Common use of Facilitation of Non-Distressed Disposals Clause in Contracts

Facilitation of Non-Distressed Disposals. (a) If a disposal of an asset is a Non-Distressed Disposal, the Security Agent is irrevocably authorised (at the cost of the Parent and without any consent, sanction, authority or further confirmation from any Creditor, other Secured Party or Debtor) but subject to paragraph (b) below: (i) to release the Transaction Security or any other claim (relating to a Debt Document) over that asset; (ii) where that asset consists of shares in the capital of a member of the Group, to release the Transaction Security or any other claim (relating to a Debt Document) over that member of the Group’s Property; and (iii) to execute and deliver or enter into any release of the Transaction Security or any claim described in paragraphs (i) and (ii) above and issue any certificates of non-crystallisation of any floating charge or any consent to dealing that may, in the discretion of the Security Agent, be considered necessary or desirable. (b) Each release of Transaction Security or any claim described in paragraph (a) above shall become effective only on the making of the relevant Non-Distressed Disposal.

Facilitation of Non-Distressed Disposals. (a) If a disposal of an asset is a Non-Distressed Disposal, the Security Agent is irrevocably authorised (at the cost of the Parent Borrower and without any consent, sanction, authority or further confirmation from any Creditor, other Secured Party Party, or Debtor) but subject to paragraph (b) below: (i) to release the Transaction Security or any other claim (relating to a Debt Document) over that asset; (ii) where that asset consists of shares in the capital of a member of the GroupDebtor, to release the Transaction Security or any other claim (relating to a Debt Document) over that member of the GroupDebtor’s Property; and (iii) to execute and deliver or enter into any release of the Transaction Security or any claim described in paragraphs paragraph (i) and (ii) above and issue any certificates of non-crystallisation of any floating charge or any consent to dealing that may, in the discretion of the Security Agent, be considered necessary or desirable. (b) Each release of Transaction Security or any claim described in paragraph (a) above shall become effective only on the making of the relevant Non-Distressed Disposal.

Facilitation of Non-Distressed Disposals. (a) If a disposal of an asset is a Non-Distressed Disposal, the Security Agent is irrevocably authorised (at the cost of the Parent Company and without any consent, sanction, authority or further confirmation from any Creditor, other Secured Party or Debtor) but subject to paragraph (b) below: (i) to release the Transaction Security or any other claim (relating to a Debt Document) over that asset; (ii) where that asset consists of shares in the capital of a member of the Restricted Group, to release the Transaction Security or any other claim (relating to a Debt Document) over the that member of the Restricted Group’s Property's Property (as applicable); and (iii) to execute and deliver or enter into any release of the Transaction Security or any claim described in paragraphs (i) and (ii) above and issue any certificates of non-crystallisation of any floating charge or any consent to dealing that may, in the discretion of the Security Agent, be considered necessary or desirable. (b) Each release of Transaction Security or any claim described in paragraph (a) above shall become effective only on the making of the relevant Non-Distressed Disposal.