Common use of Termination of Mortgage Clause in Contracts

Termination of Mortgage. (a) This Mortgage shall terminate on the date (the “Obligations Payment Date”) on which the Obligations (other than contingent indemnification obligations not due and payable) have been performed and paid in cash in full in accordance with the terms of the Loan Documents. Upon termination, Owner may request, at Owner’s sole cost and expense, the Mortgagee to execute and deliver to or as directed in writing by Owner an appropriate instrument reasonably required to release Owner’s Collateral from the Lien of this Mortgage and to discharge from the International Registry the registration of the International Interests constituted by this Mortgage with respect to such Collateral, and the Mortgagee shall execute and deliver such instrument as aforesaid at Owner’s expense; provided, however, that in the event that any portion of the Collateral is sold in accordance and compliance with Section 6.03 of the Credit Agreement, the Mortgagee shall cooperate, at Owner’s sole cost and expense, in releasing the Lien of this Mortgage from such portion of the Collateral (and the Proceeds thereof). Except as aforesaid otherwise provided, this Mortgage and the trusts created hereby shall continue in full force and effect in accordance with the terms hereof.

Termination of Mortgage. (a) This Mortgage shall terminate on the date (the “First Priority Obligations Payment Date”) on which the Obligations (other than contingent indemnification obligations not due and payable) have been performed and paid in cash in full in accordance with the terms of the Loan Documents. Upon termination, Owner each Grantor may request, at Ownera Grantor’s sole cost and expense, the Mortgagee Collateral Agent to execute and deliver to or as directed in writing by Owner such Grantor an appropriate instrument reasonably required to release Ownersuch Grantor’s Collateral from the Lien of this Mortgage and to discharge from the International Registry the registration of the International Interests constituted by this Mortgage with respect to such Collateral, and the Mortgagee Collateral Agent shall execute and deliver such instrument as aforesaid at Ownera Grantor’s expense; provided, however, that in the event that any portion of the Collateral is sold or otherwise disposed of in accordance and compliance with Section 6.03 the applicable provisions of the Credit Agreement, or is released as provided in Section 6.06(d) of the Mortgagee Credit Agreement, entitling the Grantors to a release from the Lien of this Mortgage, the Collateral Agent shall cooperate, at Owner’s Grantors’ sole cost and expense, in releasing the Lien of this Mortgage from such portion of the Collateral (and the Proceeds thereof)Collateral. Except as aforesaid otherwise provided, this Mortgage and the trusts created hereby shall continue in full force and effect in accordance with the terms hereof.

Termination of Mortgage. (a) This Mortgage shall terminate on the date (the “Second Priority Obligations Payment Date”) on which the Obligations (other than contingent indemnification obligations not due and payable) have been performed and paid in cash in full in accordance with the terms of the Loan Documents. Upon termination, Owner each Grantor may request, at Ownera Grantor’s sole cost and expense, the Mortgagee Collateral Agent to execute and deliver to or as directed in writing by Owner such Grantor an appropriate instrument reasonably required to release Ownersuch Grantor’s Collateral from the Lien of this Mortgage and to discharge from the International Registry the registration of the International Interests constituted by this Mortgage with respect to such Collateral, and the Mortgagee Collateral Agent shall execute and deliver such instrument as aforesaid at Ownera Grantor’s expense; provided, however, that in the event that any portion of the Collateral is sold or otherwise disposed of in accordance and compliance with Section 6.03 the applicable provisions of the Credit Agreement, or is released as provided in Section 6.06(d) of the Mortgagee Credit Agreement, entitling the Grantors to a release from the Lien of this Mortgage, the Collateral Agent shall cooperate, at Owner’s Grantors’ sole cost and expense, in releasing the Lien of this Mortgage from such portion of the Collateral (and the Proceeds thereof)Collateral. Except as aforesaid otherwise provided, this Mortgage and the trusts created hereby shall continue in full force and effect in accordance with the terms hereof.