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), Credit Agent will release its security interest in the Pledged Loans only against payment to 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 Credit Agent'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, Credit Agent's security interest continues in the Pledged Loans backing that Pledged Security and 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, Credit Agent's security interest in the Pledged Loans included in the Eligible Mortgage Pool will be released upon the delivery of the Agency Security to Credit Agent (including delivery to or registration in the name of a third party on behalf of Credit Agent) and that Agency Security is a Pledged Security. Credit Agent's security interest in that Pledged Security will be released only against payment to 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 Minnesota) 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 Minnesota) in an account containing only customer securities and credited to an account of Credit Agent with respect to which Credit Agent is the entitlement holder. 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 Borrowers' written concurrence in any such standing arrangements. (d) If no Default or Event of Default occurs, Borrowers may redeem a Pledged Loan 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 either (1) 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, or (2) delivering substitute Collateral that, in addition to being acceptable to Credit Agent in its sole discretion will, when included with the remaining Collateral, result in a Warehousing Collateral Value of all Collateral held by Credit Agent that is at least equal to the aggregate outstanding Warehousing Advances (other than Warehousing Advances against Other Eligible Assets). (e) After a Default or Event of Default occurs, Credit Agent may, with no liability to Borrowers or any Person, continue to release its security interest in any Pledged Loan or Pledged Security against payment of the Release Amount for that Pledged Loan or for the Pledged Loans backing that Pledged Security.

Release of Security Interest in Pledged Loans and Pledged Securities. (a) Except as provided in Section 4.3(b), Credit Agent Lender will release its security interest in the Pledged Loans only against payment to Credit Agent 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 Credit AgentLender'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, Credit AgentLender's security interest continues in the Pledged Loans backing that Pledged Security and Credit Agent Lender is entitled to possession of the Pledged Security in the manner provided in this Agreement.. 4.3 (b) If Pledged Loans are transferred to an Approved Custodian and included in an Eligible Mortgage Pool, Credit AgentLender's security interest in the Pledged Loans included in the Eligible Mortgage Pool will be released upon the delivery of the Agency Security to Credit Agent Lender (including delivery to or registration in the name of a third party on behalf of Credit AgentLender) and that Agency Security is a Pledged Security. Credit AgentLender's security interest in that Pledged Security will be released only against payment to Credit Agent Lender of the Release Amount in connection with the Mortgage Loans backing that Pledged Security. . 4.3 (c) Credit Agent Lender 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 Minnesota) or its nominee, Credit Agent Lender 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 Minnesota) in an account containing only customer securities and credited to an account of Credit Agent with respect to which Credit Agent is the entitlement holderLender. Credit Agent Lender 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 Borrower acknowledges that Credit Agent Lender 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 agreeBorrower agrees, upon request of Credit AgentLender, to execute and deliver to those securities intermediaries Borrowers' Borrower's written concurrence in any such standing arrangements. (d) If As long as no Default or Event of Default occursexists or would occur as a result, Borrowers Borrower may redeem a Pledged Loan or Pledged Security from Credit AgentLender's security interest by notifying Credit Agent Lender of its intention to redeem the Pledged Loan or Pledged Security from pledge and either (1) paying, or causing an Investor to pay, to Credit AgentLender, for application as a prepayment on the principal balance of the Warehousing NoteNotes, the Release Amount in connection with the Pledged Loan or the Pledged Loans backing that Pledged Security, or (2) delivering substitute Collateral that, in addition to being acceptable to Credit Agent in its sole discretion will, when included with the remaining Collateral, result in a Warehousing Collateral Value of all Collateral held by Credit Agent that is at least equal to the aggregate outstanding Warehousing Advances (other than Warehousing Advances against Other Eligible Assets). (e) After a Default or Event of Default occurs, Credit Agent may, with no liability to Borrowers or any Person, continue to release its security interest in any Pledged Loan or Pledged Security against payment of the Release Amount for that Pledged Loan or for the Pledged Loans backing that Pledged Security.or

