A Release of Security Interest clause involves the relinquishment of a lender's claim on a borrower's collateral. This occurs when the borrower fulfills their obligations under a loan agreement, thereby freeing their assets from legal encumbrance.
Release of Security Interest. Releasor, without representation, warranty or recourse, hereby terminates the Patent Security Agreement and releases, relinquishes, terminates, cancels and discharges its continuing security interest in the Collateral, including without limitation, its continuing security interest in the Patents, including, without limitation, all applications, registrations and recordings thereof, as applicable, and all proceeds thereof, including, without limitation, any and all causes of action which may exist by reason of infringement, misappropriation or other violation thereof and any and all damages arising from past, present and future infringements, misappropriations or other violations thereof.
Release of Security Interest. Secured Party hereby terminates, releases and discharges any and all security interests that it has in any and all right, title and interest of the Grantors, and reassigns to the Grantors, any and all right, title and interest that it may have, in, to and under the following (collectively, the “Patent Collateral”): (a)the letters patents of the United States or the equivalent thereof in any other country, all registrations and recordings thereof, and all applications for letters patent of the United States or the equivalent thereof in any other country, including registrations, recordings and pending applications in the United States Patent and Trademark Office (or any successor or any similar offices in any other country) including those listed in Schedule 1 attached hereto, and all reissues, divisions, continuations, continuations-in-part, renewals, extensions and reexaminations thereof and amendments thereto and the inventions disclosed or claimed therein, including the right to make, use and/or sell the inventions disclosed or claimed therein (the “Patents”); (b)all rights of any kind whatsoever of such Grantor accruing under any of the foregoing provided by applicable law of any jurisdiction, by international treaties and conventions and otherwise throughout the world; (c)any and all royalties, fees, income, payments and other proceeds now or hereafter due or payable with respect to any and all of the foregoing; and (d)any and all claims and causes of action and rights to sue, with respect to any of the foregoing, whether occurring before, on or after the date hereof, including all rights to and claims for damages, restitution and injunctive and other legal and equitable relief for past, present and future infringement, misappropriation, misuse, breach or default or other violation, with the right but no obligation to sue for such legal and equitable relief and to collect, or otherwise recover, any such damages.
Grant and Release of Security Interest. 1 Grant of Security Interest. As security for the performance of any and all obligations of SMC pursuant to the SMC Note, SMC pledges and grants to ACM a continuing security interest in all right, title and interest of SMC in and to the Warrant Shares. SMC understands that the Warrant Shares, which will be held in book-entry form, may be notated with legends to evidence ACM’s security interest, and SMC agrees to cooperate with ACM in taking such other steps as ACM may reasonably determine to be desirable to evidence, protect and preserve its security interest in the Warrant Shares. 2 Release of Security Interest. In the event SMC wishes to sell any of the Warrant Shares while the SMC Note remains outstanding, ACM agrees that its security interest in such Warrant Shares will be released if, and only if, SMC complies with the provisions of this Subsection 5.2. In order to release the security interest in Warrant Shares in connection with a sale of such Warrant Shares, SMC must pay with respect to the SMC Note (a) principal of the SMC Note in an amount equal to $7.50 multiplied by the number of Warrant Shares being sold plus (b) the amount of interest accrued on such principal amount since the issue date of the SMC Note (with respect to such proposed sale, the “Required Note Payment”).
Release of Security Interest. Party A agrees to notify the Custodian promptly in writing when all obligations of Party B under the LOC have been fully paid and satisfied (and any commitment of Party B to advance further amounts or credit thereunder has been terminated) or Party A otherwise no longer claims any interest in the Collateral in the Collateral Account established in its favor, whichever is sooner; at which time the Custodian shall have no further liabilities or responsibilities hereunder and the Custodian’s obligations under this Agreement shall terminate.
Release of Security Interest. Within five (5) business days after Borrower’s and Guarantors’ execution of this Fifth Amendment, Lender will release its security interest in Borrower’s personal property and other Collateral securing the Loans other than the Account and file such UCC-3 amendments as are necessary to limit the Collateral only to the Account.
