Common use of Termination; Releases of Guarantees and Liens Clause in Contracts

Termination; Releases of Guarantees and Liens. (a) After the date upon which the principal of and all accrued interest on the Loans, and the other Obligations under the Loan Documents, shall have been indefeasibly paid in full (other than contingent Obligations which are not then due and payable) and the Commitments have been terminated, this Agreement shall terminate (provided that all indemnities set forth herein shall survive) and the Collateral Agent is hereby irrevocably authorized by each Lender (without requirement of notice to or consent of any Lender except as expressly required by Section 11.1) to take any action requested by the Borrower having the effect of releasing any Collateral or guarantee obligations (including, at the request and expense of the Borrower, the execution and delivery of a proper instrument or instruments acknowledging the satisfaction and termination of this Agreement), and the Collateral Agent will duly assign, transfer and deliver to the Borrower (without recourse and without any representation or warranty) such of its Collateral as may be in the possession of the Collateral Agent that has not theretofore been sold or otherwise applied or released pursuant to this Agreement or any other Loan Document.