Deed Of Release From A Charge (Asset Sales)
This Deed of Release from a Charge (Asset Sales) is referred to at clause 6.2.2 of the assets sale agreements. It is very likely that some of the assets used by the Seller in the business which are being sold have been used as security for loans, debentures or mortgages and are subject to fixed charges. If the asset(s) are not released from the fixed charge(s) then the Buyer will acquire them subject to the charge(s).
Optional phrases / clauses are enclosed in square brackets. These should be read carefully and selected so as to be compatible with one another. Unused options should be removed from the document.
This Deed of Release from a Charge (Asset Sales) is in open format. Either enter the requisite details in the highlighted fields or adjust the wording to suit your purposes.
At clause 3, the optional wording in square brackets can be used if the Seller is to pay for any other matters required to give effect to the assignment.
The document is a deed and so it should be executed by two directors or one director and a secretary of the Chargee and the Seller respectively.
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