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

Termination of Security Interests; Release of Collateral. (a) Upon the repayment in full of all principal of and premium and interest on the Loans and the LC Disbursements, all accrued fees and other Non-Contingent Secured Obligations, the termination of the Commitments and the termination or cancellation of all outstanding Letters of Credit (or the cash collateralization or other support thereof in a manner satisfactory to the Collateral Agent), the Security Interests shall terminate and all rights to the Collateral shall revert to the Borrower.

Appears in 2 contracts

Samples: Credit Agreement (Lyondell Chemical Co), Credit Agreement (Equistar Chemicals Lp)

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Termination of Security Interests; Release of Collateral. (a) Upon the repayment in full of all principal of and premium and interest on the Loans and the LC Disbursements, all accrued fees and other Non-Contingent Secured Obligations, Obligations (except for contingent indemnification obligations which by their terms survive the termination of the Commitments and the Loan Documents) in cash, termination or cancellation of all outstanding Letters commitments to make Loans, extensions of Credit (credit or other financial accommodations of the Secured Parties under the Loan Documents, and the cash collateralization or other support thereof by the Grantors of any obligations with respect to outstanding letters of credit in a manner satisfactory to accordance with the Collateral Agent)Credit Agreement, the Security Interests shall terminate and all rights to the Collateral shall revert to the BorrowerGrantors.

Appears in 1 contract

Samples: Pledge and Security Agreement (1847 Goedeker Inc.)

Termination of Security Interests; Release of Collateral. (a) Upon the repayment in full of all principal of Secured Obligations and premium and interest on the Loans and the LC Disbursements, all accrued fees and other Non-Contingent Secured Obligations, the termination of the Commitments and Commitment under the termination or cancellation of all outstanding Letters of Credit (or the cash collateralization or other support thereof in a manner satisfactory to the Collateral Agent)Agreement, the Security Interests security interests granted hereby shall terminate and all rights to the Collateral shall revert to the Borrower, and the Bank will promptly execute and deliver to the Borrower such documents as the Borrower shall reasonably request to evidence such termination.

Appears in 1 contract

Samples: Pledge and Security Agreement (Contran Corp)

Termination of Security Interests; Release of Collateral. (aA) Upon the repayment in full of all principal of and premium and interest on the Loans and the LC Disbursements, all accrued fees and other Non-Contingent Bank Secured Obligations, the termination of the Commitments under the Credit Agreement and the termination cancellation or cancellation expiration of all outstanding Letters of Credit (or the cash collateralization or other support thereof in a manner satisfactory to the Collateral Agent)Credit, the Security Interests and all obligations of each Debtor under this Agreement shall terminate and all rights to and interests in the Collateral shall revert to the Borrowersuch Debtor.

Appears in 1 contract

Samples: Security Agreement (Orbital Sciences Corp /De/)

Termination of Security Interests; Release of Collateral. (a) Upon the repayment in full of all principal of and premium and interest on the Loans and the LC Disbursements, all accrued fees and other Non-Contingent Secured Obligations, the termination of the Commitments under the Credit Agreements and the termination cancellation or cancellation expiration of all outstanding Letters of Credit (or the cash collateralization or other support thereof in a manner satisfactory to the Collateral Agent)Credit, the Security Interests and all obligations of each Debtor under this Agreement shall terminate and all rights to and interests in the Collateral shall revert to the Borrowersuch Debtor.

Appears in 1 contract

Samples: Security Agreement (Orbital Sciences Corp /De/)

Termination of Security Interests; Release of Collateral. (a) Upon the repayment payment in full of all principal of Secured Obligations and premium and interest on the Loans and the LC Disbursements, all accrued fees and other Non-Contingent Secured Obligations, the termination of the Commitments and the termination or cancellation of all outstanding Letters of Credit (or the cash collateralization or other support thereof in a manner satisfactory to the Collateral Agent)Commitments, the Security Interests shall terminate and all rights to the Collateral shall revert to Borrower. Upon such termination of the Security Interests or release of any Collateral, Agent will, at the expense of Borrower., execute and deliver to

Appears in 1 contract

Samples: Security Agreement (Protection One Alarm Monitoring Inc)

Termination of Security Interests; Release of Collateral. (a) Upon the repayment in full of all principal of and premium and interest on the Loans and the LC Disbursements, all accrued fees and other Non-Contingent Secured Obligations, the termination of the Commitments under the Credit Agreement and the termination or cancellation of all outstanding Letters of Credit (or the cash collateralization or other support thereof in a manner satisfactory to the Collateral Agent)Credit, the Security Interests and all obligations of the Borrower under this Agreement shall terminate and all rights to and interests in the Collateral shall revert to the Borrower.

Appears in 1 contract

Samples: Security Agreement (Orbital Sciences Corp /De/)

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Termination of Security Interests; Release of Collateral. (a) Upon the repayment in full of all principal of Obligations in cash (other than contingent indemnification obligations for which no claim has been asserted), and premium and interest on the Loans and the LC Disbursements, all accrued fees and other Non-Contingent Secured Obligations, the termination of all commitments of the Commitments and Secured Creditors under the termination or cancellation of all outstanding Letters of Credit (or the cash collateralization or other support thereof in a manner satisfactory to the Collateral Agent)Loan Documents, the Security Interests shall terminate and all rights to the Collateral shall revert to the BorrowerGrantors.

Appears in 1 contract

Samples: Revolving Credit Agreement (Fortegra Financial Corp)

Termination of Security Interests; Release of Collateral. (a) Upon the repayment in full of all principal of and premium and interest on the Loans and the LC DisbursementsSecured Obligations in cash (other than contingent obligations for which no claim has been made), all accrued fees and other Non-Contingent Secured Obligations, the termination of all commitments of the Commitments Secured Creditors under the documents, agreements and the termination or cancellation of all outstanding Letters of Credit (or instruments executed in connection therewith and the cash collateralization or other support thereof by the Grantor of any obligations with respect to outstanding letters of credit in a manner satisfactory to accordance with the Collateral Agent)terms of the Credit Agreement, the Security Interests shall terminate and all rights to the Collateral shall revert to the BorrowerGrantor.

Appears in 1 contract

Samples: Security Agreement (National Consumer Cooperative Bank /Dc/)

Termination of Security Interests; Release of Collateral. (a) Upon the repayment in full of all principal of and premium and interest on the Loans and the LC Disbursements, all accrued fees and other Non-Contingent Secured Obligations, the termination of the Commitments under the Credit Agreement and the termination cancellation or cancellation expiration of all outstanding Letters of Credit (or the cash collateralization or other support thereof in a manner satisfactory to the Collateral Agent)Credit, the Security Interests and all obligations of the Debtor under this Agreement shall terminate and all rights to and interests in the Collateral shall revert to the BorrowerDebtor.

Appears in 1 contract

Samples: Security Agreement (Orbital Sciences Corp /De/)

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