Due the sensitive nature of Hold Reasons, once created they cannot be modified and can only be deleted after removing all assets from the given hold reason.
To remove all assets from the given hold reason, from the Holds page in the application, select the name of the hold reason from the list to view all assets currently on hold for that specific reason. Select the "Hold" button towards the top right, and use the checkbox to add or remove holds to/from the whole list. Click the "Add" or "Remove" button to complete the action. Please be patient, as it may take a few moments, to several minutes to complete, depending on the number of assets on to be put on hold or to be taken off.