Common use of Effective Time of Release Clause in Contracts

Effective Time of Release. (a) The release of Collateral (i) in connection with the events specified in Section 7.l(a)(i) of this Agreement shall be effective upon the receipt by the Collateral Trustee of the written confirmation from the Lender and the Indenture Trustee required by Section 7.2(a) or upon the occurrence of the events set forth in Section 7.2(c) of this Agreement and (ii) in connection with the events specified in Section 7.l(a)(ii) of this Agreement shall be effective upon confirmation by the Collateral Trustee of the Discharge Notice or upon the occurrence of the events set forth in Section 7.2(c) of this Agreement. The Collateral Trustee shall promptly notify the Grantors and the Secured Parties, in the manner specified in Section 8.2 of this Agreement, when the release of the Collateral is effective. (b) When the release of all of the Collateral is effective, all right, title and interest of the Collateral Trustee in, to and under the Trust Estate shall terminate and shall revert to the Grantors or their respective successors and assigns, and the estate, right, title and interest of the Collateral Trustee therein shall thereupon cease, terminate and become void except with respect to those provisions of this Agreement that expressly survive. In such case, each Grantor at its sole cost and expense shall deliver to the Collateral Trustee one or more instruments of discharge, satisfaction and release in form reasonably satisfactory to the Collateral Trustee, and, upon the written request of a Grantor or its successors or assigns, and at the cost and expense of such Grantor or its successors or assigns, the Collateral Trustee shall execute a satisfaction of the Collateral Documents and such instruments as are necessary or desirable to terminate and remove of record any documents constituting public notice of the Collateral Documents and the Liens and assignments granted thereunder and shall assign and transfer, or cause to be assigned and transferred, and shall deliver or cause to be delivered to the Grantors, all property, including all moneys, instruments and securities of the Grantors, then held by the Collateral Trustee. The cancellation and satisfaction of the Collateral Documents shall be without prejudice to the rights of the Collateral Trustee or any successor Collateral Trustee to charge and be reimbursed for any expenditures which it may thereafter incur in connection therewith.

Effective Time of Release. (a) The release of the applicable Collateral shall be effective (i) in connection with upon the occurrence of the events specified in Section 7.l(a)(i6.1(i), (ii) of this Agreement shall be effective in connection with an event described in Section 6.1(ii), upon the expiration of five (5) Business Days following receipt by the Collateral Trustee Trustees of a Release Notice not executed by the written confirmation Credit Facility Agent unless, prior to the expiration of such period, the Collateral Trustees shall have received a certificate in writing from the Lender and Credit Facility Agent to the Indenture Trustee required by effect set forth in Section 7.2(a) or upon 6.2(a), in which event the occurrence release of Collateral shall not be effective until the date on which any of the events set forth in Section 7.2(c6.2(b) of this Agreement and (ii) in connection with the events specified in Section 7.l(a)(ii) of this Agreement shall be effective upon confirmation by the Collateral Trustee of the Discharge Notice or upon the occurrence of the events set forth in Section 7.2(c) of this Agreement. The Collateral Trustee shall promptly notify the Grantors and the Secured Parties, in the manner specified in Section 8.2 of this Agreement, when the release of the Collateral is effectiveoccur. (bi) When Upon the effectiveness of the release of all of the Collateral is effectiveCollateral, all right, title and interest of the Collateral Trustee Trustees in, to and under the Collateral Trust Estate Estate, the Collateral and the Security Documents, and (except as otherwise provided in Section 7.7) the Collateral Trustees’ obligations and liabilities under this Agreement, shall terminate and shall revert to the Grantors Borrower or their respective the applicable Loan Party, as the case may be, or its successors and assigns, and the estate, right, title and interest of the Collateral Trustee Trustees therein shall thereupon cease, terminate and become void except with respect to those provisions of this Agreement that expressly survive. In in such case, each Grantor at its sole cost and expense shall deliver to the Collateral Trustee one or more instruments of discharge, satisfaction and release in form reasonably satisfactory to the Collateral Trustee, and, upon the written request of a Grantor the Borrower or any Loan Party or its successors or assigns, and at the cost and expense of the Borrower or such Grantor Loan Party or its successors or assigns, the Collateral Trustee Trustees shall execute a satisfaction of the Collateral Security Documents and such instruments other instruments, documents or agreements as are Borrower or any Loan Party may request or may be necessary or desirable to terminate and remove of record any documents constituting public notice of the Collateral Security Documents and the Liens security interests and assignments granted thereunder and shall assign and transfer, or cause to be assigned and transferred, and shall deliver or cause to be delivered to the GrantorsBorrower or the applicable Loan Party, as the case may be, all property, including all moneys, instruments and securities of the Grantors, Borrower then held by the Collateral TrusteeTrustees. The cancellation and satisfaction of the Collateral Security Documents shall be without prejudice to the rights of the Collateral Trustee Trustees or any successor Collateral Trustee trustee to charge and be reimbursed for any expenditures which it may thereafter incur in connection therewith. (ii) Upon the effectiveness of the release of a portion of the Collateral as specified in the applicable Release Notice (the “Released Collateral”), all right, title and interest of the Collateral Trustees in, to and under the Released Collateral shall terminate and shall revert to the Borrower or the applicable Loan Party, as the case may be, or its successors and assigns, and the estate, right, title and interest of the Collateral Trustees therein shall thereupon cease. Upon the written request of the Borrower or any Loan Party or its successors or assigns, and at the cost and expense of the Borrower or its successors or assigns, the Collateral Trustees shall execute such instruments, documents or agreements as Borrower or such Loan Party may request or may be necessary or desirable to terminate and remove of record any documents constituting public notice of the security interests and assignments granted in such Released Collateral under the Security Documents.

