Common use of Release of Particular Collateral Clause in Contracts

Release of Particular Collateral. (a) If no Event of Default or Unmatured Event of Default has occurred which is continuing, the Agent shall, at the written request of the Company, release its security interest in any item of Collateral specified by the Company in such written request, provided that, after giving effect to such requested release, the Warehousing Borrowing Base (including therein the Warehousing Collateral Value of any Collateral given in substitution for the Collateral to be released) shall not be less than the aggregate principal amount outstanding under the Warehousing Note. If the Company requests and is entitled to a release of a Pledged Mortgage Loan pursuant to the preceding sentence, the Agent shall promptly redeliver to the Company or its designee (i) the Mortgage Note evidencing such Pledged Mortgage Loan endorsed without recourse upon, or representation or warranty by, the Agent and (ii) a reassignment, without recourse upon, or representation or warranty by, the Agent, of any part of the Collateral that secures such Mortgage Note. (b) Whether or not the Company, by terms of this Section 10.04, is entitled to a release of the Agent's security interest in the Collateral, the Agent shall release such security interest in any Pledged Mortgage Loan to the extent necessary to permit the Company to execute any full or partial release of any mortgage, deed of trust, security agreement, financing statement or other security instrument or deed which the Company is contractually obligated to release upon payment thereof or of a minimum release price, provided the Company arranges to have such payment remitted directly by the Obligor or closing agent to the Agent for application upon the unpaid principal amount outstanding under the Warehousing Note, unless an Event of Default has occurred which is continuing, in which case such payment shall be applied as provided in Section 17 hereof. (c) Upon the Agent's receipt of the proceeds from the sale of a Pledged Mortgage Loan delivered to an Investor pursuant to Section 10.02 hereof or to a pool custodian pursuant to Section 10.03 hereof, the security interest of the Agent in such Pledged Mortgage Loan and in the Mortgage Note and other documents related thereto shall terminate without further action by the Agent. (d) Upon the Agent's receipt of the proceeds from the sale of a Related Mortgage-backed Security representing an interest in, or which is secured by, Pledged Mortgage Loans delivered pursuant to Section 10.03 hereof, the security interest of the Agent in such Related Mortgage-backed Security and in such Pledged Mortgage Loans shall terminate without further action by the Agent.

Release of Particular Collateral. (a) If no Event of Default or Unmatured Event of Default has occurred which is continuing, the Agent shall, at the written request of the Company, release its security interest for the benefit of the Lenders in any item of Collateral specified by the Company in such written request, provided that, after giving effect to such requested release, the Warehousing Borrowing Base (including therein the Warehousing Collateral Value of any Collateral given in substitution for the Collateral to be released) shall not be less than the aggregate principal amount outstanding under the Warehousing NoteNotes. If the Company requests and is entitled to a release of a Pledged Mortgage Loan pursuant to the preceding sentence, the Agent shall promptly redeliver to the Company or its designee (i) the Mortgage Note evidencing such Pledged Mortgage Loan endorsed without recourse upon, or representation or warranty by, the Agent or any Secured Party and (ii) a reassignment, without recourse upon, or representation or warranty by, the AgentAgent or any Secured Party, of any part of the Collateral that secures such Mortgage Note. (b) Whether or not the Company, by the terms of this Section 10.04, is entitled to a release of the Agent's security interest for the benefit of the Secured Parties in the Collateral, the Agent shall release such security interest in any Pledged Mortgage Loan to the extent necessary to permit the Company to execute any full or partial release of any mortgage, deed of trust, security agreement, financing statement or other security instrument or deed which the Company is contractually obligated to release upon payment thereof or of a minimum release price, provided the Company arranges to have such payment remitted directly by the applicable Obligor or closing agent to the Agent for application upon the unpaid principal amount outstanding under the Warehousing NoteNotes, unless an Event of Default has occurred which is continuing, in which case such payment shall be applied as provided in Section 17 hereof. (c) Upon the Agent's receipt of the proceeds from the sale of a Pledged Mortgage Loan delivered to an Investor pursuant to Section 10.02 hereof or to a pool custodian pursuant to Section 10.03 hereof, the security interest of the Agent for the benefit of the Secured Parties in such Pledged Mortgage Loan and in the Mortgage Note and other documents related thereto shall terminate without further action by the Agent. (d) Upon the Agent's receipt of the proceeds from the sale of a Related Mortgage-backed Security representing an interest in, or which is secured by, Pledged Mortgage Loans delivered pursuant to Section 10.03 hereof, the security interest of the Agent for the benefit of the Secured Parties in such Related Mortgage-backed Security and in such Pledged Mortgage Loans shall terminate without further action by the Agent.

