arose prior to the termination of its activities hereunder. Notwithstanding the foregoing, a delay in or failure of performance under Section 7.01(a) or under Section 7.01(b) after the applicable grace periods specified in such Sections, shall not constitute a Servicing Default if such delay or failure could not be prevented by the exercise of reasonable diligence by the Master Servicer and such delay or failure was caused by an act of God or the public enemy, acts of declared or undeclared war, public disorder, rebellion or sabotage, epidemics, landslides, lightning, fire, hurricanes, earthquakes, floods or similar causes. The preceding sentence shall not relieve the Master Servicer from using reasonable efforts to perform its respective obligations in a timely manner in accordance with the terms of this Servicing Agreement and the Master Servicer shall provide the Indenture Trustee, the Credit Enhancer and the Securityholders with notice of such failure or delay by it, together with a description of its efforts to so perform its obligations. The Master Servicer shall immediately notify the Indenture Trustee, the Credit Enhancer and the Owner Trustee in writing of any Servicing Default.