Common use of Release of Security Interest in Pledged Loans and Pledged Securities Clause in Contracts

Release of Security Interest in Pledged Loans and Pledged Securities. (a) Except as provided in Section 4.3 (b), Lender will release its security interest in the Pledged Loans only against payment to Lender of the Release Amount in connection with those Pledged Loans. If Pledged Loans are transferred to a pool custodian or an Investor for inclusion in a Mortgage Pool and Lender's security interest in the Pledged Loans included in the Mortgage Pool is not released before the issuance of the related Mortgage-backed Security, then that Mortgage-backed Security, when issued, is a Pledged Security, Lender's security interest continues in the Pledged Loans backing that Pledged Security and Lender is entitled to possession of the Pledged Security in the manner provided in this Agreement. (b) If Pledged Loans are transferred to an Approved Custodian and included in an Eligible Mortgage Pool, Lender's security interest in the Pledged Loans included in the Eligible Mortgage Pool will be released upon the delivery of the Agency Security to Lender (including delivery to or registration in the name of a third party on behalf of Lender) and that Agency Security is a Pledged Security. Lender's security interest in that Pledged Security will be released only against payment to Lender of the Release Amount in connection with the Mortgage Loans backing that Pledged Security.

Release of Security Interest in Pledged Loans and Pledged Securities. (a) Except as provided in Section 4.3 (b4.3(b), Lender will release its security interest in the Pledged Loans only against payment to Lender of the Release Amount in connection with those Pledged Loans. If Pledged Loans are transferred to a pool custodian or an Investor for inclusion in a Mortgage Pool and Lender's security interest in the Pledged Loans included in the Mortgage Pool is not released before the issuance of the related Mortgage-backed Security, then that Mortgage-backed Security, when issued, is a Pledged Security, Lender's security interest continues in the Pledged Loans backing that Pledged Security and Lender is entitled to possession of the Pledged Security in the manner provided in this Agreement. (b) If Pledged Loans are transferred to an Approved Custodian and included in an Eligible Mortgage Pool, Lender's security interest in the Pledged Loans included in the Eligible Mortgage Pool will be released upon the delivery of the Agency Security to Lender (including delivery to or registration in the name of a third party on behalf of Lender) and that Agency Security is a Pledged Security. Lender's security interest in that Pledged Security will be released only against payment to Lender of the Release Amount in connection with the Mortgage Loans backing that Pledged Security.

Release of Security Interest in Pledged Loans and Pledged Securities. (a) Except as provided in Section 4.3 (b4.3(b), Lender will release its security interest in a Pledged Loan and all of the Collateral related to such Pledged Loans Loan, as such Collateral is described in Section 4.1, only against payment to Lender of the Release Amount in connection with those such Pledged LoansLoan. If a Pledged Loans are Loan is transferred to a pool custodian or an Investor for inclusion in a Mortgage Pool and Lender's ’s security interest in such Pledged Loan and all of the Collateral related to the Pledged Loans included Loan, as such Collateral is described in the Mortgage Pool Section 4.1 is not released before the issuance of the related Mortgage-backed Security, then that Mortgage-backed Security, when issued, is a Pledged Security, Lender's ’s security interest continues in such Pledged Loan and all of the Collateral related to such Pledged Loans Loan, as such Collateral is described in Section 4.1, backing that Pledged Security and Lender is entitled to possession of the Pledged Security in the manner provided in this Agreement. (b) If a Pledged Loans are Loan is transferred to an Approved Custodian and included in an Eligible Mortgage Pool, Lender's ’s security interest in such Pledged Loan and all of the Collateral related to such Pledged Loans Loan, as such Collateral is described in Section 4.1, included in the Eligible Mortgage Pool will be released upon the delivery of the Agency Security to Lender (including delivery to or registration in the name of a third party on behalf of Lender) and that Agency Security is a Pledged Security. Lender's ’s security interest in that Pledged Security will be released only against payment to Lender of the Release Amount in connection with the Mortgage Loans backing that Pledged Security.

