Common use of Termination of Security Interests; Release of Collateral Clause in Contracts

Termination of Security Interests; Release of Collateral. Upon payment in full of all Secured Obligations, including the aggregate principal amount of the Notes, including all Interest, the Security Interests shall immediately terminate and all rights to the Collateral shall revert to Debtor automatically and without the need for further action to be taken on the part of the Debtor or the Secured Party. Upon such termination of the Security Interests or release of any Collateral, the Secured Party will, at the expense of Debtor, execute and deliver to Debtor such documents as Debtor shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 6 contracts

Samples: Security Agreement (Xa, Inc.), Security Agreement (Xa, Inc.), Security Agreement (Xa, Inc.)

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Termination of Security Interests; Release of Collateral. Upon payment the repayment and performance in full of all the Secured Obligations, including the aggregate principal amount and termination of the NotesSecured Party’s obligation, including all Interestif any, to extend further credit facilities to the Debtors, the Security Interests shall immediately terminate and all rights to the Collateral shall revert to Debtor automatically and without the need for further action to be taken on the part of the Debtor or the Secured PartyDebtors. Upon any such termination of the Security Interests or release of any Collateral, the Secured Party will, at the Debtors’ expense of Debtorto the extent permitted by law, promptly execute and deliver to Debtor the Debtors such documents as Debtor the Debtors shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 3 contracts

Samples: Security Agreement (Quality Gold Holdings, Inc.), Security Agreement (Quality Gold Holdings, Inc.), Security Agreement (Quality Gold Holdings, Inc.)

Termination of Security Interests; Release of Collateral. Upon payment in full of all Secured Obligations, including the aggregate principal amount of the NotesNote, including all Interest, the Security Interests shall immediately terminate and all rights to the Collateral shall revert to Debtor automatically and without the need for further action to be taken on the part of the Debtor or the Secured Party. Upon such termination of the Security Interests or release of any Collateral, the Secured Party will, at the expense of Debtor, execute and deliver to Debtor such documents as Debtor shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 3 contracts

Samples: Security Agreement (Xa, Inc.), Security Agreement (Xa, Inc.), Security Agreement (Xa, Inc.)

Termination of Security Interests; Release of Collateral. Upon payment in full of all Secured ObligationsObligations or upon the conversion of all principal outstanding under the Notes and all interest accrued thereon into shares of common stock, including the aggregate principal amount par value $0.01 per share, of the Notes, including all InterestDebtor, the Security Interests shall immediately terminate and all rights to the Collateral shall revert to Debtor automatically and without the need for further action to be taken on the part of the Debtor or the Secured PartyDebtor. Upon such termination of the Security Interests or release of any Collateral, the Secured Party will, at the expense of of, and preparation by, the Debtor, execute and deliver to Debtor such documents as Debtor shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 2 contracts

Samples: Security Agreement (Spatializer Audio Laboratories Inc), Security Agreement (Spatializer Audio Laboratories Inc)

Termination of Security Interests; Release of Collateral. Upon payment in full of all Secured Obligations, including the aggregate principal amount of the Notes, including all Interest, the Security Interests shall immediately terminate and all rights to the Collateral shall revert to Debtor automatically and without the need for further action to be taken on the part of the Debtor or and the Secured PartySubsidiaries. Upon such termination of the Security Interests or release of any Collateral, the Secured Party will, at the expense of Debtorthe Debtor and the Subsidiaries, execute and deliver to the Debtor and the Subsidiaries such documents as the Debtor and the Subsidiaries shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 2 contracts

Samples: Security Agreement (Interiors Inc), Security Agreement (Interiors Inc)

Termination of Security Interests; Release of Collateral. Upon the payment or other satisfaction in full of all the Notes held by the Secured Obligations, including the aggregate principal amount of the Notes, including all InterestParties, the Security Interests shall immediately terminate and all rights to the Collateral shall revert to Debtor automatically and without the need for further action to be taken on the part of the Debtor or the Secured PartyDebtor. Upon any such termination of the Security Interests or release of any Collateral, the Secured Party Parties will, at the expense of Debtor’s expense, to the extent permitted by law, execute and deliver to the Debtor such documents as the Debtor shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 2 contracts

Samples: Security Interest Agreement (Hythiam, Inc.), Security Interest Agreement (Hythiam Inc)

Termination of Security Interests; Release of Collateral. Upon payment in full satisfaction and performance of all Secured Obligations, including Obligations under the aggregate principal amount of the Notes, including all InterestLoan Agreement, the Security Interests shall immediately terminate and all rights to the Collateral shall revert to Debtor automatically and without the need for further action to be taken on the part of the Debtor or the Secured PartyDebtor. Upon such termination of the Security Interests or release of any Collateral, the Secured Party will, at Debtor's expense, file termination statements (or authorize Debtor to do so) terminating all financing statements filed naming Secured Party as secured party and covering the expense of DebtorCollateral, and execute and deliver to Debtor such documents as Debtor shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 2 contracts

Samples: Security Agreement (Medalist Diversified REIT, Inc.), Security Agreement (Medalist Diversified REIT, Inc.)

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Termination of Security Interests; Release of Collateral. Upon payment the repayment and performance in full of all the Secured Obligations, including the aggregate principal amount and termination of the NotesSecured Party's obligation, including all Interestif any, to extend further credit facilities to the Debtors, the Security Interests shall immediately terminate and all rights to the Collateral shall revert to Debtor automatically and without the need for further action to be taken on the part of the Debtor or the Secured PartyDebtors. Upon any such termination of the Security Interests or release of any Collateral, the Secured Party will, at the Debtors' expense of Debtorto the extent permitted by law, promptly execute and deliver to Debtor the Debtors such documents as Debtor the Debtors shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 1 contract

Samples: Security Agreement (Quality Gold Holdings, Inc.)

Termination of Security Interests; Release of Collateral. Upon the payment or other satisfaction in full of the Obligations owed by Debtor to all Secured Obligations, including the aggregate principal amount of the Notes, including all InterestParties, the Security Interests shall immediately terminate and all rights to the Collateral shall revert to Debtor automatically and without the need for further action to be taken on the part of the Debtor or the Secured PartyDebtor. Upon any such termination of the Security Interests or release of any Collateral, the Secured Party will, at the expense of Debtor's expense, execute and to the extent permitted by law, execute, deliver to the Debtor and file with the appropriate authority such documents as the Debtor shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may bebe (including, without limitation, the filing of termination statements in the appropriate jurisdictions).

Appears in 1 contract

Samples: Security Interest Agreement (Rosetta Genomics Ltd.)

Termination of Security Interests; Release of Collateral. Upon payment the repayment and performance in full of all Secured the Obligations, including the aggregate principal amount expiration of all obligations of Secured Party to extend credit or provide financial accommodations to Debtor under the Loan Agreement, and the termination of the Notes, including all InterestLoan Agreement, the Security Interests shall immediately terminate and all rights to the Collateral shall revert to Debtor automatically and without the need for further action to be taken on the part of the Debtor or the Secured PartyDebtor. Upon any such termination of the Security Interests or release of any Collateral, the Secured Party will, at Debtor's expense to the expense of Debtorextent permitted by law, execute and deliver to Debtor such documents as Debtor shall reasonably request to evidence the termination of the Security Interests or the release of such Collateral, as the case may be.

Appears in 1 contract

Samples: Security Agreement (Biosphere Medical Inc)

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