Common use of Termination of the Trusts Clause in Contracts

Termination of the Trusts. If the Second Lien Collateral Agent, with the approval of the Second Lien Trustee under the Note Documents, determines that: (i) all of the Second Priority Obligations and all other obligations secured by the English Security Documents have been fully and finally discharged; and (ii) no Second Priority Notes Secured Party is under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial accommodation to any Issuer or Guarantor pursuant to the Note Documents, then the trusts created by this Section 13.12 shall be wound up and the Second Lien Collateral Agent shall release, without recourse or warranty, all of the English Transaction Security and the rights of the Second Lien Collateral Agent under each of the English Security Documents. To the extent anything in this Section 13.12 is inconsistent with the terms of any of the Intercreditor Agreements, the terms of the applicable Intercreditor Agreement shall prevail.

Termination of the Trusts. If the Second First Lien Collateral Agent, with the approval of the Second First Lien Trustee under the Note Documents, determines that: (i) all of the Second First Priority Obligations and all other obligations secured by the English Security Documents have been fully and finally discharged; and (ii) no Second First Priority Notes Secured Party is under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial accommodation to any Issuer or Guarantor pursuant to the Note Documents, then the trusts created by this Section 13.12 shall be wound up and the Second First Lien Collateral Agent shall release, without recourse or warranty, all of the English Transaction Security and the rights of the Second First Lien Collateral Agent under each of the English Security Documents. To the extent anything in this Section 13.12 is inconsistent with the terms of any of the First Priority Intercreditor AgreementsAgreement, the terms of the applicable First Priority Intercreditor Agreement Agreement, as applicable, shall prevail.

Termination of the Trusts. If the Second First Lien Collateral Agent, with the approval of the Second First Lien Trustee under the Note Documents, determines that: (i) all of the Second First Priority Obligations and all other obligations secured by the English Security Documents have been fully and finally discharged; and (ii) no Second First Priority Notes Secured Party is under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial accommodation to any Issuer or Guarantor pursuant to the Note Documents, then the trusts created by this Section 13.12 shall be wound up and the Second First Lien Collateral Agent shall release, without recourse or warranty, all of the English Transaction Security and the rights of the Second First Lien Collateral Agent under each of the English Security Documents. To the extent anything in this Section 13.12 is inconsistent with the terms of any of the Intercreditor Agreements, the terms of the applicable Intercreditor Agreement shall prevail.