Release of Particular Collateral. (a) If no Event of Default or Unmatured Event of Default has occurred which and is continuing, the Collateral Agent on behalf of the Pledgees shall, at the written request of the CompanyPledgor, release its their security interest in any item of Collateral specified by the Company Pledgor in such written request, provided that, after giving effect to such requested release, the Warehousing Borrowing Base (including therein the Warehousing Collateral Value of any Collateral given in substitution for the Collateral to be released) shall not be less than the aggregate principal amount outstanding under the Warehousing NoteNotes outstanding. If the Company Pledgor requests and is entitled to a release of a Pledged Mortgage Loan pursuant to the preceding sentence, the Collateral Agent shall promptly redeliver to the Company or its designee (i) Pledgor the Mortgage Note evidencing such Pledged Mortgage Loan endorsed Loan, with any previous endorsement or assignment, without recourse upon, upon or representation or warranty byby the Collateral Agent, the Agent and (ii) a reassignment, without recourse upon, or representation or warranty by, the AgentBanks, of any part of the Collateral that secures such Mortgage Note. (b) Whether or not the CompanyPledgor, by terms of this Section 10.04, is entitled to a release of the Agent's Pledgees’ security interest in the Collateral, the Collateral Agent on behalf of the Pledgees shall release such security interest in any Pledged Mortgage Loan to the extent necessary to permit the Company Pledgor to execute any full or partial release of any mortgage, deed of trust, security agreement, financing statement or other security instrument or deed which the Company Pledgor is contractually obligated to release upon payment thereof or of a minimum release pricethereof, provided the Company arranges to have Pledgor promptly remits such payment remitted directly by the Obligor or closing agent to the Agent to the Settlement Account for application upon the unpaid principal amount outstanding under obligations as provided in the Warehousing NoteCredit Agreement, unless an Event of Default has occurred which is and it continuing, in which case such payment shall be applied as provided in Section 17 hereof. (c) Upon the Agent's ’s receipt of the entire proceeds from the sale of a Pledged Mortgage Loan delivered to an Investor pursuant to Section 10.02 hereof or to a pool custodian pursuant to Section 10.03 hereof, the security interest of the Agent Pledgees in such Pledged Mortgage Loan and in the Mortgage Note and other documents related thereto shall terminate without further action by the Collateral Agent, provided that (i) the Pledgees’ security interest in the proceeds of such Pledged Mortgage Loan, Mortgage Note and other documents shall continue in full force and effect, and (ii) the Collateral Agent shall be authorized to execute any release required in order to obtain such proceeds. (d) Upon the Agent's receipt by the Agent of the entire proceeds from the sale of a Related Mortgage-backed Backed Security representing an interest in, or which is secured by, Pledged Mortgage Loans delivered pursuant to Section 10.03 hereof, the security interest of the Agent in such Related Mortgage-backed Security and Pledgees in such Pledged Mortgage Loans shall terminate without further action by the AgentPledgees, provided that (i) the Pledgees’ security interest in the proceeds of such Mortgage-Backed Security shall continue in full force and effect, and (ii) the Collateral Agent shall be authorized to execute any release required in order to obtain such proceeds.

