Common use of Release of Pledged Receivables Clause in Contracts

Release of Pledged Receivables. (a) Subject to Section 2.15 hereof, upon the repayment of any Loan, the Borrower may obtain the release of any Pledged Receivable and the related Other Conveyed Property or Related Security securing such Loan (including, without limitation, the release of any security interest of the Collateral Agent or the Borrower therein) by depositing into an account designated by the Lender the Release Price therefor on the date of such repayment; provided, that the foregoing release shall only be available if, after giving effect thereto and the application of the proceeds thereof in accordance with the terms hereof, there shall not be a Borrowing Base Deficiency, Program Termination Event, Pool A Termination Event or a Pool B Termination Event (and such Pool B Termination Event is related to such Pledged Receivable), or an event that but for notice or lapse of time or both would constitute any of the foregoing events. (b) The Borrower shall notify the Collateral Agent of any Release Price to be paid pursuant to this Section 2.13 on the Business Day on which such Release Price shall be paid specifying the Pledged Receivables to be released and the Release Price. (c) Promptly after the Collection Date has occurred, the Collateral Agent shall re-assign and transfer to the Borrower, for no consideration but at the sole expense of the Borrower, their respective remaining interests in the Pledged Assets, free and clear of any Adverse Claim resulting solely from an act by the Collateral Agent but without any other representation or warranty, express or implied, by or recourse against the Collateral Agent.

Release of Pledged Receivables. (a) Subject to Section 2.15 hereof, upon the repayment of any Loan, the Borrower may obtain the release of any Pledged Receivable and the related Other Conveyed Property or Related Security securing such Loan (including, without limitation, the release of any security interest of the Collateral Agent or the Borrower therein) by depositing into an account designated by the Lender the Release Price therefor on the date of such repayment; provided, that the foregoing release shall only be available if, after giving effect thereto and the application of the proceeds thereof in accordance with the terms hereof, there shall not be a Borrowing Base Deficiency, Program Termination Event, Pool A Termination Event or a Pool B Termination Event (and such Pool B Termination Event is related to such Pledged Receivable), or an event that but for notice or lapse of time or both would constitute any of the foregoing eventsa Program Termination Event. (b) The Borrower shall notify the Collateral Agent of any Release Price to be paid pursuant to this Section 2.13 on the Business Day on which such Release Price shall be paid specifying the Pledged Receivables to be released and the Release Price. (c) Promptly after the Collection Date has occurred, the Collateral Agent shall re-assign and transfer to the Borrower, for no consideration but at the sole expense of the Borrower, their respective remaining interests in the Pledged Assets, free and clear of any Adverse Claim resulting solely from an act by the Collateral Agent but without any other representation or warranty, express or implied, by or recourse against the Collateral Agent.

Release of Pledged Receivables. (a) Subject to Section 2.15 hereof, upon Solely in connection with the repayment consummation of any Loanpayment in full by the related Obligor or liquidation by the Servicer of any Receivable, or any required repurchase by Maxtor of Pledged Receivables pursuant to the Purchase Agreement, the Borrower may shall be entitled to obtain the release of any Pledged Receivable and the related Other Conveyed Property or Related Security securing subject to any such Loan (includingtransaction, without limitationpay off, liquidation or repurchase at any time after the release of any security interest of the Collateral Agent or the Borrower therein) date hereof by depositing into an account designated by the Lender Collection Account the Release Price therefor on any Remittance Date and upon such deposit the date Collateral Agent shall execute and deliver, within a reasonable period of time and at the sole expense of the Borrower, such repaymentdocuments as the Borrower determines in its reasonable discretion to be necessary to effect such release; provided, that the foregoing release shall only be available (in cases other than a required repurchase by Maxtor of Pledged Receivables pursuant to the Purchase Agreement) if, after giving effect thereto and the application of the proceeds thereof in accordance with the terms hereof, there shall not be a Borrowing Base Deficiency, Program Termination Deficiency or Early Amortization Event, Pool A Termination Event or a Pool B Termination Event (and such Pool B Termination Event is related to such Pledged Receivable), or an event that but for notice or lapse of time or both would constitute any of the foregoing events. (b) The Borrower shall notify the Collateral Agent and the Facility Insurer of any Release Price to be paid pursuant to this Section 2.13 2.20 on the Business Day on which such Release Price shall be paid specifying the Pledged Receivables to be released and the Release Price. (c) Promptly after the Collection Date has occurred, the Collateral Agent shall re-assign and transfer to the Borrower, for no consideration but at the sole expense of the Borrower, their respective remaining interests in the Pledged Assets, free and clear of any Adverse Claim resulting solely from an act by the Collateral Agent but without any other representation or warranty, express or implied, by or recourse against the Collateral Agent.

