Collateral Release Event Sample Clauses

Collateral Release Event. Upon the occurrence of the Collateral Release Event, the Liens on the Collateral under the Security Documents will automatically be released and terminated. Thereafter, the Administrative Agent shall, in each case, at the cost and expense of the Borrower, execute such documents as the Borrower may reasonably request (including the amendment to the Collateral Agreement contemplated by the definition of the Collateral and Guarantee Requirement) to evidence and confirm such release and termination and the termination of the Foreign Pledge Agreements and will promptly cause any certificates evidencing pledged securities in its possession to be redelivered to the Borrower. The release of the Liens under the Security Documents will not affect the Guarantees of the Subsidiary Loan Parties under the Security Documents, which will remain in full force and effect.

Collateral Release Event. Prior to the Collateral Release Event, each Secured Pool Property, and from and after the Collateral Release Event each Unencumbered Pool Property, is an Eligible Property.

Collateral Release Event. Notwithstanding the foregoing provisions of this definition or anything in this Agreement or any other Loan Document to the contrary, upon the occurrence of a Collateral Release Event, (i) any Liens granted to the Administrative Agent pursuant to the Collateral and Guarantee Requirement which remain in effect at such time shall be promptly released by the Administrative Agent upon receipt by the Administrative Agent of a certificate of an Authorized Officer of the Company that the Collateral Release Event has occurred (and the Administrative Agent may rely conclusively on any such certificate, without further inquiry), and the Administrative Agent agrees to execute and deliver any documents or instruments reasonably requested by the Company and in form and substance reasonably satisfactory to the Administrative Agent to evidence the release of all applicable Collateral, all at the expense of the Company and without recourse to or warranty by the Administrative Agent and (ii) no Liens shall thereafter be required to be granted to the Administrative Agent pursuant to the Collateral and Guarantee Requirements.

Collateral Release Event. Notwithstanding the provisions of Section 5-1 and 5-2, above, the Administrative Agent and the Lenders hereby agree that upon the determination by the Administrative Agent that the Borrowers have satisfied all of the following conditions (collectively, the "COLLATERAL RELEASE EVENT"), which determination shall be made promptly by the Administrative Agent exercising its commercially reasonable discretion, the Collateral Interests, except for the Mortgage, shall be deemed released: (a) The Administrative Agent shall have received the financial statements for the Borrowers' fiscal year ending December 31, 2005, which are required to be delivered pursuant to Section 11-4(a) hereof, which financial statements shall reflect that, (x) the consummation of the Impact Acquisition shall not have resulted in a Material Adverse Change to the Borrowers when compared to the financial condition of the Borrowers, on a Consolidated basis, as of the Closing Date, and (y) the business operations of the Borrowers have performed within, or in excess of, ninety percent (90%) of projected contract revenues and ninety percent (90%) of projected EBITDA for such fiscal year, based upon the annual financial projections for such fiscal year which the Lead Borrower has provided to the Administrative Agent and which are entitled "Statement of Projections, dated as of August 18, 2004"; (b) The Leverage Ratio for the Borrowers' fiscal year ending December 31, 2005, based upon the financial statements which are required to be delivered pursuant to Section 11-4(a) hereof, is less than 2.00 to 1.00;

Collateral Release Event. Upon the occurrence of the Collateral Release Event, this Article and the appointment of the Administrative Agent as such Borrower's attorney in fact shall immediately and automatically terminate and shall have no further force or effect; provided, however, nothing contained in this Section 10-3 shall affect the Administrative Agent's rights pursuant to Section 7-7 of the Mortgage.

Collateral Release Event. (a) The obligations of the Issuers and the Guarantors to grant and maintain Liens on Collateral in accordance with the provisions of this Article 10 shall, by notice given by the Company to the Trustee in the manner specified herein (a “Collateral Release Event Notice”), be terminated if the Existing Second Lien Notes Discharge occurs, provided that no Default or Event of Default in either case relating to a failure to pay principal, premium, if any, or interest on the Notes when due has occurred and is continuing at the time of delivery of the Collateral Release Event Notice. (b) Upon delivery of a valid Collateral Release Event Notice to the Trustee in accordance with the terms of this Indenture, together with an Officer’s Certificate and Opinion of Counsel, all of the Liens on the Collateral securing the Notes, the Note Guarantees and the other Obligations hereunder will cease to secure the Notes, the Note Guarantees and the other Obligations hereunder without any further action by any of the Issuers or Guarantors, the Collateral Trustee or the Trustee. The occurrence of the Existing Second Lien Notes Discharge and the release of the Liens securing the Notes and the Note Guarantees in accordance with the foregoing is referred to as the “Collateral Release Event.” (c) Notwithstanding the foregoing, upon repayment of the Existing Second Lien Notes concurrently with the issuance of the Notes, the Existing Second Lien Notes Discharge shall be deemed to have occurred and a Collateral Release Event shall be deemed automatically to have occurred without notice to or action by or on behalf of any person. (d) Notwithstanding the foregoing, if the Collateral Release Event occurs, if reasonably requested by the Company and at the Company’s expense, the Trustee and the Collateral Trustee shall cooperate with the Company to take any action reasonably necessary to further evidence the release of Liens and of Coffeyville Resources’ Note Guarantee in connection with the Collateral Release Event, subject to the terms hereof.

Collateral Release Event. Upon the delivery to the Administrative Agent of the instruments, documents, agreements, certificates, notices and opinions set forth in Part I of Schedule I attached hereto and pursuant to the terms and conditions of the Credit Agreement, the Collateral Release Event shall be deemed to have occurred immediately prior to the effectiveness of this Second Amendment.