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

Termination of Security Interest; Release of Collateral. (a) Upon the repayment in full of all Obligations under the Amended and Restated Note Agreement, the security interest granted in the Collateral pursuant to this Agreement (the "Security Interest") shall terminate and all rights to the Collateral shall revert to the Pledgor. (b) Upon any such termination of the Security Interest, the Collateral Agent will, at the expense of the Pledgor, execute and deliver to the Pledgor such documents, as the Pledgor shall reasonably request to evidence the termination of the Security Interest and deliver to the Pledgor all Collateral so released then in its possession.

Appears in 2 contracts

Samples: Pledge Agreement (Source Media Inc), Pledge Agreement (Source Media Inc)

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Termination of Security Interest; Release of Collateral. (a) Upon the repayment in full of all Obligations under the Amended and Restated Note AgreementObligations, the security interest granted in the Collateral pursuant to this Pledge Agreement (the "Security Interest") shall terminate and all rights to the Collateral shall revert to the Pledgor. (b) Upon any such termination of the Security Interestsecurity interest granted in the Collateral pursuant to this Agreement, the Collateral Agent will, at the expense of the Pledgor, execute and deliver to the Pledgor such documents, documents as the Pledgor shall reasonably request to evidence the termination of the Security Interest and deliver to the Pledgor all Collateral so released then in its possession.

Appears in 1 contract

Samples: Pledge Agreement (Comforce Corp)

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Termination of Security Interest; Release of Collateral. (a) Upon the repayment in full of the Note and all of the Obligations under the Amended and Restated Note Agreementsecured hereby, the security interest granted in the Collateral pursuant to this Agreement (the "Security Interest") Interest shall terminate and all rights to such of the Collateral as has not theretofore been sold or otherwise applied pursuant to this Agreement shall revert to the Pledgor. (b) . Upon any such termination of the Security InterestInterest or release of Collateral, the Collateral Agent Pledgee will, at the expense of the Pledgor's expense, execute and deliver to the Pledgor such documents, documents as the Pledgor shall reasonably request to evidence the termination of the Security Interest and deliver to Interests or the Pledgor all Collateral so released then in its possessionrelease of such Collateral, as the case may be.

Appears in 1 contract

Samples: Pledge and Security Agreement (Hotjobs Com LTD)

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