Effective Time of Release. (a) The release of the applicable Collateral shall be effective (i) in connection with the events specified in Section 7.l(a)(i) of this Agreement shall be effective upon the receipt by the Collateral Trustee of the written confirmation from the Lender and the Indenture Trustee required by Section 7.2(a) or upon the occurrence of the events set forth specified in Section 7.2(c) of this Agreement and 6.1(a), (ii) in connection with the events specified an event described in Section 7.l(a)(ii) of this Agreement shall be effective 6.1(b), upon confirmation receipt by the Collateral Trustees of such Release Notice; provided that the Collateral Trustee has not received a Default Notice that has not been rescinded, or (iii) in connection with an event described in Section 6.1(c), upon receipt by Collateral Trustees of such Release Notice. Subsequent to the Discharge Collateral Trustee’s receipt of a Default Notice, until such Default Notice has been rescinded, the Collateral shall be released only by a Release Notice or upon other notice requesting release of Liens pursuant to Section 6.1(a) jointly submitted by the occurrence of the events set forth in Section 7.2(c) of this Agreement. The Collateral Trustee shall promptly notify the Grantors Borrower and the Secured Parties, in the manner specified in Section 8.2 of this Agreement, when the release of the Collateral is effectiveCredit Facility Agent. (bi) When Upon the effectiveness of the release of all of the Collateral is effectiveCollateral, all right, title and interest of the Collateral Trustee Trustees in, to and under the Collateral Trust Estate Estate, the Collateral and the Security Documents, and (except as otherwise provided in Section 7.7) the Collateral Trustees’ obligations and liabilities under this Agreement, shall terminate and shall revert to the Grantors Borrower or their respective the applicable Loan Party, as the case may be, or its successors and assigns, and the estate, right, title and interest of the Collateral Trustee Trustees therein shall thereupon cease, terminate and become void except with respect to those provisions of this Agreement that expressly survive. In in such case, each Grantor at its sole cost and expense shall deliver to the Collateral Trustee one or more instruments of discharge, satisfaction and release in form reasonably satisfactory to the Collateral Trustee, and, upon the written request of a Grantor the Borrower or any Loan Party or its successors or assigns, and at the cost and expense of the Borrower or such Grantor Loan Party or its successors or assigns, the Collateral Trustee Trustees shall execute a satisfaction of the Collateral Security Documents and such instruments other instruments, documents or agreements as are Borrower or any Loan Party may request or may be necessary or desirable to terminate and remove of record any documents constituting public notice of the Collateral Security Documents and the Liens security interests and assignments granted thereunder and shall assign and transfer, or cause to be assigned and transferred, and shall deliver or cause to be delivered to the GrantorsBorrower or the applicable Loan Party, as the case may be, all property, including all moneys, instruments and securities of the Grantors, Borrower then held by the Collateral TrusteeTrustees. The cancellation and satisfaction of the Collateral Security Documents shall be without prejudice to the rights of the Collateral Trustee Trustees or any successor Collateral Trustee trustee to charge and be reimbursed for any expenditures which it may thereafter incur in connection therewith. (i) Upon the effectiveness of the release of a portion of the Collateral as specified in the applicable Release Notice (the “Released Collateral”), all right, title and interest of the Collateral Trustees in, to and under the Released Collateral shall terminate and shall revert to the Borrower or the applicable Loan Party, as the case may be, or its successors and assigns, and the estate, right, title and interest of the Collateral Trustees therein shall thereupon cease. Upon the written request of the Borrower or any Loan Party or its successors or assigns, and at the cost and expense of the Borrower or its successors or assigns, the Collateral Trustees shall execute such instruments, documents or agreements as Borrower or such Loan Party may request or may be necessary or desirable to terminate and remove of record any documents constituting public notice of the security interests and assignments granted in such Released Collateral under the Security Documents.

