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 (other than contingent indemnity or similar claims not yet asserted) and the termination of the Commitment under the Credit Agreement, the Security Interests shall terminate and all rights to the Collateral shall revert to the 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 with the prior written consent of the Lenders. Upon any such termination of the Security Interests or release of Collateral, the Agent will, at the expense of the Company, execute and deliver to the Company such documents as the 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 2 contracts

Samples: Credit Agreement (Horizon Medical Products Inc), Credit Agreement (Horizon Medical Products Inc)

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Termination of Security Interests; Release of Collateral. Upon the repayment in full of all Secured Obligations (other than contingent indemnity or similar claims not yet asserted) and the termination of the Commitment under the Credit Agreement, the Security Interests shall terminate and all rights to the Collateral shall revert to the 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 with the prior written consent of the Required Lenders. Upon any such termination of the Security Interests or release of Collateral, the Agent will, at the expense of the Company, promptly execute and deliver to the Company such documents as the 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 2 contracts

Samples: Credit Agreement (Horizon Medical Products Inc), Credit Agreement (Horizon Medical Products Inc)

Termination of Security Interests; Release of Collateral. Upon the repayment in full of all Secured Obligations (other than contingent indemnity or similar claims not yet asserted) and the termination of the Commitment Commitments under the Credit Agreement, the Security Interests shall terminate and all rights to the Collateral shall revert to the CompanyPledgors. 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 with the prior written consent of the LendersSecured Parties; provided, that there shall be an automatic release of Collateral of a Subsidiary sold in accordance with Section 5.05 of the Credit Agreement. Upon any such termination of the Security Interests or release of Collateral, the Collateral Agent will, at the expense of the CompanyPledgors, execute and deliver to the Company such documents as the 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 2 contracts

Samples: Credit Agreement (Gerber Scientific Inc), Credit Agreement (Gerber Scientific Inc)

Termination of Security Interests; Release of Collateral. Upon the repayment in full of all Secured Obligations (other than contingent indemnity or similar claims not yet asserted) and the termination of the Commitment Commitments under the Credit Agreement, the Security Interests shall terminate and all rights of each Company to the its Collateral shall revert to the such 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 with the prior written consent of the Required Lenders. Upon any such termination of the Security Interests or release of Collateral, the Agent will, at the expense of the CompanyCompanies, execute and deliver to the Company Companies such documents as the Company 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 (other than contingent indemnity or similar claims not yet asserted) and the termination of the Commitment under the Credit Agreement, the Security Interests shall terminate and all rights to the Collateral shall revert to the CompanyPledgors. At any time and from time to time prior to such termination of the Security Interests, the Agent may release any of the Collateral with the prior written consent of the Required Lenders. Upon any such termination of the Security Interests or release of Collateral, the Agent will, at the expense of the CompanyPledgors, execute and deliver to the Company Pledgors such documents as the Company Pledgors 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 (Horizon Medical Products Inc), Credit Agreement (Horizon Medical Products Inc)

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Termination of Security Interests; Release of Collateral. Upon the repayment in full of all Secured Obligations Indebtedness secured hereby (other than contingent indemnity or similar claims not yet asserted) and the termination of the Commitment under the Credit Agreement), the Security Interests security interests granted hereunder shall terminate and all rights to the Collateral shall revert to the Company. At any time and from time to time prior to such termination of the Security Interestssecurity interests granted hereunder, the Agent may release any of the Collateral with the prior written consent of the Lenders. Upon any such termination of the Security Interests such security interests or release of Collateral, the Agent will, at the expense of the Company, execute and deliver to the Company such documents as the Company shall reasonably request to evidence the termination of the Security Interests security interests or the release of such Collateral, as the case may be.

Appears in 1 contract

Samples: Pledge and Assignment of Note and Collateral (Horizon Medical Products Inc)

Termination of Security Interests; Release of Collateral. Upon the repayment in full of all Secured Obligations (other than contingent indemnity Obligations, the termination or similar claims not yet asserted) cancellation of all outstanding Letters of Credit and the termination of the Commitment Commitments under the Credit Agreement, the Security Interests shall terminate and all rights to the Collateral shall revert to the 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 with the prior written consent of the Required Lenders. Upon any such termination of the Security Interests or release of Collateral, the Agent will, at the expense of the Company, execute and deliver to the Company such documents as the 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 (other than contingent indemnity or similar claims not yet asserted) and the termination of the Commitment under the Credit Agreement, the Security Interests shall terminate and all rights to the Collateral shall revert to the CompanyPledgor. At any time and from time to time prior to such termination of the Security Interests, the Agent may release any of the Collateral with the prior written consent of the Lenders. Upon any such termination of the Security Interests or release of Collateral, the Agent will, at the expense of the CompanyPledgor, execute and deliver to the Company Pledgor such documents as the Company Pledgor 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 (Horizon Medical Products Inc)

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