Common use of Termination of Security Interest; Release of Collateral Clause in Contracts

Termination of Security Interest; Release of Collateral. Upon the payment in full of all of the Obligations hereunder (a) the security interests and the other Liens and licenses granted to the Lender shall terminate, (b) all rights to the Collateral shall revert to the Borrowers with rights therein, (c) the Lender will at the sole cost and expense of the Borrowers, (x) execute and deliver to the Borrowers all documents as the Borrowers may reasonably request to evidence the termination of such security interests and the release of such Collateral, and (y) take such other actions with respect to this Agreement, the other Loan Documents, the Liens created thereby as the Borrowers shall reasonably request, and (d) this Agreement and all of the other Loan Documents will be terminated, and the Borrowers will have no further liabilities or obligations thereunder (except any liabilities and/or obligations which under the terms of this Agreement or any Loan Document survive termination thereof).

Appears in 5 contracts

Samples: Option Agreement (Peak Resorts Inc), Master Credit and Security Agreement (Peak Resorts Inc), Master Credit and Security Agreement (Peak Resorts Inc)

AutoNDA by SimpleDocs

Termination of Security Interest; Release of Collateral. Upon the payment in full of all Obligations and the termination of the Obligations hereunder Commitments of each of the Banks and all LC Exposure: (a) the security interests and the other Liens and licenses granted to the Lender Agent under this Agreement and under any other Loan Documents shall terminate, (b) all rights to the Collateral shall revert to the Borrowers with rights thereinBorrower or the applicable Subsidiary Guarantor, as the case may be, (c) the Lender will Agent will, at the sole cost and expense of the BorrowersBorrower's expense, (x) execute and deliver to the Borrowers all Borrower such documents as the Borrowers Borrower may reasonably request to evidence the termination of such security interests and the release of such Collateral, and (y) take such other actions with respect to this Agreement, the other Loan Documents, the Liens created thereby as the Borrowers shall reasonably request, and (d) this Agreement and all of the other Loan Documents with the Borrower will be terminated, and the Borrowers Borrower will have no further liabilities or obligations thereunder (except any liabilities and/or obligations which under the terms of this Agreement or any Loan Document survive termination thereofof such agreements).

Appears in 1 contract

Samples: Credit and Security Agreement (Curtis Sub Inc)

Termination of Security Interest; Release of Collateral. Upon the payment in full of all of the Obligations hereunder hereunder, the termination of the LC Exposure of the Lenders hereunder, and the termination of the Revolving Credit Commitments: (a) the security interests and the other Liens and licenses granted to the Lender Administrative Agent shall terminate, (b) all rights to the Collateral shall revert to the Borrowers Borrower with rights therein, (c) the Lender Administrative Agent will at the sole reasonable cost and expense of the Borrowers, (x) execute and deliver to the Borrowers all documents as the Borrowers may reasonably request to evidence the termination of such security interests and the release of such Collateral, and (y) take such other actions with respect to this Agreement, the other Loan Documents, the Liens created thereby as the Borrowers shall reasonably request, and (d) this Agreement and all of the other Loan Documents will be terminated, and the Borrowers will have no further liabilities or obligations thereunder (except any liabilities and/or obligations which under the terms of this Agreement or any Loan Document survive termination thereof).

Appears in 1 contract

Samples: Credit and Security Agreement (Hawk Corp)

AutoNDA by SimpleDocs

Termination of Security Interest; Release of Collateral. Upon the payment in full of all Obligations, Swing Line Obligations, and Letter of Credit Obligations, and the termination of the Obligations hereunder Commitments of each of the Banks and all LC Exposure and Swing Line Exposure thereof: (a) the security interests and the other Liens and licenses granted by the Pledging Borrowers to the Lender Administrative Agent under this Agreement 54 64 and under any other Loan Documents shall terminate, (b) all rights to the Collateral shall revert to the Borrowers Borrower with rights therein, (c) the Lender will Administrative Agent will, at the sole cost and expense of the Borrowerssuch Borrower's expense, (x) execute and deliver to the Borrowers such Borrower all documents as the Borrowers such Borrower may reasonably request to evidence the termination of such security interests and the release of such Domestic Borrower Collateral, and (y) take such other actions with respect to this Agreement, the other Loan Documents, the Liens created thereby thereby, and the Obligations as the Borrowers such Borrower shall reasonably request, and (d) this Agreement and all of the other Loan Documents will be terminated, and the Borrowers such Borrower will have no further liabilities or obligations thereunder (except any liabilities and/or obligations which under the terms of this Agreement or any Loan Document survive termination thereof).. Notwithstanding the foregoing:

Appears in 1 contract

Samples: Credit and Security Agreement (Instron Lawrence Corp)

Time is Money Join Law Insider Premium to draft better contracts faster.