Procedure for Release. (a) Upon the occurrence of the events specified in either Section 7.1(a) or Section 7.1(b), the Grantors shall deliver a Discharge Notice to the Collateral Trustee (with a copy thereof given pursuant to Section 8.2 of this Agreement to each Secured Party). Upon receipt by the Collateral Trustee of a Discharge Notice certifying that events set forth in Section 7.1(a)(i) above have occurred, the Collateral Trustee shall forthwith request the Lender to confirm in writing that the events described in Section 7.l(a)(i)(A)
Procedure for Release. (a) Upon the occurrence of a Release Event, the Collateral Trustees shall, to the extent requested by the Borrower in the Release Notice or other notice requesting release of Liens pursuant to Section 6.1(a), take the actions set forth in Section 6.3. The Collateral Trustees shall promptly send a copy of each Release Notice and other notice requesting release of Liens, subordination or non-disturbance agreements pursuant to Section 6.1(a) to the Credit Facility Agent and the Public Trustee.
(b) The Collateral Trustee shall not take any actions requested of it by the Borrower after the receipt by the Collateral Trustees of a Default Notice, unless (i) such actions are consented to in writing by the Credit Facility Agent, (ii) the Credit Facility Agent has rescinded such Default Notice and has notified the Collateral Trustee of the rescission of such Default Notice, or (iii) the Collateral Trustees shall have received a final order of a court of competent jurisdiction either directing it to release, subordinate or enter into a non-disturbance agreement with respect to the applicable Collateral or determining that the conditions to the release, subordination or the entry into a non-disturbance agreement with respect to the Collateral specified in Section 6.1 have been satisfied. The Credit Facility Agent hereby agrees, promptly upon a cure of all existing Potential Defaults and the waiver of all Events of Default, to deliver a notice to the Collateral Trustees rescinding any Default Notices relating to such Potential Defaults and Events of Default previously delivered to the Collateral Trustees.
Procedure for Release. In the event that any Conversion Release Date, Partial Release Date, Full Release Date (collectively, the "RELEASE" and, the date of such Release, the "RELEASE DATE") is not a Business Day (as defined herein), then such Release shall be deemed to be the next Business Day. "BUSINESS DAY" shall mean any day that is not a Saturday, a Sunday or a day on which banks are required or permitted to be closed in the State of New York. In the event that any of the Secured Proceeds shall have been paid in whole or in part on or prior to the applicable Release Date, the Company shall provide immediate telephonic notice thereof to the Purchasers and to the Custodian, promptly followed by written confirmation to such parties, and the amount requested pursuant to such Release shall be reduced by the aggregate amount of payments received by the Company in satisfaction of such Release.
Procedure for Release. (a) Upon the receipt by the Collateral Trustees of notice by Borrower of the event specified in Section 6.1(i) or upon receipt by the Collateral Trustees of a Release Notice, the Collateral Trustees shall forthwith send written notice thereof to the Credit Facility Agent, the Public Trustee and the Paying Agent (with a copy of any Release Notice). If, within five (5) Business Days after receipt by the Collateral Trustees, of a notice described in the first sentence of this clause (a), the Collateral Trustees shall not have received a certificate in writing from the Credit Facility Agent stating that it believes in good faith, that the event specified in such notice has not occurred, then the Collateral Trustees shall, to the extent requested by the Borrower, take the actions set forth in Section 6.3; provided that if any such notice described in the first sentence of this clause (a) is executed by the Credit Facility Agent, such period shall not apply and Collateral Trustees promptly shall, to the extent requested by the Borrower, take the actions set forth in Section 6.3.
(b) If the Collateral Trustees receive a certificate from the Credit Facility Agent to the effect set forth in Section 6.2(a) within the period therein specified, the Collateral will not be released, and the Collateral Trustees will not take any actions requested of it by the Borrower until such certificate shall be withdrawn in writing by the Credit Facility Agent, or the Collateral Trustees shall have received a final order of a court of competent jurisdiction either directing it to release the applicable Collateral or determining that the conditions to the release of the Collateral specified in Section 6.1 have been satisfied.
