Common use of Security Realization Clause in Contracts

Security Realization. Subject to Section 8.3 below, any third-party security realization occurs against property of Parent or any of its Material Subsidiaries which realization shall continue and not be released, discharged or stayed within the lesser of 30 days and the period of time prescribed under applicable Legal Requirements for completion of such realization; provided that any third-party security realization against any Borrowing Base Asset shall constitute an immediate Borrowing Base Asset Event of Default; or