After full satisfaction Clause Samples
The "After full satisfaction" clause defines the legal effects or obligations that arise once all specified duties or payments under an agreement have been completely fulfilled. In practice, this clause may state that upon full payment of a debt or completion of contractual obligations, any related security interests, liens, or restrictions are released, and the parties are discharged from further responsibilities. Its core function is to provide certainty and closure by clearly outlining what happens after all terms have been satisfied, thereby preventing lingering obligations or disputes.
After full satisfaction. (a) The Parties are aware that the Pledges are accessory rights and as such will expire automatically by operation of law once the Secured Obligations have been irrevocably repaid in full.
(b) After the Secured Obligations having been irrevocably satisfied in full, the Security Trustee shall, at the request of the Issuer, arrange for the execution and delivery to the Issuer of a written acknowledgement of satisfaction of the Secured Obligations and termination of this Agreement (other than any indemnity referred to herein which shall survive such termination) and stating that the Pledges are released. This shall not apply to the extent that a third party is legally entitled to the Pledges (or any part thereof). The Issuer shall reimburse the Security Trustee for all reasonable out-of-pocket expenses (including legal fees), if any, incurred in connection with the acknowledgement referred to above.
(c) The Cryptocurrency Security shall be released and relevant agreements terminated in accordance with relevant Cryptocurrency Security Documents.