Return of additional security Sample Clauses
The 'Return of additional security' clause outlines the conditions under which any extra security provided by a party—such as a deposit, guarantee, or bond—must be returned once certain obligations are fulfilled. Typically, this clause specifies that once the party has met all relevant contractual requirements, including payment or performance milestones, the additional security will be released back to them. This ensures that parties are not unfairly deprived of their assets and provides a clear process for the return of security, thereby promoting fairness and reducing disputes over retained guarantees or deposits.
Return of additional security. If and so often as the aggregate of the market value of the Vessel (determined in accordance with Clause 11.11) plus the value of any additional security for the time being provided to the Lender pursuant to Clause 11.14 shall exceed (a) one hundred per cent (100%) of the amount of the Loan, for the period commencing on the first Drawdown Date and ending on the third anniversary of the first Drawdown Date, or (b) one hundred and ten per cent (110%) of the amount of the Loan from the third anniversary of the first Drawdown Date until the sixth anniversary of the first Drawdown Date or (c) one hundred and twenty per cent (120%) of the amount of the Loan thereafter, then the Lender shall, within fourteen (14) days of the request of the Borrower to do so, release to the Borrower such portion of the amount standing to the credit of the Cash Collateral Account in accordance with Clause 11.14 and/or such amount of the security referred to in Clause 11.14.2 as shall be required to ensure that the aggregate of the market value of the Vessel (determined as aforesaid) plus the value of any additional security for the time being provided to the Lender pursuant to Clause 11.14 is equal to, but not less than (a) one hundred per cent (100%) of the amount of the Loan, for the period commencing on the first Drawdown Date and ending on the third anniversary of the first Drawdown Date, or (b) one hundred and ten per cent (110%) of the amount of the Loan from the third anniversary of the first Drawdown Date until the sixth anniversary of the first Drawdown Date or (c) one hundred and twenty per cent (120%) of the amount of the Loan thereafter.
Return of additional security. If Purchaser satisfies the Credit Requirements at any time after Additional Security is posted under Section 8.1.2(a), Seller shall return the Additional Security to Purchaser by the close of business on the fifth (5th) Business Day following the receipt of a request therefor by Purchaser if such request is made before the Notification Time. If the request is made after the Notification Time, the Additional Security shall be returned no later than the close of business on the sixth (6th) Business Day following receipt of the request. Any further Downgrade Event occurring after the return of Additional Security shall be subject to Section 8.1.2(a).
Return of additional security. If the Seller or Seller’s Guarantor satisfies the Credit Requirements at any time after Additional Security is posted under Section 8.1.1(b), Purchaser shall return the Additional Security to Seller by the close of business on the fifth (5th) Business Day following the receipt of a request therefor by Seller if such request is made before 10:00 a.m. Pacific time on a day (the “Notification Time”). If the request