Common use of Release of Grantor Clause in Contracts

Release of Grantor. (a) This Agreement and all obligations of each Grantor hereunder and all security interests granted hereby shall be released and terminated when all Obligations have been indefeasibly paid in full in cash and when all Loan Commitments and all Letters of Credit have expired or have otherwise been terminated. Upon such release and termination of all Obligations and such expiration or termination of all Loan Commitments and all Letters of Credit and the security interest hereunder, all rights in and to the Collateral pledged or assigned by any Grantor hereunder shall automatically revert to the relevant Grantor, and the Agent and the Lenders shall return any pledged Collateral in their possession to the relevant Grantor, or to the Person or Persons legally entitled thereto, and shall endorse, execute, deliver, record and file all instruments and documents, and do all other acts and things, reasonably required for the return of the Collateral to the relevant Grantor, or to the Person or Persons legally entitled thereto, and to evidence or document the release of the interests of the Secured Party arising under this Agreement, all as reasonably requested by, and at the sole expense of, the requesting Grantor. (b) The Agent agrees that if an Asset Disposition permitted under the Credit Agreement occurs, the Agent shall release the Collateral that is the subject of such Asset Disposition to the relevant Grantor free and clear of the Lien and security interest under this Agreement, provided that so long as any Obligations remain outstanding under the Credit Agreement or any Loan Commitment or Letter of Credit remains outstanding, the Agent shall have no obligation to make such release until arrangements reasonably satisfactory to it have been made for delivery to it of any Net Proceeds of any Asset Disposition required to be used to prepay the Loans pursuant to Section 2.4 of the Credit Agreement.

Release of Grantor. If at any time all of the Equity Interests of Grantor are sold (ato a Person other than the Borrower or a Subsidiary) This Agreement and all obligations of each in a transaction permitted pursuant to the Loan Documents, Grantor hereunder and all security interests granted hereby shall be released and terminated when as a Grantor pursuant to this Agreement without any further action hereunder (it being understood that the sale of all Obligations have been indefeasibly paid in full in cash and when all Loan Commitments of the Equity Interests (and all Letters of Credit have expired or have otherwise been terminated. Upon such release and termination of all Obligations and such expiration or termination of all Loan Commitments and all Letters of Credit and Collateral owned by Grantor shall be released from any liens on the security interest granted hereunder) in any Person that owns, directly or indirectly, all rights of the Equity Interests in and Grantor shall be deemed to be a sale of all of the Collateral pledged or assigned by any Equity Interests in Grantor hereunder shall automatically revert to the relevant Grantorfor purposes of this Section 32), and the Administrative Agent is authorized and the Lenders shall return directed to execute and deliver such instruments of release as are reasonably satisfactory to it. If at any pledged Collateral in their possession to the relevant Grantor, or to the Person or Persons legally entitled thereto, and shall endorse, execute, deliver, record and file time all instruments and documents, and do all other acts and things, reasonably required for the return of the Collateral of Grantor is sold (in a manner permitted under the Loan Documents), Grantor will be released from any liens on the security interest granted hereunder. At any time that the Borrower desires that Grantor be released from this Agreement as provided in this Section 32, the Borrower shall deliver to the relevant Grantor, or to Administrative Agent a certificate signed by an officer of the Person or Persons legally entitled thereto, and to evidence or document Borrower stating that the release of Grantor is permitted pursuant to the interests terms of the Secured Party arising under this Agreement, all as reasonably requested by, and at the sole expense of, the requesting Grantor. (b) The Agent agrees that if an Asset Disposition permitted under the Credit Agreement occurs, the Agent shall release the Collateral that is the subject of such Asset Disposition to the relevant Grantor free and clear of the Lien this Section 32 and security interest under this Agreement, provided that so long as any Obligations remain outstanding under the Credit Agreement or any Loan Commitment or Letter of Credit remains outstanding, the including reasonable supporting documentation with respect thereto. The Administrative Agent shall have no obligation liability whatsoever to make such any other Secured Creditor as a result of the release until arrangements reasonably satisfactory to of Grantor by it have been made for delivery to in accordance with, or which it of any Net Proceeds of any Asset Disposition required believes to be used to prepay the Loans pursuant to in accordance with, this Section 2.4 of the Credit Agreement.32. * * * *

