Common use of Release of Charged Property Clause in Contracts

Release of Charged Property. At the time of the Closing of the transactions contemplated by the Purchase Agreement, whether on the Outside Closing Date, as the same may be extended by mutual agreement of Elegance and the Company Shareholder (with the Company Shareholder abstaining from any vote of the board of directors of Elegance or any shareholder vote by the shareholders of Elegance with respect to such extension) or if Elegance is satisfied that Security or a guarantee for the Secured Obligations, in its absolute discretion, has been provided in substitution for the Charges created pursuant this Deed) then, Elegance shall promptly execute such deeds and documents and do all such acts and things as may be necessary or reasonably requested to release the Charged Property from the Charges and terminate the Guaranty Agreement. In connection therewith, Elegance, at the request of the Company, shall execute and deliver to the Company such documents and take such other actions as the Company Shareholder shall reasonably request to effect or evidence such release