Release of Cash. The proceeds of the sales of the Shares underlying the Sale IDRs will first be applied in meeting the broker expenses of procuring that sale, and the balance will be distributed to the IDR Holders by the Domestic Depository. These sale proceeds will be received by the Domestic Depository in Pounds Sterling. As required by the IDR Terms, the Domestic Depository will convert these proceeds into Indian Rupees, on the basis of the Pounds Sterling/ Indian Rupees rate of exchange as on the date of conversion, as per the RBI closing date. The Domestic Depository shall thereafter distribute the sale proceeds to the relevant IDR Holders, calculated at the average price of all Shares sold on the LSE, in proportion to the Sale IDRs held by them. The proportionate net proceeds shall be distributed by the Domestic Depository to the relevant IDR Holders (as per the list provided by the Securities Depositories and the Registrar on the Sale Record Date) by way of transfer to the respective bank accounts of the IDR Holders/issuance of a demand draft, details of which are available with the Domestic Depository and/or the Registrar, tentatively, within fifteen (15) Business Days from the date of sale of all Shares. In case the bank account details of an IDR Holder are not available with the Domestic Depository and/or the Registrar or if the Domestic Depository is not able to transfer the proceeds to such bank account of the IDR Holder of which it has the details, the Domestic Depository shall send a communication to such IDR Holders (where the communication details are available) requesting for details of their respective bank accounts to which net proceeds may be transferred or for which a demand draft may be issued. The Registrar shall inform the concerned IDR Holder about the number of Sale IDRs for which underlying Shares were offered for sale on the LSE and purchased thereon, and the consequent cancellation of such Sale IDRs.
Release of Cash. Unless a Notice of Exclusive Control is in effect or a BBD Notice is in effect, the Collateral Administrator shall make commercially reasonable efforts to release and deliver cash from the Cash Collateral Account (i) in connection with the payment of the purchase price of any Asset against Delivery of such Asset, (ii) as directed by the Borrower or the Investment Adviser to purchase Cash Equivalents to be credited to the Securities Collateral Account, (iii) to settle a spot foreign exchange transaction for Dollars, Canadian Dollars, Sterling or Euro in which all cash received is credited to the Cash Collateral Account, (iv) to the Administrative Agent or any Lender to pay any Obligation in accordance with the Credit Agreement (provided that the Collateral Administrator may release cash pursuant to this clause (iv) notwithstanding any BBD Notice) and (v) in an amount not to exceed the amount of Excess Cash stated in the most recent Daily Report, in all cases, upon written notice from the Borrower, (1) in which the Borrower certifies that no Borrowing Base Deficiency will exist and no Default under the Credit Agreement will occur or be continuing after giving effect to such release and delivery (2) stating the amount of cash to be released and delivered, (3) received by the Collateral Administrator and the Administrative Agent (x) for releases of cash greater than or equal to $10 million, prior to 11:00 a.m. on the Business Day prior to such release and delivery and (y) for releases of cash less than $10 million, prior to 11:00 a.m. on the same day of such release and delivery and (4) such funds will be used solely for Permitted Uses; provided that for all releases of cash, the Borrower shall observe all Delaware limited liability company formalities and otherwise comply with the Special Purpose Entity Requirements in all respects and in all cases, the Collateral Administrator’s responsibility shall be to make commercially reasonable efforts to effect any such release and delivery within the specified time frames. In the case of the purchase of any Collateral Asset, the release of cash from the Cash Collateral Account shall also be subject to the Collateral Administrator’s prior or simultaneous receipt of the Required Collateral Documents.
Release of Cash. 6.4.1 The principal value of the cash held in Escrow (ignoring any Income thereon) shall be used for the purpose of determining the Escrow Amount to be released in satisfaction of any claim.
Release of Cash. 8.9.1 If the Purchaser has presented a claim under this Agreement in accordance with Section 8.5 above and the Sellers have not exercised their right to remedy the subject matter of such claim pursuant to Section 8.3.2 above or disputed such claim within forty-five (45) Business Days from receipt of such notice, the Parties shall within an additional ten (10) Business Days period, jointly instruct the Escrow Bank to transfer from Escrow Account 1 an amount equal to the amount of such claim to the Purchaser, if and to the extent such amount is available on Escrow Account 1. If the Sellers dispute the claim during such forty-five (45) Business Days period, such dispute shall be resolved and finally settled by arbitration pursuant to Section 13.2 below. Upon final resolution and settlement of such dispute by the arbitrators, the Purchaser shall be entitled to instruct the Escrow Bank in accordance with the Escrow Agreements to transfer to the Purchaser from the Escrow Account an amount equal to the amount which the Purchaser is entitled to pursuant to such final arbitral award, if and to the extent such amount is available on Escrow Account 1.
