Common use of Redemption of Security Clause in Contracts

Redemption of Security. Subject to Clauses 23.2 (Avoidance of Payments) and 23.3 (Discharge Conditional) below, upon the occurrence of a Discharge Event, the security interest granted in this Debenture shall terminate and all rights to the Charged Property shall revert to the Companies. Upon the occurrence of any such Discharge Event, the Security Agent will, at the Companies’ sole expense, deliver to the Companies, without any representations, warranties or recourse of any kind whatsoever (except a representation that it has not assigned the same nor created a Lien on or otherwise encumbered the same), all certificates and instruments representing or evidencing all Charged Property held by the Security Agent under this Debenture, and execute and deliver to the Companies such documents as the Companies shall reasonably request to evidence such termination.