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 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 Agreement. 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), Pledge 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 AgreementAgreements, 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 AgreementAgreements. 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: Term Loan Agreement (Rite Aid Corp), Credit 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 Agreement, 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 AgreementLenders. 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 Agreement, the Security Interests shall terminate and all rights of each Company to the its Collateral shall revert to the Borrowersuch Company. 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 AgreementRequired Lenders. Upon any such termination of the Security Interests or release of Collateral, the Agent will, at the expense of the BorrowerCompanies, execute and deliver to the Borrower Companies such documents as the Borrower Companies 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 Obligations, the termination or cancellation of all outstanding Letters of Credit and the termination of the Commitments under the Credit Agreement, 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 Agent may release any of the Collateral in accordance with the applicable provisions prior written consent of the Credit AgreementRequired Lenders. Upon any such termination of the Security Interests or release of Collateral, the 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: Company Security 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 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 AgreementCollateral. 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 AgreementObligations, 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 AgreementLoan 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: 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 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 Administrative Agent may release any of the Collateral in accordance with the applicable provisions prior written consent of the Credit AgreementRequired 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 payment in full of all Secured Obligations and the termination of the Commitments all commitments under the Credit Agreement, 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 Agreement. 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)

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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 all lending commitments under the Credit 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 Collateral Agent may release any of the Collateral in accordance with the applicable provisions prior written consent of the Credit AgreementAdministrative 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 AgreementObligations, 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 Agreement. 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 Agreement, 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 AgreementRequired 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 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 AgreementBanks and the Subrogation Creditors. 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: Credit Agreement (Mallinckrodt Group 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 Agreement, 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 AgreementLenders. 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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