Common use of Termination of Security Interests; Release of Collateral Clause in Contracts

Termination of Security Interests; Release of Collateral. Upon payment in full of all Secured Obligations (other than contingent indemnification obligations to the extent no unsatisfied claim giving rise thereto has been asserted) and the termination of all Commitments, Risk Participation Agreements and Lender Letters of Credit, the Security Interests shall terminate and all rights to the Collateral shall revert to Debtor. Upon such termination of the Security Interests or release of any Collateral, Agent 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 Interests or the release of such Collateral, as the case may be.

Appears in 1 contract

Sources: Security Agreement (Cherokee International Finance Inc)

Termination of Security Interests; Release of Collateral. Upon payment in full of all Secured Obligations Obligations, including the aggregate principal amount of the Notes, including all Interest (other than contingent indemnification obligations to as defined in the extent no unsatisfied claim giving rise thereto has been asserted) and the termination of all Commitments, Risk Participation Agreements and Lender Letters of CreditNotes), the Security Interests shall immediately terminate and all rights to the Collateral shall revert to DebtorDebtor automatically and without the need for further action to be taken on the part of the Debtor or the Secured Parties. Upon such termination of the Security Interests or release of any Collateral, Agent the Secured Parties 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 Interests or the release of such Collateral, as the case may be; provided that, any such documents may be executed and delivered by the Collateral Agent on behalf of all the Secured Parties.

Appears in 1 contract

Sources: Security Agreement (Manhattan Pharmaceuticals Inc)

Termination of Security Interests; Release of Collateral. Upon payment the repayment in full of all Secured Obligations (other than contingent indemnification obligations to the extent no unsatisfied claim giving rise thereto has been asserted) and the termination of all Commitments, Risk Participation Agreements and Lender Letters of Creditthe Commitments under the Loan Agreement, the Security Interests shall terminate and all rights to the Collateral shall revert to DebtorGuarantor. At any time and from time to time prior to such termination of the Security Interests, the Agent may release any of the Collateral with the prior written consent of the Lenders. Upon any such termination of the Security Interests or release of any Collateral, the Agent will, at the expense of DebtorGuarantor, execute and deliver to Debtor Guarantor such documents as Debtor Guarantor shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 1 contract

Sources: Guaranty and Pledge Agreement (Anchor Glass Container Corp /New)

Termination of Security Interests; Release of Collateral. Upon the indefeasible payment in full in cash of all Secured Obligations (other than contingent indemnification obligations to the extent no unsatisfied claim giving rise thereto has been assertedunasserted indemnity claims) and the termination of all Commitments, Risk Participation Agreements Commitments under and as defined in the Loan Agreement and all Lender Letters of CreditCredit and risk participation agreements under the Loan Agreement, the Security Interests shall terminate and all rights to the Collateral shall revert to Debtor. Upon such termination of the Security Interests or release of any Collateral, Senior Agent will, at the expense of Debtor, execute and deliver to Debtor such documents Documents as Debtor shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 1 contract

Sources: Security Agreement (Recoton Corp)

Termination of Security Interests; Release of Collateral. Upon payment the repayment in full of all Secured Obligations (other than contingent indemnification obligations to the extent no unsatisfied claim giving rise thereto has been asserted) and the termination of all Commitments, Risk Participation Agreements and Lender Letters of Creditthe Commitments under the Credit Agreement, the Security Interests shall terminate and all rights to the Collateral shall revert to DebtorLTC. At any time and from time to time prior to such termination of the Security Interests, the Agent may release any of the Collateral with the prior written consent of the Lenders. Upon any such termination of the Security Interests or release of any Collateral, the Agent will, at the expense of DebtorLTC, execute and deliver to Debtor LTC such documents as Debtor LTC shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 1 contract

Sources: Credit Agreement (Lets Talk Cellular & Wireless Inc)

Termination of Security Interests; Release of Collateral. Upon payment in full of all Secured Obligations (other than contingent indemnification obligations to the extent no unsatisfied claim giving rise thereto has been asserted) and the termination of all Commitments, commitments of Agent and Lenders under the Credit Agreement and all Risk Participation Agreements and Lender Letters of Credit, the Security Interests shall terminate and all rights to the Collateral shall revert to Debtor. Upon such termination of the Security Interests or release of any Collateral, Agent 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 Interests or the release of such Collateral, as the case may be.

Appears in 1 contract

Sources: Security Agreement (Cherokee International Corp)

Termination of Security Interests; Release of Collateral. Upon payment in full of all Secured Obligations (other than contingent indemnification obligations Obligations, including the conversion of all of the Notes into equity securities in accordance with and pursuant to the extent no unsatisfied claim giving rise thereto has been asserted) and terms of the termination of all Commitments, Risk Participation Agreements and Lender Letters of CreditNotes, the Security Interests shall immediately terminate and all rights to the Collateral shall revert to DebtorDebtor automatically and without the need for further action to be taken on the part of the Debtor or the Secured Parties. Upon such termination of the Security Interests or release of any Collateral, Agent the Secured Parties 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 Interests or the release of such Collateral, as the case may be.

Appears in 1 contract

Sources: Security Agreement (BAXL Holdings, Inc.)

Termination of Security Interests; Release of Collateral. Upon payment in full of all Secured Obligations (other than contingent indemnification obligations to the extent no unsatisfied claim giving rise thereto has been asserted) and the termination of all Commitments, Risk Participation Agreements commitments of Trustee and Lender Letters of CreditHolders under the Indenture, the Security Interests shall terminate and all rights to the Collateral shall revert to Debtor. Upon such termination of the Security Interests or release of any Collateral, Agent Trustee 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 Interests or the release of such Collateral, as the case may be.

Appears in 1 contract

Sources: Security Agreement (Cherokee International Corp)

Termination of Security Interests; Release of Collateral. Upon payment in full of all Secured Obligations (other than contingent indemnification obligations to the extent no unsatisfied claim giving rise thereto has been asserted) and the termination of all Commitments, Risk Participation Agreements and Lender Letters of Credit, the Security Interests shall terminate and all rights to the Collateral shall revert to applicable Debtor. Upon such termination of the Security Interests or release of any Collateral, Agent will, at the expense of DebtorDebtors, execute and deliver to Debtor Debtors such documents as Debtor Debtors shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 1 contract

Sources: Security Agreement (Opinion Research Corp)

Termination of Security Interests; Release of Collateral. Upon payment in full of all Secured Obligations (other than contingent indemnification obligations to the extent no unsatisfied claim giving rise thereto has been asserted) and the termination of all Commitments, Risk Participation Agreements and Lender Letters of Creditcommitments, the Security Interests shall automatically terminate and all rights to the Collateral shall automatically revert and be reassigned to DebtorBorrower. Upon such termination of the Security Interests or release of any Collateral, Agent will, at the expense of DebtorBorrower, execute and deliver to Debtor Borrower such documents as Debtor Borrower shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 1 contract

Sources: Security Agreement (MCG Capital Corp)