Deed of Release (Partial Release)

Dated 07 May 2024
PARTY_1_NAME (“Financier”)
PARTY_2_NAME (“Security Provider”)
PARTY_3_NAME ("Continuing Security Provider")

1    Interpretation
1.1    Definitions
These meanings apply unless the contrary intention appears:
Security means SECURITY_AGREEMENT dated ORIGINAL_AGREEMENT_DATE executed between the parties.
Secured Property means SECURED_PROPERTY.

1.2    References to certain general terms
Unless the contrary intention appears, a reference in this deed to:
(a)    a document (including this deed) includes any variation or replacement of it;
(b)    the word “person” includes an individual, a firm, a company, a corporation, an unincorporated association, a government and an authority;
(c)    a particular person includes a reference to the person’s executors, administrators, successors, substitutes (including persons taken by novation) and assigns.

1.3    Number
The singular includes the plural and vice versa.

1.4    Headings
Headings (including those in brackets at the beginning of paragraphs) are for convenience only and do not affect the interpretation of this deed.

2    Release
The Financier releases the Security Provider from all liability under the Security except liability owing under any provision in respect of the reinstatement of rights of the Security.

3    Preservation of obligations and rights
Nothing in this deed affects the rights or obligations of any person not a party to this deed.  Nothing in this deed affects the obligations of the Security Provider or rights of the Financier in respect of any property other than the Secured Property.

4    Continuing Security Provider
The Continuing Security Provider:
(a)    consents to the release contained in this deed; and
(b)    agrees that nothing in this deed affects its obligations to the Financier or the rights of the Financier in respect of any property of the Continuing Security Provider.

5    Third Party Rights
A person who is not a party to this deed has no rights to enforce any term of this deed and the parties do not require the consent of any person who is not a party to rescind or vary a provision of this deed or right created under it.

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