Effective Time of Release. (a) The release or subordination (and the agreement of non-disturbance) with respect to the applicable Collateral shall be effective (i) in connection with the events specified in Section 7.l(a)(i) of this Agreement shall be effective upon the receipt by the Collateral Trustee of the written confirmation from the Lender and the Indenture Trustee required by Section 7.2(a) or upon the occurrence of the events set forth specified in Section 7.2(c) of this Agreement and 6.1(a), (ii) in connection with the events specified an event described in Section 7.l(a)(ii6.1(b) of this Agreement shall be effective or Section 6.1(d), as applicable, upon confirmation receipt by the Collateral Trustee Trustees of the Discharge such Release Notice or upon otherwise as indicated in such Release Notice; provided that the occurrence of the events set forth Collateral Trustee has not received a Default Notice that has not been rescinded, or (iii) in connection with an event described in Section 7.2(c) 6.1(c), upon receipt by Collateral Trustees of this Agreementsuch Release Notice. The Subsequent to the Collateral Trustee Trustee’s receipt of a Default Notice, until such Default Notice has been rescinded, the Collateral shall promptly notify be released, the Grantors and the Secured Parties, in the manner specified in Section 8.2 of this Agreement, when the release Lien of the Collateral is effectiveTrustees subordinated or a non-disturbance agreement entered into only by a Release Notice or other notice requesting release, subordination or agreement of non-disturbance pursuant to Section 6.1(a) or 6.1(c) jointly submitted by the Borrower and the Credit Facility Agent. (bi) When Upon the effectiveness of the release of all of the Collateral is effectiveCollateral, all right, title and interest of the Collateral Trustee Trustees in, to and under the Collateral Trust Estate Estate, the Collateral and the Security Documents, and (except as otherwise provided in Section 7.7) the Collateral Trustees’ obligations and liabilities under this Agreement, shall terminate and shall revert to the Grantors Borrower or their respective the applicable Loan Party, as the case may be, or its successors and assigns, and the estate, right, title and interest of the Collateral Trustee Trustees therein shall thereupon cease, terminate and become void except with respect to those provisions of this Agreement that expressly survive. In in such case, each Grantor at its sole cost and expense shall deliver to the Collateral Trustee one or more instruments of discharge, satisfaction and release in form reasonably satisfactory to the Collateral Trustee, and, upon the written request of a Grantor the Borrower or any Loan Party or its successors or assigns, and at the cost and expense of the Borrower or such Grantor Loan Party or its successors or assigns, the Collateral Trustee Trustees shall execute a satisfaction of the Collateral Security Documents and such instruments other instruments, documents or agreements as are Borrower or any Loan Party may request or may be necessary or desirable to terminate and remove of record any documents constituting public notice of the Collateral Security Documents and the Liens security interests and assignments granted thereunder and shall assign and transfer, or cause to be assigned and transferred, and shall deliver or cause to be delivered to the GrantorsBorrower or the applicable Loan Party, as the case may be, all property, including all moneys, instruments and securities of the Grantors, Borrower then held by the Collateral TrusteeTrustees. The cancellation and satisfaction of the Collateral Security Documents shall be without prejudice to the rights of the Collateral Trustee Trustees or any successor Collateral Trustee trustee to charge and be reimbursed for any expenditures which it may thereafter incur in connection therewith. (i) Upon the effectiveness of the release of a portion of the Collateral as specified in the applicable Release Notice (the “Released Collateral”), all right, title and interest of the Collateral Trustees in, to and under the Released Collateral shall terminate and shall revert to the Borrower or the applicable Loan Party, as the case may be, or its successors and assigns, and the estate, right, title and interest of the Collateral Trustees therein shall thereupon cease. Upon the written request of the Borrower or any Loan Party or its successors or assigns, and at the cost and expense of the Borrower or its successors or assigns, the Collateral Trustees shall execute such instruments, documents or agreements as Borrower or such Loan Party may request or may be necessary or desirable to terminate and remove of record any documents constituting public notice of the security interests and assignments granted in such Released Collateral under the Security Documents. (ii) In connection with Section 6.1(d), and at the cost and expense of the Borrower or its successors or assigns, the Collateral Trustees shall execute such instruments, documents or agreements as Borrower or such Loan Party may request or may be necessary or desirable to effect or evidence such subordination or non-disturbance.

