Common use of Release of Loan Parties Clause in Contracts

Release of Loan Parties. If any part of the Collateral (x) is taken by eminent domain, condemnation or other similar circumstances or (y) is sold, transferred, otherwise disposed of or liquidated in compliance with the requirements of the Note Documents (or such sale, transfer, other disposition or liquidation has been approved in writing by the Directing Noteholders), then in each such case, such Collateral shall be automatically released from the Security Interests created hereby and the Collateral Agent, at the request and expense of the relevant Loan Party, will (upon receipt of a written certification of a Responsible Officer of InSight that the Trustee has received all documents, if any, required by the Trust Indenture Act and the Indenture) assign, transfer and deliver to such Loan Party (without recourse and without representation or warranty) such of the Collateral as is then being (or has been) so taken, sold, transferred, disposed of or liquidated as may be in the possession or control of the Collateral Agent and has not theretofore been released pursuant to this Agreement and deliver to the applicable Loan Party all documents and other releases reasonably requested by such Loan Party (including UCC termination statements) to evidence the release of such Collateral from the Security Interests. Further, upon the release of a Guarantor from its obligations under all guaranties of the Note Obligations in accordance with the provisions thereof and the other Note Documents, such Guarantor (and the Collateral assigned by such Guarantor pursuant hereto) shall be automatically released from this Agreement and the Collateral Agent will, upon request by and at the expense of such Guarantor, execute and deliver to such Guarantor such documents as such Guarantor shall reasonably request to evidence the release of such Guarantor and such Collateral.

Release of Loan Parties. If any part of the Collateral (x) is taken by eminent domain, condemnation or other similar circumstances circumstances, or (y) is sold, transferred, otherwise disposed of or liquidated in compliance with the requirements of the Note Documents (or such sale, transfer, other disposition or liquidation has been approved in writing by the Directing Noteholders), then in each such case, such Collateral shall be automatically released from the Security Interests created hereby and the Collateral Agent, at the request and expense of the relevant such Loan Party, will (upon receipt of a written certification of a Responsible Officer of InSight that the Trustee has received all documents, if any, required by the Trust Indenture Act and the Indenture) assign, transfer and deliver to such Loan Party (without recourse and without representation or warranty) such of the Collateral as is then being (or has been) so taken, sold, transferred, disposed of or liquidated as may be in the possession or control of the Collateral Agent and has not theretofore been released pursuant to this Agreement and deliver to the applicable Loan Party all documents and other releases reasonably requested by such Loan Party (including UCC termination statements) to evidence the release of such Collateral from the Security Interests. Further, upon the release of a Guarantor from its obligations under all guaranties of the Note Obligations in accordance with the provisions thereof and the other Note Documents, such Guarantor (and the Collateral assigned by such Guarantor pursuant hereto) shall be automatically released from this Agreement and the Collateral Agent will, upon request by and at the expense of such Guarantor, execute and deliver to such Guarantor such documents as such Guarantor shall reasonably request to evidence the release of such Guarantor and such Collateral.

Release of Loan Parties. If any part of the Collateral (x) is taken by eminent domain, condemnation or other similar circumstances or (y) is sold, transferred, otherwise disposed of or liquidated in compliance with the requirements of the Note Finance Documents (or such sale, transfer, other disposition or liquidation has been approved in writing by the Directing NoteholdersCreditors), then in each such case, such Collateral shall be automatically released from the Security Interests created hereby and the Collateral Agent, at the request and expense of the relevant such Loan Party, will (upon receipt of a written certification of a Responsible Officer of InSight DRI and Dxxxx Xxxxx that the Trustee has received all documents, if any, required by the Trust Indenture Act and the Indenture) assign, transfer and deliver to such Loan Party (without recourse and without representation or warranty) such of the Collateral as is then being (or has been) so taken, sold, transferred, disposed of or liquidated as may be in the possession or control of the Collateral Agent and has not theretofore been released pursuant to this Agreement and deliver to the applicable Loan Party all documents and other releases reasonably requested by such Loan Party (including UCC termination statements) to evidence the release of such Collateral from the Security InterestsAmended Agreement. Further, upon the release of a Guarantor from its obligations under all guaranties of the Note Finance Obligations in accordance with the provisions thereof and the other Note Finance Documents, such Guarantor (and the Collateral assigned by such Guarantor pursuant hereto) shall be automatically released from this Amended Agreement and the Collateral Agent will, upon request by and at the expense of such Guarantor, execute and deliver to such Guarantor such documents as such Guarantor shall reasonably request to evidence the release of such Guarantor and such Collateral.

