Common use of RELEASE OF ASSIGNED ASSETS Clause in Contracts

RELEASE OF ASSIGNED ASSETS. If the Security Trustee, acting upon the instructions of the Facility Agent, is satisfied that all the Secured Liabilities have been irrevocably paid or discharged in full and the Security Trustee is satisfied that the time period within which the payment or discharge of such Secured Liabilities or such substitute security can be avoided, reduced or invalidated by virtue of applicable law or for any other reason whatsoever has expired, or that the payment, discharge or substitute security will not be avoided, reduced or invalidated then, subject to Clause 16.2 (Retention of Deed), the Security Trustee shall at the request and cost of the Company execute such deeds and do all such acts and things as may be necessary to release the Assigned Assets from the Assignment.