Common use of Termination; Release Clause in Contracts

Termination; Release. When all the Obligations have been paid in full (other than contingent indemnification obligations not yet accrued and payable), this Agreement shall automatically terminate. Upon termination of this Agreement, the Pledged Collateral shall automatically be released from the Lien of this Agreement. In addition to the foregoing, the Liens on the Pledged Collateral shall be released from the Liens of this Agreement, without the need for any action by the Administrative Agent or any other Secured Party, in accordance with the terms and conditions set forth in Section 9.17 of the Credit Agreement. Upon such release or any release of Pledged Collateral or any part thereof in accordance with the provisions of the Credit Agreement, the Administrative Agent shall, upon the request and at the sole cost and expense of the Pledgors, assign, transfer and deliver to Pledgor, against receipt and without recourse to or warranty by the Administrative Agent except as to the fact that the Administrative Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in possession of the Administrative Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including UCC-3 termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be.

Appears in 5 contracts

Samples: Security Agreement (Uber Technologies, Inc), Security Agreement (Uber Technologies, Inc), Security Agreement (Uber Technologies, Inc)

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Termination; Release. When all the Obligations have been paid in full (other than contingent indemnification obligations not yet accrued then due), the Commitments of the Lenders to make any Loan or to issue any Letter of Credit under the Credit Agreement shall have expired or been sooner terminated and payable)all Letters of Credit have been terminated or cash collateralized in accordance with the provisions of the Credit Agreement, this Agreement shall automatically terminate. Upon termination of this Agreement, Agreement the Pledged Collateral shall automatically immediately be released from the Lien of this Agreement. In addition to the foregoing, the Liens on the Pledged Collateral shall be released from the Liens of this Agreement, without the need for any action by the Administrative Agent or any other Secured Party, in accordance with the terms and conditions set forth in Section 9.17 of the Credit Agreement. Upon such release or any release of Pledged Collateral or any part thereof in accordance with the provisions of the Credit Agreement, the Administrative Agent shall, upon the request and at the sole cost and expense of the Pledgors, assign, transfer and deliver to Pledgor, against receipt and without recourse to or warranty by the Administrative Agent except as to the fact that the Administrative Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in possession of the Administrative Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including UCC-3 termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be.

Appears in 4 contracts

Samples: Security Agreement (Gentiva Health Services Inc), Credit Agreement (Gentiva Health Services Inc), Security Agreement (Gentiva Health Services Inc)

Termination; Release. (a) When all the Secured Obligations have been paid in full (other than contingent indemnification obligations not yet accrued and payable)the Commitments of the Lenders to make any Loan or to issue any Letter of Credit under the Credit Agreement shall have expired or been sooner terminated and all Letters of Credit have been terminated or cash collateralized in accordance with the provisions of the Credit Agreement, this Agreement shall automatically terminate. Upon termination of this Agreement, the Pledged Collateral shall automatically be released from the Lien of this Agreement. In addition to the foregoing, the Liens on Agreement the Pledged Collateral shall be released from the Liens Lien of this Agreement, without the need for any action by the Administrative Agent or any other Secured Party, in accordance with the terms and conditions set forth in Section 9.17 of the Credit Agreement. Upon such release or any release of Pledged Collateral or any part thereof in accordance with the provisions of the Credit Agreement, the Administrative Collateral Agent shall, upon the request and at the sole cost and expense of the Pledgors, assign, transfer and deliver to Pledgor, against receipt and without recourse to or warranty by the Administrative Collateral Agent except as to the fact that the Administrative Collateral Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in possession of the Administrative Collateral Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including UCC-3 termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be.

Appears in 4 contracts

Samples: Credit Agreement (Navisite Inc), Security Agreement (AGY Holding Corp.), Security Agreement (Sciele Pharma, Inc.)

Termination; Release. When all the Obligations have been paid in full (other than contingent indemnification obligations not yet accrued and payable)the Commitments of the Lenders to make any Loan or to issue any Letter of Credit under the Credit Agreement shall have expired or been sooner terminated and all Letters of Credit have been terminated or cash collateralized in accordance with the provisions of the Credit Agreement, this Agreement shall automatically terminate. Upon termination of this Agreement, the Pledged Collateral shall automatically be released from the Lien of this Agreement. In addition to the foregoing, the Liens on Agreement the Pledged Collateral shall be released from the Liens Lien of this Agreement, without the need for any action by the Administrative Agent or any other Secured Party, in accordance with the terms and conditions set forth in Section 9.17 of the Credit Agreement. Upon such release or any release of Pledged Collateral or any part thereof in accordance with the provisions of the Credit AgreementAgreement or the other Loan Documents, the Administrative Agent shall, upon the request and at the sole cost and expense of the Pledgors, assign, transfer and deliver to Pledgor, against receipt and without recourse to or warranty by the Administrative Agent except as to the fact that the Administrative Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in possession of the Administrative Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including UCC-3 termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be.

