Common use of Release of Security Clause in Contracts

Release of Security. (a) If a disposal of any asset subject to security created by a Transaction Security Document is made in the following circumstances: (i) the Majority Lenders agree to the disposal; (ii) the disposal is allowed by the terms of the Transaction Documents and will not result or could not reasonably be expected to result in any Default; (iii) the disposal is being made at the request of the Security Agent in circumstances where any security created by the Transaction Security Documents has become enforceable; or (iv) the disposal is being effected by enforcement of a Transaction Security Document, the asset(s) being disposed of will be released from any security over it created by a Transaction Security Document. However, the proceeds of any disposal (or an amount corresponding to them) shall be applied in accordance with the requirements of the Transaction Documents (if any). (b) Any release under this Clause will not become effective until the date of the relevant disposal or otherwise in accordance with the consent of the Majority Lenders. (c) If a disposal is not made, then any release relating to that disposal will have no effect, and the obligations of the Obligor Parties under the Transaction Documents will continue in full force and effect. (d) If the Security Agent is satisfied that a release is allowed under this Clause, (at the request and expense of the relevant Obligor Party) each Secured Party shall enter into any document and do all such other things which are reasonably required to achieve that release. Each other Secured Party irrevocably authorises the Security Agent to enter into any such document. Any release will not affect the obligations of any other Obligor Party under the Transaction Documents.

Release of Security. (a) If: (i) a Guarantor ceases to be a member of the Group; or (ii) a Guarantor is released from all its obligations under the Finance Documents, in a manner allowed by this Agreement, any security created by that Guarantor over its assets under the Security Documents will be released. (b) If a disposal of any asset subject to security created by a Transaction Security Document is made to a person (which is and will remain) outside the Group in the following circumstances: (i) the Majority Lenders agree to the disposal; (ii) the disposal is allowed by the terms of the Transaction Finance Documents and will not result or could not reasonably be expected to result in any Defaultbreach of any term of any Finance Document; (iii) the disposal is being made at the request of the Security Facility Agent in circumstances where any security created by the Transaction Security Documents has become enforceable; or (iv) the disposal is being effected by enforcement of a Transaction Security Document, the asset(s) asset being disposed of will be released from any security over it created by a Transaction Security Document. However, the proceeds of any disposal (or an amount corresponding to them) shall must be applied in accordance with the requirements of the Transaction Finance Documents (if any). (b) Any release under this Clause will not become effective until the date of the relevant disposal or otherwise in accordance with the consent of the Majority Lenders. (c) If a disposal is not made, then any release relating to that disposal will have no effect, and the obligations of the Obligor Parties under the Transaction Documents will continue in full force and effect. (d) If the Security Facility Agent is satisfied that a release is allowed under this ClauseSubclause, the Facility Agent must execute (at the request and expense of the relevant Obligor PartyObligor) each Secured Party shall enter into any document and do all such other things which are is reasonably required to achieve that release. Each other Secured Finance Party irrevocably authorises the Security Facility Agent to enter into execute any such document. Any release will not affect the obligations of any other Obligor Party under the Transaction Documents.

