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

Termination of Security Interests; Release of Collateral. Upon the repayment in full of all Secured Obligations and the termination of the Commitments under the Credit Agreements, the Security Interests shall terminate and all rights to the Collateral shall revert to the Borrower. At any time and from time to time prior to such termination of the Security Interests, the Agent may release any of the Collateral in accordance with the applicable provisions of the Credit Agreements. Upon any such termination of the Security Interests or release of Collateral, the Agent will, at the expense of the Borrower, execute and deliver to the Borrower such documents as the Borrower shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 2 contracts

Samples: Pledge Agreement (Rite Aid Corp), Credit Agreement (Rite Aid Corp)

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Termination of Security Interests; Release of Collateral. Upon the repayment in full of all Secured Obligations and the termination of the Commitments under the Credit AgreementsAgreement, the Security Interests shall terminate and all rights to the Collateral shall revert to the BorrowerHoldings. At any time and from time to time prior to such termination of the Security Interests, the Agent may release any of the Collateral in accordance with the applicable provisions prior written consent of the Credit AgreementsLenders. Upon any such termination of the Security Interests or release of Collateral, the Agent will, at the expense of the BorrowerHoldings, execute and deliver to the Borrower Holdings such documents as the Borrower Holdings shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 2 contracts

Samples: Credit Agreement (Lets Talk Cellular & Wireless Inc), Credit Agreement (Lets Talk Cellular & Wireless Inc)

Termination of Security Interests; Release of Collateral. Upon the repayment in full of all Secured Obligations and the termination of the Commitments under the Credit AgreementsAgreement, the Security Interests shall terminate and all rights to the Collateral shall revert to the Borrower. At any time and from time to time prior to such termination of the Security Interests, the Agent may release any of the Collateral in accordance with the applicable provisions of the Credit AgreementsAgreement. Upon any such termination of the Security Interests or release of Collateral, the Agent will, at the expense of the Borrower, execute and deliver to the Borrower such documents as the Borrower shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 2 contracts

Samples: Credit Agreement (Rite Aid Corp), Com Pledge Agreement (Rite Aid Corp)

Termination of Security Interests; Release of Collateral. Upon the repayment payment in full of all Secured Obligations (other than contingent indemnification obligations to the extent no unsatisfied claim giving rise thereto has been asserted) and the termination of the Commitments under the Credit Agreementsall commitments, the Security Interests shall automatically terminate and all rights to the Collateral shall automatically revert and be reassigned to the Borrower. At any time and from time to time prior to such termination of the Security Interests, the Agent may release any of the Collateral in accordance with the applicable provisions of the Credit Agreements. Upon any such termination of the Security Interests or release of any Collateral, the Agent will, at the expense of the Borrower, execute and deliver to the Borrower such documents as the Borrower shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 1 contract

Samples: Security Agreement (MCG Capital Corp)

Termination of Security Interests; Release of Collateral. Upon the repayment payment in full of all Secured Obligations and Obligations, including the termination conversion of all of the Commitments under Notes into equity securities in accordance with and pursuant to the Credit Agreementsterms of the Notes, the Security Interests shall immediately terminate and all rights to the Collateral shall revert to Debtor automatically and without the Borrower. At any time and from time need for further action to time prior to such termination be taken on the part of the Security Interests, Debtor or the Agent may release any of the Collateral in accordance with the applicable provisions of the Credit AgreementsSecured Parties. Upon any such termination of the Security Interests or release of any Collateral, the Agent Secured Parties will, at the expense of the BorrowerDebtor, execute and deliver to the Borrower Debtor such documents as the Borrower Debtor shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 1 contract

Samples: Security Agreement (BAXL Holdings, Inc.)

Termination of Security Interests; Release of Collateral. Upon the repayment in full of all Secured Obligations and the termination of the Commitments under the Credit AgreementsAgreement, the Security Interests shall terminate and all rights to the Collateral shall revert to the Borrower. At any time and from time to time prior to such termination of the Security Interests, the Administrative Agent may release any of the Collateral in accordance with the applicable provisions prior written consent of the Credit AgreementsRequired Banks. Upon any such termination of the Security Interests or release of Collateral, the Agent will, at the expense of the Borrower, execute and deliver to the Borrower such documents as the Borrower shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 1 contract

Samples: Term Loan Agreement (Ace LTD)

Termination of Security Interests; Release of Collateral. Upon the repayment in full of all Secured Obligations and the termination of the Commitments all lending commitments under the Credit AgreementsLoan Agreement, the Security Interests shall terminate and all rights to the Collateral shall revert to the Borrower. At any time and from time to time prior to such termination of the Security Interests, the Collateral Agent may release any of the Collateral in accordance with the applicable provisions prior written consent of the Credit AgreementsAdministrative Agent. Upon any such termination of the Security Interests or release of Collateral, the Collateral Agent will, at the expense of the Borrower, execute and deliver to the Borrower such documents as the Borrower shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 1 contract

Samples: Collateral Agreement (Synutra International, Inc.)

