REDEMPTION AND RELEASE Clause Samples

REDEMPTION AND RELEASE. Upon proof being given to the satisfaction of the Agent as to the full and final payment or discharge by the Company of all the Secured Obligations, the Agent will at the request and cost of the Company release, re-convey, re-transfer or re-assign (as appropriate) the Charged Property to the Company or other person entitled thereto, of whom the Agent has notice, provided that no assurance, security, payment or other disposition which may be avoided or must be repaid under any enactment or provision relating to bankruptcy or under the Taxes Consolidation Act, 1997 and no release, settlement or discharge given or made by the Agent on the faith of any such assurance, security, payment or other disposition, shall prejudice or affect the right of the Agent to enforce the security constituted hereby or pursuant hereto in respect of the full extent of the monies and liabilities hereby secured. It is hereby agreed that such security shall be deemed to have been and to have remained held by the Agent as and by way of security for the payment to or to the order of the Agent of all or any sums which may become due and owing to or to the order of the Agent in respect of the monies and liabilities hereby secured. The cost of any release, re-assignment, re-assignation or re-transfer of the Charged Property to the Company or such other person referred to herein shall be borne by the Company.