Appears in 3 contracts

Samples: Security Agreement (American Renal Associates LLC), Security Agreement (American Renal Associates LLC), Security Agreement (American Renal Associates LLC)

Termination; Release. When all the Secured Obligations have been paid in full (other than contingent indemnification obligations liabilities not yet accrued then due and payable), this Agreement shall automatically terminate. Upon termination of this Agreement, the Pledged Collateral shall automatically be released from the Lien of this Agreement. In addition to the foregoing, the Liens on Agreement the Pledged Collateral shall be released from the Liens Lien of this Agreement, without the need for any action by the Administrative Agent or any other Secured Party, in accordance with the terms and conditions set forth in Section 9.17 of the Credit Agreement. Upon such release or any release of Pledged Collateral or any part thereof in accordance with the provisions of the Credit AgreementIndenture, the Administrative Collateral Agent shall, upon the request and at the sole cost and expense of the Pledgors, assign, transfer and deliver to Pledgor, against receipt and without recourse to or warranty by the Administrative Agent except as to the fact that the Administrative Agent has not encumbered the released assetsCollateral Agent, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in possession of the Administrative Collateral Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including UCC-3 termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be. The Liens securing the Secured Obligations securing the Notes will be released, in whole or in part, as provided in Section 10.3 of the Indenture. The Liens securing Permitted Additional Pari Passu Obligations of any series will be released, in whole or in part, as provided in Additional Pari Passu Agreement governing such obligations.

Appears in 3 contracts

Samples: Second Lien Security Agreement (Carrols Restaurant Group, Inc.), Second Lien Security Agreement (Carrols Restaurant Group, Inc.), Security Agreement (Salem Communications Corp /De/)

Termination; Release. When all the Obligations have been paid in full (other than contingent indemnification obligations not yet accrued and payablethose expressly stated to survive such payment in full), this Agreement shall automatically terminate. Upon termination of this AgreementAgreement or upon any sale, transfer or other disposition of Pledged Collateral or any part thereof in a transaction or series of transactions not prohibited by the provisions of the Credit Agreement (including, without limitation, upon any Pledged Collateral becoming property of an Excluded Subsidiary or a Foreign Subsidiary), the Pledged Collateral (or any part thereof) shall automatically be released from the Lien of this Agreement. In addition Agreement and all rights to the foregoing, the Liens on the Pledged Collateral shall be released from revert to the Liens of this Agreement, without the need for any action by the Administrative Agent or any other Secured Party, in accordance with the terms and conditions set forth in Section 9.17 of the Credit AgreementGrantors. Upon such release or any release such sale, transfer or disposition of Pledged Collateral or any part thereof in accordance with the provisions of the Credit Agreementthereof, the Administrative Agent shall, upon the request and at the sole cost and expense of the PledgorsGrantors, assign, transfer and deliver to Pledgorthe Grantors, against receipt and without recourse to or warranty by the Administrative Agent except as to the fact that the Administrative Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in possession of the Administrative Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including UCC-3 termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be.

Appears in 2 contracts

Samples: Intercreditor Agreement (Philadelphia Energy Solutions Inc.), Credit Agreement (Philadelphia Energy Solutions Inc.)

Termination; Release. When all the Secured Obligations have been paid in full (other than contingent indemnification obligations not yet accrued due and payable)) and no commitments remain under Additional Secured Debt Documents to extend credit that would constitute Secured Obligations, this Agreement shall automatically terminate. Upon termination of this Agreement, Agreement the Pledged Collateral shall automatically be released from the Lien of this Agreement. In addition to the foregoingaddition, the Liens on the Pledged Collateral or any portion thereof shall be released from the Liens Lien of this Agreement, without Agreement pursuant to the need for any action by the Administrative Agent or any other Secured Party, in accordance with the terms and conditions set forth in Section 9.17 of the Credit AgreementIndenture. Upon any such release or any release of Pledged Collateral or any part thereof in accordance with the provisions of the Credit Agreementrelease, the Administrative Collateral Agent shall, upon the request and at the sole cost and expense of the Pledgors, assign, transfer and deliver to Pledgorthe applicable Pledgor(s), against receipt and without recourse to or warranty by the Administrative Collateral Agent except as to the fact that the Administrative Collateral Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in possession of the Administrative Collateral Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including UCC-3 termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be, in form and substance reasonably satisfactory to the Pledgors.

Appears in 2 contracts

Samples: Security Agreement (iPCS, INC), Security Agreement (iPCS, INC)

Termination; Release. (a) When all the Secured Obligations (other than contingent indemnification Obligations as to which no claim has been asserted) have been paid in full (other than contingent indemnification obligations not yet accrued and payable)the Commitments of the Lenders to make any Loan under the ABL Credit Agreement shall have expired or been sooner terminated in accordance with the provisions of the ABL Credit Agreement, this Agreement shall automatically terminate. Upon termination of this Agreement, or as otherwise provided in the Pledged ABL Credit Agreement, the Collateral shall be automatically be released from the Lien of this Agreement. In addition to the foregoing, the Liens on the Pledged Collateral shall be released from the Liens of this Agreement, without the need for any action by the Administrative Agent or any other Secured Party, in accordance with the terms and conditions set forth in Section 9.17 of the Credit Agreement. Upon such release or any release of Pledged Collateral or any part thereof in accordance with the provisions of the ABL Credit Agreement, the Administrative Collateral Agent shall, upon the request and at the sole cost and expense of the Pledgors, assign, transfer and deliver to Pledgor, against receipt and without recourse to or warranty by the Administrative Collateral Agent except as to the fact that the Administrative Collateral Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in possession of the Administrative Collateral Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments that any Pledgor shall reasonably request (including UCC-3 UCC‑3 termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be.

