Common use of Release, Reassignment or Discharge Clause in Contracts

Release, Reassignment or Discharge. Upon the irrevocable and unconditional payment in full or discharge (or any combination of the foregoing) of all the Funding Secured Obligations and upon the Security Trustee being satisfied that Funding is under no further actual or contingent obligation under this Deed or any other Funding Transaction Document, the Security Trustee shall at the request and cost of Funding release, reassign and/or discharge from the Security Interests all the relevant Funding Charged Property to, or to the order of, Funding; provided that where any such release, re-assignment or discharge is made in whole or in part on the faith of any payment, security or other disposition which is avoided or which must be repaid on bankruptcy, liquidation or otherwise, the security constituted by or pursuant to this Second Priority Funding Deed of Charge and the liability of Funding hereunder and thereunder shall continue as if there had been no such release, re-assignment or discharge.

Release, Reassignment or Discharge. Upon the irrevocable and unconditional payment in full or discharge (or any combination of the foregoing) of all the Funding Secured Obligations and upon the Security Trustee being satisfied that Funding is under no further actual or contingent obligation under this Deed or any other Funding Transaction Document, the Security Trustee shall at the request and cost of Funding release, reassign and/or discharge from the Security Interests (including the Jersey Security Interests) all the relevant Funding Charged Property to, or to the order of, Funding; provided that where any such release, re-assignment or discharge is made in whole or in part on the faith of any payment, security or other disposition which is avoided or which must be repaid on bankruptcy, liquidation or otherwise, the security constituted by or pursuant to this Second Priority Funding Deed of Charge and the liability of Funding hereunder and thereunder shall continue as if there had been no such release, re-assignment or discharge.