Release of Security. (a) If a disposal of any asset subject to security created by a Transaction Security Document is made to a third party in the following circumstances: (i) the Majority Lenders agree to the disposal; (ii) the disposal is allowed by the terms of the Transaction Finance Documents and will not result or could not reasonably be expected to result in any Defaultbreach of any term of any Finance Document; (iii) the disposal is being made at the request of the Security Facility Agent in circumstances where any security created by the Transaction Security Documents has become enforceable; or (iv) the disposal is being effected by enforcement of a Transaction Security Document, and, in any such case, the asset(sFacility Agent is satisfied that the relevant Loan will be prepaid in full in accordance with Clause 6.5(a)(i) (Mandatory prepayment – Sale, Total Loss or non delivery of a Vessel) at the time of the disposal, the asset being disposed of will be released from any security over it created by a Transaction Security Document. However, the proceeds of any disposal (or an amount corresponding to them) shall must be applied in accordance with the requirements of the Transaction Finance Documents (if any). (b) Any release Following the Final Maturity Date of any Loan, if that Loan and any other sums due and payable under this Clause will not become effective until any Finance Document have been irrevocably and unconditionally repaid in full to the date satisfaction of the Finance Parties, then the relevant disposal or otherwise in accordance with Mortgage and any other Security Interest over the consent of the Majority LendersVessel related to that Loan shall be released. (c) If a disposal is not made, then any release relating to that disposal will have no effect, and the obligations of the Obligor Parties under the Transaction Documents will continue in full force and effect. (d) If the Security Agent Trustee is satisfied that a release is allowed under this ClauseSubclause, the Security Trustee must execute (at the request and expense of the relevant Obligor PartyBorrower) each Secured Party shall enter into any document and do all such other things which are is reasonably required to achieve that release. Each other Secured Finance Party irrevocably authorises the Security Agent Trustee to enter into execute any such document. Any release will not affect the obligations of any other Obligor Party under the Transaction Documents.

Release of Security. (a) If a disposal of any asset subject to security created by a Transaction Senior Security Document is made to a person (which is and will remain) outside the Group in the following circumstances: (i) the Majority Lenders agree to the disposal; (ii) the disposal is allowed by the terms of the Transaction Finance Documents and will not result or could not reasonably be expected to result in any Defaultbreach of any term of any Finance Document; (iii) the disposal is being made at the request of the Facility Agent or the Security Agent Trustee in circumstances where any security created by the Transaction Senior Security Documents has become enforceable; or (iv) the disposal is being effected by enforcement of a Transaction Senior Security Document, and, in any such case the asset(sFacility Agent is satisfied that the Credits will be prepaid in full in accordance with Clause 8.3(a)(i) at the time of the disposal or it is a disposal within Clause 20.7(b), then the asset being disposed of will be released from any security over it created by a Transaction Senior Security Document. However, the proceeds of any disposal (or an amount corresponding to them) shall must be applied in accordance with the requirements of the Transaction Finance Documents (if any). (b) Any release under this Clause will not become effective until Following the date Final Maturity Date, if the Credits have been irrevocably and unconditionally repaid in full to the satisfaction of the relevant disposal or otherwise in accordance with Finance Parties then the consent Mortgages over the Vessels and the Security Interests over any other Security Assets shall be released, such release to be at the expense of the Majority LendersBorrower. (c) If a disposal is not made, then any release relating to that disposal will have no effect, and the obligations of the Obligor Parties under the Transaction Documents will continue in full force and effect. (d) If the Security Facility Agent is satisfied that a release is allowed under this ClauseSubclause, the Security Trustee must execute (at the request and expense of the relevant Obligor PartyObligor) each Secured Party shall enter into any document and do all such other things which are is reasonably required to achieve that release. Each other Secured Finance Party irrevocably authorises the Security Agent Trustee to enter into execute any such document. Any release will not affect the obligations of any other Obligor Party under the Transaction Documents.

Release of Security. (a) If a Guarantor is released from all its obligations under the Finance Documents, in a manner allowed by the Finance Documents, any security created by that Guarantor over its assets under the Security Documents will be released. (b) If a disposal of any asset subject to security created by a Transaction Security Document is made to a person in the following circumstances: (i) all the Majority Lenders agree to the disposal; (ii) the disposal is allowed by the terms of the Transaction Finance Documents and will not result or could not reasonably be expected to result in any Defaultbreach of any term of any Finance Document; (iii) the disposal is being made at the request of the Security Facility Agent in circumstances where any security created by the Transaction Security Documents has become enforceable; or (iv) the disposal is being effected by enforcement of a Transaction Security Document, the asset(s) assets being disposed of will be released from any security over it created by a Transaction Security Document. However, the proceeds of any disposal (or an amount corresponding to them) shall must be applied in accordance with the requirements of the Transaction Finance Documents (if any). (b) Any release under this Clause will not become effective until the date of the relevant disposal or otherwise in accordance with the consent of the Majority Lenders. (c) If a disposal is not made, then any release relating to that disposal will have no effect, and the obligations of the Obligor Parties under the Transaction Documents will continue in full force and effect. (d) If the Security Facility Agent is satisfied that a release is allowed under this ClauseSubclause, the Facility Agent must execute (at the request and expense of the relevant Obligor PartyBorrower) each Secured Party shall enter into any document and do all such other things which are is reasonably required to achieve that release. Each other Secured Finance Party irrevocably authorises the Security Facility Agent to enter into execute any such document. Any release will not affect the obligations of any other Obligor Party under the Transaction Documents.

