Release Date definition
Examples of Release Date in a sentence
The Borrowing Base Certificate required to be delivered with any Release Notice shall be dated and current as of the close of business on the date preceding the delivery date for such Release Notice set forth above and shall show pro forma calculations of the Reserve Account Funding Requirement, the Class A Borrowing Base and Class B Borrowing Base as of the applicable Release Date (after giving effect to any Release on such date).
On each Release Date, by 1:00 p.m. New York City time, the Company shall remit funds to the Class A Lenders or the Class B Lenders, as applicable, in the amount of the prepayment set forth in the Release Letter and the amount of any Borrowing Base Deficiency (as determined after giving effect to any Release, prepayment and any other distributions on such date).
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.
After the Reserve Release Date, the Collateral Agent may close the US Facility Reserve Account.
The Borrower, may, upon the confirmation of the Reserve Release Date from the Administrative Agent, request the transfer the amounts on deposit in the US Facility Reserve Account to one or more Collateral Accounts (and the Collateral Agent shall countersign any apply applicable withdrawal certificates).