Common use of Release of Security Interests Clause in Contracts

Release of Security Interests. As a condition to the issuance of the shares of Common Stock in conversion of the Obligations at Closing, Debt Holder hereby cancels, terminates and releases any and all security interests, liens and other encumbrances held by or for the benefit of the Debt Holder with respect to the Obligations in or on the assets, rights or other property of the Company, including, without limitation, all security interests, liens and other encumbrances on the patents, trademarks and other intellectual property rights of the Company (collectively, the "Security Interests"). Debt Holder agrees to execute and deliver such instruments and documents (including UCC-3 filings) and take such other action as may be necessary to affect the complete release of all Security Interests.

Release of Security Interests. As a condition Subject to the issuance of the shares of Common Stock in conversion of the Obligations at and effective upon Closing, (i) the Debt Holder hereby cancels, terminates and releases any and all security interests, liens and other encumbrances held by or for the benefit of the Debt Holder pursuant to the Security Agreements with respect to the Obligations in or on the assets, rights or other property of the Company, including, without limitation, all security interests, liens and other encumbrances on the patents, trademarks and other intellectual property rights of the Company (collectively, the "“Security Interests"). ”) and (ii) the Debt Holder agrees to execute and deliver such instruments and documents (including UCC-3 filings) and take such other action as may be the Company deems necessary or advisable to affect effect the complete release of all Security Interests.