Release of Security Interest in Pledged Loans and Pledged Securities. (a) Except as provided in Section 4.3 (b4.3(b), Lender will release its security interest in the Pledged Loans only against payment to Lender of the Release Amount in connection with those Pledged Loans. If Pledged Loans are transferred to a pool custodian or an Investor for inclusion in a Mortgage Pool and Lender's ’s security interest in the Pledged Loans included in the Mortgage Pool is not released before the issuance of the related Mortgage-backed Security, then that Mortgage-backed Security, when issued, is a Pledged Security, Lender's ’s security interest continues in the Pledged Loans backing that Pledged Security and Lender is entitled to possession of the Pledged Security in the manner provided in this Agreement. (b) If Pledged Loans are transferred to an Approved Custodian and included in an Eligible Mortgage Pool, Lender's ’s security interest in the Pledged Loans included in the Eligible Mortgage Pool will be released upon the delivery of the Agency Security to Lender (including delivery to or registration in the name of a third party on behalf of Lender) and that Agency Security is a Pledged Security. Lender's ’s security interest in that Pledged Security will be released only against payment to Lender of the Release Amount in connection with the Mortgage Loans backing that Pledged Security.

Release of Security Interest in Pledged Loans and Pledged Securities. (a) Except as provided in Section 4.3 (b4.3(b), Lender Credit Agent will release its security interest in the Pledged Loans and all of the Collateral related to the Pledged Loans, as such Collateral is described in Sections 4.1(d) and 4.1(e), only against payment to Lender Credit Agent of the Release Amount in connection with those Pledged Loans. If Pledged Loans are transferred to a pool custodian or an Investor for inclusion in a Mortgage Pool and Lender's Credit Agent’s security interest in the Pledged Loans and all of the Collateral related to the Pledged Loans, as such Collateral is described in Sections 4.1(d) and 4.1(e) included in the Mortgage Pool is not released before the issuance of the related Mortgage-backed Security, then that Mortgage-backed Security, when issued, is a Pledged Security, Lender's ’s security interest continues in the Pledged Loans and all of the Collateral related to the Pledged Loans, as such Collateral is described in Sections 4.1(d) and 4.1(e), backing that Pledged Security and Lender Credit Agent is entitled to possession of the Pledged Security in the manner provided in this Agreement. (b) If Pledged Loans are transferred to an Approved Custodian and included in an Eligible Mortgage Pool, Lender's Credit Agent’s security interest in the Pledged Loans and all of the Collateral related to the Pledged Loans, as such Collateral is described in Sections 4.1(d) and 4.1(e), included in the Eligible Mortgage Pool will be released upon the delivery of the Agency Security to Lender Credit Agent (including delivery to or registration in the name of a third party on behalf of Lender) and that Agency Security is a Pledged Security. Lender's Credit Agent’s security interest in that Pledged Security will be released only against payment to Lender Credit Agent of the Release Amount in connection with the Mortgage Loans backing that Pledged Security. (c) Credit Agent has the exclusive right to possession of all Pledged Securities or, if Pledged Securities are issued in book-entry form or issued in certificated form and delivered to a clearing corporation (as that term is defined in the Uniform Commercial Code of New York) or its nominee, Credit Agent has the right to have the Pledged Securities registered in the name of a securities intermediary (as that term is defined in the Uniform Commercial Code of New York) in an account containing only customer securities and credited to an account of Credit Agent. Credit Agent has no duty or obligation to deliver Pledged Securities to an Investor or to credit Pledged Securities to the account of an Investor or an Investor’s designee except against payment for those Pledged Securities. Borrower acknowledges that Credit Agent may enter into one or more standing arrangements with securities intermediaries with respect to Pledged Securities issued in book entry form or issued in certificated form and delivered to a clearing corporation or its designee, under which the Pledged Securities are registered in the name of the securities intermediary, and Borrower agrees, upon request of Credit Agent, to execute and deliver to those securities intermediaries its written concurrence in any such standing arrangements. (d) If no Default or Event of Default occurs, Borrower may redeem a Pledged Loan and all of the Collateral related to the Pledged Loans, as such Collateral is described in Sections 4.1(d) and 4.1(e), or Pledged Security from Credit Agent’s security interest by notifying Credit Agent of its intention to redeem the Pledged Loan or Pledged Security from pledge and paying, or causing an Investor to pay, to Credit Agent, for application as a prepayment on the principal balance of the Warehousing Note, the Release Amount in connection with the Pledged Loan or the Pledged Loans backing that Pledged Security. (e) After a Default or Event of Default occurs, Credit Agent may, with no liability to Borrower or any other Person, continue to release its security interest in any Pledged Loan and all of the Collateral related to the Pledged Loans, as such Collateral is described in Sections 4.1(d) and 4.1(e), or Pledged Security against payment of the Release Amount for that Pledged Loan or for the Pledged Loans backing that Pledged Security. (f) The amount to be paid by Borrower to obtain the release of Credit Agent’s security interest in a Pledged Loan and all of the Collateral related to the Pledged Loans, as such Collateral is described in Sections 4.1(d) and 4.1(e) (“Release Amount”) will be (1) in connection with the sale of a Pledged Loan by Credit Agent while an Event of Default exists, the amount paid to Credit Agent in a commercially reasonable disposition of that Pledged Loan and (2) otherwise, until an Event of Default occurs, the principal amount of the Warehousing Advance outstanding against the Pledged Loan.

