Common use of Automatic Release Clause in Contracts

Automatic Release. If the Borrower sells any Collateral which is permitted to be disposed of under all of the Transaction Documents and the Borrower complies with the terms of the Transaction Documents, the Collateral will be disposed of free and clear of all Liens of the Collateral Agent.

Automatic Release. If the Borrower or any Obligated Party sells any Collateral which is permitted to be disposed of under all of Section 9.8, the Transaction Liens in the Collateral granted to the Agent under the Security Documents shall automatically terminate and the Borrower complies with the terms of the Transaction Documents, the Collateral will be disposed of free and clear of all Liens of the Collateral Agent.

Automatic Release. If the Borrower or any Subsidiary sells any Collateral which is permitted to be disposed of under all of Section 6.03 or Section 6.05, the Transaction Liens in the Collateral granted to the Agent under the Loan Documents shall automatically terminate and the Borrower complies with the terms of the Transaction Documents, the Collateral will be disposed of free and clear of all Liens of the Collateral Agent.