Appears in 2 contracts

Samples: Security Agreement (Norcraft Companies, Inc.), Credit Agreement (Norcraft Companies, Inc.)

Termination; Release. When (a) all of the Obligations principal, interest, fees and other amounts due and payable under the Credit Agreement and the other Credit Documents have been irrevocably paid in full full, (b) the Credit Documents have been terminated and discharged and (c) there exists no commitment by Pledgor which could give rise to any Obligations (other than for contingent indemnification obligations not yet accrued and payableObligations for which no claim has been made), this Agreement shall automatically terminate. Upon termination of this Agreement, the Pledged Collateral shall automatically be released from the Lien of this Agreement. In addition to the foregoing, the Liens on the Pledged Collateral shall be released from the Liens of this Agreement, without the need for any action by the Administrative Agent or any other Secured Party, in accordance with the terms and conditions set forth in Section 9.17 of the Credit Agreement. Upon such release or any release of Pledged Collateral or any part thereof in accordance with the provisions of the Credit Agreementthereof, the Administrative Agent shall, promptly upon the request and at the sole cost and expense of the PledgorsPledgor, assign, transfer and deliver to the Pledgor, against receipt and without recourse to or warranty by the Administrative Agent except as to the fact that the Administrative Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in possession of the Administrative Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including UCC-3 termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be.

Appears in 2 contracts

Samples: Pledge Agreement (Royal Gold Inc), Revolving Credit Agreement (Royal Gold Inc)

Termination; Release. When all Upon Full Payment of the Obligations have been paid in full (other than contingent indemnification obligations not yet accrued and payable)Secured Obligations, this Agreement shall automatically terminate. Upon termination of this Agreement, the Pledged Collateral shall automatically be released from the Lien of this Agreement. In addition to the foregoing, the Liens on Agreement the Pledged Collateral shall be released from the Liens Lien of this Agreement, without the need for any action by the Administrative Agent or any other Secured Party, in accordance with the terms and conditions set forth in Section 9.17 of the Credit Agreement. Upon such release or any release of Pledged Collateral or any part thereof in accordance with the provisions of the Credit Agreement, the Administrative Collateral Agent shall, upon the request and at the sole cost and expense of the PledgorsPledgors (subject to the terms of the Intercreditor Agreement), assign, transfer and deliver to the relevant Pledgor, against receipt and without recourse to or warranty by the Administrative Collateral Agent except as to the fact that the Administrative Collateral Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in possession of the Administrative Collateral Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including any necessary UCC-3 termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be, in each case pursuant to the Credit Agreement.

Appears in 2 contracts

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

Termination; Release. When all the Secured Obligations have been paid in full (other than contingent indemnification obligations not yet accrued and payable)the Commitments of the Lenders to make any Loan under the Credit Agreement shall have expired or been sooner terminated in accordance with the provisions of the Credit Agreement, this Agreement shall automatically terminate. Upon termination of this Agreement, the Pledged Collateral shall automatically be released from the Lien of this Agreement. In addition to the foregoing, the Liens on Agreement the Pledged Collateral shall be released from the Liens Lien of this Agreement, without the need for any action by the Administrative Agent or any other Secured Party, in accordance with the terms and conditions set forth in Section 9.17 of the Credit Agreement. Upon such release or any release of Pledged Collateral or any part thereof in accordance with the provisions of the Credit Agreement, the Administrative Collateral Agent shall, upon the request and at the sole cost and expense of the Pledgors, assign, transfer and deliver to the relevant Pledgor, against receipt and without recourse to or warranty by the Administrative Collateral Agent except as to the fact that the Administrative Collateral Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in possession of the Administrative Collateral Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including any necessary UCC-3 termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be.

Appears in 2 contracts

Samples: Security Agreement (Novelis Inc.), Security Agreement (Novelis South America Holdings LLC)

Termination; Release. When all This Agreement shall terminate upon the Obligations have been paid irrevocable repayment, satisfaction and discharge in full of all Obligations (other than contingent indemnification obligations obligations, provided however, that if the Administrative Agent notifies the Pledgor that a contingent claim is reasonably likely to be asserted, then the Pledgor shall maintain the security interest until such time as the Administrative Agent confirms that such contingent claim has been withdrawn, resolved or paid, such confirmation not yet accrued and payableto be unreasonably withheld or delayed), this Agreement shall automatically terminate. Upon termination of this Agreement, the Pledged Collateral shall automatically be released automatically from the Lien of this Agreement. In addition to the foregoing, the Liens on the Pledged Collateral shall be released from the Liens of this Agreement, without the need for any action by the Administrative Agent or any other Secured Party, in accordance with the terms and conditions set forth in Section 9.17 of the Credit Agreement. Upon such release or any release of Pledged Collateral or any part thereof in accordance with the provisions of the Credit Agreement, the Administrative Agent shall, upon the request and at the sole cost and expense of the PledgorsPledgor, promptly assign, transfer and deliver to the Pledgor, against receipt and without recourse to or warranty by the Administrative Agent except as to the fact that the Administrative Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in possession of the Administrative Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including UCC-3 UCC‑3 termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be. In addition, the security interest in the relevant Collateral created hereby shall be released from time to time in accordance with Section 6(f) of the Collateral Administration Agreement.