Release of Security Interest. The Lenders party hereto hereby agree that (i) all security interests in and Liens on any assets of PR Financing Limited Partnership, a Delaware limited partnership, PR Financing I LLC, a Delaware limited liability company and PR Financing II LLC, a Delaware limited liability company, in favor of the Administrative Agent, for the benefit of the Secured Parties, pursuant to the Security Documents shall be automatically released upon the release of such Subsidiaries as Guarantors and (ii) the Administrative Agent is hereby directed, at the sole cost and expense of the Borrowers, to execute and deliver such release documents as may be reasonably requested by the Borrower in connection therewith.
Release of Security Interest. Within five (5) business days after all of the Obligations have been indefeasibly paid in full to Buyer, Buyer shall cause to be filed a release of Buyer’s filed UCC Financing Statements; provided that if Buyer fails to release its filed UCC Financing Statements within five (5) business days after all of the Obligations have been indefeasibly paid in full to Buyer, Seller shall have the right to file a release of such filed UCC Financing Statements. Notwithstanding the foregoing, Seller shall not have any right to file a release of Buyer’s filed UCC Financing Statements prior to the indefeasible payment in full of all of the Obligations to Buyer.
Release of Security Interest. (a) Upon Citibank’s receipt of the Citibank Termination Amount, Citibank’s security interest in 9,864,000 Class A Shares (“Available Class A Shares”), granted to it under the Citibank Security Agreement shall be automatically released, terminated and discharged. (b) Immediately upon Citibank’s release of its security interest in the Available Class A Shares, as described in Section 2(a) hereof, CGMI shall hold the Available Class A Shares in the Collateral Account (as defined in the CGMI Security Agreement) for the benefit of CGMI under the CGMI Security Agreement.
Release of Security Interest and Termination of Senior Credit Agreements. Effective as of the time each Holder, severally, and the Company shall have executed and delivered to the Collateral Agent and the Company a duly and fully executed irrevocable consent in the form of this Consent (the “Sale Transaction Effective Time”), the Holder hereby irrevocably consents to (i) the Collateral Agent’s irrevocable and unconditional release and forever discharge of (A) its security interest (including any lien, claim or encumbrances related thereto) in the Credit Parties, (B) its security interest (including any lien, claim or encumbrances related thereto) in the Collateral (as defined in the Security Agreement and the IP Agreement) of the Credit Parties, (C) the obligations of the Credit Parties party to the Guaranty and (ii) the Collateral Agent’s agreement that each of the Senior Credit Agreement is hereby terminated and shall be of no further force and effect without the necessity of any further action on the part of the Credit Parties, the Collateral Agent, any Holder or any other Person, subject in each case to the unqualified satisfaction of the terms and conditions of such release and agreement to termination as set forth in the Release and Termination.
Release of Security Interest. Effective as of the later (the “Effective Time”) of (x) the time each of the Holders, severally, the Company, NAV People and 365 shall have duly executed and delivered to the Collateral Agent the Consents, (y) the time of deposit of the Closing Sale Proceeds into the DACA Account and (z) the time the parties hereto shall have executed and delivered this Release, the Collateral Agent, on behalf of the Holders, hereby irrevocably and unconditionally releases and forever discharges, from and as of the date hereof, (i) its security interest (including any lien, claim or encumbrances related thereto) in the NAV Shares and (ii) its security interest (including any lien, claim or encumbrances related thereto) in all the Collateral (as defined in the Security Agreement) of NAV People under the Security Agreement and all the Collateral (as defined in the IP Agreement) of NAV People under the IP Agreement, including but not limited to its security interest in the 365DP Shares. Effective as of the Effective Time, without limitation, Collateral Agent irrevocably releases any lien, claim, encumbrance or security interest (including, without limitation, its security interests under the Note) it may have, solely with respect to the assets of NAV People and not with respect to any other Person. Notwithstanding the foregoing, the Company acknowledges and agrees that the Collateral Agent’s liens, claims, encumbrances and security interests in all other Collateral under the Security Agreement and the IP Agreement shall not be affected by the terms and conditions of the Consents and/or the Release, as applicable, and shall continue in full force and effect in accordance with the terms of the Security Agreement and the IP Agreement.