Release of Pledged Receivables. (a) Subject to Section 2.15 hereof, upon In connection with the repayment consummation of any LoanTake-Out Securitization, any pay off by the related Obligor or liquidation by the Servicer of any Receivable, or any required repurchase by SRI of Pledged Receivables pursuant to the Receivables Purchase Agreement, the Borrower may shall be entitled to obtain the release of any Pledged Receivable and subject to any such transaction, pay off, liquidation or repurchase at any time after the related Other Conveyed Property or Related Security securing such Loan (including, without limitation, the release of any security interest of the Collateral Agent or the Borrower therein) date hereof by depositing into an account designated by the Lender Agent the Release Price therefor on any Remittance Date and upon such deposit the date Agent shall execute and deliver, within a reasonable period of time and at the sole expense of the Borrower, such repaymentdocuments as the Borrower determines in its reasonable discretion to be necessary to effect such release; provided, that the foregoing release shall only be available if, at the time of the request for such release and after giving effect thereto and the application of the proceeds thereof in accordance with the terms hereof, there shall not be a Borrowing Base Deficiency, Program Termination Event, Pool A Termination an Early Amortization Event or a Pool B Termination Event (and such Pool B Termination Event is related to such Pledged Receivable), or an event that but for notice or lapse of time or both would constitute default under any of the foregoing events. (b) Transaction Document. The Borrower shall notify the Collateral Agent of any Release Price to be paid pursuant to this Section 2.13 2.13(a) on the Business Day on which such Release Price shall be paid specifying the Pledged Receivables to be released and the Release Price. (c) Promptly after the Collection Date has occurred, the Collateral Agent shall re-assign and transfer to the Borrower, for no consideration but at the sole expense of the Borrower, their respective remaining interests in the Pledged Assets, free and clear of any Adverse Claim resulting solely from an act by the Collateral Agent but without any other representation or warranty, express or implied, by or recourse against the Collateral Agent.

Release of Pledged Receivables. (a) Subject to Section 2.15 hereof, upon In connection with the repayment consummation of any LoanTake-Out Securitization, any pay off by the related Obligor or liquidation by the Servicer of any Receivable, or any required repurchase by SRI of Pledged Receivables pursuant to the Receivables Purchase Agreement, the Borrower may shall be entitled to obtain the release of any Pledged Receivable and subject to any such transaction, pay off, liquidation or repurchase at any time after the related Other Conveyed Property or Related Security securing such Loan (including, without limitation, the release of any security interest of the Collateral Agent or the Borrower therein) Closing Date by depositing into an account designated by the Lender Agent the Release Price therefor on any Remittance Date and upon such deposit the date Agent shall execute and deliver, within a reasonable period of time and at the sole expense of the Borrower, such repaymentdocuments as the Borrower determines in its reasonable discretion to be necessary to effect such release; provided, that the foregoing release shall only be available if, at the time of the request for such release and after giving effect thereto and the application of the proceeds thereof in accordance with the terms hereof, there shall not be a Borrowing Base Deficiency, Program Termination Event, Pool A Termination an Early Amortization Event or a Pool B Termination Event (and such Pool B Termination Event is related to such Pledged Receivable), or an event that but for notice or lapse of time or both would constitute default under any of the foregoing events. (b) Transaction Document. The Borrower shall notify the Collateral Agent of any Release Price to be paid pursuant to this Section 2.13 2.13(a) on the Business Day on which such Release Price shall be paid specifying the Pledged Receivables to be released and the Release Price. (c) Promptly after the Collection Date has occurred, the Collateral Agent shall re-assign and transfer to the Borrower, for no consideration but at the sole expense of the Borrower, their respective remaining interests in the Pledged Assets, free and clear of any Adverse Claim resulting solely from an act by the Collateral Agent but without any other representation or warranty, express or implied, by or recourse against the Collateral Agent.

