Common use of Procedure for Release Clause in Contracts

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.