Common use of Release of Charge Clause in Contracts

Release of Charge. (a) If the Indenture has terminated and the Liabilities have been irrevocably and unconditionally satisfied in full, the Chargee must at any time thereafter, at the Chargor’s request and cost, discharge and release this Charge and the security created by it, and release, re-assign and transfer (without representation and warranty) all the Charged Shares (to the extent assigned and transferred to the Chargee pursuant to this Charge) to the Chargor. (b) If all of the conditions of the release of the collateral set forth in Article X of the Indenture have been satisfied, the Chargee must at any time thereafter, at the Chargor’s request and cost, discharge the security created by this Charge in such collateral (without representation and warranty). (c) Subject to clauses 8(d) and 8(e), if at any time the Charged Shares exceed 65% of the then outstanding issued share capital of the Company, the Chargee shall (at the request and Expense of the Chargor) discharge and release this Charge with respect to such number of the Charged Shares as exceeds 65% of the outstanding issued share capital of the Company at that time. (d) If at any time the Charged Shares are less than 65% of the then outstanding issued share capital of the Company, the Chargor shall forthwith subject such ever number of shares in the capital of the Company to the Security Interest created pursuant to this Charge as are required to have the Charged Shares represent 65% of the outstanding issued share capital of the Company at that time. (e) Any release, discharge or settlement between the Chargor and the Chargee will be conditional on no security, disposition or payment to the Chargee by the Chargor being avoided or reduced pursuant to any provisions of enactments relating to bankruptcy, liquidation, winding-up or dissolution or insolvency, and if such condition is not fulfilled the Chargee will be entitled to enforce this security subsequently as if the release, discharge or settlement had not occurred. (f) Any receipt, release, settlement or discharge of any security created by this Charge or of any liability arising under this Charge may be given by the Chargee in accordance with the provisions of this Charge and shall not release or discharge any liability to the Chargee for the same or any other moneys which may exist independently of this Charge. Where such receipt, release, settlement or discharge relates to only part of the Liabilities, such receipt, release, settlement or discharge shall not prejudice or affect any other part thereof nor any of the Rights and remedies of the Chargee under this Charge nor any of the obligations of any of the Chargor and the Company under this Charge. (g) Notwithstanding the foregoing, in the event that Rule 3-16 of Regulation S-X under the Securities and Exchange Act of 1933, as amended (or any successor regulation) requires the filing with the Securities and Exchange Commission of separate financial statements of the Company because the Company’s Capital Interests (as such term is defined in the Indenture) are charged as Charged Shares securing the Notes, the portion (or, if necessary, all) of such Capital Interests necessary to eliminate such filing requirement will automatically be deemed released by the Trustee and not to have been part of the Charged Shares.

Release of Charge. (a) If the Indenture has terminated and the Liabilities have been irrevocably and unconditionally satisfied in full, the Chargee must at any time thereafter, at the Chargor’s request and cost, discharge and release this Charge and the security created by it, and release, re-assign and transfer (without representation and warranty) all the Charged Shares (to the extent assigned and transferred to the Chargee pursuant to under this Charge) to the Chargor. (b) If all of the conditions of the release of the collateral set forth out in Article X of the Indenture have been satisfied, the Chargee must at any time thereafter, at the Chargor’s request and cost, discharge the security created by this Charge in such that collateral (without representation and warranty). (c) Subject to clauses 8(d) and 8(e), if at any time the Charged Shares exceed 65% of the Company’s then outstanding issued share capital of the Companycapital, the Chargee shall must (at the request and Expense of the Chargor) discharge and release this Charge with respect to such number of the Charged Shares as exceeds 65% of the Company’s outstanding issued share capital of the Company at that time. (d) If at any time the Charged Shares are less than 65% of the Company’s then outstanding issued share capital of the Companycapital, the Chargor shall must forthwith subject such ever number of shares in the Company’s capital of the Company to the Security Interest created pursuant to by this Charge as are required to have the Charged Shares represent 65% of the Company’s outstanding issued share capital of the Company at that time. (e) Any release, discharge or settlement between the Chargor and the Chargee will be conditional on no security, disposition or payment to the Chargee by the Chargor being avoided or reduced pursuant to under any provisions of or enactments relating to bankruptcy, liquidation, winding-up or dissolution or insolvency, and if any such condition is not fulfilled avoidance or reduction occurs, the Chargee will be entitled to enforce this security subsequently as if the release, discharge or settlement had not occurred. (f) Any The Chargee may give any receipt, release, settlement or discharge of any security created by this Charge or of any liability arising under this Charge may be given by the Chargee in accordance with the provisions of this Charge and shall not but none of these will release or discharge any liability to the Chargee for the same or any other moneys money which may exist independently of this Charge. Where such the receipt, release, settlement or discharge relates to only part of the Liabilities, such the receipt, release, settlement or discharge shall will not prejudice or affect any other part thereof of them nor any of the Rights and remedies of the Chargee under this Charge nor any of the obligations of any of the Chargor and the Company under this Charge. (g) Notwithstanding the foregoing, Despite anything in the event that Charge, if Rule 3-16 of Regulation S-X under the Securities and Exchange Act of 1933, as amended (or any successor regulation) requires the filing with the Securities and Exchange Commission of separate financial statements of the Company because the Company’s Capital Interests (as such term is defined in the Indenture) are charged as Charged Shares securing the Notes, the portion (or, if necessary, all) of such Capital Interests necessary to eliminate such filing requirement will automatically be deemed released by the Trustee and not to have been part of the Charged Shares.