Release upon Satisfaction or Defeasance of all Outstanding Obligations Clause Samples

The 'Release upon Satisfaction or Defeasance of all Outstanding Obligations' clause provides that a party is formally released from its contractual duties once all outstanding obligations have either been fulfilled or legally neutralized (defeased). In practice, this means that when a borrower repays all amounts due or arranges for a third party to assume the obligations in a manner acceptable to the other party, the original party is no longer bound by the contract. This clause ensures that parties are not indefinitely held to contractual commitments after their responsibilities have been met, thereby providing a clear endpoint and reducing ongoing liability.
Release upon Satisfaction or Defeasance of all Outstanding Obligations. The Liens on all Collateral that secures the Obligations under this Indenture, the Notes and the Note Guarantees will be terminated and released: (1) if the Issuers exercise Legal Defeasance or Covenant Defeasance as set forth under Article 8; (2) upon satisfaction and discharge of this Indenture as set forth under Article 10; (3) upon payment in full in immediately available funds of the principal of, premium, if any, and accrued and unpaid interest on the Notes and all other Obligations under this Indenture (excluding contingent indemnity obligations) and the Collateral Agreements that are then due and payable; or (4) as described under Article 9. Upon receipt of an Officers’ Certificate and Opinion of Counsel and any necessary or proper instruments of termination, satisfaction or release prepared by the Issuer or the Guarantors, as the case may be, the Collateral Agent, without the consent of any Holder or the Trustee and at the expense of the Issuers or the Guarantors, shall execute, deliver or acknowledge such instruments or releases to evidence the release of any Collateral permitted to be released pursuant to this Indenture or the Collateral Agreements, including the Intercreditor Agreement.
Release upon Satisfaction or Defeasance of all Outstanding Obligations. The Liens on, and pledges of, all Collateral will also be terminated and released upon (i) payment in full of the principal of, premium, if any, on, accrued and unpaid interest and Additional Interest, if any, on the Notes and all other Obligations hereunder, the Guarantees and the Collateral Agreements that are due and payable at or prior to the time such principal, premium, if any, accrued and unpaid interest and Additional Interest, if any, are paid, (ii) a satisfaction and discharge of this Indenture as described above under Section 8.02 and (iii) the occurrence of a Legal Defeasance or Covenant Defeasance as described above under Section 8.01.
Release upon Satisfaction or Defeasance of all Outstanding Obligations. The Liens on, and pledges of, all Collateral will also be terminated and released upon (i) payment in full of the principal of, premium, if any, on, and accrued and unpaid interest on the Notes and all other Notes Debt hereunder and under the other Notes Documents that are due and payable at or prior to the time such principal, premium, if any, accrued and unpaid interest, and other Notes Debt are paid, (ii) a satisfaction and discharge of this Indenture as described above under Article 11 hereof, (iii) the occurrence of a Covenant Defeasance as described above under Article 8 hereof or (iv) the consent of Holders of at least 66-2/3% in aggregate principal amount of the Notes then outstanding; provided that, in the case of any release in whole pursuant to clauses (i) through (iv) above, all amounts owing to the Trustee, the Collateral Agent, and the Agents under this Indenture and the other Notes Documents have been paid.
Release upon Satisfaction or Defeasance of all Outstanding Obligations. The Liens on, and pledges of, all Collateral will also be terminated and released upon any of (i) payment in full of the principal of, and premium, if any, and accrued and unpaid interest on, the Notes and all other Obligations that are then due and payable, (ii) upon satisfaction and discharge of this Indenture as described above under Section 8.02, (iii) the occurrence of a Legal Defeasance or Covenant Defeasance as described above under Section 8.01 and (iv) as described in [Article 9].
Release upon Satisfaction or Defeasance of all Outstanding Obligations. The Liens on, and pledges of, all Collateral will also be terminated and released upon (i) payment in full of the principal of, premium, if any, on, accrued and unpaid interest and Additional Interest, if any, on the Notes and all other Obligations hereunder, the Guarantees and the Collateral Agreements that are due and payable at or prior to the time such principal, premium, if any, accrued and unpaid interest and Additional Interest, if any, are paid, (ii) a satisfaction and discharge of this Indenture as described above under Section 8.02 and (iii) the later to occur of (A) the occurrence of a Legal Defeasance or Covenant Defeasance as described above under Section 8.01 or (B) the 91st day occurring subsequent to the making of the deposit required under Section 8.01(c)(1).
