Common use of Retention of Deed Clause in Contracts

Retention of Deed. If the SEOCH Participant requests SEOCH to release the Charged Property following any payment or discharge made or Security Interest or guarantee given in relation to the Secured Sums by a person other than the SEOCH Participant (a "Relevant Transaction"), SEOCH or SEOCH's nominee shall be entitled to retain this deed and shall not be obliged to release the Charged Property until the expiry of the Retention Period in relation to that Relevant Transaction. If at any time before the expiry of that Retention Period the Dissolution of such other person shall have commenced, SEOCH may continue to retain this deed and shall not be obliged to release the Charged Property for such further period as SEOCH may determine.