Common use of Release of Funds Clause in Contracts

Release of Funds. On the Redemption Date, the outstanding Note Balance of the Notes plus accrued and unpaid interest on the Notes will become due and payable and that interest on the Notes will cease to accrue from and after the Redemption Date, unless the Issuer fails to pay the Notes on the Redemption Date. On redemption, the Indenture Trustee will release the Collateral from the Lien of this Indenture and release to the Issuer or any other Person entitled to funds then in the Bank Accounts under this Indenture according to Section 8.4(c).

Appears in 88 contracts

Samples: Indenture (Ford Credit Auto Owner Trust 2024-C), Indenture (Ford Credit Auto Owner Trust 2024-C), Indenture (Ford Credit Auto Receivables Two LLC)

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Release of Funds. On the Redemption Date, the outstanding Note Balance of the Notes plus accrued and unpaid interest and any unpaid Make-Whole Payments on the Notes will become due and payable and that interest on the Notes will cease to accrue from and after the Redemption Date, unless the Issuer fails to pay the Notes on the Redemption Date. On redemption, the Indenture Trustee will release the Collateral from the Lien of this Indenture and release to the Issuer or any other Person entitled to funds then in the Bank Accounts under this Indenture according to Section 8.4(c).

Appears in 20 contracts

Samples: Transfer and Servicing Agreement (Verizon Owner Trust 2020-A), Transfer and Servicing Agreement (Verizon Owner Trust 2020-C), Transfer and Servicing Agreement (Verizon Owner Trust 2020-B)

Release of Funds. On the Redemption Date, the outstanding Note Balance principal amount of the Notes plus accrued and unpaid interest on the Notes will become be due and payable and that interest on the Notes will cease to accrue from and after the Redemption Date, unless the Issuer fails to pay repay the Notes on the Redemption Date. On redemption, the Indenture Trustee will release the Collateral from the Lien of this Indenture and release to the Issuer or any other Person entitled to funds then in the Bank Accounts under this Indenture according to Section 8.4(c).

Appears in 4 contracts

Samples: Indenture (Ford Credit Auto Receivables Two LLC), Indenture (Ford Credit Auto Receivables Two LLC), Indenture (Ford Credit Auto Receivables Two LLC)

Release of Funds. On the Redemption Date, the outstanding Note Balance of the Notes plus accrued and unpaid interest [and any unpaid Make-Whole Payments] on the Notes will become due and payable and that interest on the Notes will cease to accrue from and after the Redemption Date, unless the Issuer fails to pay the Notes on the Redemption Date. On redemption, the Indenture Trustee will release the Collateral from the Lien of this Indenture and release to the Issuer or any other Person entitled to funds then in the Bank Accounts under this Indenture according to Section 8.4(c).

Appears in 3 contracts

Samples: Verizon ABS LLC, Verizon ABS LLC, Verizon ABS LLC

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Release of Funds. On the Redemption Date, the outstanding Note Balance of the Notes plus accrued and unpaid interest on the Notes will become due and payable and that interest on the Notes will cease to accrue from and after the Redemption Date, unless the Issuer fails to pay the Notes on the Redemption Date. On redemption, the Indenture Trustee will release the Collateral from the Lien of this Indenture and release to the Issuer or any other Person entitled to funds then in the Bank Accounts under this Indenture according to Section 8.4(c).. 44

Appears in 2 contracts

Samples: Indenture (Ford Credit Auto Owner Trust 2023-B), Indenture (Ford Credit Auto Owner Trust 2023-B)

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