Release Value definition

Release Value as used herein refers to the fifteen (15) day volume weighted average trading price of Cardium common stock as of the date that Cardium provides notice to SourceOne of the designation of a Joint Product.

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Release Value means the present value assigned by the Agent to any property included in the Oil and Gas Properties to be sold by Borrower, such value to be determined by the Required Banks upon receipt of notice of a proposed disposition pursuant to paragraph 4 and calculated, in accordance with the standards set forth herein for the Banks' determinations of the Aggregate Borrowing Base, as a percentage of the total amount determined by the Banks pursuant to paragraph 5(a)(ii) in effect at the time of the Release Value determination, such percentage to be equal to the proportionate value assigned to such property by the Banks in the total paragraph 5(a)(ii) amount; provided, however, that if at the time of the Release Value determination there is any Excess Debt outstanding (as determined by the Agent pursuant to paragraph 6) or there would be Excess Debt as the result of the proposed disposition, then the Release Value shall be an amount determined by the Agent in its sole discretion, but in any event not to exceed the amount necessary to eliminate any Excess Debt then existing or arising after taking into account the sale of such property.

Release Value means for each asset initially included in the Borrowing Base, the value ascribed to such asset on Schedule 1.6 or Schedule 1.7 attached hereto and for Mortgaged Properties added to the Borrowing Base after the date hereof in accordance with Section 1.6, the release value ascribed to such asset by the Agent (and disclosed in writing to Mirant) upon its inclusion in the Borrowing Base in accordance with Section 1.6.

Examples of Release Value in a sentence

• Upon receipt by an Obligor of any Cash Proceeds from any Replacement Secured Financing, the Borrower shall prepay the Loan from the proceeds thereof in the manner provided below in an aggregate amount equal to the Collateral Release Value for each item or category (as applicable) of Collateral subject to such Replacement Secured Financing.

• Upon notice of designation of each Joint Product (up to ten (10) Joint Products) the escrow agent will be instructed to release to SourceOne a number of License Equity shares with a Release Value approximately equal to the lesser of (i) One Hundred and Ten Thousand Dollars ($110,000) or (ii) the total Release Value of all remaining shares of License Equity held in escrow.

• Upon receipt by an Obligor of any Cash Proceeds from any Future Issuance constituting a Replacement Secured Financing, the Borrower shall prepay the Loan from the proceeds thereof in the manner provided below in an aggregate amount equal to the Collateral Release Value for each item or category (as applicable) of Collateral subject to such Replacement Secured Financing.

• The definition of Collateral Release Value is hereby amended by adding the following proviso after the parenthetical at the end of the definition: “; provided that with respect to any Specified Transaction, the Collateral Release Value is the minimum amount necessary to satisfy the applicable Specified Transaction Prepayment Condition with respect to such Specified Transaction”.

• Such prepayments shall be in an amount equal to the amount by which the aggregate outstanding principal amount under the Notes (including the face amount of any letters of credit) exceeds the amount determined by the Banks pursuant to paragraph 5(a)(ii) then in effect after giving effect to such asset sale, but not to exceed the Release Value.

• Sales of any Oil and Gas Properties shall result in an automatic reduction of the amount determined by the Agent pursuant to paragraph 5(a)(ii) equal to the Release Value for such assets sold and, to the extent required under the provisions of paragraph 5, in the Aggregate Borrowing Base.

• If an amount proposed for compromise, settlement, sale (other than a Permitted Sale of a Bankrupt Account) or acceptance of a Re-Write Note with respect to any Asset is in excess of the Permitted Release Value established for such Asset, the Servicer may proceed without the consent of the Lender to compromise, sell, settle or accept a Re-Write Note for such Asset for such higher amount.

• The Borrower shall not, and the Servicer shall be instructed not to, compromise, sell or settle any Account or other Asset for an amount less than ten percent of the outstanding principal balance together with accrued and unpaid interest of an Account without first obtaining the prior written consent of the Lender (herein, with respect to each Account, the "Permitted Release Value").

• If an amount proposed for settlement or sale of an Account is in excess of the Permitted Release Value established for such Account, the Servicer may proceed without the consent of the Lender to compromise, sell, or settle such Account for such higher amount.