Release of Security. (a) If: (i) a Guarantor ceases to be a member of the Group; or (ii) a Guarantor is released from all its obligations under the Finance Documents, 52 in a manner allowed by this Agreement, any security created by that Guarantor over its assets under the Security Documents will be released. (b) If a disposal of any asset subject to security created by a Transaction Security Document is made to a person (which is and will remain) outside the Group in the following circumstances: (i) the Majority Lenders agree to the disposal; (ii) the disposal is allowed by the terms of the Transaction Finance Documents and will not result or could not reasonably be expected to result in any Defaultbreach of any term of any Finance Document; (iii) the disposal is being made at the request of the Security Facility Agent in circumstances where any security created by the Transaction Security Documents has become enforceable; or (iv) the disposal is being effected by enforcement of a Transaction Security Document, the asset(s) asset being disposed of will be released from any security over it created by a Transaction Security Document. However, the proceeds of any disposal (or an amount corresponding to them) shall must be applied in accordance with the requirements of the Transaction Finance Documents (if any). (b) Any release under this Clause will not become effective until the date of the relevant disposal or otherwise in accordance with the consent of the Majority Lenders. (c) If a disposal is not made, then any release relating to that disposal will have no effect, and the obligations of the Obligor Parties under the Transaction Documents will continue in full force and effect. (d) If the Security Facility Agent is satisfied that a release is allowed under this ClauseSubclause, the Facility Agent must execute (at the request and expense of the relevant Obligor PartyObligor) each Secured Party shall enter into any document and do all such other things which are is reasonably required to achieve that release. Each other Secured Finance Party irrevocably authorises the Security Facility Agent to enter into execute any such document. Any release will not affect the obligations of any other Obligor Party under the Transaction Documents.

Release of Security. (a) If: (i) a Guarantor ceases to be a member of the Group; or (ii) a Guarantor is released from all its obligations under the Finance Documents, in a manner allowed by this Agreement, any security created by that Guarantor over its assets under the Security Documents will be released. (b) If a disposal of any asset subject to security created by a Transaction Security Document is made to a person (which is and will remain) outside the Group in the following circumstances: (i) the Majority Lenders agree to the disposal; (ii) the disposal is allowed by the terms of the Transaction Finance Documents and will not result or could not reasonably be expected to result in any Defaultbreach of any term of any Finance Document; (iii) the disposal is being made at the request of the Security Facility Agent in circumstances where any security created by the Transaction Security Documents has become enforceable; or (iv) the disposal is being effected by enforcement of a Transaction Security Document, the asset(s) asset being disposed of will be released from any security over it created by a Transaction Security DocumentDocument provided that if the disposal falls within Clause 23.6(b)(iii) the Facility Agent shall be satisfied that security equivalent to that granted over such asset immediately prior to its release from the Security Documents has been, or will, immediately upon completion of the disposal, be granted to it by the transferee of such assets. However, the proceeds of any disposal (or an amount corresponding to them) shall must be applied in accordance with the requirements of the Transaction Finance Documents (if any). (b) Any release under this Clause will not become effective until the date of the relevant disposal or otherwise in accordance with the consent of the Majority Lenders. (c) If a disposal is not made, then any release relating to that disposal will have no effect, and the obligations of the Obligor Parties under the Transaction Documents will continue in full force and effect. (d) If the Security Facility Agent is satisfied that a release is allowed under this ClauseSubclause, the Facility Agent must execute (at the request and expense of the relevant Obligor PartyObligor) each Secured Party shall enter into any document and do all such other things which are is reasonably required to achieve that release. Each other Secured Finance Party irrevocably authorises the Security Facility Agent to enter into execute any such document. Any release will not affect the obligations of any other Obligor Party under the Transaction Documents.

