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

Resignation and release of security on disposal. If a Borrower or Guarantor is or is proposed to be the subject of a Third Party Disposal then: (a) where that Borrower or Guarantor created Transaction Security over any of its assets or business in favour of the Security Agent, or Transaction Security 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; and (b) any resignation of that Borrower or Guarantor and related release of Transaction Security referred to in paragraph (a) above shall become effective only on the making of that disposal.

Resignation and release of security on disposal. If a Borrower or Guarantor is or is proposed to be the subject of a Third Party Disposal then: (a) where that Borrower or Guarantor created Transaction Security over any of its assets or business in favour of the Security Agent, or Transaction Security 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; and; (b) any the resignation of that Borrower or Guarantor and related release of Transaction Security referred to in paragraph (a) above shall not become effective only on until the making date of that disposal.; and

Resignation and release of security on disposal. If a Borrower or Guarantor is or is proposed to be the subject of a Third Party Disposal then: (a) where that Borrower or Guarantor created Transaction Security over any of its assets or business in favour of the Security AgentLender, or Transaction Security in favour of the Security Agent Lender was created over the shares (or equivalent) of that Borrower or Guarantor, the Security Agent Lender may, at the cost and request of the CompanyParent, release those assets, business or shares (or equivalent) and issue certificates of non-crystallisation; and (b) any resignation of that Borrower or Guarantor and related release of Transaction Security referred to in paragraph (a) above shall become effective only on the making of that disposal.

Resignation and release of security on disposal. If all of the Equity Interests in a Borrower Guarantor are or Guarantor is or is are proposed to be the subject of a Third Party Disposal then: (a) where that Borrower or Guarantor created Transaction Security over any of its assets or business in favour favor of the Security Agent, or Transaction Security in favour favor of the Security Agent was created over the shares (or equivalent) of Equity Interests in that Borrower or Guarantor, the Security Agent mayshall, at the cost and request of the CompanyBorrower, release those assets, business or shares (or equivalent) Equity Interests from Transaction Security and issue certificates of non-crystallisation; and (b) any resignation of that Borrower or Guarantor and related release of Transaction Security referred to in paragraph (a) above shall become effective only on upon the making consummation of that disposalThird Party Disposal.

Resignation and release of security on disposal. If a Borrower or Guarantor is or is proposed to be the subject of a Third Party Disposal (or otherwise resigns as an Obligor in accordance with Clause 31.5 (Resignation of a Guarantor)) then: (a) where that Borrower or Guarantor created Transaction Security over any of its assets or business in favour of the Security Agent, or Transaction Security 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 CompanyObligors’ Agent, release those assets, business or shares (or equivalent) from the relevant Transaction Security and issue certificates of non-crystallisation; and (b) any resignation of that Borrower or Guarantor and related release of Transaction Security referred to in paragraph (a) above shall become effective only on the making of that disposal.