Common use of Release of Grantors Clause in Contracts

Release of Grantors. (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 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 Commitments and all Letters of Credit and the security interest hereunder, all rights in and to the Collateral pledged or assigned by each Grantor hereunder shall automatically revert to such Grantor, and the Agent and the Lenders shall return any pledged Collateral in their possession to such 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 such Grantor, or to the Person or Persons legally entitled thereto, and to evidence or document the release of the interests of Secured Party arising under this Agreement, all as reasonably requested by, and at the sole expense of, each such 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 pledging 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 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 2.5(a) of the Credit Agreement.

Release of Grantors. (a) This Agreement and all obligations of each ------------------- Grantor Grantors hereunder and all security interests granted hereby shall be released when (i) all Secured Obligations (other than contingent indemnification obligations and terminated when all Obligations obligations in respect of Specified Hedge Agreements) have been indefeasibly paid in full in cash or otherwise performed in full and when all Commitments no portion of the Commitment remains outstanding. Obligations of Grantors hereunder shall be released with respect to any item or portion of Collateral (i) when such item or portion of Collateral is sold or to be sold as part of or in connection with any Disposition permitted under the Second Amended and all Letters Restated Credit Agreement or under any other Loan Document (including, without limitation, any Disposition of Designated Sale Assets permitted under the Second Amended and Restated Credit have expired Agreement) or have in connection with any transaction otherwise been terminatedpermitted under the Second Amended and Restated Credit Agreement (ii) if such release is approved, authorized or ratified as required in Section 10.15 of the Second Amended and Restated Credit Agreement. Upon such release and termination of all Obligations and such expiration or termination of all Commitments and all Letters of Credit and the security interest Grantors’ obligations hereunder, all rights in and to the Collateral pledged or assigned by each Grantor hereunder Secured Party shall automatically revert to such Grantor, and the Agent and the Lenders shall promptly return any pledged Collateral in their possession to such GrantorGrantors, 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 such GrantorGrantors, or to the Person or Persons legally entitled thereto, and to evidence or document the release of the Secured Party’s interests of Secured Party arising under this Agreement, all as reasonably requested by, and at the sole expense of, each such GrantorGrantors. (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 pledging 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 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 2.5(a) of the Credit Agreement.

Release of Grantors. (a) This Agreement and all obligations of each ------------------- Grantor the Grantors 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 Commitments and all Letters of Credit have expired or have otherwise been terminatedon the Agreement Termination Date. Upon the occurrence of the Agreement Termination Date and such release and termination of all Obligations and such expiration or termination of all Commitments and all Letters of Credit and the security interest hereunder, all rights in and to the Collateral pledged or assigned by each any Grantor hereunder shall automatically revert to such Grantor, and the Collateral Agent and the Lenders Secured Parties shall return any pledged Collateral in their possession to such 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 such Grantor, or to the Person or Persons legally entitled thereto, and to evidence or document the release of the interests of the Secured Party Parties arising under this Agreement, all as reasonably requested by, and at the sole expense of, each such Grantor. (b) The Collateral Agent agrees that if an Asset asset Disposition permitted under the Credit Agreement occursoccurs (other than a disposition from a Grantor to another Grantor), the Collateral Agent shall release the Collateral that is the subject of such Asset asset Disposition to the pledging Grantor that owns it 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 Commitment or Letter of Credit remains outstandingTermination Date has not occurred, the Collateral 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 asset disposition to the extent required to be used to prepay the Loans pursuant to Section 2.5(a) 2.09 of the Credit Agreement.

Release of Grantors. (a) This Agreement and all obligations of each ------------------- Grantor the Secured Obligations of the Grantors hereunder and all security interests granted hereby shall be released upon termination of the Aggregate Commitments and terminated when payment in full of all of the Secured Obligations (other than (A) contingent indemnification obligations as to which no claim has been made and (B) obligations and liabilities under Secured Cash Management Agreements and Secured Hedge Agreements as to which arrangements satisfactory to the applicable Cash Management Bank of Hedge Bank shall have been indefeasibly paid in full in cash made) and when all Commitments and all Letters of Credit have expired or have otherwise been terminated. Upon such release and termination of all Obligations and such the expiration or termination of all Commitments and all Letters of Credit (other than Letters of Credit as to which other arrangements satisfactory to the Administrative Agent and the L/C Issuer shall have been made). Additionally, Collateral that is released or is required to be released from the security interest hereundercreated by this Agreement in order to permit the Grantors to consummate any disposition of stock or assets, all rights in merger, consolidation, amalgamation, acquisition, transfer or dividend payment or distribution that the Grantors are permitted to consummate pursuant to the Loan Documents, if any, shall be so released by the Administrative Agent at such times and to the extent necessary or appropriate to permit the Grantors to consummate such permitted transactions promptly following the Administrative Agent’s receipt of written request therefor by the Grantors specifying the purpose for which release is requested and such further certificates or other documents as the Administrative Agent shall request in its reasonable discretion to confirm that the Grantors are permitted to consummate such permitted transaction and to confirm its replacement Lien on appropriate collateral (unless replacement collateral is not required pursuant to the Loan Documents). Any request for any permitted release shall be transmitted to the Administrative Agent. Upon such release of the Grantors’ Secured Obligations hereunder, or release of Collateral pledged or assigned by each Grantor hereunder shall automatically revert to such Grantorpermitted hereunder, and the Administrative Agent and the Lenders shall return any pledged Collateral in their possession to such Grantorthe Grantors, 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 applicable Collateral to such Grantorthe Grantors, or to the Person or Persons legally entitled thereto, and to evidence or document the release of the Administrative Agent’s and the other Secured Party’s interests of Secured Party in such Collateral arising under this Agreement, all as reasonably requested by, and at the sole expense of, each such Grantorthe Grantors. (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 pledging 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 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 2.5(a) of the Credit Agreement.