Common use of Termination of Liens Clause in Contracts

Termination of Liens. Except as otherwise provided in any Security Document, upon payment in full of all Secured Obligations (other than indemnification obligations for which no claim is made), termination of the obligations of each Lender Creditor to extend credit under the Lender Documents, and expiration of all letters of credit issued by any Lender Creditor under the Lender Documents and all Secured Swap Contracts, the Liens created hereby and by the Security Documents shall terminate. Except as otherwise provided in any Security Document, upon such termination, the Collateral Agent will, at the expense of the Credit Parties, redeliver and reassign to the Credit Parties any remaining Collateral in its possession and take all action necessary to terminate the Lien of the Collateral Agent in the Collateral.