Lien Release. Upon the transfer by the Parent or any Subsidiary (other than Zipcar Finance) of Vehicles to Zipcar Finance in a securitization as permitted under this Loan Agreement, any Liens with respect to such Vehicles and Vehicle Proceeds arising under the Loan Agreement or any Transaction Documents shall automatically be released (and the Agent is hereby authorized to execute and enter into any such releases and other documents as the Parent may reasonably request in order to give effect thereto).
Appears in 2 contracts
Samples: Loan and Security Agreement, Loan and Security Agreement (Zipcar Inc)
Lien Release. Upon the transfer by the Parent or any Subsidiary (other than Zipcar Finance) of Vehicles to Zipcar Finance in a securitization as permitted under this Loan Agreement, any Liens with respect to such Vehicles and Vehicle Proceeds arising under the Loan Agreement or any Transaction Loan Documents shall automatically be released (and the Agent is hereby authorized to execute and enter into any such releases and other documents as the Parent may reasonably request in order to give effect thereto).
Appears in 2 contracts
Samples: Loan and Security Agreement, Loan and Security Agreement (Zipcar Inc)
Lien Release. Upon the transfer by the Parent or any Subsidiary (other than Zipcar Finance) of Vehicles to Zipcar Finance in a securitization as permitted under this Loan Agreement, any Liens with respect to such Vehicles and Vehicle Proceeds arising under the Loan Agreement or any Transaction Loan Documents shall automatically be released (and the Agent Lender is hereby authorized to execute and enter into any such releases and other documents as the Parent may reasonably request in order to give effect thereto).
Appears in 1 contract
