Common use of Resignation and release of security on disposal Clause in Contracts

Resignation and release of security on disposal. (a) If a Borrower or Guarantor is or is proposed to be the subject of a Third Party Disposal then: (i) where that Borrower or Guarantor created Security pursuant to any Finance Document over any of its assets or business in favour of the Security Agent, or Security pursuant to any Finance Document in favour of the Security Agent was created over the shares (or equivalent) of that Borrower or Guarantor, the Security Agent may at the cost and request of the Company, release those assets, business or shares (or equivalent) and issue certificates of non-crystallisation; (ii) the resignation of that Borrower or Guarantor and related release of Security pursuant to any Finance Document referred to in paragraph (i) above shall not become effective until the date of that disposal; and (iii) if the disposal of that Borrower or Guarantor is not made, the Resignation Letter of that Borrower or Guarantor and the related release of Security referred to in paragraph (i) above shall have no effect and the obligations of the Borrower or Guarantor and the Security pursuant to any Finance Document created or intended to be created by or over that Borrower or Guarantor shall continue in full force and effect.

Resignation and release of security on disposal. (a) If a Borrower or Guarantor is or is proposed to be the subject of a Third Party Disposal then: (ia) where that Borrower or Guarantor created Transaction Security pursuant to any Finance Document over any of its assets or business in favour of the Security Agent, or Transaction Security pursuant to any Finance Document in favour of the Security Agent was created over the shares (or equivalent) of that Borrower or Guarantor, the Security Agent may may, at the cost and request of the CompanyParent, release those assets, business or shares (or equivalent) and issue certificates of non-crystallisation; (iib) the resignation of that Borrower or Guarantor and related release of Transaction Security pursuant to any Finance Document referred to in paragraph (ia) above shall not become effective until the date of that disposal; and (iiic) if the disposal of that Borrower or Guarantor is not made, the Resignation Letter of that Borrower or Guarantor and the related release of Transaction Security referred to in paragraph (ia) above shall have no effect and the obligations of the Borrower or Guarantor and the Transaction Security pursuant to any Finance Document created or intended to be created by or over that Borrower or Guarantor shall continue in full such force and effecteffect as if that release had not been effected.

Resignation and release of security on disposal. (a) If Subject to the terms of the Intercreditor Agreement, if a Borrower Guarantor or Guarantor any of its assets is or is proposed to be the subject of a Third Party Disposal, a Permitted Transaction or a Permitted Disposal (each, a "Relevant Disposal") then: (ia) where that Borrower or Guarantor created Transaction Security pursuant to any Finance Document over any of its assets or business in favour of the Borrower Security AgentTrustee, or Transaction Security pursuant to any Finance Document in favour of the Borrower Security Agent Trustee was created over the shares (or equivalent) of that Borrower or Guarantor, the Borrower Security Agent may Trustee shall, at the cost and request of the CompanyParent, release those assets, business or shares (or equivalent) from the Transaction Security and issue certificates of non-crystallisation; (iib) the resignation of that Borrower or Guarantor and related release of Transaction Security pursuant to any Finance Document referred to in paragraph (ia) above shall not become effective until the date of that disposaldisposal or transaction; and (iiic) if the disposal of that Borrower or Guarantor is not made, the Resignation Letter of that Borrower or Guarantor and the related release of Transaction Security referred to in paragraph (ia) above shall have no effect and the obligations of the Borrower or Guarantor and the Transaction Security pursuant to any Finance Document created or intended to be created by or over that Borrower or Guarantor shall continue in full force and effect.

Resignation and release of security on disposal. (a) If a Borrower or Guarantor is or is proposed to be the subject of a Third Party Disposal then: (i) where that Borrower or Guarantor created Security pursuant to any Finance Document over any of its assets or business in favour of the Security Agent, or Security pursuant to any Finance Document in favour of the Security Agent was created over the shares (or equivalent) of that Borrower or Guarantor, the Security Agent may at the cost and request of the Company, release those assets, business or shares (or equivalent) and issue certificates of non-crystallisation; (ii) the resignation of that Borrower or Guarantor and related release of Security pursuant to any Finance Document referred to in paragraph (i) above shall not become effective until the date of that disposal; and (iii) if the disposal of that Borrower or Guarantor is not made, the Resignation Letter of that Borrower or Guarantor and the related release of Security referred to in paragraph (i) above shall have no effect and the obligations of the Borrower or Guarantor and the Security pursuant to any Finance Document created or intended to be created by or over that Borrower or Guarantor shall continue in full force and effect. SECTION 10 THE FINANCE PARTIES

