Common use of Security Release Clause in Contracts

Security Release. If the Security Value: (a) at any time during the period commencing on the date of this Agreement and ending on the Third Anniversary, exceeds one hundred and ten per cent (110%) of the aggregate of (i) the Loan (or the Equivalent Amount in Dollars when the Loan or part thereof is denominated in one or more Optional Currencies) and (ii) the cost (if any) (as certified by the Bank whose certificate shall in the absence of manifest error, be binding on the Borrower) of terminating any Transaction entered into pursuant to the Master Agreement; and (b) at any time after the Third Anniversary, exceeds one hundred and twenty per cent (120%) of the aggregate of (i) the Loan (or the Equivalent Amount in Dollars when the Loan or part thereof is denominated in one or more Optional Currencies) and (ii) the cost (if any) (as certified by the Bank whose certificate shall in the absence of manifest error, be binding on the Borrower) of terminating any Transaction entered into pursuant to the Master Agreement, and the Borrower shall previously have provided further security to the Bank pursuant to clause 9.2.1(b) then the Bank shall, as soon as reasonably practicable after receiving a written request from the 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 Borrower provided that the Bank is satisfied that, immediately following such release, the Security Value will be equal to or in excess of the Security Requirement.

Security Release. If the Security Value: (a) at any time during the period commencing on the date of this Agreement and ending on the Third Anniversary, exceeds one hundred and ten per cent (110%) of the aggregate of (i) the Loan (or the Equivalent Amount in Dollars when the Loan or part thereof is denominated in one or more Optional Currencies) and (ii) the cost (if any) (as certified by the Bank whose certificate shall in the absence of manifest error, be binding on the Borrower) of terminating any Transaction entered into pursuant to the Master Agreement; and (b) at any time after the Third Anniversary, exceeds one hundred and twenty per cent (120%) of the aggregate of (i) the Loan (or the Equivalent Amount in Dollars when the Loan or part thereof is denominated in one or more Optional Currencies) and (ii) the cost (if any) (as certified by the Bank whose certificate shall in the absence of manifest error, be binding on the Borrower) of terminating any Transaction entered into pursuant to the Master Agreement, , (c) and the Borrower shall previously have provided further security to the Bank pursuant to clause 9.2.1(b) then the Bank shall, as soon as reasonably practicable after receiving a written request from the 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 Borrower provided that the Bank is satisfied that, immediately following such release, the Security Value will be equal to or in excess of the Security Requirement.