Common use of Termination; Release of Collateral Clause in Contracts

Termination; Release of Collateral. Subject to Section 7.5 hereof, and except for those provisions which expressly survive the termination thereof, the Credit Agreement and this Agreement shall terminate when all the Obligations have been paid and performed in full, at which time the Collateral Agent shall execute or authorize and deliver to the Pledgors, at the Pledgors' expense, all UCC termination statements and similar documents that the Pledgors shall reasonably request to evidence such termination and shall return to Pledgors all Pledged Securities, any and all Investment Property, and any and all certificates or other instruments or documents representing the Pledged Collateral that are in the Collateral Agent's possession; provided, however, that the Credit Agreement and this Agreement shall be reinstated if at any time payment, or any part thereof, of any Obligation is rescinded or must otherwise be restored by any Secured Party upon the bankruptcy or reorganization of any Borrower, Pledgor or other Loan Party, and provided further that the Security Interest granted herein shall not terminate as to any indemnification obligation of any Borrower, Pledgor or other Loan Party which expressly survives the termination of the Credit Agreement and this Agreement, including, without limitation, the obligations of the Loan Parties set forth in Section 9.03 of the Credit Agreement. Any execution and delivery of termination statements or documents pursuant to this Section 14 shall be without recourse to, or warranty by, the Collateral Agent.

Appears in 1 contract

Samples: Pledge Agreement (Marsh Supermarkets Inc)

AutoNDA by SimpleDocs

Termination; Release of Collateral. Subject to Section 7.5 hereof, and except Except for those provisions which expressly survive the termination thereof, the Credit Agreement, this Agreement and this Agreement the Security Interest granted herein shall terminate when all the Obligations have been paid and performed in full, at which time the Collateral Agent shall execute or authorize and deliver to the PledgorsGrantors, at the PledgorsGrantors' expense, all UCC termination statements and similar documents that the Pledgors Grantors shall reasonably request to evidence such termination and shall return to Pledgors all Pledged Securities, any and all Investment Property, and any and all certificates or other instruments or documents representing the Pledged Collateral that are in the Collateral Agent's possessiontermination; provided, however, that the Credit Agreement Agreement, this Agreement, and this Agreement the Security Interest granted herein shall be reinstated if at any time payment, or any part thereof, of any Obligation is rescinded or must otherwise be restored by any Secured Party upon the bankruptcy or reorganization of any Borrower, Pledgor Grantor or other Loan Party, and provided further that the Security Interest granted herein shall not terminate as to any indemnification obligation of any Borrower, Pledgor Grantor or other Loan Party which expressly survives the termination of the Credit Agreement and this Agreement, including, without limitation, the obligations of the Loan Parties set forth in Section 9.03 of the Credit Agreement and the obligations of the Grantors set forth in Section 8.6 of this Agreement. Any execution and delivery of termination statements or documents pursuant to this Section 14 8.14 shall be without recourse to, or warranty by, the Collateral Agent.

Appears in 1 contract

Samples: Security Agreement (Marsh Supermarkets Inc)

Termination; Release of Collateral. Subject to Section 7.5 hereof, and except Except for those provisions which expressly survive the termination thereof, the Credit Agreement, this Agreement and this Agreement the Security Interest granted herein shall terminate when all the Obligations have been paid in full in cash and performed in fullfull and the Lenders have no further commitment to lend, at which time the Collateral Agent shall execute or authorize and deliver to the PledgorsGrantor, at the Pledgors' Grantor’s expense, all UCC termination statements and similar documents that the Pledgors Grantor shall reasonably request to evidence such termination and shall return to Pledgors all Pledged Securities, any and all Investment Property, and any and all certificates or other instruments or documents representing the Pledged Collateral that are in the Collateral Agent's possessiontermination; provided, however, that the Credit Agreement Agreement, this Agreement, and this Agreement the Security Interest granted herein shall be reinstated if at any time payment, or any part thereof, of any Obligation is rescinded or must otherwise be restored by any Secured Party upon the bankruptcy or reorganization of any Borrower, Pledgor or other Loan Partythe Grantor, and provided further that the Security Interest granted herein shall not terminate as to any indemnification obligation of any Borrower, Pledgor or other Loan Party the Grantor which expressly survives the termination of the Credit Agreement and this Agreement, including, without limitation, the obligations of the Loan Parties Borrower set forth in Section 9.03 of the Credit Agreement and the obligations of the Grantor set forth in Section 8.6 of this Agreement. Any execution and delivery of termination statements or documents pursuant to this Section 14 8.13 shall be without recourse to, or warranty by, the Collateral Agent.

Appears in 1 contract

Samples: Security Agreement (American Color Graphics Inc)

AutoNDA by SimpleDocs

Termination; Release of Collateral. Subject to Section 7.5 hereof, and except Except for those provisions which expressly survive the termination thereof, the Credit Agreement, this Agreement and this Agreement the Security Interest granted herein shall terminate when all the Obligations have been paid and performed in full, the Lenders have no further commitment to lend, the Letter of Credit Outstandings have been reduced to zero or fully cash collateralized in a manner satisfactory to the Issuing Bank and the Administrative Agent, and the Issuing Bank has no further obligation to issue Letters of Credit under the Credit Agreement, at which time the Collateral Agent shall execute or authorize and deliver to the PledgorsGrantors, at the PledgorsGrantors' expense, all UCC termination statements and similar documents that the Pledgors Grantors shall reasonably request to evidence such termination and shall return to Pledgors all Pledged Securities, any and all Investment Property, and any and all certificates or other instruments or documents representing the Pledged Collateral that are in the Collateral Agent's possessiontermination; provided, however, that the Credit Agreement Agreement, this Agreement, and this Agreement the Security Interest granted herein shall be reinstated if at any time payment, or any part thereof, of any Obligation is rescinded or must otherwise be restored by any Secured Party upon the bankruptcy or reorganization of any Borrower, Pledgor Grantor or other Loan Party, and provided further that the Security Interest granted herein shall not terminate as to any indemnification obligation of any Borrower, Pledgor Grantor or other Loan Party which expressly survives the termination of the Credit Agreement and this Agreement, including, without limitation, the obligations of the Loan Parties set forth in Section 9.03 of the Credit Agreement and the obligations of the Grantors set forth in Section 8.6 of this Agreement. Any execution and delivery of termination statements or documents pursuant to this Section 14 8.14 shall be without recourse to, or warranty by, the Collateral Agent.. [SIGNATURE PAGES FOLLOW]

Appears in 1 contract

Samples: Security Agreement (Marsh Supermarkets Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.