Common use of Release; Termination of Agreement Clause in Contracts

Release; Termination of Agreement. (a) Subject to the provisions of Section 18.12 hereof, this Agreement shall terminate (i) upon full and final payment and performance of the Obligations (and upon receipt by the Collateral Agent of the Company's written certification that all such Obligations have been satisfied) and payment in full of all fees and expenses owing by the Company to the Collateral Agent, which written certification shall be acknowledged by the Trustee, or (ii) upon the satisfaction and discharge of the Indenture (and upon receipt by the Collateral Agent of the Company's written certification as to such discharge) pursuant to and in accordance with Section 11.01 of the Indenture, which written certification shall be acknowledged by the Trustee. At such time, the Collateral Agent shall, at the request of the Company, reassign and redeliver to the Company all of the Pledged Collateral hereunder that has not been sold, disposed of, retained or applied by the Collateral Agent in accordance with the terms hereof. Such reassignment and redelivery shall be without warranty by or recourse to the Collateral Agent, except as to the absence of any prior assignments by the Collateral Agent of its interest in the Pledged Collateral, and shall be at the expense of the Company. (b) The Company agrees that it will not, except as permitted by the Indenture and this Agreement, sell or dispose of, or grant any option or warrant with respect to, any of the Pledged Collateral.

Appears in 2 contracts

Samples: Pledge and Security Agreement (Avatex Funding Inc), Pledge and Security Agreement (Avatex Corp)

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Release; Termination of Agreement. (a) Subject to the provisions of Section 18.12 hereof, this This Agreement shall terminate upon the earlier to occur of (i) upon full and final payment and performance the Satisfaction Date, (ii) the day of the Legal Defeasance of all of the Obligations (and upon receipt by the Collateral Agent of the Company's written certification that all such Obligations have been satisfied) and payment in full of all fees and expenses owing by the Company pursuant to the Collateral Agent, which written certification shall be acknowledged by the Trustee, or (ii) upon the satisfaction and discharge Section 8.02 of the Indenture (other than those surviving Obligations specified therein) and upon receipt by the Collateral Agent of the Company's written certification (iii) such other termination date as to such discharge) pursuant to and is provided in accordance with Section 11.01 of the Indenture, which written certification shall be acknowledged by the Trustee. At such time, the Collateral Agent shall, at the request of the CompanyAssignor, reassign and redeliver to the Company Assignor all of the Pledged Collateral hereunder that has not been sold, disposed of, retained or applied by the Collateral Agent in accordance with the terms hereof. Such reassignment and redelivery shall be without warranty by or recourse to the Collateral Agent, except as to the absence of any prior assignments by the Collateral Agent of its interest in the Pledged Collateral, and shall be at the expense of the Company. (b) The Company Assignor. Assignor agrees that it will not, except as permitted by the Indenture and this AgreementIndenture, sell or dispose of, or grant any option or warrant with respect to, any of the Pledged Collateral; provided, however, that if Assignor shall sell any of the Collateral in accordance with the terms of the Indenture, the Collateral Agent shall, at the request of Assignor and subject to requirements of Section 10.03 of the Indenture, release the Collateral subject to such sale free and clear of the Lien under this Agreement.

Appears in 1 contract

Samples: Security Agreement (Sterling Chemical Inc)

Release; Termination of Agreement. (a) Subject to the provisions of Section 18.12 hereof, this Agreement shall terminate (i) upon full and final payment and performance of the Secured Obligations (and upon receipt by the Collateral Agent of the Company's written certification that all such Secured Obligations have been satisfied) and payment in full of all fees and expenses owing by the Company & Partner Pledgors to the Collateral Agent, which written certification shall be acknowledged by the Trustee, Agent or (ii) upon on the satisfaction and discharge day after the first anniversary of the Legal Defeasance of all of the Secured Obligations pursuant to Section 8.02 of the Indenture (and upon receipt by the Collateral Agent of the Company's written certification as to such discharge) pursuant to and in accordance with Section 11.01 of the Indenture, which written certification shall be acknowledged by the Trusteeother than those surviving Secured Obligations specified therein). At such time, the Collateral Agent shall, at the request of the CompanyCompany & Partner Pledgors, reassign and redeliver to the Company & Partner Pledgors all of the Pledged Collateral hereunder that has not been sold, disposed of, retained or applied by the Collateral Agent in accordance with the terms hereof. Such reassignment and redelivery shall be without warranty by or recourse to the Collateral Agent, except as to the absence of any prior assignments by the Collateral Agent of its interest in the Pledged Collateral, and shall be at the expense of the CompanyCompany & Partner Pledgors. (b) The Each Company & Partner Pledgor agrees that it will not, except as permitted by the Indenture and this AgreementIndenture, sell or dispose of, or grant any option or warrant with respect to, any of the Pledged Collateral.

Appears in 1 contract

Samples: Pledge Agreement (Northeast Energy Lp)

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Release; Termination of Agreement. (a) Subject to the provisions of Section 18.12 hereof, this This Pledge Agreement shall terminate upon the earlier to occur of: (i) upon full and final payment and performance of the Obligations (and upon receipt by the Collateral Agent of the Company's Pledgors' written certification that all such Obligations have been satisfied) and payment in full of all fees and expenses owing by the Company Pledgors to the Collateral Agent, which written certification shall be acknowledged by the Trustee, or (ii) upon the satisfaction and discharge day of the Legal Defeasance of all of the Obligations pursuant to Section 8.02 of the Indenture (and upon receipt other than those surviving Obligations specified therein) or (iii) such other termination date as is provided by the Collateral Agent of the Company's written certification as to such discharge) pursuant to and in accordance with Section 11.01 of the Indenture, which written certification shall be acknowledged by the Trustee. At such time, the Collateral Agent shall, at the request of the Companyany Pledgor, reassign and redeliver to the Company such Pledgor all of the Pledged Collateral hereunder that has not been sold, disposed of, retained or applied by the Collateral Agent in accordance with the terms hereof. Such reassignment and redelivery shall be without warranty by or recourse to the Collateral Agent, except as to the absence of any prior assignments by the Collateral Agent of its interest in the Pledged Collateral, and shall be at the expense of the Companysuch Pledgor. (b) The Company Each Pledgor agrees that it will not, except as permitted by the Indenture and this AgreementIndenture, sell or dispose of, or grant any option or warrant with respect to, any of the Pledged Collateral; provided, however, that if any Pledgor shall sell any of the Collateral in accordance with the terms of the Indenture, the Collateral Agent shall, at the request of such Pledgor and subject to requirements of Section 10.03 of the Indenture, release the Collateral subject to such sale free and clear of the Lien under this Pledge Agreement.

Appears in 1 contract

Samples: Stock Pledge and Security Agreement (Sterling Chemical Inc)

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