Release of Security Interest in Pledged Loans and Pledged Securities. (a) Except as provided in Section 4.3(b5.2(b), Pledged Loans will be released from Credit Agent will release its Agent's security interest in the Pledged Loans only against payment to Credit Agent of the Release Amount in connection with those Pledged Loans. Pledged Agreements for Deed will be released from Credit Agent's security interest only against payment of the Release Amount in connection with those Pledged Agreements for Deed. If Pledged Loans are transferred to a pool custodian or an Investor investor for inclusion in a Mortgage Pool and Credit Agent'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, . Credit Agent's security interest continues in the Pledged Loans backing that Pledged Security and 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, Credit Agent's security interest in the Pledged Loans included in the Eligible Mortgage Pool will be released upon the delivery of the Agency Security to Credit Agent (including delivery to or registration in the name of a third party on behalf of Credit Agent) ), and that Agency Security is a Pledged Security. Credit Agent's security interest in that Pledged Security will be released only against payment to 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 such term is defined in the Uniform Commercial Code of Minnesota) or its nominee, Credit Agent has the right to have the Pledged Securities registered in the name of a securities intermediary (as that such term is defined in the Uniform Commercial Code of Minnesota) in an account containing only customer securities and credited to an account of Credit Agent with respect to which Credit Agent is the entitlement holderAgent. 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 the Investor's designee except against payment for those Pledged Securities. Borrowers acknowledge 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 Borrowers agreeBorrower agrees, upon request of Credit Agent, to execute and deliver to those securities intermediaries Borrowers' Borrower's written concurrence in any such standing arrangements. (d) If no Default or Event of Default occurs, Borrowers may redeem a Pledged Loan 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 either (1) 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, or (2) delivering substitute Collateral that, in addition to being acceptable to Credit Agent in its sole discretion will, when included with the remaining Collateral, result in a Warehousing Collateral Value of all Collateral held by Credit Agent that is at least equal to the aggregate outstanding Warehousing Advances (other than Warehousing Advances against Other Eligible Assets). (e) After a Default or Event of Default occurs, Credit Agent may, with no liability to Borrowers or any Person, continue to release its security interest in any Pledged Loan or Pledged Security against payment of the Release Amount for that Pledged Loan or for the Pledged Loans backing that Pledged Security.

Release of Security Interest in Pledged Loans and Pledged Securities. (a) Except as provided in Section 4.3(b5.2 (b), Pledged Loans will be released from Credit Agent will release its Agent's security interest in the Pledged Loans only against payment to Credit Collateral Agent 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 Credit Agent'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, . Credit Agent's security interest continues in the Pledged Loans backing that Pledged Security and Credit Collateral 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, Credit Agent's security interest in the Pledged Loans included in the Eligible Mortgage Pool will be released upon the delivery of the Agency Security to Credit Collateral Agent (including delivery to or registration in the name of a third party on behalf of Credit Collateral Agent) ), and that Agency Security is a Pledged Security. Credit Agent's security interest in that Pledged Security will be released only against payment to Credit Collateral 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 Minnesota) 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 Minnesota) in an account containing only customer securities and credited to an account of Credit Agent with respect to which Credit Agent is the entitlement holder. 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 Borrowers' written concurrence in any such standing arrangements. (d) If no Default or Event of Default occurs, Borrowers Borrower may redeem a Pledged Loan or Pledged Security from Credit Agent's security interest by notifying Credit Collateral Agent of its intention to redeem the Pledged Loan or Pledged Security from pledge and either (1) paying, or causing an Investor to pay, to Credit Collateral Agent, for application as a to 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, or (2) delivering substitute Collateral that, in addition to being acceptable to Credit Agent in its sole discretion will, when included with the remaining Collateral, result in a Warehousing Collateral Fair Market Value of all Collateral Eligible Loans held by Credit Collateral Agent that is at least equal to the aggregate outstanding Warehousing Advances (other than Warehousing Advances against Other Eligible Assets). (ed) After a Default or Event of Default occurs, Credit Agent may, with no liability to Borrowers Borrower or any Person, continue to release its security interest in any Pledged Loan or Pledged Security against payment of the Release Amount for in connection with that Pledged Loan or for the Pledged Loans backing that Pledged Security. (e) The amount ("Release Amount") to be paid by Borrower to obtain the release of Credit Agent's security interest in a Pledged Loan will be (a) the payment required in any bailee letter pursuant to which the Collateral Agent ships a Pledged Loan to an Investor or Approved Custodian, and (b) otherwise, until an Event of Default occurs, the principal amount of the Warehousing Advances outstanding against the Pledged Loan, and while an Event of Default exists, the amount paid to Credit Agent or the Collateral Agent in a commercially reasonable disposition of that Pledged Loan.

