Release of Security. (a) If a disposal of any asset subject to security created by a Security Document is made in the following circumstances:
Release of Security. Subject to Section 9.4, the Agent will release and discharge (or cause to be released and discharged) at no cost to the Authority, and as soon as reasonably possible, all security in respect of each of the Material Contracts in respect of which any of Project Co’s rights or obligations thereunder are assumed, transferred or assigned by or to the Authority (or by or to a third party designated by the Authority) pursuant to a Material Project Contractor Collateral Agreement.
Release of Security. The Municipality agrees to return the said security to the Owner upon the completion and final approval of the works specified in this Agreement which approval is at the Municipality’s sole discretion.
Release of Security. Unless required by local law the circumstances in which the security shall be released should not be dealt with in individual security documents but, if so required, shall, except to the extent required by local law, be the same as those set out in the Indenture or the Intercreditor Agreement or any Additional Intercreditor Agreement and not require any further consent by the Security Agent, the Trustee or any Holder.
Release of Security. (a) If a disposal to a person or persons outside the Group of assets or shares owned by an Obligor over which security has been created by the Security Documents is:
Release of Security. Subject to any other rights or remedies of the Commonwealth under the Contract or otherwise at law or in equity (including the right of set-off in clause 12.15), the Commonwealth must: within 14 days of the issue of a Notice of Completion for the Works or a Stage, release from the security held under clause 4.1, 50% of the security held for the Works or the Stage under clause 4.1; within 14 days of the expiration of the Defects Liability Period for the Works or a Stage (excluding any extensions under clause 9.11), release such amount of the security under clause 4.1 then held for the Works or the Stage, as the Contract Administrator determines to be reasonable, having regard to the work to which any remaining Defects Liability Period applies, to ensure the Commonwealth's interests are not prejudiced; and release the balance of the security then held under clause 4.1 following the latest of: the expiry of the last Defects Liability Period; or the Contractor has complied with all its obligations under the Contract. Interest The Commonwealth: is not obliged to pay the Contractor interest on: the Approved Security; or subject to paragraph (b), the proceeds of the Approved Security if it is converted into cash; and does not hold the proceeds or money referred to in subparagraph (i) on trust for the Contractor. If the Commonwealth makes a call upon any security held under clause 4.1 and obtains cash as a consequence: the Commonwealth will pay simple interest, at the rate applying to damages for the purpose of clause 12.13, on the amount of any cash obtained in excess of the sum to which the Commonwealth is entitled at the time of such call; and the sum attracting interest pursuant to subparagraph (i) will be further reduced by any unsatisfied amounts which subsequently become payable (whether as a debt, by way of damages or otherwise) by the Contractor to the Commonwealth at the time such amounts become payable.
Release of Security. (a) In the event that (i) on a pro forma basis giving effect to the release of the security for the Securities and any other Debt of the Company with similar release provisions, (A) no Debt of the Company would be outstanding and (B) there would be no availability to the Company under any bank credit facilities, operating credit facilities or swap agreements, in the case of each of (A) and (B) that is or are secured by a Lien of the Pledge Agreement or any Collateral Document or any other Lien on the Deed of Trust Collateral, (ii) the ratings assigned to the Securities by at least two of the three Rating Agencies are Investment Grade Ratings and (iii) no Default or Event of Default has occurred and is continuing under this Indenture, then, without the consent of the Holders, the Company may permanently terminate the Lien of the Pledge Agreement or any Collateral Document and any other Lien on the Deed of Trust Collateral. On the Release Date, the provisions of Article Twelve of this Indenture shall terminate and have no further force or effect.
Release of Security. At the end of the Security Period the Security Trustee shall release without any recourse, warranty or covenants for title whatsoever, all security granted to it pursuant to the Finance Documents then held by it, whereupon the Security Trustee shall be discharged from all liabilities and obligations under this Agreement and the other Finance Documents.
Release of Security. 11.1 As soon as the Issuer has fully and finally discharged all obligations secured by this Agreement, the Security Trustee shall promptly retransfer any remaining Security transferred to it under this Agreement and that it still holds at such time to or to the order of the Issuer. The Security Trustee undertakes to notify each shareholder of the Issuer of the full satisfaction of all obligations secured hereunder and of the retransfer of the Security. For the purpose of release, the Security Trustee may rely on evidence which shows that all moneys necessary for the satisfaction of the obligations secured by this Agreement have been transferred to the Paying Agent who then forwarded the proceeds. A confirmation of the Paying Agent will be sufficient evidence for the purpose of the preceding sentence.
Release of Security. (a) The Custodian hereby confirms having received from the Bank a release of security (a “Release of Security”) as of the date hereof substantially in the form attached as Exhibit A to this Agreement with respect to the Shared Security for all Related Loans existing as of the date hereof.