Termination of Security Interests; Release of Collateral. Upon the repayment in full of all Secured Obligations and the termination of the Commitments under the Credit AgreementsObligations, the Security Interests shall terminate and all rights to the Collateral shall revert to the Borrower. At any time and from time to time prior to such termination of the Security Interests, the Agent may release any of the Collateral in accordance with the applicable provisions of the Credit AgreementsAgreement. Upon any such termination of the Security Interests or release of Collateral, the Agent will, at the expense of the Borrower, execute and deliver to the Borrower such documents as the Borrower shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 1 contract

Samples: Pledge Agreement (Rite Aid Corp)

Termination of Security Interests; Release of Collateral. Upon the repayment in full of all Secured Obligations and the termination of the Commitments under the Credit AgreementsObligations, the Security Interests shall terminate and all rights to the Collateral shall revert to the Borrower. At any time and from time to time prior to such termination of the Security Interests, the Agent may release any of the Collateral in accordance with the applicable provisions of each of the Credit AgreementsLoan Agreement and the RCF Facility. Upon any such termination of the Security Interests or release of Collateral, the Agent will, at the expense of the Borrower, execute and deliver to the Borrower such documents as the Borrower shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 1 contract

Samples: PCS Pledge Agreement (Rite Aid Corp)

Termination of Security Interests; Release of Collateral. Upon the repayment payment in full of all Secured Obligations and Obligations, including the termination aggregate principal amount of the Commitments under Notes, including all Interest (as defined in the Credit AgreementsNotes), the Security Interests shall immediately terminate and all rights to the Collateral shall revert to Debtor automatically and without the Borrower. At any time and from time need for further action to time prior to such termination be taken on the part of the Security Interests, Debtor or the Agent may release any of the Collateral in accordance with the applicable provisions of the Credit AgreementsSecured Parties. Upon any such termination of the Security Interests or release of any Collateral, the Agent Secured Parties will, at the expense of the BorrowerDebtor, execute and deliver to the Borrower Debtor such documents as the Borrower Debtor shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be; provided that, any such documents may be executed and delivered by the Collateral Agent on behalf of all the Secured Parties.

Appears in 1 contract

Samples: Security Agreement (Manhattan Pharmaceuticals Inc)

Termination of Security Interests; Release of Collateral. Upon the repayment in full of all Secured Obligations and the termination of the Commitments under the Credit AgreementsAgreement, the Security Interests shall terminate and all rights to the Collateral shall revert to the BorrowerLTC. At any time and from time to time prior to such termination of the Security Interests, the Agent may release any of the Collateral in accordance with the applicable provisions prior written consent of the Credit AgreementsLenders. Upon any such termination of the Security Interests or release of Collateral, the Agent will, at the expense of the BorrowerLTC, execute and deliver to the Borrower LTC such documents as the Borrower LTC shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 1 contract

Samples: Credit Agreement (Lets Talk Cellular & Wireless Inc)

Termination of Security Interests; Release of Collateral. Upon the repayment in full of all Secured Obligations and the termination of the Commitments under the Credit AgreementsObligations, the Security Interests shall terminate and all rights to the Collateral shall revert to the BorrowerCompany. At any time and from time to time prior to such termination of the Security Interests, the Collateral Agent may release any of the Collateral in accordance with the applicable provisions prior written consent of the Credit AgreementsRequired Purchasers. Upon any such termination of the Security Interests or release of Collateral, the Collateral Agent will, at the expense of the BorrowerCompany, execute and deliver to the Borrower Company such documents as the Borrower Company shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 1 contract

Samples: Security Agreement (Bank of America Corp /De/)

Termination of Security Interests; Release of Collateral. Upon the repayment indefeasible payment in full in cash of all Secured Obligations (other than unasserted indemnity claims) and the termination of the all Commitments under and as defined in the Loan Agreement and all Lender Letters of Credit Agreementsand risk participation agreements under the Loan Agreement, the Security Interests shall terminate and all rights to the Collateral shall revert to the Borrower. At any time and from time to time prior to such termination of the Security Interests, the Agent may release any of the Collateral in accordance with the applicable provisions of the Credit AgreementsDebtor. Upon any such termination of the Security Interests or release of any Collateral, the Senior Agent will, at the expense of the BorrowerDebtor, execute and deliver to the Borrower Debtor such documents Documents as the Borrower Debtor shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 1 contract

Samples: Security Agreement (Recoton Corp)

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Termination of Security Interests; Release of Collateral. Upon the repayment payment in full of all Secured Obligations (other than contingent indemnification obligations to the extent no unsatisfied claim giving rise thereto has been asserted) and the termination of the Commitments under the Credit Agreementsall Commitments, Risk Participation Agreements and Lender Letters of Credit, the Security Interests shall terminate and all rights to the Collateral shall revert to the Borrower. At any time and from time to time prior to such termination of the Security Interests, the Agent may release any of the Collateral in accordance with the applicable provisions of the Credit AgreementsDebtor. Upon any such termination of the Security Interests or release of any Collateral, the Agent will, at the expense of the BorrowerDebtors, execute and deliver to the Borrower Debtors such documents as the Borrower Debtors shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 1 contract

