Security Release. If the Security Value shall at any time exceed the Minimum Value, and the Borrowers shall previously have provided further security to the Security Agent pursuant to clause 23.12 (Security Shortfall), the Security Agent shall, as soon as reasonably practicable after notice from the Borrowers to do so and subject to being indemnified to its satisfaction against the cost of doing so, release any such further security specified by the Borrowers provided that the Agent is satisfied that, immediately following such release, the Security Value will equal or exceed the Minimum Value and no other Event of Default shall have occurred and be continuing.
Security Release. The City may hold any required financial security until the proposed improvements or development are completed and a certificate of occupancy indicating compliance with the application approval and Building Code of the City has been issued by the City Building Official, or a certificate of completion has been issued by the City Engineer.
Security Release. 7.1 After the occurrence of all of: (a) the Secured Obligations have been unconditionally and irrevocably repaid and discharged in full, and (b) the Bank having no commitment or obligation to lend any further funds to the Borrower, the Bank shall immediately re-transfer all assigned Claims to Affimed and surrender all other financial collateral granted under this Agreement. The Bank shall, however, remain entitled to transfer any security to a third party, as long as it is legally obliged to do so, for example, if a guarantor has made payments to the Bank on behalf of Affimed.
7.2 The Bank shall be obliged – even prior to the unconditional and irrevocable repayment and discharge of all the Secured Obligations – to re-transfer the assigned Claims and/or, at the Bank's discretion, to release any other collateral granted to the Bank by Affimed in whole or in part if and to the extent that the realizable value of all collateral granted under this Agreement permanently exceeds 110% of the value of the Secured Obligations (plus any VAT). In case the total value of the collateral should permanently fall below the afore-mentioned threshold of 110%, Affimed shall be obliged to re-transfer such assigned Claims to the Bank or, at the Bank’s discretion, provide other collateral to the Bank which had been previously released pursuant to the provisions in this paragraph to the extent necessary to cover the deficit. Affimed shall bear any and all reasonable and proven costs incurred in connection with the re-transfer of the assigned Claims or the release of any other collateral in accordance with this Section 7.
7.3 The realizable value of the assigned Claims corresponds to the nominal value of the assigned Claims minus a lump-sum deduction of 30% to cover a potential payment default. In case the Parties have different views of the valuation of the assigned Claims, the decision shall be made by a chartered accountant to be mutually appointed by the Parties or – if the Parties cannot agree on a person or an accounting firm – by an expert to be appointed by the Institute of Chartered Accountants in Germany (IDW), Dusseldorf. The costs of such dispute resolution shall be borne by the respective parties in accordance with section 91 et seq. of the German Code of Civil Procedure (ZPO).
7.4 The nominal value of the assigned Claims under the Assignment shall be the net nominal value of the assigned Claims but without taking into consideration (i) claims not assigned to the Bank...
Security Release. If the Security Value shall at any time during the Security Period (as such term is defined in the Deed of Covenant) exceeds one hundred and four per cent (104%) of the Security Requirement and the Borrower shall previously have provided further security to the Bank pursuant to clauses 9.2.1(b) or 9.2.1
Security Release if the Security Value shall at any time exceed the Security Requirement for a continuing period of at least twelve (12) months, and the Borrowers had previously deposited additional cash for the Loan pursuant to clause 12.2.1(b) (Security shortfall), the Finance Parties shall, as soon as reasonably practicable after notice from the Borrowers to the Facility Agent to do so and subject to the Finance Parties being indemnified to their satisfaction against the cost of doing so, release such additional sum paid into the Debt Service Account provided that the Facility Agent is satisfied that, in the period of twelve (12) months immediately following such release, the Security Value will equal or exceed the Security Requirement.
Security Release. If the Security Value:
(a) at any time during the period commencing on the date of this Agreement and ending on the Third Anniversary, exceeds one hundred and ten per cent (110%) of the aggregate of (i) the Loan (or the Equivalent Amount in Dollars when the Loan or part thereof is denominated in one or more Optional Currencies) and (ii) the cost (if any) (as certified by the Bank whose certificate shall in the absence of manifest error, be binding on the Borrower) of terminating any Transaction entered into pursuant to the Master Agreement; and
(b) at any time after the Third Anniversary, exceeds one hundred and twenty per cent (120%) of the aggregate of (i) the Loan (or the Equivalent Amount in Dollars when the Loan or part thereof is denominated in one or more Optional Currencies) and (ii) the cost (if any) (as certified by the Bank whose certificate shall in the absence of manifest error, be binding on the Borrower) of terminating any Transaction entered into pursuant to the Master Agreement,
(c) and the Borrower shall previously have provided further security to the Bank pursuant to clause 9.2.1(b) then the Bank shall, as soon as reasonably practicable after receiving a written request from the Borrower to do so and subject to being indemnified to its satisfaction against the cost of doing so, release any such further security specified by the Borrower provided that the Bank is satisfied that, immediately following such release, the Security Value will be equal to or in excess of the Security Requirement.
Security Release. Sellers shall deliver to Purchaser no later than the Closing Date a security release with respect to any of the Loans that are subject to any security interest, pledge or hypothecation for the benefit of any Person, in such form as may be mutually agreeable to Purchaser, Sellers and the holder of such security interest, pledge or hypothecation.
Security Release. The Obligations of the Borrower shall be secured by (i) a perfected first priority lien and security interest to be held by the Agent for the benefit of the Banks in 4,016,940 shares of common
(a) Agent shall, at Borrower's cost and expense, release from the lien of the Security Documents 1,316,940 shares of common stock of Price evidenced by Certificate Number 4007 so that thereafter the Loans shall be secured by 2,700,000 shares of Price common stock. Borrower agrees to execute and deliver such documents as Agent may reasonably request in connection with the release of the 1,316,940 shares of Price common stock.
Security Release. A. Periodically, as payments are made by the Developer for the completion of portions of the Improvements, and when it is reasonably prudent, the Developer may request the City that the surety be proportionately reduced for the portion of the Municipal Improvements which have been fully completed and payment made. All such decisions shall be at the discretion of the City Council. The City’s cost for processing reduction request(s) shall be billed to the Developer. Such cost shall be paid to the City within thirty (30) days of the date of mailing of the billing.
B. The Developer may request of the City a reduction or release of any surety as follows:
i. When another acceptable letter of credit or surety is furnished to the City to replace a prior letter of credit or surety.
ii. When all or a portion of the Improvements have been installed, the letter of credit or surety may be reduced by the dollar amount attributable to that portion of improvements so installed, except that the City shall retain the letter of credit or surety in the amount of 10% of the estimated construction price of the Improvements during the two-year warranty period.
iii. As to all requests brought under this subparagraph B, the City Council shall have complete discretion whether to reduce or not to reduce said letter of credit or surety.
C. The costs incurred by the City in processing any reduction request shall be billed to the Developer and paid to the City within thirty (30) days of billing.
Security Release. If the Security Value shall at any time during the three year period starting from the date of this Agreement exceeds one hundred and four per cent (104%) of the Security Requirement during that period or, at any time thereafter exceeds one hundred and four point seventeen per cent (104.17%) of the Security Requirement during that period, and the Borrower shall previously have provided further security to the Bank pursuant to clauses 9.2.1(b) or 9.2.1(c) the Bank shall, as soon as reasonably practicable after receiving a written request from the Borrower to do so, release any such further security specified by the Borrower provided that the Bank is satisfied that, immediately following such release, the Security Value will be equal to or in excess of the Security Requirement.
