Collateral Release Period Clause Samples

Collateral Release Period. Immediately upon the commencement of any Collateral Release Period and without further action of any Person, the security interests of the Collateral Agent and the other Secured Parties in the Collateral shall be terminated and released; provided that the Guarantee of each Loan Party of the Obligations pursuant to the Loan Documents shall remain in effect during any such Collateral Release Period. During any Collateral Release Period, the Administrative Agent and the Collateral Agent shall execute and deliver, at the Parent Borrower’s expense, all documents or other instruments that the Parent Borrower shall reasonably request to evidence the termination and release of such security interests and shall return all Collateral in their possession to the Parent Borrower. During any Collateral Release Period, the Parent Borrower shall not be required to comply with the Security Documents or the terms of Sections 5.10 or 5.15, in each case to the extent such terms require the creation and perfection of security interests or Liens on Collateral (it being understood that the Parent Borrower shall continue to be required to comply with the terms of Section 5.10 that require the provision of Guarantees by Loan Parties in respect of the Obligations).

Collateral Release Period. Notwithstanding anything to the contrary contained herein, no Incremental Increase that is incurred at any time a Collateral Release Period is in effect shall be permitted to be secured, except to the extent that Liens are granted on any applicable collateral to secure the Obligations, subject to any intercreditor arrangements contemplated above.

Collateral Release Period. ImmediatelyNotwithstanding anything to the contrary in the Security Documents, immediately upon the commencement of any Collateral Release Period and without further action of any Person, the security interests of the Collateral Agent and the other Secured Parties in the Collateral shall be terminated and released; provided that the Guarantee of each Loan Party of the Obligations pursuant to the Loan Documents shall remain in effect during any such Collateral Release Period. During any Collateral Release Period, the Administrative Agent and the Collateral Agent shall execute and deliver, at the Parent Borrower’s expense, all documents or other instruments that the Parent Borrower shall reasonably request to evidence the termination and release of such security interests and shall return all Collateral in their possession to the Parent Borrower. During any Collateral Release Period, the Parent Borrower shall not be required to comply with the Security Documents or the terms of the definition of “Collateral and Guarantee Requirement”, Sections 5.10 or 5.15, in each case to the extent such terms require the creation and perfection of security interests or Liens on Collateral (it being understood that the Parent Borrower shall continue to be required to comply with the terms of Section 5.10 that require the provision of Guarantees by Loan Parties in respect of the Obligations).