Release of Collateral definition

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Release of Collateral. The liens, security interests, mortgages and the like on collateral currently securing the Original Facility will be released on the Closing Date.

Release of Collateral has the meaning specified in Section 10.5(c).

Examples of Release of Collateral in a sentence

Upon receipt by the Collateral Agent of a Request for Release of Collateral, the Collateral Agent shall forward a copy thereof, by facsimile and U.
The Collateral Agent shall be authorized to release the Collateral described in the Request for Release of Collateral upon receipt of evidence of arrangement for payment of funds to the Collateral Agent, for the account of the Lender, in the amount of the Required Release Price specified in the Request for Release of Collateral.
The Required Release Price shall be calculated by the Borrower, in accordance with the applicable provisions of this Agreement, at the time the Borrower submits a Request for Release of Collateral to the Collateral Agent.
The Lender shall be obligated to release and discharge its security interest in any Collateral of the type described in this Section 5.4 on the fifth (5th) Business Day after its receipt of the Request for Release of Collateral (provided the Lender has then received the Required Release Price and the Lender has not then declared, by written notice to the Borrower, the existence of an Event of Default).
Prior to the release of any property or securities subject to the lien of the Current Issuer Deed of Charge, the Current Issuer shall, in addition to any obligation imposed in this Clause 17 (Release of Collateral) or elsewhere in these presents, furnish to the Note Trustee an Officers' Certificate certifying or stating the opinion of each person signing such certificate as to the fair value to the Current Issuer of the property or securities to be so released.
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More Definitions of Release of Collateral

Release of Collateral. The collateral securing the Second Lien Obligations shall be released automatically (a) upon any sale of Term Priority Collateral in which the liens securing the First Lien Obligations are released, in the event such sale is effected as a result of (i) the exercise of rights and remedies by the First Lien Collateral Agent or (ii) pursuant to section 363 of the Bankruptcy Code and (b) prior to any Waterfall Trigger Event and/or any exercise of remedies, upon any release, sale or disposition of such collateral permitted pursuant to the terms of the First Lien Credit Facility and the Note Purchase Agreement that results in the release of the liens on such collateral securing the First Lien Obligations. In addition, in the event the First Lien Claimholders release any Guarantor from its obligations under its guarantee of the First Lien Obligations in connection with any release of Term Priority Collateral described in the paragraph above, the comparable guaranty, if any, in respect of the Second Lien Obligations shall be automatically released. Buy-Out Right: Subject to certain terms and conditions, Second Lien Claimholders shall have an option, exercisable if (i) a Waterfall Trigger Event occurs or (ii) the aggregate amount of protective advances made by or on behalf of the First Lien Claimholders exceeds $5 0 million, to purchase for cash on an “as-is”/where is basis, 100% (but not less than 100%) of the First Lien Obligations at par (for the avoidance of doubt, excluding the Exit Fee or any other make-whole amount) and accrued but unpaid interest (including default interest) and fees and other unpaid amounts (including all costs and expenses incurred by the First Lien Claimholders).

Release of Collateral means a Release of Collateral substantially in the form of Exhibit A to the Security Agreement.

Release of Collateral. The secured party of record releases the collateral described below.

Release of Collateral. The lien of the Second Priority Senior Secured Notes will be automatically released upon the foreclosure or sale of any Shared Collateral by the holders of the First Priority Senior Secured Notes in accordance with the First Priority Senior Secured Notes Indenture, provided that proceeds from such sale shall be applied in accordance with the Intercreditor Agreement and the respective Indentures. Notwithstanding the foregoing, the holders of the Second Priority Senior Secured Notes will not be permitted to object to any bankruptcy court or concurso mercantil ordered sale of the Shared Collateral that has been approved by the holders of the First Priority Senior Secured Notes provided that the lien of the Second Priority Senior Secured Notes attaches to the proceeds of any such sale in accordance with the priorities set forth in the Intercreditor Agreement. In the event that any concurso mercantil proceeding is filed in Mexico, the liens in favor of the Second Priority Senior Secured Notes may be released by the Common Representative (as defined below) with the approval of the holders of more than 50% in principal amount of the outstanding Second Priority Senior Secured Notes, with such release to be effective as of immediately prior to the commencement of the concurso mercantil.

Release of Collateral. In the event the Net Proceeds from the sale or assignment of the Union Square Lease exceed $15,000,000, the Additional Collateral shall no longer secure the Borrower's obligations under the New Notes and the lien thereon shall be promptly released by the holder thereof. Conversion: New Notes convertible into common stock of BI on terms reasonably acceptable to the Administrative Agent. Registration Rights: As described in the Confirmed Plan. Default and Acceleration: No cross-default or cross-acceleration rights to the Agreement. 123 Attachment IV to Credit Agreement ---------------- Terms of Trade Lien ------------------- Capitalized terms used herein without definition shall have the meanings given to such terms in the Credit Agreement to which this Attachment IV is attached (the "Agreement"). ---------