Release Process Clause Samples
Release Process. Subject to the provisions of Section 2.7(b) hereof, in connection with each closing of a sale of an item of Encumbered Timeshare Product at the Timeshare Project ("Closing Timeshare"), Borrower shall pay to Lender an amount calculated in respect of each Closing Timeshare, until the earlier of the Maturity Date or until the Loan is paid in full (as to each Closing Timeshare, such amount is called the "Release Payment" and as to all Closing Timeshares, the aggregate of such amounts is called the "Release Payments").
(i) The Release Payment per Closing Timeshare shall be an amount equal to the greater of (a) the then applicable Release Percentage multiplied by the sales price of such Closing Timeshare or (b) an amount, calculated from time to time by Lender in good faith, as may be necessary to cause the entire Loan to be fully paid upon the initial closing on sales of 75% of the total amount of Encumbered Timeshare Product in respect of which Advances are available for borrowing.
(ii) On or before the Monthly Payment Date subsequent to the month in which the sale of a Closing Timeshare occurs, Borrower shall deliver, or cause to be delivered, to Lender the required Release Payment for such Closing Timeshare. Upon the payment of the required Release Payment, Lender shall credit the Release Payment as provided in Section 2.10. Borrower acknowledges that Lender shall have no obligation to execute or deliver or authorize the recording of any partial release of the Mortgage related to a Closing Timeshare prior to Lender's receipt of the Release Payment for such Closing Timeshare in good collected funds in U.S. dollars. In connection with the sale of a Closing Timeshare to a Purchaser, Lender agrees to execute and deliver to Borrower the partial release referenced below, pursuant to which the security interest in such Closing Timeshare created by the Mortgage will be released if, and only if, all of the following conditions have been satisfied:
(A) The full Release Payment in respect of such Closing Timeshare shall have been paid to and received by Lender in good and collected funds; and
(B) A partial release of mortgage, in the form attached hereto as Exhibit F shall have been completed by Borrower and submitted to Lender with the aforesaid request. Borrower shall bear the responsibility of recording any and all documents executed and delivered pursuant to this section. Borrower shall also pay all escrow costs and recording and transfer costs in respect to such d...
Release Process. In connection with each closing of a sale of an item of Timeshare Inventory (“Closing Timeshare”), Borrower shall pay to Lender an amount calculated in respect of each Closing Timeshare, until the earlier of the Maturity Date or until the Loan is paid in full (as to each Closing Timeshare, such amount is called the “Release Payment” and as to all Closing Timeshares, the aggregate of such amounts is called the “Release Payments”).
(i) The Release Payment per Closing Timeshare shall be an amount equal to the greater of (a) the Release Percentage multiplied by the sales price of each Closing Timeshare that is sold to a Purchaser or (b) an amount, calculated from time to time by Lender in good faith, as may be necessary to cause the Loan to be paid in full upon the initial sale of 93.8% of the total Vacation Points (such total equaling 78,794,000 and 93.8% of such total equaling 73,908,772) attributable to the Timeshare Inventory at the Property. To the extent the then Release Percentage is not adequate to meet the 93.8% sellout requirement set forth in 6284.345.1224403.10 17 4/16/2018 clause (b) above, the Release Percentage shall either be appropriately adjusted upward in good faith or Borrower shall make a prepayment of the Loan (without a prepayment premium) to such a degree that the 93.8% sellout requirement will be met. To the extent that previously-sold Timeshare Inventory is recovered by Borrower through foreclosure, forfeiture or other means (including as a trade-in in connection with an upgrade), a Release Payment in the amount set forth above shall be paid upon the re-sale of Timeshare Inventory; however Borrower shall not be required to re-encumber such Timeshare Inventory under the lien of the Mortgage when such Timeshare Inventory is recovered.
(ii) On or before the Monthly Payment Date subsequent to the month in which the sale of a Closing Timeshare occurs, Borrower shall deliver, or cause to be delivered, to Lender the required Release Payment for such Closing Timeshare. Upon the payment of the required Release Payment, Lender shall credit the Release Payment as provided in Section 2.10. Borrower acknowledges that Lender shall have no obligation to execute or deliver or authorize the recording of any partial release of the Mortgage related to a Closing Timeshare prior to Lender's receipt of the Release Payment for such Closing Timeshare in good collected funds in U.S. dollars. In connection with the sale of a Closing Timeshare to a Purchaser,...
