Release of Security Interest in Collateral. Pledged Mortgages shall be released from the Lender's security interest only against payment to the Lender of the Release Amount in connection with such Pledged Mortgages.
Release of Security Interest in Collateral. (a) Pledged Mortgages shall be released from the Credit Agent's security interest only against payment to the Credit Agent of the Release Amount in connection with such Pledged Mortgages.
(b) If Pledged Mortgages are to be transferred to a pool custodian or to Freddie Mac or Fannie Mae for inclusion in a Mortgxxx Xxxl, the Cxxxxx Agent's security interest in such Pledged Mortgages shall be released only against payment to the Credit Agent of the Release Amount in connection with such Pledged Mortgages. If the Credit Agent's security interest in the Pledged Mortgages comprising the Mortgage Pool is not released prior to the issuance of the Mortgage-backed Security, then the Mortgage-backed Security, when issued, shall be a Pledged Security. The Credit Agent's security interest shall continue in such Pledged Mortgages and the Pledged Security. The Credit Agent shall be entitled to possession of such Pledged Security in the manner provided below.
(c) If Pledged Mortgages are transferred to an Approved Custodian and included in an Eligible Mortgage Pool, the Credit Agent's security interest in the Pledged Mortgages comprising the Eligible Mortgage Pool shall be released upon the issuance of the Mortgage-backed Security, which shall be a Pledged Security. The Credit Agent's security interest in such Pledged Security shall be released only against payment to the Credit Agent of the Release Amount in connection with the Pledged Mortgages backing such Pledged Security. The Credit Agent shall be entitled to possession of such Pledged Security in the manner provided below.
(d) The Collateral Agent shall have the exclusive right to the possession of the Pledged Securities or, if the Pledged Securities are issued in book-entry form or issued in certificated form and delivered to a clearing corporation (as such term is defined in the Uniform Commercial Code of Minnesota) or its nominee, the Credit Agent shall have the right to have the Pledged Securities registered in the name of a securities intermediary (as such term is defined in the Uniform Commercial Code of Minnesota) in an account containing only customer securities and credited to an account of the Credit Agent. The Credit Agent shall have the right to cause delivery of the Pledged Securities to be made to the Investor or the Pledged Securities credited to the account of the Investor or the Investor's designee only against payment therefor. The Company acknowledges that the Credit Agent may enter into one or mo...
Release of Security Interest in Collateral. Upon the later of (i) the conversion by the Holders of an aggregate of not less than $600,000 of principal amount of Notes, or (ii) until each Holder of a Note issued pursuant to the Subscription Agreements holds less than $150,000 of Note Principal, the Holders and Barbara Mittman, the Collateral Agent provided for in the Security Xxxxxxxxx, xxxxl release their security interest in all of the assets of the Company, including ownership of Subsidiaries, which are defined as the "Collateral" in Section 3.2 of the Security Agreement, and the Security Agreement and the Collateral Agent Agreement shall be null and void for all purposes. For purposes of this Section 2.5, conversion of a Note may be by exercise by the Holder of its right to convert the Note pursuant to Section 2.1 hereof or by mandatory conversion pursuant to Section 2.4 above.
Release of Security Interest in Collateral. Upon any sale or other disposition by the Pledgor of the Collateral (or portion thereof) in accordance with the terms of this Agreement and the Loan Agreement, the pledge, security interest, lien and right of set-off of the Security Agent in such Collateral (or the portion thereof which has been sold or otherwise disposed of), and in all Collections and rights with respect to such Collateral (but not in the proceeds of such sale or other disposition), shall, immediately upon the sale or other disposition of such Collateral (or such portion), and without any further action on the part of the Security Agent, be released except to the extent of the interest, if any, in such Collateral which is then retained by the Pledgor or which thereafter reverts to the Pledgor for any reason; provided that the Security Agent shall execute and deliver to the Pledgor any documentation reasonably requested by the Pledgor to effectuate or evidence the foregoing.
Release of Security Interest in Collateral. Upon receipt of payment in full of any Loan, the Lender shall release its security interest in the related loan, and shall return any related note that it holds.
Release of Security Interest in Collateral. Pledged Mortgages and REO Property shall be released from the Lender's security interest only against payment to the Lender of the Release Amount in connection with such Pledged Mortgages or REO Property.
Release of Security Interest in Collateral. Pledged Mortgages shall be promptly (i.e., within two (2) business days of payment) released from the Lender’s security interest only against payment to Lender of the Release Amount (as set forth in Section 3.2 (d)) in connection with such Pledged Mortgages.
Release of Security Interest in Collateral. (a) Upon any sale or other disposition by the Pledgor of the Collateral (or portion thereof) in accordance with the terms of this Agreement and the Loan Agreement, the pledge, security interest, Lien and right of set-off of the Security Agent in such Collateral (or the portion thereof which has been sold or otherwise disposed of), and in all Collections and rights with respect to such Collateral (but not in the proceeds of such sale or other disposition), shall, immediately upon the sale or other disposition of such Collateral (or such portion), and without any further action on the part of the Security Agent, be released except to the extent of the interest, if any, in such Collateral which is then retained by the Pledgor or which thereafter reverts to the Pledgor for any reason; provided that the Security Agent shall execute and deliver to the Pledgor any documentation reasonably requested and prepared by the Pledgor (at the Pledgor’s expense) to effectuate or evidence the foregoing.
(b) If no Event of Default has occurred and is continuing of which the Security Agent shall have written notice, the Security Agent shall, upon receipt of an Pledgor Order executed by an Authorized Officer of the Pledgor or as otherwise provided by the Account Control Agreement, that is delivered to the Security Agent at least two Business Days prior to the date of delivery directed in such Pledgor Order (or such fewer number of days as the Security Agent may agree), deliver or cause to be delivered to or on the order of the Pledgor any Instrument included in the Collateral to the related debtor for ultimate sale or exchange or for presentation, collection, enforcement, renewal or registration of transfer; provided that the Lien of this Agreement on such Instrument remains perfected in accordance with Section 9-312(g) of the UCC and such Instrument shall remain subject to the Lien of this Agreement unless and until released in accordance with the foregoing clause (a).
(c) The Security Agent shall hold for the benefit of the Secured Parties all Certificated Securities and Instruments in physical form at the office of a custodian appointed by it (the Security Agent Custodian). Initially, such Security Agent Custodian shall be Citibank N.A. with its address at 000 Xxxxxxxxxx Xxxxxxxxx, 00xx Xxxxx, Xxxxxx Xxxx, Xxx Xxxxxx 00000. Any successor custodian shall be a state or national bank or trust company which is not an Affiliate of the Pledgor and has capital and surplus of at le...
Release of Security Interest in Collateral. Upon receipt of payment in full of any Loan, the Agent shall release its security interest in the related loan, and shall return any related note that it holds.
Release of Security Interest in Collateral. Upon the later of (i) the conversion by the Subscribers of an aggregate of not less than $600,000 of principal amount of Notes, or (ii) until each Subscriber is holding less than $150,000 of Note principal, the Subscribers and Barbara Mittman, the Collateral Agent provided for in the Security Xxxxxxxxx, xxxxl release their security interest in all of the assets of the Company, including ownership of Subsidiaries, which are defined as the "Collateral" in Section 3.2 of the Security Agreement. For purposes of this Section 7.5, conversion of a Note may be by exercise by the Subscriber of its right to convert the Note pursuant to Section 7.1 hereof or by mandatory conversion pursuant to Section 7.4 above.
