Release Authorisation Sample Clauses
A Release Authorisation clause grants permission for the release or transfer of certain assets, funds, or information, typically upon the fulfillment of specified conditions. In practice, this clause outlines who has the authority to approve the release, under what circumstances the release can occur, and any procedural steps that must be followed, such as providing written notice or documentation. Its core function is to ensure that releases are controlled and only occur when appropriate, thereby protecting the interests of the parties involved and preventing unauthorized or premature transfers.
Release Authorisation amend clause 11.6 (Sales by Security Agent) of the Intercreditor Agreement to replace sub-paragraph (ii) with the following “(x) any Obligor sells or otherwise disposes of an asset either when permitted to do so under the Senior Facilities Agreement or at the request of or with the consent of the Majority Senior Creditors after an Event of Default under the Senior Facilities Agreement or (y) the release of any asset under a Security Document is expressly permitted under the Senior Facilities Agreement or in any Security Document,”.