Release Process. Notwithstanding anything else in the Agreement to the contrary, for all subsequent Primary Releases, the parties shall adhere to the following Software Development Lifecycle methodology, which includes system requirements, design, development, testing and deployment: The SDLC is divided into 4 phases; each phase has a different focus and objective as described below:
Release Process. Vehicles shall be released by the Contractor only as follows: Evidence Holds. A vehicle impounded as evidence by order of the SPD shall be released only upon order of the SPD. After the Contractor has received the faxed or written SPD "hold" release order, the vehicle shall be released to the claimant at no cost to that person, if redeemed within 48 hours of the hold release, and if and only if:
(a) the SPD has determined that the impoundment was erroneous; or the SPD has determined that the registered owner or a driver authorized by the registered owner of the impounded vehicle was not arrested or charged with a crime in connection with the incident leading to the impoundment; provided, that for the purpose of this subsection, if the SPD has made a recommendation to the City Attorney's Office or the King County Prosecuting Attorney that charges be filed or if the SPD has determined that such a recommendation should be made, such owner or authorized driver shall be deemed to have been so arrested or charged. Each SPD action in (a) and (b) above shall be indicated by a ▇▇▇▇ in the "City Pays" portion of the Vehicle Hold Release Form or by some other indication conveying a similar conclusion. The person to whom the vehicle is released will be responsible for payment for any storage charges incurred after the forty-eight (48) hour period following the notification made to the owner that the SPD hold on the vehicle has been removed. For payment procedures, see Section 9 of this Contract Extension.
Release Process. The Borrower shall have the right to optionally prepay Advances in whole or in part at any time. In connection with any such prepayment, the Borrower may request a Release in connection therewith (i) at any time but only in connection with a Whole Loan Sale or Securitization Transaction or (ii) only after the occurrence of the first anniversary of the Closing Date, in each case subject to the terms of this Section 2.04 and the conditions precedent set forth in Section 5.02. The Borrower may request a Release described in clause (i) or (ii) above on any Business Day (a “Release Date”) by delivering to the Administrative Agent (which document the Administrative Agent shall promptly make available to the Lenders in accordance with its customary practice) by not later than 3:00 p.m. New York City time at least two (2) Business Days prior to the requested Release Date, written notice substantially in the form of Exhibit F (a “Release Notice”). In connection with (A) any prepayment made on or after the first anniversary of the Closing Date, or (B) any Release described in clause (i) or (ii) above made in accordance with the terms of this Section 2.04, the Borrower may elect to reduce the Aggregate Commitments, pro rata among the Committed Lenders, by an amount up to the Facility Limit by including such election in the related Release Notice (each such election, a “Commitment Reduction” and each such amount, a “Commitment Reduction Amount”) and such Commitment Reduction shall be effective upon the date of such prepayment or the related Release on the Release Date, as applicable. Each Release Notice shall be irrevocable and effective upon receipt; provided further that if such Release Notice is delivered more than two Business Days prior to the requested Release Date, it shall be revocable, without penalty, through the close of business on the Business Day preceding such second prior Business Day. By not later than 3:00 p.m. New York City time at least one Business Day prior to the requested Release Date, the Borrower shall deliver to the Administrative Agent (which document the Administrative Agent shall promptly make available to the Lenders in accordance with its customary practice), a written notice substantially in the form of Exhibit I (a “Release Letter”), confirming the Release Date and setting forth certain information related to the distribution of funds on such Release Date and, if applicable, the Release of certain Purchased Participations.
Release Process. Part A Loan
(A) The Part A Loan will be advanced on Closing to the Disbursement Trust Account and, except for any advances made to pay interest on the Loan until the commencement of principal repayments which will be released automatically on each payment date, will be released from the Disbursement Trust Account (including for the purpose of reimbursement to the Guarantor for amounts advanced or otherwise expended for construction of the Project prior to or following the date of the first advance in excess of the amount of investment required by the Borrower in section 3.3 (14)) subject to compliance with the following conditions:
(a) releases shall comply with all holdback requirements of the Builders Lien Act (Alberta) and Advances and amounts released under the Part A Loan shall at no time exceed the lesser of:
(i) the total cost of work in place on the Project, including soft costs and interest accrued less holdbacks, and the cost of equipment acquired; and
(ii) the amount which would ensure that the remaining amount to be released on Part A Loan is sufficient to satisfy the cost to complete the Project, less holdbacks and deferred accounts payable.
(b) the Borrower shall have delivered to the Lender a Progress Claim and a Progress Report;
(c) the Borrower has complied with its obligation to fund any Shortfall from sources other than the Loan;
(d) no construction liens or other encumbrances other than the Permitted Encumbrances, are registered against the Project;
(e) the Borrower shall have complied with all relevant provisions of the Builders Lien Act (Alberta); and
(f) the Project and the Borrower, as applicable, will be in compliance with the Syncrude Agreements and the Marsulex Agreements.
(B) The Lender will advance the final Advance of the amounts held back only upon compliance by the Borrower with the requirements of the Builders Lien Act (Alberta) permitting final advance of Holdbacks after substantial completion, subject to the right of the Lender to hold back additional amounts for finishing Holdbacks as contemplated by the Builders Lien Act (Alberta); and subject to compliance with the following condition:
(i) the Borrower, as a condition to receiving the final Advance, shall deliver to the Lender a copy of a certification or declaration of the substantial performance of the contracts between the Borrower and the contractors of the Project, or the relevant portion thereof, made and published in accordance with the provisions of the Alberta...
Release Process. Amounts shall be released from the Withheld Funds for the purposes set forth in Sections 4.3 above upon a request from Purchaser, in the manner and following the procedures set forth below:
Release Process. The release of the premises requires prior written consent from the landlord, granted at their discretion. Upon release, you, as the original tenant, incur a re-letting fee per your individual lease agreement.