Termination of Security Agreement Clause Samples
The 'Termination of Security Agreement' clause defines the conditions and procedures under which a security agreement between parties can be ended. Typically, this clause outlines the requirements for termination, such as full repayment of the secured obligation or mutual consent, and may specify the steps for releasing any security interests or liens. Its core practical function is to provide a clear process for concluding the secured relationship, ensuring both parties understand how and when their obligations and rights under the agreement will cease.
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Termination of Security Agreement. (a) Upon (or at any time after) payment in full of the principal amount of, interest on and Break Loss, if any, and all other amounts due under, or otherwise due to the Lenders of, all Loan Certificates and provided that (i) the Commitments shall have terminated and (ii) there shall then be no other amounts due to the Lenders and Security Agent hereunder or under the Credit Agreement or the other Operative Agreements or outstanding Secured Obligations, Security Agent shall execute and deliver to or as directed in writing by Borrower an appropriate instrument releasing the Collateral from the Lien of this Security Agreement, and Security Agent shall execute and deliver such instrument as aforesaid and, at Borrower’s expense, will execute and deliver such other instruments or documents as may be reasonably requested by Borrower to give effect to such release; provided, however, that this Security Agreement shall earlier terminate and this Security Agreement shall be of no further force or effect upon any sale or other final disposition by Security Agent of all property constituting part of the Collateral and the final distribution by Security Agent of all monies or other property or proceeds constituting part of the Collateral in accordance with the terms hereof. Except as aforesaid otherwise provided, this Security Agreement shall continue in full force and effect in accordance with the terms hereof.
(b) In addition, upon (or at any time after) payment in full of principal amount of, interest on and Break Loss, if any, and all other amounts due under, or otherwise due to the Lenders of, all Loan Certificates of a Series and provided that there shall then be no other amounts due to the Lenders and Security Agent hereunder or under the Credit Agreement or the other Operative Agreements or otherwise secured hereby in respect of such Series of Loan Certificates and no Event of Default has occurred and is continuing and no Commitments remain outstanding, Security Agent shall execute and deliver to or as directed in writing by Borrower an appropriate instrument releasing the Collateral to the extent it relates to the Aircraft relating to such Series from the Lien of this Security Agreement, and Security Agent shall execute and deliver such instrument as aforesaid and, at Borrower’s expense, will execute and deliver such other instruments or documents as may be reasonably requested by Borrower to give effect to such release.
Termination of Security Agreement. Upon payment in full of the principal of, and interest on, the Note A and all other amounts then due and owing under any Operative Agreement (excluding amounts with respect to the Loan B), the Lender shall direct the Security Trustee to release the Collateral from the Lien of the Security Agreement pursuant to Section 11.1 of the Security Agreement.
Termination of Security Agreement. Following the payments, redemptions and exchanges set forth in this Section 2, (i) the Company and the Equityholders shall use their commercially reasonable efforts to terminate the Security Agreement and any related financing statements made under the UCC, and (ii) each Equityholder terminates, releases and discharges, without recourse, all of the Liens on any assets of the Company created by the Notes.
Termination of Security Agreement. This Security Agreement shall terminate upon termination of the License Agreement other than termination for Trump’s default thereunder, and ▇▇▇▇▇ Holdings, at the request and sole expense of ▇▇▇▇▇, will execute and deliver to ▇▇▇▇▇ the proper instruments acknowledging termination of this Security Agreement and will duly, without recourse, representation or warranty of any kind whatsoever, release such of the Collateral not therefore disposed of, applied or released from the security interest created hereby.
Termination of Security Agreement. This Security Agreement shall terminate (i) upon payment and performance in full of all of the Obligations and (ii) as to any item of Collateral, upon the Disposition of such Collateral as permitted in Section 3.14 hereof. Upon termination, at the request and sole cost and expense of a Grantor, and upon receipt by the Collateral Agent of confirmation from the Agent that all of the Obligations have been paid and performed in full, the Collateral Agent shall execute and deliver such documents and instruments reasonably requested by such Grantor to evidence the release of the Collateral (or such item of Collateral, as the case may be) from the Lien of the Security Documents; provided, however, that this Security Agreement shall earlier terminate and this Security Agreement shall be of no further force or effect upon any sale or other final disposition by the Collateral Agent of all property constituting part of the Collateral and the final distribution by the Collateral Agent of all monies or other property or proceeds constituting part of the Collateral in accordance with the terms hereof. Except as otherwise provided above, this Security Agreement shall continue in full force and effect in accordance with the terms hereof.
Termination of Security Agreement. 44 Section 5.01 Termination of Security Agreement.............................44 ARTICLE 6 MISCELLANEOUS.....................................................45 Section 6.01 Notices.......................................................45
Termination of Security Agreement. This Security Agreement and the security interest hereunder shall terminate upon the full and final payment in cash and performance of all the Obligations by Borrower under the Restated Loan Agreement and termination of the Revolving Loan Commitments. Notwithstanding anything to the contrary herein, this Security Agreement (including all representations, warranties and covenants contained herein) shall continue to be effective or be reinstated, as the case may be, if at any time any amount received by any Lender in respect of the Secured Obligations is rescinded or must otherwise be restored or returned by Lender upon or in connection with the insolvency, bankruptcy, dissolution, liquidation or reorganization of any Grantor or otherwise, all as though such payment had not been made.
Termination of Security Agreement. This Security Agreement and the security interest created hereby shall terminate upon the Termination Date and all rights to the Collateral shall revert to the Maker. Upon such termination, the Collateral Agent shall at the Maker’s expense (a)deliver to the Maker all Collateral in the Collateral Agent’s possession or control and all instruments of assignment executed in connection therewith, free and clear of the liens hereof and (b) take such other actions and execute and deliver such other documents and instruments, as may be reasonably requested by the Maker, in order to evidence the termination of this Security Agreement and to release any lien or security interest in any Collateral securing the Obligations.
Termination of Security Agreement. Upon repayment in full of the entire balance of the indebtedness secured hereby, including interest and other charges, if any, this Security Agreement shall terminate. The Secured Party agrees to transfer and deliver to the Borrower or its designee all of the Collateral then held in pledge hereunder. If Borrower desires such transfer and delivery at a cooperative interest settlement, Borrower shall pay the reasonable fees and disbursements of Lender and Lender's counsel in connection therewith.
Termination of Security Agreement. Upon a Full Collateralization Event (as defined in the Notes, the Collateral Agent shall promptly consent to the termination of the Security Agreement and shall release all liens granted to the Collateral Agent thereunder; provided, however, that notwithstanding anything to the contrary contained herein, the termination of the Security Agreement shall not have any impact on the Cash Collateral Agreement or the Deposit Account Control Agreement, which shall survive a Full Collateralization Event and continue in full force and effect after a Full Collateralization Event. The Parties hereto acknowledge and agree that as of the Closing Date, the Collateral Agent will not require the Company to file documentation to perfect the security interest in Intellectual Property outside the United States. Notwithstanding the foregoing, upon the written request of the Collateral Agent, the Company shall secure or perfect the security interest in any such Intellectual Property or other Collateral in accordance with the terms of the Security Documents.