Procedure for Release. The Secured Party must effect any release of the Secured Property under Clause 3.1 by:
(a) executing a deed of release confirming the release of the Secured Property from this document and the Security Interest created under it; and
(b) at the election of the Grantor:
(i) lodging with the Registrar a financing change statement amending the financing statement lodged by the Secured Party with respect to this document to reflect the release under Clause 3.1; or
(ii) provide the Grantor with the token referrable to this document issued at the time of lodgement of the financing statement for this document with the Registrar and authorise the Grantor to use the token to lodge a financing change statement with the Registrar to amend the financing statement referrable to this document to reflect the release effected under Clause 3.1.
Procedure for Release. The procedure for release of the --------------------- Collateral shall be as set forth in Section 7.2(a) or Section 7.4 of this -------------- ----------- Agreement, as applicable.
Procedure for Release. Any and all amounts of the Hold Back to be released hereunder shall be effected by Escrow Holder as quickly as possible. CBC and Buyer must agree on all amounts to be released from Escrow. In the event CBC and Buyer disagree as to the amount of any claimed release, Escrow Holder shall not make the distribution. Instead, all disputes shall be immediately resolved by arbitration pursuant to Section 13.15 of the Purchase Agreement. Said arbitration shall be commenced within fifteen (15) days after Escrow Holder informs the Parties he will not effect the release in question.
Procedure for Release. The procedure for release of the Collateral shall be as set forth in Section 10.2(a) of this Agreement.
Procedure for Release i. Upon the happening of an event of termination as contemplated in Section 11 of the separate Asset Purchase Agreement entered into by Party A and Party B, either Party A or Party B may deliver to the Escrow Agent and the other Party a written notice signed by an authorized person set forth on Schedule I attached hereto (“Authorized Representative”) requesting the release of the Escrow Property to itself, which request shall state that an event of termination has occurred and providing reasonable particulars thereof. If the other party does not, as soon as reasonably possible, but in no event later than thirty (30) days after the receipt of such copy, deliver a written notice from an Authorized Representative (a “Dispute Notice”) to the Escrow Agent stating that no such event of termination has occurred and providing reasonable particulars, then the Escrow Agent shall disburse the Escrow Property to the party requesting release within 3 Business Days, according to paragraph (iii) below. If the other party delivers a Dispute Notice to the Escrow Agent within the prescribed time period, then the Escrow Agent shall continue to hold the Escrow Property in escrow pending the determination of the dispute by an arbitrator pursuant to Section 6 (b) hereof. If a Dispute Notice is delivered, the party will contact Escrow Agent via telephone to inform them of the Dispute Notice. A failure by a party to deliver a written request for the release of the Escrow Property upon becoming aware of an event of termination shall not prevent or stop a party from delivering such a request at any time thereafter.
ii. Either Party A or Party B may deliver to Escrow Agent a written notice signed by an Authorized Representative requesting the release of the Escrow Property to the other party. Upon receipt of such a written notice, Escrow Agent shall, within 3 Business Days, disburse the Escrow Property according to paragraph (iii) below.
iii. If the conditions for release of the Escrow Property to Party B set forth above are satisfied, then within the time period set forth in paragraphs (i) and (ii) above, Escrow Agent shall and is hereby directed to withdraw and pay from the Escrow Account to Party B all of the Escrow Property, less any interest. Escrow Agent shall withdraw and pay from the Escrow Account to Party A any remaining Escrow Property in the Escrow Account. If the conditions for release of the Escrow Property to Party A set forth above are satisfied, then within the time...
Procedure for Release. In the event that any CVA Release Date, Conversion Release Date, Consent Release, release upon an Event of Default or Forced Conversion Release (collectively, the "Release" and, the date of such Release, the "Release Date") is not a Business Day (as defined herein), then such Release shall be deemed to be the next Business Day. "Business Day" shall mean any day that is not a Saturday, a Sunday or a day on which banks are required or permitted to be closed in the State of New York. In the event that any of the Secured Proceeds shall have been paid in whole or in part on or prior to the applicable Release Date, the Company shall provide immediate telephonic notice thereof to the Purchasers and to the Custodian, promptly followed by written confirmation to such parties, and the amount requested pursuant to such Release shall be reduced by the aggregate amount of payments received by the Company in satisfaction of such Release.
