Release of Contracts. Except for a release to an insurer in exchange for insurance proceeds paid by such insurer resulting from a claim for the total insured value of a vehicle, neither CAC or CAC as the Servicer shall release a Financed Vehicle securing a Contract from the security interest granted by such Contract in whole or in part except (i) in the event of payment in full by or on behalf of the Obligor thereunder, (ii) settlement materially consistent with the Collection Guidelines, or (iii) repossession, nor shall CAC impair the rights of Funding in the Contracts, except as may be required by Applicable Law.
Release of Contracts. Except for a release to an insurer in exchange for insurance proceeds paid by such insurer resulting from a claim for the total insured value of a vehicle, the Servicer shall not release or direct the Trust Collateral Agent to release the Financed Vehicle securing each such Contract from the security interest granted by such Contract in whole or in part, except in the event of (i) payment in full by or on behalf of the Obligor thereunder, (ii) settlement with the Obligor in respect of defaulted contracts materially consistent with its Collection Guidelines or (iii) repossession, nor shall the Servicer impair the rights of the Noteholders in the Contracts, except as may be required by Applicable Law.
Release of Contracts. 13.5.1 With the exception of Company-Managed Supplies, capacity contracts shall be released by the Company to the Supplier, at the maximum tariff rate or lesser rate paid by the Company and including all surcharges, through pre-arranged capacity releases, pursuant to applicable laws and regulations and the terms of the governing tariffs. In lieu of such capacity release, the Supplier may authorize the Company to retain the capacity for management and cost mitigation under the Company’s Capacity Mitigation Service pursuant to Section 13.11 of these Terms and Conditions.
Release of Contracts. (a) Each of the following events shall herein be a "
Release of Contracts. (a) Upon (i) payment in full of any Contract by the User or by any Person on behalf of such User, (ii) any removal of a Contract by the Transferor pursuant to Section 6.15 hereof, (iii) the Servicer's reasonable determination that all Residual Receipts with respect to any Charged-Off Contract have been received, (iv) any removal of a Contract by the Servicer pursuant to Section 6.12(b) hereof, (v) any removal of a Contract by the Obligors pursuant to Section 6.12(a) hereof or (vi) any removal of a Contract by the Transferor or the Obligors pursuant to Section 6.16 hereof (the events described in clauses (i) through (vi) being "Release Events"), the Servicer will so notify the Trustee of the occurrence thereof on the next succeeding Determination Date by certification (in the form set forth in the Series Related Documents for each Series) to the Trustee from a Servicing Officer, which certification shall include a statement to the effect that all amounts received in connection with such Release Event have been remitted to the applicable Facility Account and may request delivery of the Contract to the Servicer or other Person designated by the Servicer. Upon the Trustee's receipt of such certification and request (subject to its confirmation of the receipt of the required funds in the applicable Facility Account), such Contract and the related Pledged Property appurtenant thereto shall be deemed to be released from the related Series Trust Estate. Upon release of such Contract, the Servicer is authorized to execute an instrument in satisfaction of such Contract and to do such other acts and execute such other documents as it deems necessary to discharge the User thereunder and release the related Equipment: (u) to the related User in the event of a Release Event described in clause (i) of the immediately preceding paragraph; (v) to the Transferor in the event of a Release Event described in clause (ii) of the immediately preceding paragraph; (w) to the Person, if any, purchasing the related Equipment in the event of a Release Event described in clause (iii) of the immediately preceding paragraph, or, if no person is purchasing such Equipment, to the related Obligor; (x) to itself in the event of a Release Event described in clause (iv) of the immediately preceding paragraph; (y) to the related Obligor in the event of a Release Event described in clause (v) of the immediately preceding paragraph or (z) to the related Obligor or the Transferor, as applicable, ...
Release of Contracts. The Debtor shall have the right to require the Collateral Agent to release all of the Collateral Agent's right, title and interest in and to all or certain specified Contracts and all Receivables thereunder and all related property on the terms and conditions set forth herein (the effective date of any such release, the "Removal Date"). It shall be a condition precedent to any such release that (i) after giving effect to any such release, the Net Investment shall not exceed the Noteholder's Percentage of the Borrowing Base, such determina- tion to be based on the most recent Monthly Servicer's Certificate delivered by the Servicer on behalf of the Debtor, (ii) such release does not result in a Termination Event, (iii) the Debtor shall (y) pay to the Collateral Agent for deposit into the Collection Account on the day of receipt from the Debtor, an amount equal to the lesser of (A) the Principal Balance of the Receivables to be re leased on such Removal Date or (B) the amount necessary, if any, to reduce the Net Investment such that the Net Investment does not exceed the Noteholder's Percentage of the Borrowing Base after giving effect to such release and (z) pay to the Collateral Agent for deposit into the Collection Account on the day of receipt from the Debtor, an amount equal to all unpaid Carrying Costs (including Carrying Costs not yet accrued) to the extent reasonably determined by the Agent to be attributable to that portion of the Net Investment to be reduced as a result of the payment referred to in clause (y) above, (iv) the Debtor shall have given the Collateral Agent, the Insurance Provider and the Agent at least five (5) days prior written notice of its intention to request the release of such Receivables, and (v) all amounts due under this Agreement, the Note Purchase Agreement and the Insurance Agreement, to the extent accrued to the date of such release, shall be fully paid. It is the intention of the parties that, to the extent the Company has an interest in the Note and the Company is funding such interest in the Note through Related Commercial Paper, the Debtor shall pay to the Collateral Agent such amounts as are required under this Section 2.5 no later than 12:00 noon (New York time) on the Business Day which is the maturity date of the Related Commercial Paper, which is funding the Receivables to be released, issued by the Company to fund its interest in the Note. The amount described in clause (iii) above upon receipt by the Collatera...
Release of Contracts. (a) Upon (i) payment in full of any Contract by the User or by any Person on behalf of such User, (ii) any removal of a Contract by the Contributor pursuant to Section 6.15 hereof, (iii) the Servicer's reasonable determination that all Residual Receipts with respect to any Charged-Off Contract have been received, (iv) any removal of a Contract by the Servicer pursuant to Section 6 12(b) hereof, or (v) any removal of a Contract by the Obligors pursuant to
Release of Contracts. Except for a release to an insurer in exchange for insurance proceeds paid by such insurer resulting from a claim for the total insured value of a vehicle, neither CAC nor the Servicer shall release the Financed Vehicle securing each such Contract from the security interest granted by such Contract in whole or in part except in the event of payment in full by or on behalf of the Obligor thereunder or repossession, nor shall CAC impair the rights of Funding in the Contracts, except as may be required by applicable law.
