Common use of Effective Date of Release Clause in Contracts

Effective Date of Release. Upon the delivery of a Notice of Release, the release shall take effect upon the issue by the Account Bank (as defined in the Intercreditor Agreement) to EIB of a certificate, in form and substance satisfactory to EIB, to the effect that the conditions specified in Clause 12.1(b)(i) to (vi) is fulfilled as at the date of issue of such certificate.