Release of Pledged Receivables. (a) Subject to Section 2.15 hereof, upon In connection with the repayment consummation of any LoanTake-Out Securitization, any pay off by the related Obligor or liquidation by the Servicer of any Receivable or Pledged Consumer Note Receivable, or any required repurchase by REF or EFI of Pledged Receivables or Pledged Consumer Note Receivables pursuant to either of the Borrower Receivables Purchase Agreements, the Borrower may shall be entitled to obtain the release of any Pledged Receivable and subject to any such transaction, pay off, liquidation or repurchase at any time after the related Other Conveyed Property or Related Security securing such Loan (including, without limitation, the release of any security interest of the Collateral Agent or the Borrower therein) date hereof by depositing into an account designated by the Lender Agent the Release Price therefor on any Remittance Date and upon such deposit the date Agent shall execute and deliver, within a reasonable period of time and at the sole expense of the Borrower, such repaymentdocuments as the Borrower determines in its reasonable discretion to be necessary to effect such release; provided, that the foregoing release shall only be available if, after giving effect thereto and the application of the proceeds thereof in accordance with the terms hereof, there shall not be a Borrowing Base Deficiency, Program Termination Deficiency or Early Amortization Event, Pool A Termination Event or a Pool B Termination Event (and such Pool B Termination Event is related to such Pledged Receivable), or an event that but for notice or lapse of time or both would constitute any of the foregoing events. (b) The Borrower shall notify the Collateral Agent of any Release Price to be paid pursuant to this Section 2.13 2.18 on the Business Day on which such Release Price shall be paid specifying the Pledged Receivables to be released and the Release Price. (c) Promptly after the Collection Date has occurred, the Collateral Agent shall re-assign and transfer to the Borrower, for no consideration but at the sole expense of the Borrower, their respective remaining interests in the Pledged Assets, free and clear of any Adverse Claim resulting solely from an act by the Collateral Agent but without any other representation or warranty, express or implied, by or recourse against the Collateral Agent.

Release of Pledged Receivables. (a) Subject to Section 2.15 hereof, upon the repayment of any Loan, the Borrower may obtain the release of any Pledged Receivable and the related Other Conveyed Property or Related Security securing such Loan (including, without limitation, the release of any security interest of the Collateral Agent or the Borrower therein) by depositing into an account designated by the Lender the Release Price therefor on the date of such repayment; provided, that the foregoing release shall only be available if, after giving effect thereto and the application of the proceeds thereof in accordance with the terms hereof, there shall not be a Borrowing Base Deficiency, Program Termination Event, Pool A Termination Event or a Pool B Termination Event (and such Pool B Termination Event is related to such Pledged Receivable), or an event that but for notice or lapse of time or both would constitute any of the foregoing eventseventsa Program Termination Event. (b) The Borrower shall notify the Collateral Agent of any Release Price to be paid pursuant to this Section 2.13 on the Business Day on which such Release Price shall be paid specifying the Pledged Receivables to be released and the Release Price. (c) Promptly after the Collection Date has occurred, the Collateral Agent shall re-assign and transfer to the Borrower, for no consideration but at the sole expense of the Borrower, their respective remaining interests in the Pledged Assets, free and clear of any Adverse Claim resulting solely from an act by the Collateral Agent but without any other representation or warranty, express or implied, by or recourse against the Collateral Agent.

Release of Pledged Receivables. (a) Subject to Section 2.15 2.20 hereof, upon the repayment of any Loan, the Borrower may obtain the release of any Pledged Receivable and the related Other Conveyed Property or Related Security securing such Loan (including, without limitation, the release of any security interest of the Collateral Agent or the Borrower therein) by depositing into an account designated by the Lender Agent the Release Price therefor on the date of such repayment; provided, that the foregoing release shall only be available if, after giving effect thereto and the application of the proceeds thereof in accordance with the terms hereof, there shall not be a Borrowing Base Deficiency, Program Termination Event, Pool A Termination Event or a Pool B Termination Event (and such Pool B Termination Event is related to such Pledged Receivable), or an event that but for notice or lapse of time or both would constitute any of the foregoing events. (b) The Borrower shall notify the Collateral Agent of any Release Price to be paid pursuant to this Section 2.13 2.18 on the Business Day on which such Release Price shall be paid specifying the Pledged Receivables to be released and the Release Price. (c) Promptly after the Collection Date has occurred, the Collateral Agent Lender and the Agent, in accordance with their respective interests, shall re-assign and transfer to the Borrower, for no consideration but at the sole expense of the Borrower, their respective remaining interests in the Pledged Assets, free and clear of any Adverse Claim resulting solely from an act by the Collateral Lender or the Agent but without any other representation or warranty, express or implied, by or recourse against the Collateral Lender or the Agent.