Common use of Release of Liens and Security Interests Clause in Contracts

Release of Liens and Security Interests. Effective upon receipt of the Settlement Payment, all liens and security interests securing any of the ▇▇▇▇▇▇ Claims shall be deemed automatically terminated without any further action by any of the ▇▇▇▇▇▇ Parties or the Debtors and without the necessity of the execution, filing or recordation of any documents. Notwithstanding the foregoing, effective upon the receipt of the Settlement Payment, each of the Debtors and the Committee is irrevocably authorized to file and/or record, on behalf of any of the ▇▇▇▇▇▇ Parties, any lien termination statement or similar document that any of the Debtors or the Committee determines to be necessary to effectuate the release or termination of any lien against or security interest in the Collateral, or any portion thereof, filed or recorded in the name of any of the ▇▇▇▇▇▇ Parties.

Release of Liens and Security Interests. Effective upon receipt of the Settlement Payment, all liens and security interests securing any of the ▇T▇▇▇▇▇ Claims shall be deemed automatically terminated without any further action by any of the ▇T▇▇▇▇▇ Parties or the Debtors and without the necessity of the execution, filing or recordation of any documents. Notwithstanding the foregoing, effective upon the receipt of the Settlement Payment, each of the Debtors and the Committee is irrevocably authorized to file and/or record, on behalf of any of the ▇T▇▇▇▇▇ Parties, any lien termination statement or similar document that any of the Debtors or the Committee determines to be necessary to effectuate the release or termination of any lien against or security interest in the Collateral, or any portion thereof, filed or recorded in the name of any of the ▇T▇▇▇▇▇ Parties.