Termination/Release of Security Interest Upon the Discharge Date, this Agreement and the security interests and all other rights granted hereby shall automatically and without any further action being required of any party hereto terminate and all rights to the Collateral shall immediately revert to the Pledgor. Upon the Discharge Date, the P1 Collateral Agent shall, at the Pledgor’s request, promptly return all certificates and other instruments previously delivered to the P1 Collateral Agent representing the Pledged Equity Interests or any other Collateral and shall execute and deliver to the Pledgor (at the Pledgor’s cost and expense) such UCC-3 termination statements, and such other documents as the Pledgor may reasonably request, to evidence such termination and to release all security interests on the Collateral.
Release of Security Interest; Substitution of Collateral. The Trustee’s Lien against any equipment or property constituting Collateral shall be automatically released upon (i) the sale or other disposition of such equipment or property to a buyer in the ordinary course of business, in accordance with Section 9-320 of the UCC, (ii) a casualty loss of such equipment or property, provided that the Trustee’s Lien attaches to the Proceeds, if any, of such disposition or loss; or (iii) any removal of Collateral done by Pledgor, which may be done in Pledgor’s sole discretion. In such event, such equipment shall automatically no longer constitute Collateral hereunder. The Company shall exercise such right by delivering to the Trustee an officers’ certificate in the form attached hereto as Exhibit B (the “Officers’ Certificate”), which shall provide the Trustee with notice of the equipment, property or Proceeds constituting Collateral for which the Trustee’s Lien is requested to be released. The Trustee, within five (5) days of receipt of the Company’s Officer’s Certificate, shall provide the Company and the Pledgor with a written notice acknowledging the release of Collateral under this Agreement. The Company shall have the right to amend Exhibit A to reflect each release of any such equipment or property as Collateral hereunder. The Company shall not be required to obtain any appraisal of equipment or property to be released from the Trustee’s Lien.
Release of Security Interest. On the Final Payment Date, the Lender, shall, at the expense of the Borrowers, promptly execute, deliver and file or authorize for filing such instruments as the Borrowers shall reasonably request in order to reassign, release or terminate the Lender’s security interest in and Lien on the Collateral. Any and all actions under this Article VII in respect of the Collateral shall be without any recourse to, or representation or warranty by the Lender and shall be at the sole cost and expense of the Borrowers.
Release of Security Interest. Upon the payment in full in cash of all outstanding Obligations by Borrower, the Lenders shall release their Lien on and security interest in any remaining Collateral; provided, that if any payment, or any part thereof, of the Obligations, is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement Consented to and entered into by any of the Lenders) to be repaid to a trustee, receiver or any other Person for the Borrower or any substantial part of its property, the Collateral or otherwise, this Loan Agreement, all rights hereunder and the Liens created hereby shall, without any action of any party, continue to be effective, or be reinstated in full force and effect, until such payments have been made.
Release of Security Interest. Upon termination of the Credit Documents and payment and satisfaction in full by the Borrower of all Obligations (other than contingent obligations which are not then due and payable), the liens of the Collateral Agent shall be automatically released and, if requested, the Collateral Agent on behalf of the Lenders and the Administrative Agent, and at the direction of the Administrative Agent, shall execute and deliver any released documents so directed.
Release of Security Interest. Upon the latest to occur of (a) the repayment to Buyer of all Obligations hereunder, and (b) the occurrence of the Termination Date, Buyer shall release its security interest in any remaining Repurchase Assets hereunder and shall promptly execute and deliver to Seller such documents or instruments as Seller shall reasonably request to evidence such release.
A release of security interest is a legal document that nullifies a lender’s claim on a borrower’s collateral. This document is typically issued when the borrower has fully repaid the underlying debt associated with the collateral. By executing a release of security interest, the lender officially relinquishes their rights to the collateral, thereby clearing the way for the borrower to have full ownership of the asset without any encumbrances.
A release of security interest should be utilized when:
Writing a release of security interest involves ensuring the document is both clear and comprehensive. Generally, it should include:
Example:
“This document serves as a Release of Security Interest executed on the [DATE], by [LENDER NAME], herein referred to as the ‘Secured Party’, with respect to the property described as [DESCRIPTION OF COLLATERAL] owned by [BORROWER NAME], herein referred to as the ‘Debtor’. The Secured Party hereby acknowledges that the Debtor has fulfilled all obligations under the security agreement, and consequently, releases any and all interests in the specified property.”
Contracts that often contain a release of security interest include:
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