Samples: Security Agreement (Opinion Research Corp)

Termination of Security Interests; Release of Collateral. Upon the repayment in full of all Secured Obligations and the termination of the Commitments under the Credit AgreementsAgreement, the Security Interests shall terminate and all rights to the Collateral shall revert to the Borrower. At any time and from time to time prior to such termination of the Security Interests, the Agent may release any of the Collateral in accordance with the applicable provisions of the Credit AgreementsCollateral. Upon any such termination of the Security Interests or release of Collateral, the Agent will, at the expense of the Borrower, execute and deliver to the Borrower such documents as the Borrower shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 1 contract

Samples: Security Agreement (Thermatrix Inc)

Termination of Security Interests; Release of Collateral. Upon the repayment in full of all Secured Obligations and the termination of the Commitments under the Credit AgreementsAgreement, the Security Interests shall terminate and all rights to the Collateral shall revert to the BorrowerSecurity Capital. At any time and from time to time prior to such termination of the Security Interests, the Agent may release any of the Collateral in accordance with the applicable provisions prior written consent of the Credit AgreementsRequired Lenders. Upon any such termination of the Security Interests or release of Collateral, the Agent will, at the expense of the BorrowerSecurity Capital, execute and deliver to the Borrower Security Capital such documents as the Borrower Security Capital shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 1 contract

Samples: Security Capital Pledge and Guaranty Agreement (Security Capital Corp/De/)

Termination of Security Interests; Release of Collateral. Upon the repayment in full of all Secured Obligations and the termination of the Commitments under the Credit AgreementsLoan Agreement, the Security Interests shall terminate and all rights to the Collateral shall revert to the BorrowerGuarantor. At any time and from time to time prior to such termination of the Security Interests, the Agent may release any of the Collateral in accordance with the applicable provisions prior written consent of the Credit AgreementsLenders. Upon any such termination of the Security Interests or release of Collateral, the Agent will, at the expense of the BorrowerGuarantor, execute and deliver to the Borrower Guarantor such documents as the Borrower Guarantor shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 1 contract

Samples: Guaranty and Pledge Agreement (Anchor Glass Container Corp /New)

Termination of Security Interests; Release of Collateral. Upon the repayment payment in full of all Secured Obligations and the termination of the Commitments all commitments under the Credit AgreementsAgreement, including any notice of default or notice of sale, the Security Interests granted herein shall terminate and all rights to the Collateral shall revert to the Borrower. At any time and from time to time prior to such termination of the Security Interests, the Agent may release any of the Collateral in accordance with the applicable provisions of the Credit Agreements. Upon any such termination of the Security Interests or release of any Collateral, the Agent Lenders will, at the expense of the Borrower, execute and deliver to the Borrower such documents as the Borrower shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 1 contract

Samples: Security Agreement (Valuestar Corp)

Termination of Security Interests; Release of Collateral. Upon the repayment payment in full of all Secured Obligations (other than contingent indemnification obligations to the extent no unsatisfied claim giving rise thereto has been asserted) and the termination of the Commitments all commitments of Trustee and Holders under the Credit AgreementsIndenture, the Security Interests shall terminate and all rights to the Collateral shall revert to the Borrower. At any time and from time to time prior to such termination of the Security Interests, the Agent may release any of the Collateral in accordance with the applicable provisions of the Credit AgreementsDebtor. Upon any such termination of the Security Interests or release of any Collateral, the Agent Trustee will, at the expense of the BorrowerDebtor, execute and deliver to the Borrower Debtor such documents as the Borrower Debtor shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 1 contract

Samples: Security Agreement (Cherokee International Corp)

Termination of Security Interests; Release of Collateral. Upon the repayment in full of all Secured Obligations and the termination of the Commitments under the Credit AgreementsAgreement, the Security Interests shall terminate and all rights to the Collateral shall revert to the BorrowerLTC. At any time and 10 213 from time to time prior to such termination of the Security Interests, the Agent may release any of the Collateral in accordance with the applicable provisions prior written consent of the Credit AgreementsLenders. Upon any such termination of the Security Interests or release of Collateral, the Agent will, at the expense of the BorrowerLTC, execute and deliver to the Borrower LTC such documents as the Borrower LTC shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 1 contract

Samples: Credit Agreement (Lets Talk Cellular & Wireless Inc)

Termination of Security Interests; Release of Collateral. Upon the repayment in full of all Secured Obligations Obligations, the termination or cancellation of all outstanding Letters of Credit and the termination of the Commitments under the Credit AgreementsAgreement, the Security Interests shall terminate and all rights to the Collateral shall revert to the BorrowerHoldings. At any time and from time to time prior to such termination of the Security Interests, the Agent may release any of the Collateral in accordance with the applicable provisions prior written consent of the Credit AgreementsLenders. Upon any such termination of the Security Interests or release of Collateral, the Agent will, at the expense of the BorrowerHoldings, execute and deliver to the Borrower Holdings such documents as the Borrower Holdings shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 1 contract

Samples: Holdings Pledge Agreement (Security Capital Corp/De/)

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