Security Release Sample Clauses

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. 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, 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. 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. Sellers shall deliver to Purchasers no later than the Closing or the applicable Servicing Assets Settlement a security release with respect to the Purchased Assets 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 Purchasers, Sellers and the holder of such security interest, pledge or hypothecation.

Security Release if the Security Value shall at any time exceed the Security Requirement for a continuing period of at least six (6) months, and the Borrowers shall previously have provided further security for the Loan pursuant to clause 13.2.1(b), 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 any such further security specified by the Borrowers provided that the Facility Agent is satisfied that, immediately following such release, the Security Value will equal or exceed the Security Requirement.

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. (a) The Lender hereby acknowledges and agrees that, from and after the date on which the Merger Agreement is terminated, upon any repayment or prepayment of the Loans and any Other Lender Loans (in each case, whether occurring before or after such termination) that results in the aggregate outstanding principal amount thereof being reduced to an amount less than the total aggregate value of the Collateral at such time, the Lender shall release promptly that portion of the Collateral identified by the Borrower in writing to the Lender so long as the Borrower can reasonably demonstrate that the value of the remaining Collateral after giving effect to such release exceeds the aggregate outstanding principal amount of the Loans and any Other Lender Loans after giving effect to such repayment or prepayment. (b) The Lender hereby agrees to release promptly the Collateral upon repayment or prepayment, as applicable, in full of the Loans and any Other Lender Loans.

Security Release. Notwithstanding anything herein to the contrary, upon satisfaction of the Security Release Conditions (and without any further consent of any Lender or any Agent), the Borrower shall be entitled to a release of the Liens under the Security Documents. In order to effect such release, the Borrower shall notify the Administrative Agent of its intent to effect such release, specifying the proposed date of such release, and, if applicable, shall provide the requisite notice of prepayment under Section 2.09(a). Upon the date specified for such release, if the Security Release Conditions shall have been satisfied, the Borrower shall deliver a certificate of a Financial Officer to such effect to the Administrative Agent, whereupon the Liens under the Security Documents shall, without further action, automatically be released and each Agent will (and is hereby authorized and directed by the Lenders to) take such action, at the request and expense of the Borrower, as shall be necessary to release such Liens in accordance with the relevant Security Documents.

Security Release. If the Security Value shall at any time during the three year period starting from the date of this Agreement exceed one hundred and four per cent (104%) of the Security Requirement during that period or, at any time thereafter exceed 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 clause 9.2.1(b) or 9.2.1