Release of Security Interest in Pledged Loans and Pledged Securities. (a) Except as provided in Section 4.3 (b4.3(b), Lender Credit Agent will release its security interest in the Pledged Loans and all of the Collateral related to the Pledged Loans, as such Collateral is described in Sections 4.1(d) and 4.1(e), only against payment to Lender Credit Agent of the Release Amount in connection with those Pledged Loans. If Pledged Loans are transferred to a pool custodian or an Investor for inclusion in a Mortgage Pool and Lender's Credit Agent’s security interest in the Pledged Loans and all of the Collateral related to the Pledged Loans, as such Collateral is described in Sections 4.1(d) and 4.1(e) included in the Mortgage Pool is not released before the issuance of the related Mortgage-backed Security, then that Mortgage-backed Security, when issued, is a Pledged Security, Lender's ’s security interest continues in the Pledged Loans and all of the Collateral related to the Pledged Loans, as such Collateral is described in Sections 4.1(d) and 4.1(e), backing that Pledged Security and Lender Credit Agent is entitled to possession of the Pledged Security in the manner provided in this Agreement. (b) If Pledged Loans are transferred to an Approved Custodian and included in an Eligible Mortgage Pool, Lender's Credit Agent’s security interest in the Pledged Loans and all of the Collateral related to the Pledged Loans, as such Collateral is described in Sections 4.1(d) and 4.1(e), included in the Eligible Mortgage Pool will be released upon the delivery of the Agency Security to Lender Credit Agent (including delivery to or registration in the name of a third party on behalf of Lender) and that Agency Security is a Pledged Security. Lender's Credit Agent’s security interest in that Pledged Security will be released only against payment to Lender Credit Agent of the Release Amount in connection with the Mortgage Loans backing that Pledged Security. (c) Credit Agent has the exclusive right to possession of all Pledged Securities or, if Pledged Securities are issued in book-entry form or issued in certificated form and delivered to a clearing corporation (as that term is defined in the Uniform Commercial Code of Massachusetts) or its nominee, Credit Agent has the right to have the Pledged Securities registered in the name of a securities intermediary (as that term is defined in the Uniform Commercial Code of Massachusetts) in an account containing only customer securities and credited to an account of Credit Agent. Credit Agent has no duty or obligation to deliver Pledged Securities to an Investor or to credit Pledged Securities to the account of an Investor or an Investor’s designee except against payment for those Pledged Securities. Borrower acknowledges that Credit Agent may enter into one or more standing arrangements with securities intermediaries with respect to Pledged Securities issued in book entry form or issued in certificated form and delivered to a clearing corporation or its designee, under which the Pledged Securities are registered in the name of the securities intermediary, and Borrower agrees, upon request of Credit Agent, to execute and deliver to those securities intermediaries its written concurrence in any such standing arrangements. (d) If no Default or Event of Default occurs, Borrower may redeem a Pledged Loan and all of the Collateral related to the Pledged Loans, as such Collateral is described in Sections 4.1(d) and 4.1(e), or Pledged Security from Credit Agent’s security interest by notifying Credit Agent of its intention to redeem the Pledged Loan or Pledged Security from pledge and paying, or causing an Investor to pay, to Credit Agent, for application as a prepayment on the principal balance of the Warehousing Note, the Release Amount in connection with the Pledged Loan or the Pledged Loans backing that Pledged Security. (e) After a Default or Event of Default occurs, Credit Agent may, with no liability to Borrower or any other Person, continue to release its security interest in any Pledged Loan and all of the Collateral related to the Pledged Loans, as such Collateral is described in Sections 4.1(d) and 4.1(e), or Pledged Security against payment of the Release Amount for that Pledged Loan or for the Pledged Loans backing that Pledged Security. (f) The amount to be paid by Borrower to obtain the release of Credit Agent’s security interest in a Pledged Loan and all of the Collateral related to the Pledged Loans, as such Collateral is described in Sections 4.1(d) and 4.1(e) (“Release Amount”) will be (1) in connection with the sale of a Pledged Loan by Credit Agent while an Event of Default exists, the amount paid to Credit Agent in a commercially reasonable disposition of that Pledged Loan and (2) otherwise, until an Event of Default occurs, the principal amount of the Warehousing Advance outstanding against the Pledged Loan.

