Lien Terminations Clause Samples
The Lien Terminations clause outlines the process and requirements for removing or releasing liens that have been placed on property or assets, typically after obligations secured by the lien have been satisfied. In practice, this clause specifies the steps a party must take to provide evidence of lien release, such as delivering termination statements or other documentation to the relevant parties or authorities. Its core function is to ensure that once debts or obligations are fulfilled, any encumbrances on property are formally cleared, thereby restoring full ownership rights and preventing future disputes over title or encumbrance.
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Lien Terminations. Duly executed written instruments (i) releasing any Liens (other than Permitted Liens and Permitted Real Property Exceptions) on any Acquired Asset, and (ii) authorizing the filing of UCC-3 termination statements (or other comparable documents) for any UCC-1 financing statements (or other comparable documents) filed in connection with any such Lien.
Lien Terminations. If Liens other than Permitted Liens exist, Borrower immediately shall take, execute and deliver all actions, documents and instruments necessary to release and terminate such Liens.
Lien Terminations. DeltaPoint shall deliver to SPSS UCC-3 termination statements or releases executed by a duly authorized representative of each of any creditor which has a lien or encumbrance on any of the Assets, in good form for filing, terminating or releasing all liens and encumbrances on the Assets.
Lien Terminations. All of the Liens set forth on Schedule 3.16(a) hereto shall have been terminated.
Lien Terminations. Seller shall have delivered to a Person acting as an escrow agent for Closing UCC termination statements or other releases or reconveyances for all Encumbrances associated with the long-term indebtedness and capital lease obligations described in Schedule 2.5(a)(i) (other than those securing the Discretionary Assumed Debt), which termination statements and releases will be effective as of Closing.
Lien Terminations. The Buyer shall have received terminations of all security interests in, and releases of all liens on, the Purchased Assets.
Lien Terminations. The Sellers shall have delivered to the Buyer evidence satisfactory to the Buyer and its counsel that the Sellers are able to deliver the Purchased Assets free and clear of all Liens and Encumbrances, except as otherwise provided herein with respect to the Assumed Liabilities.
Lien Terminations. Purchaser shall have been provided evidence satisfactory to Purchaser in its sole discretion that all security interests in, and all Liens on, the Purchased Assets other than the Permitted Exceptions have been terminated and released, such evidence to include, but not be limited to, UCC Termination Statements from all secured creditors of Seller, except those filings related to bailed goods;
Lien Terminations. Buyer shall have received terminations of all security interests in, and releases of all liens on, the Purchased Assets, including, but not limited to, UCC Termination Statements, except to the extent such liens are listed on SCHEDULE 4.6.
Lien Terminations. The Bank shall have received such UCC termination statements and other releases and satisfactions with respect to all existing UCC filings and other liens against Borrower as shall be necessary to terminate of record all such filings, other than with respect to Liens permitted by Section 12.15.