Release of Loan Parties. If any part of the Collateral (x) is taken by eminent domain, condemnation or other similar circumstances circumstances, or (y) is sold, transferred, otherwise disposed of (other than any such disposition to another Loan Party) or liquidated in compliance with the requirements of the Note Finance Documents (or such sale, transfer, other disposition or liquidation has been approved in writing by the Directing NoteholdersCreditors), then in each such case, such Collateral shall be automatically released from the Security Interests created hereby and the Collateral Agent, at the request and expense of the relevant such Loan Party, will (upon receipt of a written certification of a Responsible Officer of InSight DRI and Xxxxx Xxxxx that the Trustee has received all documents, if any, required by the Trust Indenture Act and the Indenture) assign, transfer and deliver to such Loan Party (without recourse and without representation or warranty) such of the Collateral as is then being (or has been) so taken, sold, transferred, disposed of or liquidated as may be in the possession or control of the Collateral Agent and has not theretofore been released pursuant to this Agreement and deliver to the applicable Loan Party all documents and other releases reasonably requested by such Loan Party (including UCC termination statements) to evidence the release of such Collateral from the Security InterestsAgreement. Further, upon the release of a Guarantor from its obligations under all guaranties of the Note Finance Obligations in accordance with the provisions thereof and the other Note Finance Documents, such Guarantor (and the Collateral assigned by such Guarantor pursuant hereto) shall be automatically released from this Agreement and the Collateral Agent will, upon request by and at the expense of such Guarantor, execute and deliver to such Guarantor such documents as such Guarantor shall reasonably request to evidence the release of such Guarantor and such Collateral.

Release of Loan Parties. If any part of the Collateral (x) is taken by eminent domain, condemnation or other similar circumstances circumstances, or (y) is sold, transferred, otherwise disposed of or liquidated in compliance with the requirements of the Note Finance Documents (or such sale, transfer, other disposition or liquidation has been approved in writing by the Directing NoteholdersCreditors), then in each such case, such Collateral shall be automatically released from the Security Interests created hereby and the Collateral Agent, at the request and expense of the relevant such Loan Party, will (upon receipt of a written certification of a Responsible Officer of InSight DRI and Xxxxx Xxxxx that the Trustee has received all documents, if any, required by the Trust Indenture Act and the Indenture) assign, transfer and deliver to such Loan Party (without recourse and without representation or warranty) such of the Collateral as is then being (or has been) so taken, sold, transferred, disposed of or liquidated as may be in the possession or control of the Collateral Agent and has not theretofore been released pursuant to this Agreement and deliver to the applicable Loan Party all documents and other releases reasonably requested by such Loan Party (including UCC termination statements) to evidence the release of such Collateral from the Security InterestsAmended Agreement. Further, upon the release of a Guarantor from its obligations under all guaranties of the Note Finance Obligations in accordance with the provisions thereof and the other Note Finance Documents, such Guarantor (and the Collateral assigned by such Guarantor pursuant hereto) shall be automatically released from this Amended Agreement and the Collateral Agent will, upon request by and at the expense of such Guarantor, execute and deliver to such Guarantor such documents as such Guarantor shall reasonably request to evidence the release of such Guarantor and such Collateral.

Release of Loan Parties. If any part of the Collateral (x) is taken by eminent domain, condemnation or other similar circumstances or (y) is sold, transferred, otherwise disposed of (other than any such disposition to another Loan Party) or liquidated in compliance with the requirements of the Note Finance Documents (or such sale, transfer, other disposition or liquidation has been approved in writing by the Directing NoteholdersCreditors), then in each such case, such Collateral shall be automatically released from the Security Interests created hereby and the Collateral Agent, at the request and expense of the relevant such Loan Party, will (upon receipt of a written certification of a Responsible Officer of InSight DRI and Xxxxx Xxxxx that the Trustee has received all documents, if any, required by the Trust Indenture Act and the Indenture) assign, transfer and deliver to such Loan Party (without recourse and without representation or warranty) such of the Collateral as is then being (or has been) so taken, sold, transferred, disposed of or liquidated as may be in the possession or control of the Collateral Agent and has not theretofore been released pursuant to this Agreement and deliver to the applicable Loan Party all documents and other releases reasonably requested by such Loan Party (including UCC termination statements) to evidence the release of such Collateral from the Security InterestsAgreement. Further, upon the release of a Guarantor from its obligations under all guaranties of the Note Finance Obligations in accordance with the provisions thereof and the other Note Finance Documents, such Guarantor (and the Collateral assigned by such Guarantor pursuant hereto) shall be automatically released from this Agreement and the Collateral Agent will, upon request by and at the expense of such Guarantor, execute and deliver to such Guarantor such documents as such Guarantor shall reasonably request to evidence the release of such Guarantor and such Collateral.