Release of Security. (a) If a disposal of any asset subject to security created by a Transaction Security Document is made to a person (which is and will remain) outside the Group in the following circumstances:: 15335-01152 PG:2140636.16 57 Table of Contents (i) the Majority Lenders agree to the disposal; (ii) the disposal is allowed by the terms of the Transaction Finance Documents and will not result or could not reasonably be expected to result in any Default; (iii) the disposal is being made at the request of the Security Agent Trustee in circumstances where any security created by the Transaction Security Documents has become enforceable; or (iv) the disposal is being effected by enforcement of a Transaction Security Document, the asset(s) being disposed of will be released from any security over it created by a Transaction Security Document. However, the proceeds of any disposal (or an amount corresponding to them) shall must be applied in accordance with the requirements of the Transaction Finance Documents (if any). (b) Any release under this Clause Subclause will not become effective until the date of the relevant disposal or otherwise in accordance with the consent of the Majority Lenders. (c) If a disposal is not made, then any release relating to that disposal will have no effect, and the obligations of the Obligor Parties Company under the Transaction Finance Documents will continue in full force and effect. (d) If the Security Agent Trustee is satisfied that a release is allowed under this ClauseSubclause, (at the request and expense of the relevant Obligor PartyCompany) each Secured Finance Party shall must enter into any document and do all such other things which are reasonably required to achieve that release. Each other Secured Finance Party irrevocably authorises the Security Agent Trustee to enter into any such document. Any release will not affect the obligations of any other Obligor Party under the Transaction Documents.

Release of Security. (a) If a disposal of any asset subject to security created by a Transaction Security Document is made to a person (which is and will remain) outside the Group in the following circumstances: (i) the Majority Lenders agree to the disposal; (ii) the disposal or release of security is allowed with Majority Lender consent under the terms of this Agreement and the Majority Lenders have so consented; (iii) the disposal is allowed by the terms of the Transaction Documents and will not result or could not reasonably be expected to result in any DefaultFinance Documents; (iiiiv) the disposal is being made at the request of the Security Agent in circumstances where any security created by the Transaction Security Documents has become enforceable; or (ivv) the disposal is being effected by enforcement of a Transaction Security Document, the asset(s) being disposed of will be released from any security over it created by a Transaction Security Document. However, the proceeds of any disposal (or an amount corresponding to them) shall must be applied in accordance with the requirements of the Transaction Finance Documents (if any). (b) Any release under this Clause Subclause will not become effective until the date of the relevant disposal or otherwise in accordance with the consent of the Majority Lenders. (c) If a disposal is not made, then any release relating to that disposal will have no effect, and the obligations of the each Obligor Parties under the Transaction Finance Documents will continue in full force and effect. (d) If the Security Agent is satisfied that a release is allowed under this ClauseSubclause, the Security Agent must execute (at the request and expense of the relevant Obligor PartyBorrower) each Secured Party shall enter into any document and do all such other things which are is reasonably required to achieve that release. Each other Secured Finance Party irrevocably authorises the Security Agent to enter into execute any such document. Any release will not affect the obligations of any other Obligor Party under the Transaction Documents.

