Termination of Security Interest; Activity with Respect to Collateral Clause Samples

The 'Termination of Security Interest; Activity with Respect to Collateral' clause defines the conditions and procedures under which a lender's security interest in collateral is released or terminated. It typically outlines the requirements for the borrower to satisfy all obligations, after which the lender must take steps to remove any liens or claims on the collateral, such as filing termination statements or returning documents. This clause ensures that once the debt is fully repaid, the borrower regains clear ownership of the collateral, thereby preventing any lingering claims or encumbrances that could impede future transactions involving the asset.
Termination of Security Interest; Activity with Respect to Collateral. (a) Subject to the terms of the Intercreditor Agreement, the ABL Intercreditor Agreement or any Additional Intercreditor Agreement, the Security Agent shall, at the written request of the Issuers, release the relevant Collateral or execute such other appropriate instrument evidencing such release (in the form provided by, reasonably acceptable to the Trustee, and at the expense of the Issuers) under one or more of the following circumstances: (1) upon payment in full of principal, interest and all other obligations under the Notes and this Indenture or the legal defeasance, covenant defeasance or satisfaction and discharge of this Indenture as provided for in Article VIII; (2) in the case of a Guarantor that is released from its Guarantee pursuant to the terms of this Indenture, the release of property and assets, and Capital Stock, of such Guarantor; (3) in connection with any sale or other disposition of Collateral, directly or indirectly, to (a) any Person other than the Parent, an Issuer or any other Restricted Subsidiaries (but excluding any transaction subject to Article V) if such sale or other disposition does not violate Section 4.05 and is otherwise not prohibited by this Indenture or (b) an Issuer or any other Restricted Subsidiary in a manner consistent with the Intercreditor Agreement and the ABL Intercreditor Agreement, provided that, any Replacement Asset received as consideration for such sale or disposition of Collateral in accordance with this clause (3) or acquired with the proceeds of such Collateral shall secure the Notes to the extent and so long as the provision of such Replacement Asset as Collateral is not reasonably expected to result in (i) any violation of any applicable law or regulation, (ii) any liability of officers, directors or shareholders, (iii) any cost, expense, liability or obligation (including with respect to taxes) other than reasonable out-of- pocket expenses incurred in connection with any governmental or regulatory filings or (iv) inconsistency with the Intercreditor Agreement, the ABL Intercreditor Agreement or any Additional Intercreditor Agreement; (4) as provided for under Article IX; (5) automatically without any action by the Trustee, as described in Section 4.03(b); (6) as otherwise provided in the Intercreditor Agreement, the ABL Intercreditor Agreement or any Additional Intercreditor Agreement; (7) in order to effectuate a merger, consolidation, conveyance or transfer conducted in compliance with Articl...
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Termination of Security Interest; Activity with Respect to Collateral. ‌ (a) The Trustee shall, at the written request of the Issuer, execute and deliver a certificate (in a form provided by the Issuer, reasonably acceptable to the Trustee, and at the Issuer’s expense) to the Security Agent directing the Security Agent to release the relevant Collateral or to execute such other appropriate instrument evidencing such release (in the form provided by, reasonably acceptable to the Trustee, and at the expense of the Issuer) under one or more of the following circumstances: (1) upon payment in full of principal, interest and all other obligations under the Notes and this Indenture or the legal defeasance, covenant defeasance or satisfaction and discharge (including through redemption or repurchase of all the Notes as a result of satisfaction and discharge or otherwise) of this Indenture as provided for in Article VIII and Article XIII, respectively; (2) [Reserved]; (3) [Reserved]; (4) as provided automatically without any action under Article IX or Section 4.10; (5) automatically without any action by the Trustee or the Security Agent, as set forth in 4.09(b); (6) [Reserved]; or (7) as otherwise provided in the Intercreditor Agreement and any other Security Document, any Additional Intercreditor Agreement or the Escrow Agreement. Each of these releases shall be effected by the Security Agent and, to the extent required or necessary, the Trustee without the consent of the Holders, upon delivery to the Security Agent and the Trustee of an Officer’s Certificate upon which they may rely, certifying which circumstance gives rise to a release of the security interests has occurred, and that such release complies with the Indenture.
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Related to Termination of Security Interest; Activity with Respect to Collateral

  • Termination of Security Interests Upon the payment in full of the Obligations and satisfaction of all Borrower’s obligations under this Agreement and the other Loan Documents, and if Lender has no further obligations under its Commitment, the security interest granted hereby shall terminate and all rights to the Collateral shall revert to Borrower. Upon any such termination, the Lender shall, at Borrower’s expense, execute and deliver to Borrower such documents as Borrower shall reasonably request to evidence such termination.

  • Termination of Security Interest Upon the payment in full of all Obligations, the security interest granted herein shall terminate and all rights to the Collateral shall revert to Debtor. Upon such termination, Secured Party hereby authorizes Debtor to file any UCC termination statements necessary to effect such termination and Secured Party will execute and deliver to Debtor any additional documents or instruments as Debtor shall reasonably request to evidence such termination.

  • Perfection of Security Interests in the Collateral The Collateral Documents create valid security interests in, and Liens on, the Collateral purported to be covered thereby, which security interests and Liens are currently perfected security interests and Liens, prior to all other Liens other than Permitted Liens.

  • Rights with respect to Collateral Each Secured Party agrees with all other Secured Parties and the Agent (i) that it shall not, and shall not attempt to, exercise any rights with respect to its security interest in the Collateral, whether pursuant to any other agreement or otherwise (other than pursuant to this Agreement), or take or institute any action against the Agent or any of the other Secured Parties in respect of the Collateral or its rights hereunder (other than any such action arising from the breach of this Agreement) and (ii) that such Secured Party has no other rights with respect to the Collateral other than as set forth in this Agreement and the other Transaction Documents. Upon the acceptance of any appointment as Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent and the retiring Agent shall be discharged from its duties and obligations under the Agreement. After any retiring Agent’s resignation or removal hereunder as Agent, the provisions of the Agreement including this Annex B shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent.

  • Termination of Security Interests; Release of Collateral Upon payment in full of all Secured Obligations, the Security Interests shall terminate and all rights to the Collateral shall revert to Debtor. Upon such termination of the Security Interest or release of any Collateral, the Secured Party will, at the expense of Debtor, execute and deliver to Debtor such documents as Debtor shall reasonably request to evidence the termination of the Security Interest or the release of such Collateral, as the case may be.