Common use of REDEMPTION PROVISION Clause in Contracts

REDEMPTION PROVISION. ‌ This Charge, except for Section 12, shall, on written request from the Borrower to the Bank, be void upon payment in full by the Borrower to the Bank of the Liabilities, payment of any Taxes, and observance and performance of and compliance with all Liabilities, and when the Borrower has no further liability under any Credit Agreements, and when the Bank has no obligation to make any further advances under any Credit Agreements. The Charge secures or may secure a fluctuating account or accounts and shall not be deemed to have been satisfied or redeemed by any intermediate payment or performance of all or any part of the Liabilities or by reason only that any account or accounts of the Borrower with the Bank cease to be in debit.