Common use of Release; Termination Clause in Contracts

Release; Termination. (a) Upon any sale, lease, transfer or other disposition of any item of Collateral of any US Grantor in accordance with the terms of the Loan Documents (other than sales of Inventory in the ordinary course of business), the US Administrative Agent will, at such US Grantor’s expense, execute and deliver to such US Grantor such documents as such US Grantor shall reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted hereby; provided, however, that (i) at the time of such request and such release no Default shall have occurred and be continuing, (ii) such US Grantor shall have delivered to the US Administrative Agent, at least two (2) Business Days prior to the date of the proposed release, a written request for release describing the item of Collateral and the terms of the sale, lease, transfer or other disposition in reasonable detail, including, without limitation, the price thereof and any expenses in connection therewith, together with a form of release for execution by the US Administrative Agent and a certificate of such US Grantor to the effect that the transaction is in compliance with the Loan Documents and as to such other matters as the US Administrative Agent may request and (iii) each US Grantor shall comply with Section 2.07 of the Credit Agreement with respect to any such sale, lease, transfer or other disposition. (b) Upon the occurrence of the Discharge, the pledge and security interest granted hereby shall terminate and all rights to the Collateral shall revert to the applicable US Grantor. Upon any such termination, the US Administrative Agent will, at the US Grantors’ expense, execute and deliver to US Grantors such documents as any US Grantor shall reasonably request to evidence such termination.

Release; Termination. (a) Upon any sale, lease, transfer or other disposition of any item of Collateral of any US Grantor in accordance with the terms of the Loan Documents (other than sales of Inventory in the ordinary course of business), the US Administrative Agent will, at such US Grantor’s expense, execute and deliver to such US Grantor such documents as such US Grantor shall reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted hereby; provided, however, that (i) at the time of such request and such release no Default shall have occurred and be continuing, (ii) such US Grantor shall have delivered to the US Administrative Agent, at least two (2) Business Days prior to the date of the proposed release, a written request for release describing the item of Collateral and the terms of the sale, lease, transfer or other disposition in reasonable detail, including, without limitation, the price thereof and any expenses in connection therewith, together with a form of release for execution by the US Administrative Agent and a certificate of such US Grantor to the effect that the transaction is in compliance with the Loan Documents and as to such other matters as the US Administrative Agent may request and (iii) each US Grantor shall comply with Section 2.07 of the Credit Agreement with respect to any such sale, lease, transfer or other disposition. (b) Upon the occurrence of the Discharge, the pledge and security interest granted hereby shall terminate and all rights to the Collateral shall revert to the applicable US Grantor. Upon any such termination, the US Administrative Agent will, at the US Grantors’ expense, execute and deliver to US Grantors such documents as any US Grantor shall reasonably request to evidence such termination.

Release; Termination. (a) Upon any sale, lease, transfer or other disposition of any item of Collateral of any US Grantor in accordance with the terms of the Loan Documents (other than sales of Inventory in the ordinary course of business)Documents, the US Administrative Collateral Agent will, at such US Grantor’s expense, execute and deliver to such US Grantor such documents as such US Grantor shall reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted hereby; provided, however, that that, except as permitted under Section 5.02(e) of the Credit Agreement, (i) at the time of such request and such release no Event of Default shall have occurred and be continuing, (ii) such US Grantor shall have delivered to the US Administrative Collateral Agent, at least two three (23) Business Days prior to the date of the proposed release, a written request for release in reasonable detail describing the item of Collateral and the terms of the sale, lease, transfer or other disposition in reasonable detail, including, without limitation, the price thereof and any expenses in connection therewithCollateral, together with a form of release for execution by the US Administrative Collateral Agent and a certificate of such US Grantor to the effect that the transaction is in compliance with the Loan Documents and as to such other matters as the US Administrative Agent may request Documents, and (iii) each US Grantor shall comply with Section 2.07 of the Credit Agreement with respect to sales of Equipment and Inventory in the ordinary course of business and other sales and dispositions that are permitted by the Credit Agreement, the Liens granted herein shall be deemed to be released with no further action on the part of any such sale, lease, transfer or other dispositionPerson. (b) Upon the occurrence latest of (i) the payment in full in cash of the DischargeSecured Obligations (other than Unmatured Surviving Obligations) and (ii) the Termination Date, the pledge and security interest granted hereby shall terminate and all rights to the Collateral shall revert to the applicable US Grantor. Upon any such termination, the US Administrative Collateral Agent will, at the US Grantors’ applicable Grantor’s expense, execute execute, assign, transfer and deliver to US Grantors such Grantor such documents and instruments (including, but not limited to UCC-3 termination financing statements or releases) as any US such Grantor shall reasonably request to evidence such termination.

Release; Termination. (a) Upon any sale, lease, transfer or other disposition of any item of Collateral of any US Foreign Grantor in accordance with the terms of the Loan Documents (other than sales of Inventory in the ordinary course of business), the US Foreign Administrative Agent will, at such US Foreign Grantor’s expense, execute and deliver to such US Foreign Grantor such documents as such US Foreign Grantor shall reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted hereby; provided, however, that (i) at the time of such request and such release no Default shall have occurred and be continuing, (ii) such US Foreign Grantor shall have delivered to the US Foreign Administrative Agent, at least two (2) Business Days prior to the date of the proposed release, a written request for release describing the item of Collateral and the terms of the sale, lease, transfer or other disposition in reasonable detail, including, without limitation, the price thereof and any expenses in connection therewith, together with a form of release for execution by the US Foreign Administrative Agent and a certificate of such US Foreign Grantor to the effect that the transaction is in compliance with the Loan Documents and as to such other matters as the US Foreign Administrative Agent may request and (iii) each US Foreign Grantor shall comply with Section 2.07 of the Credit Agreement with respect to any such sale, lease, transfer or other disposition. (b) Upon the occurrence of the Discharge, the pledge and security interest granted hereby shall terminate and all rights to the Collateral shall revert to the applicable US Foreign Grantor. Upon any such termination, the US Foreign Administrative Agent will, at the US Foreign Grantors’ expense, execute and deliver to US Foreign Grantors such documents as any US Foreign Grantor shall reasonably request to evidence such termination.