Common use of CONTINUING SECURITY INTEREST; TRANSFER OF LOANS Clause in Contracts

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Collateral and shall remain in full force and effect until the Discharge of Priority Lien Obligations, be binding upon each Grantor, its successors and assigns, and inure, together with the rights and remedies of the Priority Lien Collateral Trustee hereunder, to the benefit of the Priority Lien Collateral Trustee and its successors, transferees and assigns. Upon the Discharge of Priority Lien Obligations, the security interest granted hereby shall terminate hereunder and of record and all rights to the Collateral shall revert to Grantors. Upon any such termination the Priority Lien Collateral Trustee shall, at Grantors’ expense, execute and deliver to Grantors or otherwise authorize the filing of such documents as Grantors shall reasonably request, including financing statement amendments to evidence such termination.

CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. This Agreement shall create a continuing security interest in the Collateral and shall remain in full force and effect until the Discharge of Priority Parity Lien Obligations, be binding upon each Grantor, its successors and assigns, and inure, together with the rights and remedies of the Priority Parity Lien Collateral Trustee hereunder, to the benefit of the Priority Parity Lien Collateral Trustee and its successors, transferees and assigns. Upon the Discharge of Priority Parity Lien Obligations, the security interest granted hereby shall terminate hereunder and of record and all rights to the Collateral shall revert to Grantors. Upon any such termination the Priority Parity Lien Collateral Trustee shall, at Grantors’ expense, execute and deliver to Grantors or otherwise authorize the filing of such documents as Grantors shall reasonably request, including financing statement amendments to evidence such termination.