Common use of Retention of Deed Clause in Contracts

Retention of Deed. If the Chargor requests Laurus to release the Charged Property from the Charge following any payment or discharge made or Security or guarantee given in relation to the Secured Liabilities by a person other than the Chargor (a "Relevant Transaction"), Laurus shall be entitled to retain this deed (and all stock and share certificates, documents of title and other documentary evidence of ownership in relation to the Charged Property deposited with Laurus pursuant to clause 4) and shall not be obliged to release the Charged Property from the Charge until the expiry of the Retention Period in relation to that Relevant Transaction. If at any time before the expiry of that Retention Period any step has been taken for or with a view to the administration, liquidation or dissolution of such other person or any analogous proceeding in respect of such other person, Laurus may continue to retain this deed (and all such stock and share certificates, documents of title and documentary evidence) and shall not be obliged to release the Charged Property from the Charge for such further period as Laurus may determine.

Appears in 1 contract

Sources: Charge Over Shares (Inyx Inc)

Retention of Deed. If the Chargor requests Laurus the Lender to release the Charged Property from the Charge following any payment or discharge made or Security or guarantee given in relation to the Secured Liabilities by a person other than the Chargor (a "Relevant Transaction"), Laurus the Lender shall be entitled to retain this deed (and all stock and share certificates, documents of title and other documentary evidence of ownership in relation to the Charged Property deposited with Laurus the Lender pursuant to clause 45) and shall not be obliged to release the Charged Property from the Charge until the expiry of the Retention Period in relation to that Relevant Transaction. If at any time before the expiry of that Retention Period any step has been taken for or with a view to the retention period the insolvency, winding up, liquidation, administration, liquidation or dissolution of such other person or any analogous proceeding event in respect of such other personperson shall have occurred, Laurus the Lender may continue to retain this deed (and all such stock and share certificates, documents of title and documentary evidence) and shall not be obliged to release the Charged Property from the Charge for such further period as Laurus the Lender may determine.

Appears in 1 contract

Sources: Loan Agreement (Cityscape Financial Corp)