Upon Payment in Full Clause Samples
The "Upon Payment in Full" clause establishes that certain rights, obligations, or conditions become effective only after the full payment has been made by one party to another. In practice, this clause might specify that ownership of goods transfers, warranties become valid, or services are completed only once the agreed-upon amount is paid in its entirety. Its core function is to protect the party expecting payment by ensuring that key benefits or changes in status are not granted until all financial obligations are satisfied, thereby reducing the risk of non-payment.
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Upon Payment in Full. Subject to Section 10.09, Section 10.16 and Section 10.17 (i) the grant of a security interest hereunder and all other obligations, guarantees and the Guaranty of the Grantors hereunder and all of rights, powers and remedies in connection herewith shall remain in full force and effect until the Credit Agreement Termination, at which time, the security interests and all other obligations and guarantees of the Grantors hereunder and all of the rights, powers and remedies in connection therewith, and the provisions of this Agreement shall immediately and automatically be terminated and released in all respects and, the Administrative Agent, at the written request and expense of the Borrower, will promptly execute, deliver, file and take any other actions reasonably requested by Borrower or its designees to evidence the release and termination contemplated hereunder.
Upon Payment in Full all security interest in the Collateral granted under this Agreement shall immediately terminate and all rights on the Collateral shall revert to Borrower with the need for any other action by any Person. Agent shall execute such documents and take such other steps as are reasonably necessary for Borrower to accomplish the foregoing, all at Borrower’s sole cost and expense.
Upon Payment in Full this Agreement and the Lien granted hereunder shall terminate and Lender shall return the Pledged Interests to Borrower.
Upon Payment in Full. The grant of a security interest hereunder and all of rights, powers and remedies in connection herewith shall, to the extent permitted by law, remain in full force and effect until Security Termination or in connection with a transaction described in clause (b) below. Upon the occurrence of Security Termination or a transaction described in clause (b) below, the Administrative Agent, at the written request and expense of the Borrower, will promptly release, reassign and transfer the Collateral to the Grantors and declare this Agreement to be of no further force or effect subject to the first sentence of Section 9.08 of this Agreement.
Upon Payment in Full. (i) this Agreement and the security interests created hereby shall terminate and all rights to the Collateral shall revert to the respective Grantor that granted such security interests hereunder, and (ii) the Collateral Agent will, upon any Grantor’s request and at such Grantor’s expense, (A) return to such Grantor such of the Collateral as shall not have been sold or otherwise disposed of or applied pursuant to the terms hereof and (B) execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence such termination, all without any representation, warranty or recourse whatsoever. Upon any disposition of property permitted by Section 15(f) of the Notes, the Liens granted herein on such property shall be deemed to be automatically released and such property shall automatically revert to the applicable Grantor with no further action on the part of any Person; provided, that, if any payment or discharge or security, or any arrangement made in connection with the Obligations is capable of being avoided or reduced for whatever reason the liability of the Grantor shall continue as if there had been no payment, discharge, avoidance or reduction or arrangement and the Collateral Agent shall be entitled to recover the value or amount of the security or payment as if the payment discharge or reduction had not occurred.