Appears in 2 contracts

Samples: Security Agreement (American Capital, LTD), Security Agreement (American Capital Senior Floating, Ltd.)

Termination; Release. When all of the Obligations principal, interest, fees and other amounts due and payable under the Credit Agreement and the other Credit Documents have been irrevocably paid in full (other than contingent indemnification obligations not yet accrued and payable)full, this Agreement shall automatically terminate. Upon termination of this Agreement, the Pledged Collateral shall automatically be released from the Lien of this Agreement. In addition to the foregoing, the Liens on the Pledged Collateral shall be released from the Liens of this Agreement, without the need for any action by the Administrative Agent or any other Secured Party, in accordance with the terms and conditions set forth in Section 9.17 of the Credit Agreement. Upon such release or any release of Pledged Collateral or any part thereof in accordance with the provisions of the Credit Agreementthereof, the Administrative Agent shall, promptly upon the request and at the sole cost and expense of the PledgorsPledgor, assign, transfer and deliver to the Pledgor, against receipt and without recourse to or warranty by the Administrative Agent except as to the fact that the Administrative Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in possession of the Administrative Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including UCC-3 termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be.

Appears in 2 contracts

Samples: Pledge Agreement (Royal Gold Inc), Pledge Agreement (Royal Gold Inc)

Termination; Release. When all This Agreement shall terminate upon the Obligations have been paid irrevocable repayment, satisfaction and discharge in full of all Obligations (other than any contingent indemnification indemnity obligations that are not yet accrued then due and payable), this Agreement shall automatically terminate. Upon termination of this Agreement, the Pledged Collateral shall automatically be released automatically from the Lien of this Agreement. In addition to the foregoing, the Liens on the Pledged Collateral shall be released from the Liens of this Agreement, without the need for any action by the The Administrative Agent or any other Secured Partymay also release, from time to time, its security interest in the relevant Collateral created hereby in accordance with the terms and conditions set forth in Section 9.17 provisions of the Credit AgreementLoan Documents. Upon such release or any release sale, transfer or other disposition of Pledged Collateral or any part thereof in accordance with the provisions of the Credit AgreementLoan Documents, the Administrative Agent shall, upon the request and at the sole cost and expense of the PledgorsPledgor, assign, transfer and deliver to the Pledgor, against receipt and without recourse to or warranty by the Administrative Agent except as to the fact that the Administrative Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in the possession of the Administrative Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including any applicable UCC-3 termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be.

Appears in 2 contracts

Samples: Security Agreement (GWG Holdings, Inc.), Security Agreement (GWG Holdings, Inc.)

Termination; Release. When all the Secured Obligations have been paid in full (other than contingent indemnification obligations not yet accrued in which no claim has been made or is reasonably foreseeable) and payable)the Commitments of the Lenders to make any Loan or to issue any Letter of Credit under the Credit Agreement shall have expired or been sooner terminated and all Letters of Credit have been terminated or Cash Collateralized in accordance with the provisions of the Credit Agreement, this Agreement shall automatically terminate. Upon termination of this Agreement, the Pledged Collateral shall automatically be released from the Lien of this Agreement. In addition to the foregoing, the Liens on Agreement the Pledged Collateral shall be released from the Liens Lien of this Agreement, without the need for any action by the Administrative Agent or any other Secured Party, in accordance with the terms and conditions set forth in Section 9.17 of the Credit Agreement. Upon such release or any release of Pledged Collateral or any part thereof in accordance with the provisions of the Credit Agreement, the Administrative Collateral Agent shall, upon the request and at the sole cost and expense of the Pledgors, assign, transfer and deliver to Pledgor, against receipt and without recourse to or warranty by the Administrative Collateral Agent except as to the fact that the Administrative Collateral Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in possession of the Administrative Collateral Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including UCC-3 UCC‑3 termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be.

Appears in 1 contract

Samples: Security Agreement (CPI International Holding Corp.)

Termination; Release. (a) When all the Obligations have been paid in full (other than contingent indemnification obligations not yet accrued and payable)the Commitments of the Lenders to make any Loan or to issue any Letter of Credit under the Credit Agreement shall have expired or been sooner terminated and all Letters of Credit have been terminated or cash collateralized in accordance with the provisions of the Credit Agreement, this Agreement shall automatically terminate. Upon termination of this Agreement, the Pledged Collateral shall automatically be released from the Lien of this Agreement. In addition to the foregoing, the Liens on Agreement the Pledged Collateral shall be released from the Liens Lien of this Agreement, without the need for any action by the Administrative Agent or any other Secured Party, in accordance with the terms and conditions set forth in Section 9.17 of the Credit Agreement. Upon such release or any release of Pledged Collateral or any part thereof in accordance with the provisions of the Credit Agreement, the Administrative Agent shallshall promptly, upon the request and at the sole cost and expense of the Pledgors, assign, transfer and deliver to Pledgor, against receipt and without recourse to or warranty by the Administrative Agent except as to the fact that the Administrative Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in possession of the Administrative Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including UCC-3 termination financing statements statements, intellectual property filings, real estate filings, or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be.

Appears in 1 contract

Samples: Security Agreement (LL Services Inc.)

