Common use of Full Release of Collateral Clause in Contracts

Full Release of Collateral. The Company shall be entitled to obtain a full release of all of the Collateral (except for Collateral consisting of funds deposited or segregated in satisfaction of the requirements of Section 2.05 and Article VII of the Indenture as to which Collateral the Trustee may continue to possess and shall retain its Lien for such duration and as required by the Indenture) from the Lien of this Agreement upon compliance with all of the conditions precedent set forth in (i) Section 7.01 or 7.02 of the Indenture for complete satisfaction and discharge of all of the Company's obligations under the Indenture and (ii) Section 7.03 of the Indenture for creation of a defeasance trust with respect to the Company's obligations under the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel, each to the effect that all of the applicable conditions precedent and other requirements described above have been complied with, the Trustee shall take all necessary action, at the request and expense of the Company, to release and reconvey to the Company all of the Collateral (except for Collateral consisting of funds deposited or segregated in satisfaction of the requirements of Section 2.05 and Article VII of the Indenture as to which Collateral the Trustee may continue to possess and shall retain its Lien for such duration and as required by the Indenture), and the Trustee shall deliver any such Collateral in its possession (except for Collateral consisting of funds deposited or segregated in satisfaction of the requirements of Section 2.05 and Article VII of the Indenture as to which Collateral the Trustee may continue to possess and shall retain its Lien for such duration and as required by the Indenture) to the Company (and, if such conditions are satisfied prior to the Bank Credit Agreement Payment Date, shall confirm to the Banks, or an agent or representative on their behalf, such release and reconveyance).

Appears in 2 contracts

Sources: Security Pledge and Intercreditor Agreement (Nutritional Sourcing Corp), Indenture (Nutritional Sourcing Corp)