Common use of Release of Securities Clause in Contracts

Release of Securities. In accordance with Proper Instructions, the Bank shall deliver Securities held in the Custody Account designated as sold for the account of the Company to the person specified in the instructions relating to such sale. The Bank shall release such Securities only upon receipt of payment therefore in accordance with the customary and established trading and securities processing practices, unless prior to the release of the company's securities the bank has received permission from a person named in the certificate to release the company's securities without payment therefore. The Bank shall notify the Company promptly (and in any event no later than the next business day) of any failure to deliver Securities.