Termination; Release. (a) When all the Obligations have been paid in full (other than contingent indemnification obligations not yet accrued obligations) and payable)the Commitments of the Lenders to make any Loan under the Credit Agreement shall have expired or been sooner terminated, this Agreement shall automatically terminate. Upon termination of this Agreement, terminate and the Pledged Collateral shall automatically be released from the Lien of this Agreement. In addition , all without further delivery of any instrument or further action by any party, and all rights in the Collateral shall revert to the foregoing, the Liens on the Pledged Collateral shall be released from the Liens of this Agreement, without the need for any action by the Administrative Agent or any other Secured Party, in accordance with the terms and conditions set forth in Section 9.17 of the Credit Agreementapplicable Pledgor. Upon such release or any release of Pledged Collateral or any part thereof in accordance with the provisions of the Credit Agreementrelease, the Administrative Agent shall, upon the request and at the sole cost and expense of the Pledgors, assign, transfer and deliver to Pledgor, against receipt and without recourse to or warranty by the Administrative Agent except as to the fact that the Administrative Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in possession of the Administrative Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including UCC-3 termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be.

Appears in 1 contract

Samples: Security Agreement (Smith & Wesson Holding Corp)

Termination; Release. When all Upon the Obligations have been paid in full (Termination Date or upon any sale, transfer, encumbrance or other than contingent indemnification obligations not yet accrued and payable), this Agreement shall automatically terminate. Upon termination of this Agreement, the Pledged Collateral shall automatically be released from the Lien of this Agreement. In addition to the foregoing, the Liens on the Pledged Collateral shall be released from the Liens of this Agreement, without the need for any action by the Administrative Agent or any other Secured Party, in accordance with the terms and conditions set forth in Section 9.17 of the Credit Agreement. Upon such release or any release disposition of Pledged Collateral or any part thereof in accordance with a transaction or series of transactions permitted by the provisions of the Credit AgreementLoan Agreement or any other Loan Document (including, without limitation, upon any Pledged Collateral becoming Excluded Property), the Administrative Pledged Collateral (or any part thereof) shall automatically be released from the Liens granted or purported to be granted by this Agreement or any other Loan Document and all rights to the Pledged Collateral shall revert to the Pledgors. Upon the Termination Date or any such release or any such sale, transfer, encumbrance or disposition of Pledged Collateral or any part thereof, the Agent shall, upon the request and at the sole cost and expense of the Pledgors, assign, transfer and deliver to Pledgorthe Pledgors, against receipt and without recourse to or any warranty by the Administrative Agent except as to the fact that the Administrative Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in the possession of the Administrative Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including UCC-3 termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be.

Appears in 1 contract

Samples: Collateral Pledge Agreement (Vertex Energy Inc.)

Termination; Release. When all of the Obligations have been paid in full (other than contingent indemnification obligations not yet accrued and payable)full, this Agreement shall automatically automatically, and without any action by any party hereto, terminate. Upon termination of this Agreement, Agreement the Pledged Collateral shall automatically be released from the Lien of this Agreement. In addition Upon any sale or other transfer by any Pledgor of any Collateral that is permitted under the Credit Agreement, or upon the effectiveness of any written consent to the foregoing, release of the Liens on the Pledged security interest granted hereby in any Collateral shall be released from the Liens of this Agreement, without the need for any action by the Administrative Agent or any other Secured Party, in accordance with the terms and conditions set forth in pursuant to Section 9.17 10.01(a)(b)(iii) of the Credit Agreement, the security interest in such Collateral shall be automatically released. Upon such release or any release of Pledged Collateral or any part thereof in accordance with the provisions of the Credit Agreement and, to the extent applicable, any Customary Intercreditor Agreement, the Administrative Agent shall, upon the request and at the sole cost and expense of the Pledgors, assign, transfer and deliver to Pledgor, against receipt and without recourse to or warranty by the Administrative Agent except as to the fact that the Administrative Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in the possession of the Administrative Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including UCC-3 termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be.

Appears in 1 contract

Samples: Credit Agreement (ESH Hospitality, Inc.)

Termination; Release. When all The Pledged Collateral and the Obligations have been paid in full (other than contingent indemnification obligations not yet accrued and payable), this Agreement of any Pledgor shall automatically terminate. Upon termination of this Agreement, the Pledged Collateral shall automatically be released from the Lien of this Agreement in accordance with the provisions of the Credit Agreement, including upon the transfer or sale of the Pledged Collateral (to a person that is not a Loan Party or Specified Pledgor) in a manner not prohibited by the Credit Agreement. In addition to the foregoingFurthermore, the Liens on upon termination of all Commitments and payment in full of all Obligations (other than contingent indemnification obligations), this Agreement shall terminate. Upon such termination of this Agreement the Pledged Collateral shall be automatically released from the Liens Lien of this Agreement, without the need for any action by the Administrative Agent or any other Secured Party, in accordance with the terms and conditions set forth in Section 9.17 of the Credit Agreement. Upon such release or any release of Pledged Collateral or any part thereof in accordance with the provisions of the Credit Agreement, the Administrative Agent shall, upon the request and at the sole cost and expense of the Pledgors, assign, transfer and deliver to Pledgor, against receipt and without recourse to or warranty by the Administrative Agent except as to the fact that the Administrative Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in possession of the Administrative Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including UCC-3 termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be.