Effective Time of Release. (a) The release or subordination (and the agreement of non-disturbance) with respect to the applicable Collateral shall be effective (i) in connection with the events specified in Section 7.l(a)(i) of this Agreement shall be effective upon the receipt by the Collateral Trustee of the written confirmation from the Lender and the Indenture Trustee required by Section 7.2(a) or upon the occurrence of the events set forth specified in Section 7.2(c) of this Agreement and 6.1(a), (ii) in connection with the events specified an event described in Section 7.l(a)(ii6.1(b) of this Agreement shall be effective or 6.1(d), as applicable, upon confirmation receipt by the Collateral Trustee Trustees of the Discharge such Release Notice or upon otherwise as indicated in such Release Notice; provided that the occurrence of the events set forth Collateral Trustee has not received a Default Notice that has not been rescinded, or (iii) in connection with an event described in Section 7.2(c) 6.1(c), upon receipt by Collateral Trustees of this Agreementsuch Release Notice. The Subsequent to the Collateral Trustee Trustee’s receipt of a Default Notice, until such Default Notice has been rescinded, the Collateral shall promptly notify be released, the Grantors and the Secured Parties, in the manner specified in Section 8.2 of this Agreement, when the release Lien of the Collateral is effectiveTrustees subordinated or a non-disturbance agreement entered into only by a Release Notice or other notice requesting release, subordination or agreement of non-disturbance pursuant to Section 6.1(a) or 6.1(c) jointly submitted by the Borrower and the Credit Facility Agent. (bi) When Upon the effectiveness of the release of all of the Collateral is effectiveCollateral, all right, title and interest of the Collateral Trustee Trustees in, to and under the Collateral Trust Estate Estate, the Collateral and the Security Documents, and (except as otherwise provided in Section 7.7) the Collateral Trustees’ obligations and liabilities under this Agreement, shall terminate and shall revert to the Grantors Borrower or their respective the applicable Loan Party, as the case may be, or its successors and assigns, and the estate, right, title and interest of the Collateral Trustee Trustees therein shall thereupon cease, terminate and become void except with respect to those provisions of this Agreement that expressly survive. In in such case, each Grantor at its sole cost and expense shall deliver to the Collateral Trustee one or more instruments of discharge, satisfaction and release in form reasonably satisfactory to the Collateral Trustee, and, upon the written request of a Grantor the Borrower or any Loan Party or its successors or assigns, and at the cost and expense of the Borrower or such Grantor Loan Party or its successors or assigns, the Collateral Trustee Trustees shall execute a satisfaction of the Collateral Security Documents and such instruments other instruments, documents or agreements as are Borrower or any Loan Party may request or may be necessary or desirable to terminate and remove of record any documents constituting public notice of the Collateral Security Documents and the Liens security interests and assignments granted thereunder and shall assign and transfer, or cause to be assigned and transferred, and shall deliver or cause to be delivered to the GrantorsBorrower or the applicable Loan Party, as the case may be, all property, including all moneys, instruments and securities of the Grantors, Borrower then held by the Collateral TrusteeTrustees. The cancellation and satisfaction of the Collateral Security Documents shall be without prejudice to the rights of the Collateral Trustee Trustees or any successor Collateral Trustee trustee to charge and be reimbursed for any expenditures which it may thereafter incur in connection therewith. (ii) Upon the effectiveness of the release of a portion of the Collateral as specified in the applicable Release Notice (the “Released Collateral”), all right, title and interest of the Collateral Trustees in, to and under the Released Collateral shall terminate and shall revert to the Borrower or the applicable Loan Party, as the case may be, or its successors and assigns, and the estate, right, title and interest of the Collateral Trustees therein shall thereupon cease. Upon the written request of the Borrower or any Loan Party or its successors or assigns, and at the cost and expense of the Borrower or its successors or assigns, the Collateral Trustees shall execute such instruments, documents or agreements as Borrower or such Loan Party may request or may be necessary or desirable to terminate and remove of record any documents constituting public notice of the security interests and assignments granted in such Released Collateral under the Security Documents. (iii) In connection with Section 6.1(d), and at the cost and expense of the Borrower or its successors or assigns, the Collateral Trustees shall execute such instruments, documents or agreements as Borrower or such Loan Party may request or may be necessary or desirable to effect or evidence such subordination or non-disturbance.