Release of Security Interest in Pledged Loans and Pledged Securities. (a) Except as provided in Section 4.3 (b4.3(b), Lender Administrative Agent will release its security interest in a Pledged Loan and all of the Collateral related to such Pledged Loans Loan, as such Collateral is described in Section 4.1, only against payment to Lender Administrative Agent of the Release Amount in connection with those such Pledged LoansLoan. If a Pledged Loans are Loan is transferred to a pool custodian or an Investor for inclusion in a Mortgage Pool and Lender's Administrative Agent’s security interest in such Pledged Loan and all of the Collateral related to the Pledged Loans included Loan, as such Collateral is described in the Mortgage Pool Section 4.1 is not released before the issuance of the related Mortgage-backed Security, then that Mortgage-backed Security, when issued, is a Pledged Security, Lender's Administrative Agent’s security interest continues in such Pledged Loan and all of the Collateral related to such Pledged Loans Loan, as such Collateral is described in Section 4.1, backing that Pledged Security and Lender Administrative Agent is entitled to possession of the Pledged Security in the manner provided in this Agreement. (b) If a Pledged Loans are Loan is transferred to an Approved Custodian and included in an Eligible Mortgage Pool, Lender's Administrative Agent’s security interest in such Pledged Loan and all of the Collateral related to such Pledged Loans Loan, as such Collateral is described in Section 4.1, included in the Eligible Mortgage Pool will be released upon the delivery of the Agency Security to Lender Administrative Agent (including delivery to or registration in the name of a third party on behalf of LenderAdministrative Agent) and that Agency Security is a Pledged Security. Lender's Administrative Agent’s security interest in that Pledged Security will be released only against payment to Lender Administrative Agent of the Release Amount in connection with the Mortgage Loans backing that Pledged Security.

Release of Security Interest in Pledged Loans and Pledged Securities. (a) Except as provided in Section 4.3 (b), Lender Pledged Loans will release its be released from Lender's security interest in the Pledged Loans only against payment to Lender of the Release Amount in connection with those Pledged Loans. If Pledged Loans are transferred to a pool custodian or an Investor investor for inclusion in a Mortgage Pool and Lender's security interest in the Pledged Loans included in the Mortgage Pool is not released before the issuance of the related Mortgage-backed Security, then that Mortgage-backed Security, when issued, is a Pledged Security, Lender's security interest continues in the Pledged Loans backing that Pledged Security and Lender is entitled to possession of the Pledged Security in the manner provided in this Agreement. (b) If Pledged Loans are transferred to an Approved Custodian and included in an Eligible Mortgage Pool, Lender's security interest in the Pledged Loans included in the Eligible Mortgage Pool will be released upon the delivery of the Agency Security to Lender (including delivery to or registration in the name of a third party on behalf of Lender) ), and that Agency Security is a Pledged Security. Lender's security interest in that Pledged Security will be released only against payment to Lender of the Release Amount in connection with the Mortgage Loans backing that Pledged Security.