Appears in 1 contract

Samples: Credit Agreement (RR Donnelley & Sons Co)

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Termination; Release. When all the Obligations have been paid in full (other than contingent indemnification obligations not yet accrued and payable), this Agreement shall automatically terminate. Upon termination of this Agreement, the Pledged Collateral shall automatically be released from the Lien of this Agreement. In addition to the foregoing, the Liens on the Pledged Collateral shall be released from the Liens of this Agreement, without the need for any action by the Administrative Agent or any other Secured Party, in accordance with the terms and conditions set forth in Section 9.17 of the Credit Agreement. Upon such release or any release of Pledged Collateral or any part thereof in accordance with the provisions of the Credit Agreement, the Administrative Agent shall, upon the request and at the sole cost and expense of the PledgorsPledgor, assign, transfer and deliver to Pledgor, against receipt and without recourse to or warranty by the Administrative Agent except as to the fact that the Administrative Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in possession of the Administrative Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including UCC-3 termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be.

Appears in 1 contract

Samples: Security Agreement (Uber Technologies, Inc)

Termination; Release. When (a)When all the Secured Obligations have been paid in full (other than contingent indemnification obligations not yet accrued in which no claim has been made) and payable)the Commitments of the Lenders to make any Loan or to issue any Letter of Credit under the Credit Agreement shall have expired or been sooner terminated and all Letters of Credit have been terminated or collateralized in accordance with the provisions of the Credit Agreement, this Agreement shall automatically terminate. Upon termination of this Agreement, the Pledged Collateral shall automatically be released from the Lien of this Agreement. In addition to the foregoing, the Liens on Agreement the Pledged Collateral shall be released from the Liens Lien of this Agreement, without the need for any action by the Administrative Agent or any other Secured Party, in accordance with the terms and conditions set forth in Section 9.17 of the Credit Agreement. Upon such release or any release of Pledged Collateral or any part thereof in accordance with the provisions of the Credit Agreement, the Administrative Collateral Agent shall, upon the request and at the sole cost and expense of the Pledgors, assign, transfer and deliver to Pledgor, against receipt and without recourse to or warranty by the Administrative Collateral Agent except as to the fact that the Administrative Collateral Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in possession of the Administrative Collateral Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including UCC-3 termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be.

Appears in 1 contract

Samples: Security Agreement (Emergency Medical Services CORP)

Termination; Release. When all the Obligations have been paid in full (other than contingent indemnification obligations not yet accrued and payable), this Agreement shall automatically terminate. Upon termination of this Agreement, the Pledged Collateral shall automatically be released from the Lien of this Agreement. In addition to the foregoing, the Liens on the Pledged Collateral shall be released from the Liens of this Agreement, without the need for any action by the Administrative Agent or any other Secured Party, in accordance with the terms and conditions set forth in Section 9.17 of the Credit Agreement. Upon such release or any release of Pledged Collateral or any part thereof in accordance with the provisions of the Credit Agreement, the Administrative Agent shall, upon the request and at the sole cost and expense of the PledgorsPledgor, assign, transfer and deliver to Pledgor, against receipt and without recourse to or warranty by the Administrative Agent except as to the fact that the Administrative Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in possession of the Administrative Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents Confidential Treatment Requested by Uber Technologies, Inc. Pursuant to 17 C.F.R. Section 200.83 and instruments (including UCC-3 termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be.

Appears in 1 contract

Samples: Term Loan Agreement (Uber Technologies, Inc)

Termination; Release. When all the Obligations have been paid in full (other than contingent indemnification obligations not yet accrued and payable), this Confidential Treatment Requested by Uber Technologies, Inc. Pursuant to 17 C.F.R. Section 200.83 Agreement shall automatically terminate. Upon termination of this Agreement, the Pledged Collateral shall automatically be released from the Lien of this Agreement. In addition to the foregoing, the Liens on the Pledged Collateral shall be released from the Liens of this Agreement, without the need for any action by the Administrative Agent or any other Secured Party, in accordance with the terms and conditions set forth in Section 9.17 of the Credit Agreement. Upon such release or any release of Pledged Collateral or any part thereof in accordance with the provisions of the Credit Agreement, the Administrative Agent shall, upon the request and at the sole cost and expense of the Pledgors, assign, transfer and deliver to Pledgor, against receipt and without recourse to or warranty by the Administrative Agent except as to the fact that the Administrative Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in possession of the Administrative Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including UCC-3 termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be.

