Net Release definition
Net Release means (a) in the event that the Reserved Matter Policy has been obtained prior to the First Effective Time, the Reserve Amount minus (i) the premium for the insurance policy covering the exposure from the Reserved Matter and (ii) the individual-claim retention or deductible applicable to such Reserved Matter Policy and (b) otherwise, zero.
Examples of Net Release in a sentence
If the Like-Kind Exchange Program is established, in connection with the sale or disposition of a Mortgaged Property, the Property Manager may elect to deposit or cause to be deposited the related Net Release Price into an Exchange Account (in lieu of the Release Account) for the purpose of consummating an Exchange pursuant to Section 7.01(d).