Release of Particular Collateral. (a) If no Event of Default or Unmatured Event of Default has occurred which is continuing, the Agent shall, at the written request of the Company, release its security interest in any item of Collateral specified by the Company in such written request, provided that, after giving effect to such requested release, the Warehousing Borrowing Base (including therein the Warehousing Collateral Value of any Collateral given in substitution for the Collateral to be released) shall not be less than the aggregate principal amount outstanding under the Warehousing NoteNotes. If the Company requests and is entitled to a release of a Pledged Mortgage Loan pursuant to the preceding sentence, the Agent shall promptly redeliver to the Company or its designee (i) the Mortgage Note evidencing such Pledged Mortgage Loan endorsed Loan, with any previous endorsement or assignment, without recourse upon, upon or representation or warranty by, by the Agent and (ii) a reassignment, without recourse upon, or representation or warranty by, the AgentLenders, of any part of the Collateral that secures such Mortgage Note. (b) Whether or not the CompanyBorrower, by terms of this Section 10.04, is entitled to a release of the Agent's ’s security interest in the Collateral, the Agent shall release such security interest in any Pledged Mortgage Loan to the extent necessary to permit the Company Borrower to execute any full or partial release of any mortgage, deed of trust, security agreement, financing statement or other security instrument or deed which the Company Borrower is contractually obligated to release upon payment thereof or of a minimum release pricethereof, provided the Company Borrower arranges to have such payment remitted directly by the Obligor or closing agent to the Agent for application upon the unpaid principal amount outstanding under the Warehousing NoteNotes, as provided in the Credit Agreement, unless an Event of Default has occurred which is continuing, in which case such payment shall be applied as provided in Section 17 hereof. (c) Upon the Agent's ’s receipt of the proceeds from the sale of a Pledged Mortgage Loan delivered to an Investor pursuant to Section 10.02 hereof or to a pool custodian pursuant to Section 10.03 hereof, the security interest of the Agent in such Pledged Mortgage Loan and in the Mortgage Note and other documents related thereto shall terminate without further action by the Agent, provided that (i) the Agent’s security interest in the proceeds of such Pledged Mortgage Loan, Mortgage Note and other documents shall continue in full force and effect, and (ii) the Agent shall be authorized to execute any release required in order to obtain such proceeds. (d) Upon the Agent's ’s receipt of the proceeds from the sale of a Related Mortgage-backed Security representing an interest in, or which is secured by, Pledged Mortgage Loans delivered pursuant to Section 10.03 hereof, the security interest of the Agent in such Related Mortgage-backed Security and in such Pledged Mortgage Loans shall terminate without further action by the Agent, provided that (i) the Agent’s security interest in the proceeds of such Mortgage-backed Security shall continue in full force and effect, and (ii) the Agent shall be authorized to execute any release required in order to obtain such proceeds.

Release of Particular Collateral. (a) If no Event of Default or Unmatured Event of Default has occurred which is continuing, the Agent shall, at the written request of the Company, release its security interest in any item of Collateral specified by the Company in such written request, provided that, after giving effect to such requested release, the Warehousing Borrowing Base (including therein the Warehousing Collateral Value of any Collateral given in substitution for the Collateral to be released) shall not be less than the aggregate principal amount outstanding under the Warehousing NoteNotes. If the Company requests and is entitled to a release of a Pledged Mortgage Loan pursuant to the preceding sentence, the Agent shall promptly redeliver to the Company or its designee (i) the Mortgage Note evidencing such Pledged Mortgage Loan endorsed Loan, with any previous endorsement or assignment, without recourse upon, upon or representation or warranty by, by the Agent and (ii) a reassignment, without recourse upon, or representation or warranty by, the AgentLenders, of any part of the Collateral that secures such Mortgage Note. (b) Whether or not the CompanyBorrower, by terms of this Section 10.04, is entitled to a release of the Agent's security interest in the Collateral, the Agent shall release such security interest in any Pledged Mortgage Loan to the extent necessary to permit the Company Borrower to execute any full or partial release of any mortgage, deed of trust, security agreement, financing statement or other security instrument or deed which the Company Borrower is contractually obligated to release upon payment thereof or of a minimum release pricethereof, provided the Company Borrower arranges to have such payment remitted directly by the Obligor or closing agent to the Agent for application upon the unpaid principal amount outstanding under the Warehousing NoteNotes, as provided in the Credit Agreement, unless an Event of Default has occurred which is continuing, in which case such payment shall be applied as provided in Section 17 hereof. (c) Upon the Agent's receipt of the proceeds from the sale of a Pledged Mortgage Loan delivered to an Investor pursuant to Section 10.02 hereof or to a pool custodian pursuant to Section 10.03 hereof, the security interest of the Agent in such Pledged Mortgage Loan and in the Mortgage Note and other documents related thereto shall terminate without further action by the Agent, provided that (i) the Agent's security interest in the proceeds of such Pledged Mortgage Loan, Mortgage Note and other documents shall continue in full force and effect, and (ii) the Agent shall be authorized to execute any release required in order to obtain such proceeds. (d) Upon the Agent's receipt of the proceeds from the sale of a Related Mortgage-backed Security representing an interest in, or which is secured by, Pledged Mortgage Loans delivered pursuant to Section 10.03 hereof, the security interest of the Agent in such Related Mortgage-backed Security and in such Pledged Mortgage Loans shall terminate without further action by the Agent, provided that (i) the Agent's security interest in the proceeds of such Mortgage-backed Security shall continue in full force and effect, and (ii) the Agent shall be authorized to execute any release required in order to obtain such proceeds.