Common use of Release of Monetary Claims Clause in Contracts

Release of Monetary Claims. (a) As long as an Event of Default has not occurred and is not continuing, the proceeds of the realisation of the Monetary Claims shall (subject to any restriction on the application of such proceeds contained in this Debenture or in the Credit Agreement), upon such proceeds being credited to an Account, be released from the fixed charge created pursuant to Clause 3.1 (Fixed Charges) and each Company shall be entitled to withdraw such proceeds from such Account provided that such proceeds shall continue to be subject to the floating charge created pursuant to Clause 3.3 (Floating Charge) and the terms of this Debenture; and

Release of Monetary Claims. (a) As long as Before an Acceleration Event Prior to the occurrence of Default has not occurred and is not continuingan Acceleration Event, the proceeds of the realisation of the Monetary Claims shall (subject to any restriction on the application of such proceeds contained in this Debenture or in the Credit Agreement), upon such proceeds being credited to a Claims Account or an Account, be released from the fixed charge created pursuant to Clause 3.1 (Fixed Charges) and each Company Chargor shall be entitled to withdraw such proceeds from such Claims Account or an Account provided that such proceeds shall continue to be subject to the floating charge created pursuant to Clause 3.3 (Floating Charge) and the terms of this Debenture; and.