Appears in 1 contract

Samples: Term Loan Agreement (Uber Technologies, Inc)

Termination; Release. When all This Agreement shall terminate upon (a) the Obligations have been paid irrevocable repayment, satisfaction and discharge in full of all Obligations (other than contingent reimbursement and indemnification obligations not yet accrued which are unknown, unmatured and payable), this Agreement shall automatically terminatefor which no claim has been made) and (b) the termination of all Aggregate Commitments. Upon termination of this Agreement, the Pledged Collateral shall automatically be released automatically from the Lien of this Agreement. In addition to the foregoing, the Liens on the Pledged Collateral shall be released from the Liens of this Agreement, without the need for any action by the Administrative Agent or any other Secured Party, in accordance with the terms and conditions set forth in Section 9.17 of the Credit Agreement. Upon such release or any release of Pledged Collateral or any part thereof in accordance with the provisions of the Credit AgreementLoan Documents, the Administrative Agent shall, upon the request and at the sole cost and expense of the PledgorsPledgor, assign, transfer and deliver to the Pledgor, against receipt and without recourse to or warranty by the Administrative Agent except as to the fact that the Administrative Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in possession of the Administrative Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including UCC-3 termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be. In addition, the security interest created hereby in the relevant Collateral shall be automatically and immediately released when such Collateral is transferred out of the applicable Transaction Account to a third party in accordance with the provisions of the Collateral Administration Agreement, without further action by the Administrative Agent, the Collateral Administrator, the Pledgor, any Lender or any other Person.

Appears in 1 contract

Samples: Security Agreement (Owl Rock Core Income Corp.)

Termination; Release. (a) When all the Secured Obligations have been paid in full (other than indemnity or other contingent indemnification obligations not yet accrued for which no claim has been made) and payable)the Commitments of the Lenders to make any Loan or to issue any Letter of Credit under the Credit Agreement shall have expired or been sooner terminated and all Letters of Credit have been terminated or cash collateralized in accordance with the provisions of the Credit Agreement, this Agreement shall automatically terminate. Upon termination of this Agreement, the Pledged Collateral shall automatically be released from the Lien of this Agreement. In addition to the foregoing, the Liens on Agreement the Pledged Collateral shall be released from the Liens Lien of this Agreement, without the need for any action by the Administrative Agent or any other Secured Party, in accordance with the terms and conditions set forth in Section 9.17 of the Credit Agreement. Upon such release or any release of Pledged Collateral or any part thereof in accordance with the provisions of the Credit Agreement, the Administrative Collateral Agent shall, upon the request and at the sole cost and expense of the Pledgors, assign, transfer and deliver to Pledgor, against receipt and without recourse to or warranty by the Administrative Collateral Agent except as to the fact that the Administrative Collateral Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in possession of the Administrative Collateral Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including UCC-3 termination financing statements or releasesreleases and United States Patent and Trademark Office and U.S. Copyright Office releases and notices, as the case may be) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be.

Appears in 1 contract

Samples: Security Agreement (NPC Operating Co B, Inc.)

Termination; Release. (a) When all the Secured Obligations (other than contingent indemnification Obligations as to which no claim has been asserted) have been paid in full (other than contingent indemnification obligations not yet accrued and payable)the Commitments of the Lenders to make any Loan or to issue any Letter of Credit under the Credit Agreement shall have expired or been sooner terminated and all Letters of Credit have been terminated or cash collateralized in accordance with the provisions of the Credit Agreement, this Agreement shall automatically terminate. Upon termination of this Agreement, or as otherwise provided in the Pledged Collateral shall automatically be released from the Lien of this Credit Agreement. In addition to the foregoing, the Liens on the Pledged Collateral shall be released from the Liens Lien of this Agreement, without the need for any action by the Administrative Agent or any other Secured Party, in accordance with the terms and conditions set forth in Section 9.17 of the Credit Agreement. Upon such release or any release of Pledged Collateral or any part thereof in accordance with the provisions of the Credit Agreement, the Administrative Collateral Agent shall, upon the request and at the sole cost and expense of the Pledgors, assign, transfer and deliver to Pledgor, against receipt and without recourse to or warranty by the Administrative Collateral Agent except as to the fact that the Administrative Collateral Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in possession of the Administrative Collateral Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including UCC-3 termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be.

Appears in 1 contract

Samples: Security Agreement (Norcraft Holdings, L.P.)

Termination; Release. (a) When all the Secured Obligations (other than contingent indemnification Obligations as to which no claim has been asserted) have been paid in full (other than contingent indemnification obligations not yet accrued and payable)the Commitments of the Lenders to make any Loan under the Term Loan Credit Agreement shall have expired or been sooner terminated in accordance with the provisions of the Term Loan Credit Agreement, this Agreement shall automatically terminate. Upon termination of this Agreement, or as otherwise provided in the Pledged Term Loan Credit Agreement, the Collateral shall be automatically be released from the Lien of this Agreement. In addition to the foregoing, the Liens on the Pledged Collateral shall be released from the Liens of this Agreement, without the need for any action by the Administrative Agent or any other Secured Party, in accordance with the terms and conditions set forth in Section 9.17 of the Credit Agreement. Upon such release or any release of Pledged Collateral or any part thereof in accordance with the provisions of the Term Loan Credit Agreement, the Administrative Collateral Agent shall, upon the request and at the sole cost and expense of the Pledgors, assign, transfer and deliver to Pledgor, against receipt and without recourse to or warranty by the Administrative Collateral Agent except as to the fact that the Administrative Collateral Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in possession of the Administrative Collateral Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments that any Pledgor shall reasonably request (including PPSA and UCC-3 termination financing statements, financing change statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be.

