Termination of Security Sample Clauses
The 'Termination of Security' clause defines the conditions under which a security interest or collateral arrangement is formally ended. Typically, this clause outlines the specific events or actions—such as full repayment of a loan or fulfillment of contractual obligations—that trigger the release of the secured asset from any encumbrance. For example, once a borrower has paid off their debt, the lender is required to remove any claim over the collateral. The core function of this clause is to ensure that parties clearly understand when and how security interests are discharged, thereby preventing disputes and ensuring the smooth return of assets to their rightful owner.
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Termination of Security. At such time as no Secured Party has any commitment to make financial accommodations to the Borrower pursuant to the terms hereof and all the Secured Obligations have been indefeasibly paid and performed in full, then the security provided for in the Loan Documents shall terminate, provided, however, that all indemnities of the Borrower and each other Loan Party contained in this Agreement or any other Loan Document shall survive and remain operative and in full force and effect regardless of the termination of such security.
Termination of Security. At the time of prepayment or payoff of the Secured & Collateralized Promissory Note Document C-02152008 to Holder by Writer, Holder’s security interest in this Collateral shall automatically terminate. In the event that the Collateral and security interest were perfected by Holder as set forth in Section 3, upon termination of security as set forth in this section 6, the Holder will withdraw any and all perfection instruments on the collateral and security within 5 (five) business days.
Termination of Security. At such time as no Secured Party has any commitment to make financial accommodations to the Borrower pursuant to the terms hereof and all the Secured Obligations have been paid and performed in full, then the security provided for in the Loan Documents shall terminate; provided that the security provided for in the Loan Documents shall be reinstated if at any time any payment of any of the Secured Obligations is rescinded or must otherwise be returned by the Agent upon the insolvency, bankruptcy or reorganization of the Borrower or any other Loan Party or otherwise, all as though such payment had not been made, and provided, further, that all indemnities of the Borrower and each other Loan Party contained in this Agreement or any other Loan Document shall survive and remain operative and in full force and effect regardless of the termination of such security.
Termination of Security for any reason whatsoever any security given to the Bank for the payment of the Facility shall be terminated or shall lapse for any reason whatsoever or if the Customer and/or the Security Party shall be in default under the terms of such security;
Termination of Security. Upon the full and final payment and performance of all Obligations of the Issuer and the Guarantors under this Indenture, the Notes and the Guarantees, the Trustee will release the Liens pursuant to this Indenture and the Note Security Documents.
Termination of Security. 18 Section 3.03 Indemnity..................................................................................... 19 Section 3.04 Substitution and Replacement of Collateral.................................................... 19 Section 3.05 Maintenance of Equipment; Casualty Occurrences................................................ 21 Section 3.06
Termination of Security. At such time as no Secured Party has any commitment to make financial accommodations to a Borrower pursuant to the terms hereof and all the Secured Obligations and Canadian Secured Obligations have been paid and performed in full, then the security provided for in the Loan Documents shall terminate; provided that the security provided for in the Loan Documents shall be reinstated if at any time any payment of any of the Secured Obligations or Canadian Secured Obligations is rescinded or must otherwise be returned by the Agent upon the insolvency, bankruptcy or reorganization of a Borrower or any other Loan Party or otherwise, all as though such payment had not been made, and provided, further, that all indemnities of the Borrowers and each other Loan Party contained in this Agreement or any other Loan Document shall survive and remain operative and in full force and effect regardless of the termination of such security.
Termination of Security. This Agreement shall terminate upon satisfaction in full of the Obligations. Within ten days subsequent to such satisfaction, the Lender shall deliver to CLRI any Collateral or proceeds thereof then in the possession of the Lender and the Lender shall file termination statements or take such other actions as may be reasonably requested by CLRI to evidence the release of its lien and security interest in the Collateral.
Termination of Security. Agreement This Security Agreement shall terminate i upon payment and performance in full of all of the Obligations and ii as to any item of Collateral upon the Disposition of such Collateral as permitted in Section 3 14 hereof Upon termination at the request and sole cost and expense of a Grantor and upon receipt by the Collateral Agent of confirmation from the Agent that all of the Obligations have been paid and performed in full the Collateral Agent shall such engagement to serve as an independent contractor to provide certain security guard and related services to the Client on the terms and conditions set forth in this Agreement 1 2 The Contractor shall provide to the Client the security guard and related services set forth on the “ ServicesSchedule 1” Schedule 1 sets forth a detailed
Termination of Security. Effective on the Deposit Date, the Security Agreement and IP Security Agreement, and all the security interests granted thereby, shall automatically terminate and the Holder’s security interest in and lien on all the Collateral and Intellectual Property Collateral shall be released.