Release of Certain Collateral. Effective upon the closing of a sale or other disposition of any Collateral and the application of proceeds in conformity with the provisions of the Securities Purchase Agreement, and receipt by the Agent of a certification to such effect from an authorized officer of the Borrower, the security interest in the assets which are the subject of the sale or other disposition (the “Sold Collateral”) shall terminate. The Agent shall thereupon reassign and deliver to the applicable Pledgors, or to such Person as such Pledgors shall designate, against receipt, the Sold Collateral, together with appropriate instruments or reassignment and release, all without any recourse to, or warranty whatsoever by, the Agent, at the sole cost and expense of such Pledgors.
Release of Certain Collateral. Notwithstanding anything herein to the contrary, and without limiting the rights of the Secured Party under Section 8.06 of the General Security Agreement, the Secured Party shall release its lien on and security interest in the Collateral upon satisfaction of both of the following conditions: (i) all Acquisition Loans (as defined in the General Security Agreement) shall have been paid and satisfied in full and the Acquisition Loan Commitment (as defined in the General Security Agreement) shall have been terminated and (ii) no Default or Event of Default shall have occurred and be continuing.
Release of Certain Collateral. Effective upon the closing of a sale of any Collateral as part of a disposition made by the Borrower or any of its Subsidiaries in conformity with the provisions of the Credit Agreement providing for dispositions to third parties free of Liens, and receipt by the Agent of a certification to such effect from the chief financial officer of the Borrower, then the security interest in the assets which are the subject of the sale (the "Sold Collateral") shall terminate. The Agent shall thereupon reassign and deliver to Pledgor, or to such Person as the Pledgor shall designate, against receipt, the Sold Collateral, together with appropriate instruments of reassignment and release, all without any recourse to, or warranty whatsoever by, the Agent, at the sale cost and expense of the Borrower and its Subsidiaries.
Release of Certain Collateral. To the extent that (i) the Required Banks, at the request of the Borrower, direct the release of specified portions of the Collateral pursuant to Section 3.3 of this Agreement, (ii) the Administrative Agent, at the request of the Borrower, directs the Trustee in writing to release specified portions of the Collateral which a Grantor is permitted to sell pursuant to the Restated Credit Agreement (either pursuant to the terms of the Restated Credit Agreement or as a result of a consent by the Banks pursuant to the Restated Credit Agreement) or which constitutes the stock of an Inactive Subsidiary, or (iii) the security interest in any Collateral granted pursuant to any of the Collateral Documents is otherwise terminated or released in accordance with the terms thereof upon the sale, transfer or other disposition of any part of the Collateral as permitted by such Collateral Document, all right, title and interest of the Trustee in, to and under such Collateral and the security interest of the Trustee therein shall terminate and shall revert to such Grantor or its successors and assigns, and the estate, right, title and interest of the Trustee therein shall thereupon cease, terminate and become void. Any Grantor's request for any such release shall be accompanied by a written certification by such Grantor and the Borrower, in form reasonably satisfactory to the Trustee, that, as of the date of such release, no Actionable Default has occurred and is continuing and to the extent requested by the Required Banks or the Administrative Agent if they are being requested to authorize the release of Collateral pursuant to this Section 10.4 and Section 3.3, or by the Trustee, a Release Certificate. The Required Banks, the Administrative Agent and the Trustee shall be justified in not taking any action requested by the Borrower under this Section 10.4 in the absence of such certifications. Following such request, instructions or other termination or release, the Trustee shall, upon the written request of the Administrative Agent or its successors or assigns, and at the Grantors, sole cost and expense, execute such instruments and take such other actions as are necessary or desirable to terminate any such security interest and otherwise effectuate the release of the specified portions of the Collateral from the Lien of such security interest. Such termination and release shall be without prejudice to the rights of the Trustee or any successor trustee to charge and be reim...
Release of Certain Collateral. The Agent hereby releases the Collateral consisting of the assets of the Foreign Companies other than (i) any shares of capital stock or other ownership interest in a Foreign Company which are pledged to the Agent, and (ii) any such assets of any Foreign Company which secure indebtedness to the Agent or any Lender other than the Loans (it being understood and agreed that such assets shall continue to secure such other indebtedness but shall no longer secure the Loans), as more particularly set forth on Schedule 3.
Release of Certain Collateral. Lender releases any collateral granted under the Original Loan Documents to secure the Original Loan that does not fall within the definition of "Collateral" under this Restated Loan Agreement.
Release of Certain Collateral. Subject to satisfaction of the conditions precedent set forth in Section 4, Lender hereby releases its security interest and lien on the Collateral set forth on Schedule A attached hereto (the “Released Collateral”), subject to satisfaction of the following conditions: (i) the total value of the Released Collateral shall not exceed $12,000,000; and (ii) both before and after giving effect to the release of the Released Collateral, Loan Parties shall not be in default of any of the covenants contained in the Credit Agreement. Upon satisfaction of these conditions, Lender’s security interest in the Released Collateral shall automatically terminate and Lender shall do such further reasonable acts and things, all at Loan Parties’ expense, to effect the termination of Lender’s liens upon such Released Collateral. The terms of this provision shall not affect the security interest of the Lender in any property of the Loan Parties other than the Released Collateral.
Release of Certain Collateral. From and after the Rating Date, the Collateral Agent shall at the written request and sole expense of the Borrower, take any reasonable action and execute all reasonable documents and instruments to effect the release of the Lien of the Security Documents on all stock of Direct Foreign Subsidiaries. Such release shall no longer be permitted if any Downgrade Date occurs, and the Borrower shall, at its sole expense, take any action and execute all documents and instruments necessary or desirable to reattach Liens on 65% of the stock of Direct Foreign Subsidiaries released after a Rating Date, in each case as promptly as practicable but in no event later than 60 days after such Downgrade Date.
Release of Certain Collateral. Each Bank expressly authorizes the Agent (without any consent of or notice to any Bank) to release from Collateral: (a) assets sold, leased, transferred or disposed of as permitted, by Section 8.2.7 [Disposition of Assets or Subsidiaries] and, (b) in accordance with and as permitted by the Security Agreement, cash securing the Line of Credit Facility.
Release of Certain Collateral. On the Agreement Date or as ----------------------------- soon as practical thereafter the Administrative Lender shall release any Liens held by the Administrative Lender insofar as such Liens cover the Receivables of the Borrower other than such portion of such Receivables as constitute property of the type(s) covered by (i) the Security Agreement to be executed by the Borrower in favor of the Administrative Lender on the Agreement Date and/or (ii) the Deed of Trust, Assignment of Leases and Rents, Security Agreement and Financing Statement, executed by the Borrower for the benefit of the Administrative Lender and the other Lenders as of September 27, 1996, as amended by a certain First Amendment thereto, dated as of the Agreement Date. Upon the occurrence of the Inventory Release Event, the Administrative Lender shall release any Liens held by the Administrative Lender insofar as such Liens cover the Inventory of the Borrower or any of its Subsidiaries. ================================================================================ REMAINDER OF PAGE LEFT INTENTIONALLY BLANK ================================================================================
