Common use of Security Release Clause in Contracts

Security Release. If the Security Value shall at any time exceed the Minimum Value, and the Borrowers shall previously have provided further security to the Security Agent pursuant to clause 23.12 (Security Shortfall), the Security Agent shall, as soon as reasonably practicable after notice from the Borrowers to do so and subject to being indemnified to its satisfaction against the cost of doing so, release any such further security specified by the Borrowers provided that the Agent is satisfied that, immediately following such release, the Security Value will equal or exceed the Minimum Value and no other Event of Default shall have occurred and be continuing.

Security Release. If the Security Value shall at any time exceed the Minimum ValueSecurity Requirement, and the Borrowers Borrower shall previously have provided further security to the Security Agent pursuant to clause 23.12 24.12 (Security Shortfall), the Security Agent shall, as soon as reasonably practicable after notice from the Borrowers Borrower to do so and subject to being indemnified to its satisfaction against the cost of doing so, release any such further security specified by the Borrowers Borrower provided that the Agent Bank is satisfied that, immediately following such release, the Security Value will equal or exceed the Minimum Value Security Requirement and no other Event of Default shall have occurred and be continuing.