Common use of Release of Pledge Agreement Clause in Contracts

Release of Pledge Agreement. The Pledgor shall be automatically released from its obligations under this Agreement and this Agreement shall automatically terminate on the earlier of (a) the date on which all the Secured Obligations are paid in full and all the Commitments thereunder are terminated, and (b) the later of (i) the date upon which the Timberlands Loans have been repaid in full and (ii) the date on which Total Committed Debt is less than $145,000,000; and at the time of such release the Agent shall deliver the Collateral to the Pledgor.

Release of Pledge Agreement. The Pledgor shall be automatically released from its obligations under this Agreement and this Agreement shall automatically terminate on the earlier of (a) the date on which all the Secured Obligations are paid in full and all the Commitments thereunder are terminatedfull, and (b) the later of (i) the date upon which the Timberlands Loans have been repaid in full and (ii) the date on which the Notes are rated Investment Grade and (c) the date on which the Total Committed Debt is less not greater than $145,000,000; and at the time of such release the Agent Trustee shall deliver the Xxxxx Collateral to the Pledgor, and will execute and deliver such other documents and instruments evidencing such termination and release.