Continuing Security Interests; Release Clause Samples
Continuing Security Interests; Release. This Agreement creates continuing security interests in the Collateral and shall (a) remain in full force and effect until the Discharge of the Credit Agreement, (b) be binding upon each Grantor and its successors and assigns, and (c) inure, together with the rights and remedies of Secured Party hereunder, to the benefit of and be enforceable by Secured Party and its successors, transferees and assigns acting in the capacity of Administrative Agent under the Credit Agreement. Subject to and upon Discharge of the Credit Agreement, Secured Party shall (within a reasonable time after it receives from Grantors a written request for release of the Collateral) execute and deliver to Grantors an instrument in form and substance satisfactory to Secured Party releasing (on a quitclaim basis, without recourse, without warranty, and without any liability whatsoever) any security interest Secured Party may then hold in the Collateral and thereupon Secured Party shall, at Grantors' expense, execute and deliver to Grantors such UCC termination statements and other like documents as Grantors may reasonably request to evidence such release.
Continuing Security Interests; Release. This Agreement creates a continuing security interest in the Collateral and shall remain in full force and effect until the Debentures are paid in full. Subject to and upon the payment in full of the Debentures or in connection with a sale or other disposition of any Collateral permitted under the Transaction Documents, Secured Party and/or the Collateral Agent shall (as soon as reasonably practicable after it receives from the Debtors a written request for release of the Collateral) execute and deliver to the Debtors an instrument releasing (on a quitclaim basis, without recourse, without warranty, and without any liability whatsoever) any security interest Secured Party and/or the Collateral Agent may then hold in the applicable Collateral and thereupon Secured Party and/or the Collateral Agent shall, at the Debtors’ expense, execute and deliver to the Debtors such Uniform Commercial Code termination statements and other like documents as the Debtors may reasonably request to evidence such release.