Release upon Satisfaction or Defeasance of all Outstanding Obligations. The Liens on, and pledges of, all Collateral will also be terminated and released upon (i) payment in full in cash of the principal of, premium, if any, and, accrued and unpaid interest on the Notes and all other Obligations hereunder and under the other Indenture Documents that are due and payable at or prior to the time such principal, premium, if any, accrued and unpaid interest, if any, are paid, (ii) a satisfaction and discharge of this Indenture pursuant to SECTION 11.01 and (iii) the occurrence of a Legal Defeasance or Covenant Defeasance pursuant to SECTIONS 8.02 or 8.03.
Release upon Satisfaction or Defeasance of all Outstanding Obligations. (a) The Liens on all Collateral that secure the Notes and the Note Guarantees shall be automatically terminated and released without the need for further action by any Person: (i) if the Issuer exercises Legal Defeasance or Covenant Defeasance as described under Article 9; (ii) upon satisfaction and discharge of this Indenture as described under Section 4.01; (iii) upon payment in full in immediately available funds of the principal of, premium, if any, and accrued and unpaid interest, if any, on the Notes and all other Obligations under this Indenture and the Collateral Documents that are then due and payable (other than contingent indemnification obligations for which no claim has been asserted); or (iv) if required or permitted by, and in accordance with, the terms of the Intercreditor Agreement, if any. (b) Upon the request of the Issuer pursuant to an Officers’ Certificate and Opinion of Counsel delivered to the Trustee and the Collateral Agent confirming that all conditions precedent hereunder and under the Collateral Documents and Intercreditor Agreement, if any, have been met, and any necessary or proper instruments of termination, satisfaction or release have been prepared by the Issuer or the Guarantors, as the case may be, the Collateral Agent, without the consent of any Holder or the Trustee, and at the expense of the Company or the Guarantors, shall promptly execute, deliver or acknowledge such instruments or releases as reasonably requested by the Issuer to evidence the release from the Liens created by the Collateral Documents of any Collateral permitted to be released pursuant to this Indenture, the Intercreditor Agreement, if any, and the Collateral Documents, and promptly return to the Issuer all Collateral in its possession as reasonably requested by the Issuer, any such release to be made without any recourse, representation or warranty of the Trustee or the Collateral Agent, and to be in a form reasonably acceptable to the Issuer and the Trustee or the Collateral Agent, as applicable. Neither the Trustee nor the Collateral Agent shall have any liability to any Holder or any other Person for any releases delivered in reliance on such Officers’ Certificate and Opinion of Counsel.
Release upon Satisfaction or Defeasance of all Outstanding Obligations. The Liens on, and pledges of, all Collateral will also be terminated and released upon (i) payment in full of the principal of, premium, if any, on, and accrued and unpaid interest and the Special Redemption Fee, if applicable, on the Notes and all other Obligations hereunder, the Note Guarantees and the Collateral Documents that are due and payable at or prior to the time such principal, premium, if any, and accrued and unpaid interest or the Special Redemption Fee, if applicable, are paid, (ii) a satisfaction and discharge of this Indenture as described above under Article 11 hereof, (iii) the occurrence of a Legal Defeasance or Covenant Defeasance as described above under Article 8 hereof or (iv) the consent of Holders of at least 66-2/3% in aggregate principal amount of the Notes then outstanding.
Release upon Satisfaction or Defeasance of all Outstanding Obligations. The Liens on, and pledges of, all Collateral will also be terminated and released upon (i) payment in full of the principal of, premium, if any, on, and accrued and unpaid interest and Additional Interest, if any, on the Notes and all other Obligations hereunder, the Note Guarantees and the Collateral Documents that are due and payable at or prior to the time such principal, premium, if any, and accrued and unpaid interest are paid, (ii) a satisfaction and discharge of this Indenture as described above under Article 11 hereof, (iii) the occurrence of a Legal Defeasance or Covenant Defeasance as described above under Article 8 hereof or (iv) the consent of Holders of at least 662/3% in aggregate principal amount of the Notes then outstanding.
Release upon Satisfaction or Defeasance of all Outstanding Obligations. The Liens on all Collateral that secure the Notes and the Note Guarantees shall be automatically terminated and released without the need for further action by any Person: (i) if the Company exercises Legal Defeasance or Covenant Defeasance as described under Article 9; (ii) upon satisfaction and discharge of this Indenture as described under Section 4.01; or (iii) upon payment in full in immediately available funds of the principal of, premium, if any, and accrued and unpaid interest and Additional Interest, if any, on the Notes and all other Obligations under this Indenture and the Collateral Documents that are then due and payable (other than contingent indemnification obligations for which no claim has been asserted).