Common use of Collateral Release Period Clause in Contracts

Collateral Release Period. Immediately upon the commencement of any Collateral Release Period and without further action of any Person, the security interests of the Collateral Agent and the other Secured Parties in the Collateral shall be terminated and released; provided that the Guarantee of each Loan Party of the Obligations pursuant to the Loan Documents shall remain in effect during any such Collateral Release Period. During any Collateral Release Period, the Administrative Agent and the Collateral Agent shall execute and deliver, at the Parent Borrower’s expense, all documents or other instruments that the Parent Borrower shall reasonably request to evidence the termination and release of such security interests and shall return all Collateral in their possession to the Parent Borrower. During any Collateral Release Period, the Parent Borrower shall not be required to comply with the Security Documents or the terms of Sections 5.10 or 5.15, in each case to the extent such terms require the creation and perfection of security interests or Liens on Collateral (it being understood that the Parent Borrower shall continue to be required to comply with the terms of Section 5.10 that require the provision of Guarantees by Loan Parties in respect of the Obligations).

Collateral Release Period. Immediately upon the commencement of any Collateral Release Period and without further action of any Person, the security interests of the Collateral Agent and the other Secured Parties in the Collateral shall be terminated and released; provided that the Guarantee of each Loan Party of the Obligations pursuant to the Loan Documents shall remain in effect during any such Collateral Release Period. During any Collateral Release Period, the Administrative Agent and the Collateral Agent shall execute and deliver, at the Parent Initial Borrower’s expense, all documents or other instruments that the Parent Borrower shall reasonably request to evidence the termination and release of such security interests and shall return all Collateral in their possession to the Parent BorrowerParent. During any Collateral Release Period, the Parent Borrower shall not be required to comply with the Security Documents or the terms of Sections 5.10 or 5.15, in each case to the extent such terms require the creation and perfection of security interests or Liens on Collateral (it being understood that the Parent Borrower shall continue to be required to comply with the terms of Section 5.10 that require the provision of Guarantees by Loan Parties in respect of the Obligations).

Collateral Release Period. Immediately upon the commencement of any Collateral Release Period and without further action of any Person, the security interests of the Collateral Agent and the other Secured Parties in the Collateral shall be terminated and released; provided that the Guarantee of each Loan Party of the Obligations pursuant to the Loan Documents shall remain in effect during any such Collateral Release Period. During any Collateral Release Period, the Administrative Agent and the Collateral Agent shall execute and deliver, at the Parent Borrower’s expense, all documents or other instruments that the Parent Borrower shall reasonably request to evidence the termination and release of such security interests and shall return all Collateral in their possession to the Parent Borrower. During any Collateral Release Period, the Parent Borrower shall not be required to comply with the Security Documents or the terms of Sections 5.10 or 5.15, in each case to the extent such terms require the creation and perfection of security interests or Liens on Collateral (it being understood that the Parent Borrower shall continue to be required to 178 comply with the terms of Section 5.10 that require the provision of Guarantees by Loan Parties in respect of the Obligations).