Common use of Release and Termination Clause in Contracts

Release and Termination. (a) Upon any sale, lease, transfer or other disposition of any item of Collateral of any Pledgor, in accordance with the terms of the Loan Documents, the Agent will, at such Pledgor's expense, execute and deliver to such Pledgor such documents as such Pledgor shall reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted hereby; provided, however, that (i) at the time of such request and such release no Event of Default shall have occurred and be continuing and (ii) the Uniroyal Borrower shall have delivered to the Agent, at least ten Business Days prior to the date of the proposed release, a written request for release describing the item of Collateral and the terms of the sale, lease, transfer or other disposition in reasonable detail, including the price thereof and any expenses in connection therewith, together with a form of release for execution by the Agent and a certification by the Uniroyal Borrower to the effect that the transaction is in compliance with the Loan Documents and as to such other matters as the Agent may request. (b) Upon the Collateral Release Date, the pledge, assignment and security interest granted hereby shall terminate and all rights to the Collateral shall revert to the respective Pledgor. Upon any such termination or release, the Agent will, at such Pledgor's expense, execute and deliver to such Pledgor such documents as such Pledgor shall reasonably request to evidence such termination.

Release and Termination. (a) Upon any sale, lease, transfer or other disposition of any item of Collateral of any Pledgor, in accordance with the terms of the Loan Documents, the Agent will, at such Pledgor's expense, execute and deliver to such Pledgor such documents as such Pledgor shall reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted hereby; provided, however, that (i) at the time of such request and such release no Event of Default shall have occurred and be continuing and (ii) the Uniroyal Borrower Crompton Corp. shall have delivered to the Agent, at least ten Business Days prior to the date of the proposed release, a written request for release describing the item of Collateral and the terms of the sale, lease, transfer or other disposition in reasonable detail, including the price thereof and any expenses in connection therewith, together with a form of release for execution by the Agent and a certification by the Uniroyal Borrower Crompton Corp. to the effect that the transaction is in compliance with the Loan Documents and as to such other matters as the Agent may request. (b) Upon the Collateral Release Date, the pledge, assignment and security interest granted hereby shall terminate and all rights to the Collateral shall revert to the respective Pledgor. Upon any such termination or release, the Agent will, at such Pledgor's expense, execute and deliver to such Pledgor such documents as such Pledgor shall reasonably request to evidence such termination.

Release and Termination. (a) Upon any sale, lease, transfer or other disposition of any item of Collateral of any Pledgor, in accordance with the terms of the Loan Documents, the security interest hereunder in such Collateral shall automatically be terminated and released and the Administrative Agent will, at the expense of the Pledgor pledging such Pledgor's expenseitem, execute and deliver to such Pledgor such documents as such Pledgor shall reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted hereby; provided, however, that (i) at the time of such request and such release no Event of Default shall have occurred and be continuing continuing, and (ii) the Uniroyal Borrower shall have delivered to the Agent, at least ten Business Days prior to the date proceeds of the proposed release, a written request for release describing the item of Collateral and the terms of the any such sale, lease, transfer or other disposition required to be applied in reasonable detailaccordance with Section 2.05 of the Credit Agreement shall be paid to, including the price thereof and any expenses or in connection therewith, together with a form of release for execution by the Agent and a certification by the Uniroyal Borrower to the effect that the transaction is in compliance accordance with the Loan Documents and as to such other matters as instructions of, the Administrative Agent may requestat the closing. (b) Upon the Collateral Release later of the payment in full in cash of the Secured Obligations (other than any Obligations relating to any Bank Hedge Agreement) and the Termination Date, the pledge, assignment and security interest granted hereby shall terminate and all rights to the Collateral shall revert to the respective PledgorPledgor pledging such item. Upon any such termination or releasetermination, the Administrative Agent will, at the expense of the Pledgor pledging such Pledgor's expenseitem, execute and deliver to such Pledgor such documents as such Pledgor shall reasonably request to evidence such termination.

Release and Termination. (a) Upon any sale, lease, transfer or other disposition of any item of Collateral of any Pledgor, in accordance with the terms of the Loan DocumentsNote Documents (other than sales of Inventory in the ordinary course of business), the Collateral Agent will, at such Pledgorthe applicable Grantor's expense, execute and deliver to such Pledgor Grantor such documents as such Pledgor Grantor shall reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted hereby; provided, however, that (i) at the time of such request and such release no Event of Default shall have occurred and be continuing and (ii) the Uniroyal Borrower applicable Grantor shall have delivered to the Agent, at least ten Business Days Collateral Agent reasonable prior to the date notice of the proposed release, a written request for release describing the item of Collateral and the terms of the sale, lease, transfer or other disposition in reasonable detail, including the price thereof and any expenses in connection therewith, together with a form of release for execution by the Collateral Agent and a certification by the Uniroyal Borrower such Grantor to the effect that the transaction is in compliance with the Loan Note Documents and as to such other matters as the Collateral Agent may requestreasonably request and (iii) the proceeds of any such sale, lease, transfer or other disposition required to be applied in accordance with Section 6.2 of the Note Purchase Agreement shall be paid to, or in accordance with the instructions of, the Collateral Agent at the closing. (b) Upon the Collateral Release Datepayment in full in cash of the Secured Obligations that are then due and payable, the pledge, assignment pledge and security interest granted hereby shall terminate and be released and all rights to the Collateral shall revert to the respective Pledgorapplicable Grantor. Upon any such termination or releasetermination, the Collateral Agent will, at such Pledgorthe applicable Grantor's expense, execute and deliver to such Pledgor Grantor such documents as such Pledgor Grantor shall reasonably request to evidence such terminationtermination and release, and the reassignment of all the Collateral Agent's right, title and interest to such Grantor.