Common use of Conditions for Release Clause in Contracts

Conditions for Release. The release of the guarantees and security referred to in clause 22.1 and 22.2 above shall only occur if: (a) either: (i) such disposal will not result directly or indirectly in any breach of any of the terms of this Agreement; or (ii) such disposal is being effected at the request of the Majority Banks in circumstances where any of the security created by the Securities has become enforceable; or (iii) such disposal is being effected by enforcement of the Securities; or (iv) all Banks agree to the release; and (b) the Net Proceeds arising out of such disposal will be applied strictly in accordance with the requirements of this Agreement; and (c) any assets to be transferred to other members of the Group before completion of such disposal shall have been so transferred and (if so required by the Majority Banks) security over such assets shall have been granted to the Agent to its satisfaction; and (d) the Agent shall have executed such documents effecting such release as shall be reasonably required to achieve such release as aforesaid (and the Agent shall execute such documents at the expense of the relevant Obligor promptly upon (and only upon) it being satisfied that the conditions in (a), (b) and (c) above are satisfied or have been waived by all of the Banks).

Conditions for Release. The release of the guarantees and security referred to in clause 22.1 and 22.2 above shall only occur if: (a1) either: (i) such disposal will not result directly or indirectly in any breach of any of the terms of this Agreement; or or (ii) such disposal is being effected at the request of the Majority Banks in circumstances where any of the security created by the Securities has become enforceable; or or (iii) such disposal is being effected by enforcement of the Securities; or or (iv) all Banks agree to the release; and (b2) the Net Proceeds arising out of such disposal will be applied strictly in accordance with the requirements of this Agreement; and (c3) any assets to be transferred to other members of the Group before completion of such disposal shall have been so transferred and (if so required by the Majority Banks) security over such assets shall have been granted to the Security Agent to its satisfaction; and (d4) the Security Agent shall have executed such documents effecting such release as shall be reasonably required to achieve such release as aforesaid (and the Security Agent shall execute such documents at the expense of the relevant Obligor promptly upon (and only upon) it being satisfied that the conditions in (a), (b) and (c) above are satisfied or have been waived by all of the Banks).