Common use of RELEASES OF SECURITY Clause in Contracts

RELEASES OF SECURITY. In respect of a disposal of: (a) any Security Property; (b) any asset or undertaking by a Obligor; or (c) any other asset or undertaking that is subject to the Transaction Security, that is permitted pursuant to the Finance Documents, the Security Agent is irrevocably authorised (at the cost of the relevant Obligor and without the need for any consent, sanction, authority or further confirmation from any Finance Party or Obligor): (i) to release all or any part of the Transaction Security or any other claim (relating to a Finance Document) over that asset or undertaking; (ii) where that asset consists of shares or any equivalent equity interest in the capital of an Obligor, to release all or any part of the Transaction Security or any other claim (relating to a Finance Document) over that Obligor’s assets; and (iii) to execute and deliver or enter into any release of all or any part of the Transaction Security or any claim described in paragraphs (i) and (ii) and any consent to dealing that may, in the discretion of the Security Agent, be considered necessary or desirable.