Release of Security. (a) If a disposal of any asset subject to security created by a Transaction Security Document Asset is made to a third party in the following circumstances: (i) the Majority Lenders agree to the disposal; (ii) the disposal is allowed by the terms of the Transaction Finance Documents and will not result or could not reasonably be expected to result in any Defaultbreach of any term of any Finance Document; (iii) the disposal is being made at the request of the Security Facility Agent in circumstances where any security created by the Transaction Security Documents has become enforceable; or (iv) the disposal is being effected by enforcement of a Transaction Security Document, or if a prepayment is made pursuant to Clauses 6.4, 6.5 or 6.7 and, in any such case, the asset(s) Facility Agent is satisfied that the Loan to Value Ratio would not exceed the Borrowing Base Advance Ratio following any such disposal and/or prepayment (and release), then the asset being disposed of or to which the prepayment relates will be released from any security over it created by a Transaction Security Document. However, the proceeds of any disposal or prepayment (or an amount corresponding to them) shall must be applied in accordance with the requirements of the Transaction Finance Documents (if any). (b) Any release under this Clause will not become effective until Following the date Final Maturity Date and provided that all the Loans have been irrevocably and unconditionally repaid in full to the satisfaction of the relevant disposal or otherwise in accordance with Finance Parties, the consent of the Majority LendersSecurity Documents shall be released. (c) If a disposal is not made, then any release relating to that disposal will have no effect, and the obligations of the Obligor Parties under the Transaction Documents will continue in full force and effect. (d) If the Security Facility Agent is satisfied that a release is allowed under this ClauseSubclause, the Facility Agent must execute (at the request and expense of the relevant Obligor PartyBorrower) each Secured Party shall enter into any document and do all such other things which are is reasonably required to achieve that release. Each other Secured Finance Party irrevocably authorises the Security Facility Agent to enter into execute any such document. Any release will not affect the obligations of any other Obligor Party under the Transaction Documents.

Release of Security. (a) If a disposal of any asset subject to security created by a Transaction Security Document is made to a person in the following circumstances: (i) the Majority Lenders agree Facility Agent agrees to the disposal; (ii) the disposal is allowed by the terms of the Transaction Finance Documents and will not result or could not reasonably be expected to result in any Default; (iii) the disposal is being made at the request of the Security Agent Trustee in circumstances where any security created by the Transaction Security Documents has become enforceable; or (iv) the disposal is being effected by enforcement of a Transaction Security Document, the asset(s) being disposed of will be released from any security over it created by a Transaction Security Document. However, However the proceeds of any disposal (or an amount corresponding to them) shall must be applied in accordance with the requirements of the Transaction Finance Documents (if any). (b) Any release under this Clause Subclause will not become effective until the date of the relevant disposal or otherwise in accordance with the consent of the Majority LendersFacility Agent. (c) If a disposal is not made, then any release relating to that disposal will have no effect, and the obligations of the Obligor Parties Obligors under the Transaction Finance Documents will continue in full force and effect. (d) If the Security Agent Trustee is satisfied that a release is allowed under this ClauseSubclause, (at the request and expense of the relevant Obligor PartyCompany) each Secured Finance Party shall must enter into any document and do all such other things which are reasonably required to achieve that release. Each other Secured Finance Party irrevocably authorises the Security Agent Trustee to enter into any such document. Any release will not affect the obligations of any other Obligor Party under the Transaction Finance Documents.

Release of Security. (a) If: (i) a Guarantor ceases to be a member of the Group; or (ii) a Guarantor is released from all its obligations under the Finance Documents, in a manner allowed by this Agreement, any security created by that Guarantor over its assets under the Security Documents will be released. (b) If a disposal of any asset subject to security created by a Transaction Security Document is made to a person (which is and will remain) outside the Group in the following circumstances: (i) the Majority Lenders agree to the disposal; (ii) the disposal is allowed by the terms of the Transaction Finance Documents and will not result or could not reasonably be expected to result in any Defaultbreach of any term of any Finance Document; (iii) the disposal is being made at the request of the Security Facility Agent in circumstances where any security created by the Transaction Security Documents has become enforceable; or (iv) the disposal is being effected by enforcement of a Transaction Security Document, the asset(s) asset being disposed of will be released from any security over it created by a Transaction Security DocumentDocument provided that if the disposal falls within Clause 23.6(b)(iii) the Facility Agent shall be satisfied that security equivalent to that granted over such asset immediately prior to its release from the Security Documents has been, or will, immediately upon completion of the disposal, be granted to it by the transferee of such assets. However, the proceeds of any disposal (or an amount corresponding to them) shall must be applied in accordance with the requirements of the Transaction Finance Documents (if any). (b) Any release under this Clause will not become effective until the date of the relevant disposal or otherwise in accordance with the consent of the Majority Lenders. (c) If a disposal is not made, then any release relating to that disposal will have no effect, and the obligations of the Obligor Parties under the Transaction Documents will continue in full force and effect. (d) If the Security Facility Agent is satisfied that a release is allowed under this ClauseSubclause, the Facility Agent must execute (at the request and expense of the relevant Obligor PartyObligor) each Secured Party shall enter into any document and do all such other things which are 108 is reasonably required to achieve that release. Each other Secured Finance Party irrevocably authorises the Security Facility Agent to enter into execute any such document. Any release will not affect the obligations of any other Obligor Party under the Transaction Documents.

