Common use of Security Release Clause in Contracts

Security Release. if the Security Value shall at any time exceed the Security Requirement for a continuing period of at least six (6) months, and the Borrowers shall previously have provided further security for the Loan pursuant to clause 13.2.1(b), the Finance Parties shall, as soon as reasonably practicable after notice from the Borrowers to the Facility Agent to do so and subject to the Finance Parties being indemnified to their satisfaction against the cost of doing so, release any such further security specified by the Borrowers provided that the Facility Agent is satisfied that, immediately following such release, the Security Value will equal or exceed the Security Requirement.

Security Release. if the Security Value shall at any time exceed the Security Requirement for a continuing period of at least six twelve (612) months, and the Borrowers shall had previously have provided further security deposited additional cash for the Loan pursuant to clause 13.2.1(b12.2.1(b) (Security shortfall), the Finance Parties shall, as soon as reasonably practicable after notice from the Borrowers to the Facility Agent to do so and subject to the Finance Parties being indemnified to their satisfaction against the cost of doing so, release any such further security specified by additional sum paid into the Borrowers Debt Service Account provided that the Facility Agent is satisfied that, in the period of twelve (12) months immediately following such release, the Security Value will equal or exceed the Security Requirement.