Effective Time of Release. (a) The release of Shared Collateral (i) in connection with the events specified in Section 7.l(a)(i) of this Agreement shall be effective upon the receipt by the Collateral Trustee of the written confirmation from the Lender and the Indenture Trustee required by Section 7.2(a) or upon the occurrence of the events set forth in Section 7.2(c) of this Agreement and (ii) in connection with the events specified in Section 7.l(a)(ii) of this Agreement shall be effective upon confirmation by the Collateral Trustee of the Discharge Notice or upon the occurrence of the events set forth in Section 7.2(c) of this AgreementBank Administrative Agent. The Collateral Trustee shall promptly notify the Grantors and the Secured Parties, in the manner specified in Section 8.2 of this Agreement, when the release of the Shared Collateral is effective. (b) When the release of all of the Shared Collateral is effective, all right, title and interest of the Collateral Trustee in, to and under the Trust Estate shall terminate and shall revert to the Grantors or their respective successors and assigns, and the estate, right, title and interest of the Collateral Trustee therein shall thereupon cease, terminate and become void except with respect to those provisions of this Agreement that expressly survive. In such case, each Grantor at its sole cost and expense shall deliver to the Collateral Trustee one or more instruments of discharge, satisfaction and release in form reasonably satisfactory to the Collateral Trustee, and, upon the written request of a Grantor or its successors or assigns, and at the cost and expense of such Grantor or its successors or assigns, the Collateral Trustee shall execute a satisfaction of the Shared Collateral Documents and such instruments as are necessary or desirable the Grantors may request to terminate and remove of record any documents constituting public notice of the Shared Collateral Documents and the Liens and assignments granted thereunder and shall assign and transfer, or cause to be assigned and transferred, and shall deliver or cause to be delivered to the Grantors, all property, including all moneys, instruments and securities of the Grantors, then held by the Collateral Trustee. The cancellation and satisfaction of the Shared Collateral Documents shall be without prejudice to the rights of the Collateral Trustee or any successor Collateral Trustee to charge and be reimbursed for any expenditures which it may thereafter incur in connection therewith.

Effective Time of Release. (a) The In the event that the provisions of Section 10.2(a) of this Agreement are applicable, the release of Collateral (i) in connection with the events specified in Section 7.l(a)(i10.1(a)(i) or Section 10.1(a)(ii) of this Agreement shall be effective upon the receipt by the Collateral Trustee of the written confirmation from the Lender and the Indenture Trustee Administrative Agent required by Section 7.2(a10.2(a)(i) or upon the occurrence of the events set forth in Section 7.2(c) of this Agreement and (ii) in connection with the events specified in Section 7.l(a)(ii) of this Agreement shall be effective upon confirmation by the Collateral Trustee of the Discharge Notice or upon the occurrence of the events set forth in Section 7.2(c10.2(b) of this Agreement. The Collateral Trustee shall promptly notify the Grantors and the Secured Parties, in the manner specified in Section 8.2 11.2 of this Agreement, when the release of the Collateral is effective. (b) When the release of all of the Collateral is effective, all right, title and interest of the Collateral Trustee in, to and under the Trust Estate shall terminate and shall revert to the Grantors or their respective successors and assigns, and the estate, estate right, title and interest of the Collateral Trustee therein shall thereupon cease, terminate and become void except with respect to those provisions of this Agreement that expressly survive. In such case, each Grantor at its sole cost and expense shall deliver to the Collateral Trustee one or more instruments of discharge, satisfaction and release in form reasonably satisfactory to the Collateral Trustee, and, upon the written request of a Grantor or its successors or assigns, and at the cost and expense of such Grantor or its successors or assigns, the Collateral Trustee shall execute a satisfaction of the Collateral Documents and such instruments as are necessary or desirable to terminate and remove of record any documents constituting public notice of the Collateral Documents and the Liens and assignments granted thereunder and shall assign and transfer, or cause to be assigned and transferred, and shall deliver or cause to be delivered to the Grantors, all property, including all moneys, instruments and securities of the Grantors, then held by the Collateral Trustee. The cancellation and satisfaction of the Collateral Documents shall be without prejudice to the rights of the Collateral Trustee or any successor Collateral Trustee to charge and be reimbursed for any expenditures which it may thereafter incur in connection therewith.. 39