Release of Security Interest in Pledged Loans and Pledged Securities. (a) Except as provided in Section 4.3 (b4.3(b), Lender Credit Agent will release its security interest in the Pledged Loans and all of the Collateral related to the Pledged Loans, as such Collateral is described in Sections 4.1(d) and 4.1(e), only against payment to Lender Credit Agent of the Release Amount in connection with those Pledged Loans. If Pledged Loans are transferred to a pool custodian or an Investor for inclusion in a Mortgage Pool and Lender's Credit Agent’s security interest in the Pledged Loans and all of the Collateral related to the Pledged Loans, as such Collateral is described in Sections 4.1(d) and 4.1(e) included in the Mortgage Pool is not released before the issuance of the related Mortgage-backed Security, then that Mortgage-backed Security, when issued, is a Pledged Security, Lender's ’s security interest continues in the Pledged Loans and all of the Collateral related to the Pledged Loans, as such Collateral is described in Sections 4.1(d) and 4.1(e), backing that Pledged Security and Lender Credit Agent is entitled to possession of the Pledged Security in the manner provided in this Agreement. (b) If Pledged Loans are transferred to an Approved Custodian and included in an Eligible Mortgage Pool, Lender's Credit Agent’s security interest in the Pledged Loans and all of the Collateral related to the Pledged Loans, as such Collateral is described in Sections 4.1(d) and 4.1(e), included in the Eligible Mortgage Pool will be released upon the delivery of the Agency Security to Lender Credit Agent (including delivery to or registration in the name of a third party on behalf of Lender) and that Agency Security is a Pledged Security. Lender's Credit Agent’s security interest in that Pledged Security will be released only against payment to Lender Credit Agent of the Release Amount in connection with the Mortgage Loans backing that Pledged Security. (c) Credit Agent has the exclusive right to possession of all Pledged Securities or, if Pledged Securities are issued in book-entry form or issued in certificated form and delivered to a clearing corporation (as that term is defined in the Uniform Commercial Code of Massachusetts) or its nominee, Credit Agent has the right to have the Pledged Securities registered in the name of a securities intermediary (as that term is defined in the Uniform Commercial Code of Massachusetts) in an account containing only customer securities and credited to an account of Credit Agent. Credit Agent has no duty or obligation to deliver Pledged Securities to an Investor or to credit Pledged Securities to the account of an Investor or an Investor’s designee except against payment for those Pledged Securities. Borrowers acknowledge that Credit Agent may enter into one or more standing arrangements with securities intermediaries with respect to Pledged Securities issued in book entry form or issued in certificated form and delivered to a clearing corporation or its designee, under which the Pledged Securities are registered in the name of the securities intermediary, and Borrowers agree, upon request of Credit Agent, to execute and deliver to those securities intermediaries their respective written concurrence in any such standing arrangements. (d) If no Default or Event of Default occurs, Borrowers may redeem a Pledged Loan and all of the Collateral related to the Pledged Loans, as such Collateral is described in Sections 4.1(d) and 4.1(e), or Pledged Security from Credit Agent’s security interest by notifying Credit Agent of its intention to redeem the Pledged Loan or Pledged Security from pledge and paying, or causing an Investor to pay, to Credit Agent, for application as a prepayment on the principal balance of the Warehousing Note, the Release Amount in connection with the Pledged Loan or the Pledged Loans backing that Pledged Security. (e) After a Default or Event of Default occurs, Credit Agent may, with no liability to either Borrower or any other Person, continue to release its security interest in any Pledged Loan and all of the Collateral related to the Pledged Loans, as such Collateral is described in Sections 4.1(d) and 4.1(e), or Pledged Security against payment of the Release Amount for that Pledged Loan or for the Pledged Loans backing that Pledged Security. (f) The amount to be paid by Borrowers to obtain the release of Credit Agent’s security interest in a Pledged Loan and all of the Collateral related to the Pledged Loans, as such Collateral is described in Sections 4.1(d) and 4.1(e) (“Release Amount”) will be (1) in connection with the sale of a Pledged Loan by Credit Agent while an Event of Default exists, the amount paid to Credit Agent in a commercially reasonable disposition of that Pledged Loan and (2) otherwise, until an Event of Default occurs, the principal amount of the Warehousing Advance outstanding against the Pledged Loan.

Release of Security Interest in Pledged Loans and Pledged Securities. (a) Except as provided in Section 4.3 (b4.3(b), Lender will release its security interest in the Pledged Loans and all of the Collateral related to the Pledged Loans only against payment to Lender of the Release Amount in connection with those Pledged Loans. If Pledged Loans are transferred to a pool custodian or an Investor for inclusion in a Mortgage Pool and Pool, Lender's ’s security interest in the Pledged Loans included in and all of the Mortgage Pool Collateral related to the Pledged Loans is not released before the issuance of the related Mortgage-backed Security, then and that Mortgage-backed Security, when issued, is a Pledged Security, and Lender's ’s security interest continues in the Pledged Loans and all of the Collateral related to the Pledged Loans backing that Pledged Security and Lender is entitled to possession of the Pledged Security in the manner provided in this Agreement. (b) If Pledged Loans are transferred to an Approved Custodian and included in an Eligible Mortgage Pool, Lender's ’s security interest in the Pledged Loans included in and all of the Eligible Mortgage Pool Collateral related to the Pledged Loans will be released upon the delivery of the Agency Security to Lender (including delivery to or registration in the name of a third party on behalf of Lender) and that Agency Security is at such time becomes a Pledged Security. Lender's ’s security interest in that Pledged Security will be released only against payment to Lender of the Release Amount in connection with the Mortgage Loans backing that Pledged Security.