Common use of Satisfaction and Cancelation Clause in Contracts

Satisfaction and Cancelation. (a) The conveyance to Trustee of the Trust Property as security and for the benefit of Beneficiary, created and consummated by this Deed of Trust shall be null and void when all the Obligations have been indefeasibly paid in full in accordance with the terms of the Loan Documents and the Lenders have no further commitment to make Loans under the Credit Agreement, no Letters of Credit are outstanding and the Issuing Bank has no further obligation to issue Letters of Credit under the Credit Agreement. (b) Upon a sale or financing by Grantor of all or any portion of the Trust Property that is permitted under the Credit Agreement and the application of the Net Cash Proceeds of such sale or financing in accordance with the Credit Agreement, the lien of this Deed of Trust shall be released from the applicable portion of the Trust Property. Grantor shall give Beneficiary reasonable written notice of any sale or financing of the Trust Property prior to the closing of such sale or financing. (c) In connection with any termination or release pursuant to paragraph (a), the Deed of Trust shall be marked "satisfied" by Beneficiary and/or Trustee, and this Deed of Trust and any related UCC-1 financing statements (if applicable) shall be canceled of record at the request and at the expense of Grantor. Beneficiary and Trustee shall execute any documents reasonably requested by Grantor to accomplish the foregoing or to accomplish any release contemplated by paragraph (a) and Grantor will pay all costs and expenses, including reasonable attorneys' fees, disbursements and other charges, incurred by Beneficiary and Trustee in connection with the preparation and execution of such documents.

Satisfaction and Cancelation. (a) The conveyance to Trustee of the Trust Property as security and for the benefit of Beneficiary, created and consummated by this Deed of Trust shall be null and void when all the Obligations have been indefeasibly paid in full in accordance with the terms of the Loan Credit Documents and the Lenders have no further commitment to make Loans under the Credit Agreement, no Letters of Credit are outstanding and the Issuing Bank has no further obligation to issue Letters of Credit under the Credit Agreement. (b) Upon a sale or financing by Grantor of all or any portion of the Trust Property that is permitted under the Credit Agreement and the application of the Net Cash Proceeds of such sale or financing in accordance with the Credit Agreement, the The lien of this Deed of Trust shall be released from the applicable such portion of the Trust Property. Grantor shall give Beneficiary reasonable written notice Property as is required pursuant to and in accordance with the operative provisions of any sale or financing Section 6.5 of the Trust Property prior to the closing of such sale or financingCredit Agreement. (c) In connection with any termination termination, or release pursuant to paragraph (a), upon written request of the Deed Beneficiary and surrender of Trust shall be marked "satisfied" by Beneficiary and/or Trustee, and this Deed of Trust to the Trustee for cancellation, and upon payment to the Trustee of its fees and expenses by the Grantor, the Trustee shall reconvey without warranty the then trust property. The recitals in any related UCC-1 financing statements (if applicable) reconveyance shall be canceled conclusive proof of record at the request truthfulness thereof and at the expense of Grantor. grantee in any reconveyance may be described as "the person or persons legally entitled thereto." Beneficiary and Trustee shall execute any documents reasonably requested by Grantor to accomplish the foregoing or to accomplish any release contemplated by paragraph (a) and Grantor will pay all costs and expenses, including reasonable attorneys' fees, disbursements and other charges, incurred by Beneficiary and Trustee in connection with the preparation and execution of such documents.

Satisfaction and Cancelation. (a) The conveyance to Trustee or Beneficiary of the Trust Property as security and for the benefit of Beneficiary, created and consummated by this Second Priority Deed of Trust shall be null and void when all the Second Priority Debt Obligations have been indefeasibly paid in full in accordance with the terms of the Loan Second Priority Debt Documents and the Lenders have no further commitment to make Loans under the Credit Agreement, no Letters of Credit Second Priority Debt Obligations are outstanding and the Issuing Bank has no further obligation to issue Letters of Credit under the Credit Agreementoutstanding. (b) Upon a sale or financing by Grantor of all or any portion of the Trust Property that is permitted under by the Credit Agreement Senior Loan Documents and the Second Priority Debt Documents and the application of the Net Cash Proceeds of such sale or financing in accordance with the Credit AgreementCollateral Trust and Intercreditor Agreement or Second Priority Debt Documents, as applicable, the lien of this Second Priority Deed of Trust shall be released from the applicable portion of the Trust Property. Grantor shall give the Beneficiary reasonable written notice of any sale or financing of the Trust Property prior to the closing of such sale or financing. (c) In connection with any termination or release pursuant to paragraph (a), the Second Priority Deed of Trust shall be marked "satisfied" by Beneficiary and/or Trusteethe Beneficiary, and this Second Priority Deed of Trust and any related UCC-1 financing statements (if applicable) shall be canceled of record at the request and at the expense of the Grantor. Beneficiary and Trustee shall execute any documents reasonably requested by Grantor to accomplish the foregoing or to accomplish any release contemplated by paragraph (a) this Section 3.04 and Grantor will pay all costs and expenses, including reasonable attorneys' fees, disbursements and other charges, incurred by Beneficiary and Trustee in connection with the preparation and execution of such documents.

Satisfaction and Cancelation. (a) The conveyance to Trustee or Beneficiary of the Trust Property as security and for the benefit of Beneficiary, created and consummated by this Deed of Trust shall be null and void when all the Senior Obligations have been indefeasibly paid in full in accordance with the terms of the Senior Loan Documents and the Lenders Banks have no further commitment to make Senior Loans under the Senior Credit Agreement, no Letters of Credit are outstanding and the Issuing Bank has no further obligation to issue Letters of Credit under the Senior Credit Agreement. (b) Upon a sale or financing by Grantor of all or any portion of the Trust Property that is permitted under by the Senior Credit Agreement and the application of the Net Cash Proceeds of such sale or financing in accordance with the Senior Credit Agreement, the lien of this Deed of Trust shall be released from the applicable portion of the Trust Property. Grantor shall give the Beneficiary reasonable written notice of any sale or financing of the Trust Property prior to the closing of such sale or financing. (c) In connection with any termination or release pursuant to paragraph (a), the Deed of Trust shall be marked "satisfied" by Beneficiary and/or Trusteethe Beneficiary, and this Deed of Trust and any related UCC-1 financing statements (if applicable) shall be canceled of record at the request and at the expense of the Grantor. Beneficiary and Trustee shall execute any documents reasonably requested by Grantor to accomplish the foregoing or to accomplish any release contemplated by paragraph (a) this Section 3.04 and Grantor will pay all costs and expenses, including reasonable attorneys' fees, disbursements and other charges, incurred by Beneficiary and Trustee in connection with the preparation and execution of such documents.