Common use of Winding up of trust Clause in Contracts

Winding up of trust. If the Security Agent, with the approval of the Facility Agent (acting on the instructions of the Majority Lenders) determines (acting on the instructions of the Majority Lenders) that: (a) all of the Secured Liabilities and all other obligations secured by the Security Documents have been fully and finally discharged; and (b) no Secured Party is under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial accommodation to any Transaction Obligor pursuant to the Finance Documents, then (i) the trusts set out in this Agreement shall be wound up and the Security Agent shall release, without recourse or warranty, all of the Transaction Security and the rights of the Security Agent under each of the Security Documents; and (ii) any Security Agent which has resigned pursuant to Clause 30.13 (Resignation of the Security Agent) shall release, without recourse or warranty, all of its rights under each Security Document.

Winding up of trust. If the Security Agent, with the approval of the Facility Agent (acting on the instructions of the Majority Lenders) determines (acting on the instructions of the Majority Lenders) that: (a) all of the Secured Liabilities and all other obligations secured by the Security Documents have been fully and finally discharged; and (b) no Secured Party is under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial accommodation to any Transaction Obligor pursuant to the Finance Documents, then (i) the trusts set out in this Agreement shall be wound up and the Security Agent shall release, without recourse or warranty, all of the Transaction Security and the rights of the Security Agent under each of the Security Documents; and (ii) any Security Agent which has resigned pursuant to Clause 30.13 32.13 (Resignation of the Security Agent) shall release, without recourse or warranty, all of its rights under each Security Document.

Winding up of trust. If the Security Agent, with the approval of the Facility Agent (acting on the instructions of the Majority Lenders) determines (acting on the instructions of the Majority Lenders) that: (a) all of the Secured Liabilities and all other obligations secured by the Security Documents have been fully and finally discharged; and (b) no Secured Party is under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial accommodation to any Transaction Obligor pursuant to the Finance Documents, then (i) the trusts set out in this Agreement shall be wound up and the Security Agent shall release, without recourse or warranty, all of the Transaction Security and the rights of the Security Agent under each of the Security Documents; and (ii) any Security Agent which has resigned pursuant to Clause 30.13 ‎30.13 (Resignation of the Security Agent) shall release, without recourse or warranty, all of its rights under each Security Document.

Winding up of trust. If the Security Agent (and, to the extent any Security Agent which has resigned pursuant to Clause 26.12 (Resignation of the Security Agent) is required to deliver any release pursuant to paragraph (ii) below, such resigned Security Agent) receives a certificate from the Agent, with the approval of the Facility Agent (acting on the instructions of the Majority Lenders) determines (acting on the instructions of the Majority Lenders) that: (a) all of the Secured Liabilities Obligations and all other obligations secured by the Transaction Security Documents have been fully and finally discharged; and (b) no Secured Party is under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial accommodation to any Transaction Obligor pursuant to the Finance Documents, then: (i) the trusts set out in this Agreement shall be wound up and the Security Agent shall shall, upon instructions from the Agent, release, without recourse or warranty, all of the Transaction Security and the rights of the Security Agent under each of the Transaction Security Documents; and (ii) any Security Agent which has resigned pursuant to Clause 30.13 26.12 (Resignation of the Security Agent) shall release, without recourse or warranty, all of its rights under each Transaction Security Document.

Winding up of trust. If the Security Agent, with the approval of the Facility Agent (acting on the instructions of the Majority Lenders) determines (acting on the instructions of the Majority Lenders) that: (a) all of the Secured Liabilities and all other obligations secured by the Security Documents have been fully and finally discharged; and (b) no Secured Party is under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial accommodation to any Transaction Obligor pursuant to the Finance Documents, then (i) the trusts set out in this Agreement shall be wound up and the Security Agent shall release, without recourse or warranty, all of the Transaction Security and the rights of the Security Agent under each of the Security Documents; and (ii) any Security Agent which has resigned pursuant to Clause 30.13 29.13 (Resignation of the Security Agent) shall release, without recourse or warranty, all of its rights under each Security Document.

Winding up of trust. If the Common Security Agent, with the approval of the Facility Agent (acting on the instructions each Creditor Representative in respect of the Majority Lenders) Primary Creditor Documents and each Hedge Counterparty, determines (acting on the instructions of the Majority Lenders) that: (a) all of the Secured Liabilities Obligations and all other obligations secured by the Transaction Security Documents have been fully and finally discharged; and (b) no Secured Party is under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial accommodation to any Transaction Obligor Debtor or any Security Grantor pursuant to the Finance Primary Creditor Documents, then: (i) the trusts set out in this Agreement shall be wound up and the Common Security Agent shall release, without recourse or warranty, all of the Transaction Security and the rights of the Common Security Agent under each of the Transaction Security Documents; and (ii) any Common Security Agent which has resigned pursuant to Clause 30.13 26.15 (Resignation of the Common Security Agent) shall release, without recourse or warranty, all of its rights under each Transaction Security Document.

Winding up of trust. If the Security Agent, with the approval of the Facility Agent (acting on the instructions of the Majority Lenders) , determines (acting on the instructions of the Majority Lenders) that: (a) all of the Secured Liabilities and all other obligations secured by the Transaction Security Documents have been fully and finally discharged; and (b) no Secured Party is under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial accommodation to any Transaction Obligor pursuant to the Finance Documents, then: (i) the trusts set out in this Agreement shall be wound up and the Security Agent shall release, without recourse or warranty, all of the Transaction Security and the rights of the Security Agent under each of the Transaction Security Documents; and (ii) any Security Agent which has resigned pursuant to Clause 30.13 25.13 (Resignation of the Agent and the Security Agent) shall release, without recourse or warranty, all of its rights under each of the Transaction Security DocumentDocuments.