Common use of Release of Securities Clause in Contracts

Release of Securities. Where the terms of a refinancing, restructuring, replacement or increase falling within Clause 20.1 (Senior Secured Creditor Liabilities Refinancing) or 20.2 (Second Lien Liabilities Refinancing) requires the release of any Security by the Security Agent and any consent required under the Senior Finance Documents, the Senior Secured Notes Finance Documents, the Pari Passu Debt Documents, the Second Lien Finance Documents or the High Yield Finance Documents, as applicable, in respect of such release of Security has been obtained, the Security Agent shall release such Security which has been granted to it provided that such release occurs on the date of such refinancing, restructuring, replacement or increase and is within the terms of such consent (if any).