Release of Security. (a) If a Guarantor is released from all its obligations under the Finance Documents, in a manner allowed by the Finance Documents, any security created by that Guarantor over its assets under the Security Documents will be released. (b) If a disposal of any asset subject to security created by a Transaction Security Document is made to a person in the following circumstances: (i) all the Majority Lenders agree to the disposal; (ii) the disposal is allowed by the terms of the Transaction Finance Documents and will not result or could not reasonably be expected to result in any Defaultbreach of any term of any Finance Document; (iii) the disposal is being made at the request of the Security Facility Agent in circumstances where any security created by the Transaction Security Documents has become enforceable; or (iv) the disposal is being effected by enforcement of a Transaction Security Document, the asset(s) assets being disposed of will be released from any security over it created by a Transaction Security Document. However, the proceeds of any disposal (or an amount corresponding to them) shall must be applied in accordance with the requirements of the Transaction Finance Documents (if any). (b) Any release under this Clause will not become effective until the date of the relevant disposal or otherwise in accordance with the consent of the Majority Lenders. (c) If a disposal is not made, then any release relating to that disposal will have no effect, and the obligations of the Obligor Parties under the Transaction Documents will continue in full force and effect. (d) If the Security Facility Agent is satisfied that a release is allowed under this ClauseSubclause, the Facility Agent must execute (at the request and expense of the relevant Obligor PartyBorrower) each Secured Party shall enter into any document and do all such other things which are is reasonably required to achieve that release. Each other Secured Finance Party irrevocably authorises the Security Facility Agent to enter into execute any such document. Any release will not affect the obligations of any other Obligor Party under the Transaction Documents.91

Release of Security. (a) If a disposal of any asset subject to security created by a Transaction Security Document is made to a person (which is and will remain) outside the Group in the following circumstances: (i) all the Majority Lenders agree to the disposal; (ii) the disposal is allowed by the terms of the Transaction Documents and will not result or could not reasonably be expected to result in any Default; (iii) the disposal is being made at the request of the Security Agent in circumstances where any security created by the Transaction Security Documents has become enforceable; (iii) the disposal is allowed by the terms of the Finance Documents and will not result or could not reasonably be expected to result in any Default; orand (iv) the disposal is being effected by enforcement of a Transaction Security Document, the asset(s) being disposed of will be released from any security over it created by a Transaction Security Document. However, the proceeds of any disposal (or an amount corresponding to them) shall be applied in accordance with the requirements of the Transaction Documents (if any). (b) Any release under this Clause Subclause will not become effective until the date of the relevant disposal or otherwise in accordance with the consent of all the Majority Lenders. (c) If a disposal is not made, then any release relating to that disposal will have no effect, and the obligations of the Obligor Parties Borrower under the Transaction Finance Documents will continue in full force and effect. (d) If the Security Agent is satisfied that so requests pursuant to a release is allowed under this ClauseSubclause, (at the request and expense of the relevant Obligor PartyBorrower) each Secured Finance Party shall must enter into any document and do all such other things which are reasonably required to achieve that release. Each other Secured Finance Party irrevocably authorises the Security Agent to enter into any such document. Any release will not affect the obligations of any other Obligor Party under the Transaction Documents.