Common use of Security Termination Clause in Contracts

Security Termination. (a) The Mexican Trust Agreement shall (i) remain in full force and effect until the payment in full of the Borrower’s obligations under the Notes and hereunder, (ii) be binding upon the Borrower, its successors and assigns, and (iii) inure, together with the rights and remedies of the Lender hereunder and thereunder, to the benefit of the Lender and its permitted successors, transferees and assigns. (b) Immediately upon the payment in full of the Borrower’s obligations under the Notes, this Agreement and the Mexican Trust Agreement shall terminate and all rights to the Equipment shall revert to the Borrower. Upon any such termination, the Lender shall execute and deliver, and instruct the Trustee to execute and deliver, to, or as directed in writing by, the Borrower an appropriate instrument (in due form for recording) furnished by the Borrower conveying and/or releasing the Equipment from the Mexican Trust Agreement within five (5) days of the Lender’s receipt of a written request therefor from the Borrower.