Appears in 1 contract

Samples: Canadian Security Agreement (Norcraft Companies Lp)

Termination; Release. When all the Secured Obligations have been paid in full (other than contingent indemnification obligations not yet accrued and payable)the Commitments of the Lenders to make any Loan or to issue any Letter of Credit under the First Lien Credit Agreement shall have expired or been sooner terminated and all Letters of Credit have been terminated or cash collateralized in accordance with the provisions of the First Lien Credit Agreement, this Agreement shall automatically terminate. Upon termination of this Agreement, the Pledged Collateral shall automatically be released from the Lien of this Agreement. In addition to the foregoing, the Liens on Agreement the Pledged Collateral shall be released from the Liens Lien of this Agreement, without the need for any action by the Administrative Agent or any other Secured Party, in accordance with the terms and conditions set forth in Section 9.17 of the Credit Agreement. Upon such release or any release of Pledged Collateral or any part thereof in accordance with the provisions of the First Lien Credit AgreementAgreement or the other Loan Documents, the First Lien Administrative Agent shall, upon the request and at the sole cost and expense of the Pledgors, assign, transfer and deliver to Pledgor, against receipt and without recourse to or warranty by the First Lien Administrative Agent except as to the fact that the First Lien Administrative Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in possession of the First Lien Administrative Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including UCC-3 termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be.

Appears in 1 contract

Samples: Junior Lien Intercreditor Agreement (American Renal Associates Holdings, Inc.)

Termination; Release. When all the Secured Obligations have been paid in full (other than contingent indemnification obligations not yet accrued due and payable)) have been paid in full and the Commitments of the Lenders to make any Loan or to issue any Letter of Credit under the Credit Agreement shall have expired or been sooner terminated and all Letters of Credit have been terminated or cash collateralized in accordance with the provisions of the Credit Agreement, this Agreement shall automatically terminate. Upon termination of this Agreement, the Pledged Collateral shall automatically be released from the Lien of this Agreement. In addition to the foregoing, the Liens on Agreement the Pledged Collateral shall be released from the Liens Lien of this Agreement, without the need for any action by the Administrative Agent or any other Secured Party, in accordance with the terms and conditions set forth in Section 9.17 of the Credit Agreement. Upon such release or any release of Pledged Collateral or any part thereof in accordance with the provisions of the Credit Agreement, the Administrative Agent shall, upon the request and at the sole cost and expense of the Pledgors, assign, transfer and deliver to Pledgor, against receipt and without recourse to or warranty by the Administrative Agent except as to the fact that the Administrative Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in possession of the Administrative Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including UCC-3 termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be.

Appears in 1 contract

Samples: Security Agreement (Brocade Communications Systems Inc)

Termination; Release. When all the Obligations (other than contingent reimbursement obligations and/or indemnification obligations not yet due and owing) have been paid in full full, all Letters of Credit shall have expired or been terminated (or been cash collateralized in accordance with the Credit Agreement or on other than contingent indemnification obligations not yet accrued terms satisfactory to the Issuing Bank), in each case, without any pending draw, and payable)all LC Disbursements have been reimbursed and the Commitments terminated, this Agreement shall automatically and with no further action by any party hereto terminate. Upon such termination of this Agreement, the Pledged Collateral shall automatically be released from the Lien of this Agreement. In addition to the foregoing, the Liens on the Pledged Collateral shall be released from the Liens of this Agreement, without the need for any action by the Administrative Agent or any other Secured Party, in accordance with the terms and conditions set forth in Section 9.17 of the Credit Agreement. Upon such release or any other termination or release of Pledged Collateral or any part thereof in accordance with the provisions pursuant to Section 9.15 of the Credit Agreement, the Administrative Collateral Agent shall, upon the reasonable request and at the sole cost and expense of the Pledgors, assign, transfer and deliver to any applicable Pledgor, against receipt and without recourse to or warranty by the Administrative Collateral Agent except as to the fact that the Administrative Collateral Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be so released (in the case of a release) as may be in possession of the Administrative Collateral Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments (including UCC-3 termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be.

Appears in 1 contract

Samples: Security Agreement (Maxlinear Inc)

Termination; Release. When all Upon termination of the Obligations have been paid Commitments and payment in full of all Obligations (in each case, other than (i) Cash Management Obligations and (ii) contingent reimbursement and indemnification obligations not yet accrued and payable)) and the expiration or termination or cash collateralization (or other backstop in a manner reasonably satisfactory to the applicable Issuing Bank) of all Letters of Credit in accordance with the provisions of the Credit Agreement, (1) this Agreement shall automatically terminate. Upon termination of this Agreement, terminate and (2) the Pledged Collateral shall be automatically be released from the Lien of this Agreement. In addition to the foregoing, the Liens on the Pledged Collateral shall be released from the Liens of this Agreement, Agreement without the need for any further action by the Administrative Agent or any other Secured Party, in accordance with the terms and conditions set forth in Section 9.17 of the Credit AgreementPerson. Upon such release or any release of Pledged Collateral or any part thereof in accordance with the provisions of the Credit Agreement, the Administrative Agent shall, upon the request and at the sole cost and expense of the Pledgors, assign, transfer and deliver to Pledgor, against receipt and without recourse to or warranty by the Administrative Agent except as to the fact that the Administrative Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released (in the case of a release) as may be in possession of the Administrative Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, at the request of and at the sole cost and expense of the Pledgors, proper documents and instruments (including UCC-3 termination financing statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be.

Appears in 1 contract

Samples: Security Agreement (On Semiconductor Corp)

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