Common use of Release of Clause in Contracts

Release of. surplus Any amount remaining to the credit of the Earnings Account following the making of any transfer required by Clause 10.4 (Application of Earnings Account) shall (unless an Event of Default shall have occurred and be continuing) be released to or to the order of the Borrower provided that (a) the Borrower are in compliance with Clause 12.2.1 (Financial covenants) both before and after any such release, (b) Clause 10.14 (Additional Security) is complied with and (c) the Guarantor is in compliance with clause 6.8 (Financial Covenants) of the Guarantee.

Release of. surplus Any amount remaining to the credit of the Earnings Account Accounts following the making of any transfer required by Clause 10.4 (Application of Earnings AccountAccounts) shall (unless an Event of Default shall have occurred and be continuing) be released to or to the order of the Borrower Borrowers provided that (a) the Borrower Borrowers are in compliance with Clause 12.2.1 (Financial covenants) both before and after any such release, (b) Clause 10.14 10.13 (Additional Security) is complied with and (c) the Guarantor is in compliance with clause 6.8 (Financial Covenants) of the Guarantee.