Common use of Release of Collateral, etc Clause in Contracts

Release of Collateral, etc. (a) Upon (i) Final Payment and (ii) termination of the Revolving Loan Commitment and the Letter of Credit Commitment, the Collateral shall be released from the Liens created hereby, and this Agreement and all obligations (other than those expressly stated to survive such termination) of Bank and Borrowers hereunder shall terminate, all without delivery of any instrument or performance of any act by any party. At the request and sole expense of Borrowers following any such termination, Bank shall deliver to Borrowers any Collateral held by Bank hereunder, and execute and deliver to Borrowers such documents as Borrowers shall reasonably request to evidence such termination. (b) If any of the Collateral shall be sold, transferred or otherwise disposed of by any Borrower in a transaction permitted hereunder, then Bank, at the request and sole expense of Borrowers, shall execute and deliver to Borrowers all releases or other documents reasonably necessary or desirable for the release of the Liens created hereby on such Collateral. (c) The foregoing provisions of this Section 13.23 are expressly subject to the terms of Section 13.21 above.