Release of Grantor. (a) This Agreement and all obligations of each Grantor hereunder and all security interests granted hereby shall be released and terminated when all Obligations have been indefeasibly paid in full in cash and when all Loan Commitments and all Letters of Credit have expired or have otherwise been terminated. Upon such release and termination of all Obligations and such expiration or termination of all Loan Commitments and all Letters of Credit and the security interest hereunder, all rights in and to the Collateral pledged or assigned by any Grantor hereunder shall automatically revert to the relevant Grantor, and the Agent and the Lenders shall return any pledged Collateral in their possession to the relevant Grantor, or to the Person or Persons legally entitled thereto, and shall endorse, execute, deliver, record and file all instruments and documents, and do all other acts and things, reasonably required for the return of the Collateral to the relevant Grantor, or to the Person or Persons legally entitled thereto, and to evidence or document the release of the interests of the Secured Party arising under this Agreement, all as reasonably requested by, and at the sole expense of, the requesting Grantor. (bi) The Agent agrees that if an Asset Disposition or other sale or disposition of any personal property or assets constituting Collateral permitted under the Credit Agreement occurs, the Agent shall release the Collateral that is the subject of such Asset Disposition or other sale or disposition to the relevant Grantor free and clear of the Lien and security interest under this Agreement, provided PROVIDED that so long as any Obligations remain outstanding under the Credit Agreement or any Loan Commitment or Letter of Credit remains outstanding, the Agent shall have no obligation to make such release until arrangements reasonably satisfactory to it have been made for delivery to it of any Net Proceeds of any Asset Disposition required to be used to prepay the Loans pursuant to Section 2.4 2.6(a) of the Credit Agreement.

Release of Grantor. If at any time all of the Equity Interests of Grantor are sold (ato a Person other than the Borrower or a Subsidiary) This Agreement and all obligations of each in a transaction permitted pursuant to the Loan Documents, Grantor hereunder and all security interests granted hereby shall be released and terminated when as a Grantor pursuant to this Agreement without any further action hereunder (it being understood that the sale of all Obligations have been indefeasibly paid in full in cash and when all Loan Commitments of the Equity Interests (and all Letters of Credit have expired or have otherwise been terminated. Upon such release and termination of all Obligations and such expiration or termination of all Loan Commitments and all Letters of Credit and Collateral owned by Grantor shall be released from any liens on the security interest granted hereunder) in any Person that owns, directly or indirectly, all rights of the Equity Interests in and Grantor shall be deemed to be a sale of all of the Collateral pledged or assigned by any Equity Interests in Grantor hereunder shall automatically revert to the relevant Grantorfor purposes of this Section 32), and the Administrative Agent is authorized and the Lenders shall return directed to execute and deliver such instruments of release as are reasonably satisfactory to it. If at any pledged Collateral in their possession to the relevant Grantor, or to the Person or Persons legally entitled thereto, and shall endorse, execute, deliver, record and file time all instruments and documents, and do all other acts and things, reasonably required for the return of the Collateral of Grantor is sold (in a manner permitted under the Loan Documents), Grantor will be released from any liens on the security interest granted hereunder. At any time that the Borrower desires that Grantor be released from this Agreement as provided in this Section 32, the Borrower shall deliver to the relevant Grantor, or to Administrative Agent a certificate signed by an officer of the Person or Persons legally entitled thereto, and to evidence or document Borrower stating that the release of Grantor is permitted pursuant to the interests terms of the Secured Party arising under this Agreement, all as reasonably requested by, and at the sole expense of, the requesting Grantor. (b) The Agent agrees that if an Asset Disposition permitted under the Credit Agreement occurs, the Agent shall release the Collateral that is the subject of such Asset Disposition to the relevant Grantor free and clear of the Lien this Section 32 and security interest under this Agreement, provided that so long as any Obligations remain outstanding under the Credit Agreement or any Loan Commitment or Letter of Credit remains outstanding, the including reasonable supporting documentation with respect thereto. The Administrative Agent shall have no obligation liability whatsoever to make such any other Secured Creditor as a result of the release until arrangements reasonably satisfactory to of Grantor by it have been made for delivery to in accordance with, or which it of any Net Proceeds of any Asset Disposition required believes to be used to prepay the Loans pursuant to in accordance with, this Section 2.4 of the Credit Agreement32.