Resignation and release of security on disposal. (a) If a Borrower or Guarantor is or is proposed to be the subject of a Third Party Disposal then: (ia) where that Borrower or Guarantor created Transaction Security pursuant to any Finance Document over any of its assets or business in favour of the Security AgentLender, or Transaction Security pursuant to any Finance Document in favour of the Security Agent Lender was created over the shares (or equivalent) of that Borrower or Guarantor, the Security Agent may Lender shall, at the cost and request of the CompanyUltimate Parent, release those assets, business or shares (or equivalent) and issue certificates of non-crystallisation; (iib) the resignation of that Borrower or Guarantor and related release of Transaction Security pursuant to any Finance Document referred to in paragraph (ia) above shall not become effective until the date of that disposal; and (iiic) if the disposal of that Borrower or Guarantor is not made, the Resignation Letter of that Borrower or Guarantor and the related release of Transaction Security referred to in paragraph (ia) above shall have no effect and the obligations of the Borrower or Guarantor and the Transaction Security pursuant to any Finance Document created or intended to be created by or over that Borrower or Guarantor shall continue in full such force and effecteffect as if that release had not been effected.

Resignation and release of security on disposal. (a) If a Borrower or Guarantor is or is proposed to be the subject of a Third Party Disposal then: (ia) where that Borrower or Guarantor created Transaction Security pursuant to any Finance Document over any of its assets or business in favour of the Security AgentTrustee, or Transaction Security pursuant to any Finance Document in favour of the Security Agent Trustee was created over the shares (or equivalent) of that Borrower or Guarantor, the Security Agent may Trustee may, at the cost and request of the CompanyParent, release those assets, business or shares (or equivalent) and issue certificates of non-crystallisation; (iib) the resignation of that Borrower or Guarantor and related release of Transaction Security pursuant to any Finance Document referred to in paragraph (ia) above shall not become effective until the date of that disposal; and (iiic) if the disposal of that Borrower or Guarantor is not made, the Resignation Letter of that Borrower or Guarantor and the related release of Transaction Security referred to in paragraph (ia) above shall have no effect and the obligations of the Borrower or Guarantor and the Transaction Security pursuant to any Finance Document created or intended to be created by or over that Borrower or Guarantor shall continue in full force and effect.

Resignation and release of security on disposal. (a) If a Borrower or Guarantor is or is proposed to be the subject of a Third Party Disposal then: (ia) where that Borrower or Guarantor created Transaction Security pursuant to any Finance Document over any of its assets or business in favour of the Security Agent, or Transaction Security pursuant to any Finance Document in favour of the Security Agent was created over the shares (or equivalent) of that Borrower or Guarantor, the Security Agent may shall, at the cost and request of the CompanyOriginal Borrower, promptly release those assets, business or shares (or equivalent) and issue certificates of non-crystallisation; (iib) the resignation of that Borrower or Guarantor and related release of Transaction Security pursuant to any Finance Document referred to in paragraph (ia) above shall not become effective until the date of that disposal; and (iiic) if the disposal of that Borrower or Guarantor is not made, the Resignation Letter of that Borrower or Guarantor and the related release of Transaction Security referred to in paragraph (ia) above shall have no effect and the obligations of the Borrower or Guarantor and the Transaction Security pursuant to any Finance Document created or intended to be created by or over that Borrower or Guarantor shall continue in full force and effect.

Resignation and release of security on disposal. (a) If a Borrower or Guarantor is or is proposed to be the subject of a Third Party Disposal then: (ia) where that Borrower or Guarantor created Transaction Security pursuant to any Finance Document over any of its assets or business in favour of the Security AgentTrustee, or Transaction Security pursuant to any Finance Document in favour of the Security Agent Trustee was created over the shares (or equivalent) of that Borrower or Guarantor, the Security Agent may Trustee may, at the cost and request of the CompanyBorrower, release those assets, business or shares (or equivalent) and issue certificates of non-crystallisation; (iib) the resignation of that Borrower or Guarantor and related release of Transaction Security pursuant to any Finance Document referred to in paragraph (ia) above shall not become effective until the date of that disposal; and (iiic) if the disposal of that Borrower or Guarantor is not made, the Resignation Letter of that Borrower or Guarantor and the related release of Transaction Security referred to in paragraph (ia) above shall have no effect and the obligations of the Borrower or Guarantor and the Transaction Security pursuant to any Finance Document created or intended to be created by or over that Borrower or Guarantor shall continue in full such force and effecteffect as if that release had not been effected.