Automatic Release. If any Loan Party sells any Collateral which is permitted to be disposed of under Section 6.05, the Liens in the Collateral granted to the Administrative Agent under the Loan Documents shall automatically terminate and the Collateral will be disposed of free and clear of all Liens of the Administrative Agent.
Appears in 2 contracts
Sources: Credit Agreement (Safety-Kleen Holdco Inc), Credit Agreement (Darling International Inc)
Automatic Release. If Borrower or any Loan Obligated Party sells any Collateral which is permitted to be disposed of under Section 6.059.8, the Liens in the Collateral granted to the Administrative Agent under the Loan Security Documents shall automatically terminate and the Collateral will be disposed of free and clear of all Liens of the Administrative Agent.
Appears in 1 contract