Common use of Discharge of Security Interests Clause in Contracts

Discharge of Security Interests. Upon payment by the Optionor to the Creditor of the Settlement Payment, the Creditor will promptly, but in any event, no later than two (2) Business Days following payment of the Settlement Payment, discharge all security interest it has in the assets and property of the Optionor and its subsidiaries, and the Optionor and the Creditor agree that until such time as the Settlement Payment is paid by the Optionee in full, the Creditor will remain the senior secured creditor of the Optionor. Upon such discharge, the Creditor shall provide the Optionor and the Optionee with evidence and confirmation in writing of such discharge.