Release Clause Example from Business Contracts

Release. (a) The Trust hereby expressly terminates, relinquishes, releases, discharges and renders ineffective any and all security interests, liens, mortgages and encumbrances, as against the Transferor, any transferee of the Transferor and any person claiming title to or an interest in the Removed Collateral through any such person, or any successor or assign of any of the foregoing (all such persons and entities being referred to individually as a "Transferee" and collectively as the "Transferees"),... and any and all right, title, benefit, interest or claim whatsoever, present or future, actual or contingent (collectively, "Rights"), owned or held by the Trust to, against or in respect of the Removed Collateral. 3 (b) In case any provision of this Reassignment shall be rendered invalid, illegal or unenforceable in any jurisdiction, the Trust hereby acknowledges that the interest of the Trust in the Removed Collateral is subordinate and junior to the security interest of any Transferee and hereby expressly agrees that any security interest it may have in any Removed Collateral is and shall remain subordinate and junior to all security interests granted by a Transferee, regardless of the time of the recording, perfection or filing thereof or with respect thereto. (c) The Trust acknowledges and agrees that the Transferees and their representatives are expressly entitled to rely on the provisions of this Section 9, it being the intent of the Trust that the Transferees will acquire title to the Removed Collateral purchased by them free of any Rights owned or held by the Trust to, against or in respect of the Removed Collateral. View More