Common use of The Security Clause in Contracts

The Security. 4.1 The Borrower undertakes to continue to provide the security set forth in the Security Documents on the terms currently in effect notwithstanding the completion of the Restructuring. 4.2 The Borrower’s continuation of the security set forth in the Security Documents following the completion of the Restructuring is subject to the amount secured thereby being limited to the Rig’s Portion of the amount from time to time outstanding under the Finance Documents. This limitation shall be documented as prescribed in the Side Letter in amendments to each of the Security Documents or, as the case may be, new security documents replacing the same. 4.3 The Lender procures that all of the security provided by the Borrower under the Security Documents or any new security documents to be provided by the Borrower EXHIBIT I TO CONTRIBUTION, PURCHASE AND SALE AGREEMENT shall be released (and the recordation of the security interest in favour of the Banks terminated) upon the repayment by the Lender of all amounts outstanding under the Finance Documents.

The Security. 4.1 The Borrower undertakes to continue to provide the security set forth in the Security Documents on the terms currently in effect notwithstanding the completion of the Restructuring. 4.2 The Borrower’s continuation of the security set forth in the Security Documents following the completion of the Restructuring is subject to the amount secured thereby being limited to the Rig’s Portion of the amount from time to time outstanding under the Finance Documents. This limitation shall be documented as prescribed in the Side Letter in amendments to each of the Security Documents or, as the case may be, new security documents replacing the same. 4.3 The Lender procures that all of the security provided by the Borrower under the Security Documents or any new security documents to be provided by the Borrower EXHIBIT I TO CONTRIBUTION, PURCHASE AND SALE AGREEMENT shall be released (and the recordation of the security interest in favour of the Banks terminated) upon the repayment by the Lender of all amounts outstanding under the Finance Documents.