Automatic Release. All Liens in the Collateral and all Guarantees granted under any Loan Document shall automatically terminate and be released on the Date of Full Satisfaction. If any Collateral (i) is the subject of a Disposition (other than to another Loan Party) which is permitted under Section 6.05 or (ii) becomes an Excluded Asset (other than Excluded Assets pursuant to clauses (i) or (k) of the definition thereof and/or clause (b) of the definition of “Excluded Equity Interests”), the Liens in such Collateral granted under the Loan Documents shall automatically terminate and such Collateral will be (in the case of a Disposition, when disposed of) free and clear of all such Liens.
Appears in 3 contracts
Sources: Credit Agreement (Krispy Kreme, Inc.), Incremental Assumption Agreement and Amendment No. 1 to Credit Agreement (Krispy Kreme, Inc.), Credit Agreement (Krispy Kreme, Inc.)