Release of Security Interest in Pledged Loans and Pledged Securities. (a) Except as provided in Section 4.3(b), Credit Agent Lender will release its security interest in the Pledged Loans only against payment to Credit Agent 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 Credit AgentLender'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, Credit AgentLender's security interest continues in the Pledged Loans backing that Pledged Security and Credit Agent Lender is entitled to possession of the Pledged Security in the manner provided in this Agreement.. 4.3 (b) If Pledged Loans are transferred to an Approved Custodian and included in an Eligible Mortgage Pool, Credit AgentLender's security interest in the Pledged Loans included in the Eligible Mortgage Pool will be released upon the delivery of the Agency Security to Credit Agent Lender (including delivery to or registration in the name of a third party on behalf of Credit AgentLender) and that Agency Security is a Pledged Security. Credit AgentLender's security interest in that Pledged Security will be released only against payment to Credit Agent Lender of the Release Amount in connection with the Mortgage Loans backing that Pledged Security. . 4.3 (c) Credit Agent Lender 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 Minnesota) or its nominee, Credit Agent Lender 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 Minnesota) in an account containing only customer securities and credited to an account of Credit Agent with respect to which Credit Agent is the entitlement holderLender. Credit Agent Lender 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 Borrower acknowledges that Credit Agent Lender 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 agreeBorrower agrees, upon request of Credit AgentLender, to execute and deliver to those securities intermediaries Borrowers' Borrower's written concurrence in any such standing arrangements. (d) If no Default or Event of Default occurs, Borrowers may redeem a Pledged Loan 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 either (1) 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, or (2) delivering substitute Collateral that, in addition to being acceptable to Credit Agent in its sole discretion will, when included with the remaining Collateral, result in a Warehousing Collateral Value of all Collateral held by Credit Agent that is at least equal to the aggregate outstanding Warehousing Advances (other than Warehousing Advances against Other Eligible Assets). (e) After a Default or Event of Default occurs, Credit Agent may, with no liability to Borrowers or any Person, continue to release its security interest in any Pledged Loan or Pledged Security against payment of the Release Amount for that Pledged Loan or for the Pledged Loans backing that Pledged Security.

Release of Security Interest in Pledged Loans and Pledged Securities. (a) Except as provided in Section 4.3(b), Credit Agent Lender will release its security interest in the Pledged Loans only against payment to Credit Agent 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 Credit Agent's 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, Credit Agent's Lender’s security interest continues in the Pledged Loans backing that Pledged Security and Credit Agent 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, Credit Agent's 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 Credit Agent Lender (including delivery to or registration in the name of a third party on behalf of Credit AgentLender) and that Agency Security is a Pledged Security. Credit Agent's Lender’s security interest in that Pledged Security will be released only against payment to Credit Agent Lender of the Release Amount in connection with the Mortgage Loans backing that Pledged Security. (c) Credit Agent Lender 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 Minnesota) or its nominee, Credit Agent Lender 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 Minnesota) in an account containing only customer securities and credited to an account of Credit Agent with respect to which Credit Agent is the entitlement holderLender. Credit Agent Lender 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 ’s designee except against payment for those Pledged Securities. Borrowers acknowledge Borrower acknowledges that Credit Agent Lender 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 agreeBorrower agrees, upon request of Credit AgentLender, to execute and deliver to those securities intermediaries Borrowers' Borrower’s written concurrence in any such standing arrangements. (d) If no Default or Event of Default occurs, Borrowers Borrower may redeem a Pledged Loan or Pledged Security from Credit Agent's Lender’s security interest by notifying Credit Agent Lender of its intention to redeem the Pledged Loan or Pledged Security from pledge and either (1) paying, or causing an Investor to pay, to Credit AgentLender, for application as a prepayment on the principal balance of the Warehousing NoteNotes, the Release Amount in connection with the Pledged Loan or the Pledged Loans backing that Pledged Security, or (2) delivering substitute Collateral that, in addition to being acceptable to Credit Agent Lender in its sole discretion discretion, will, when included with the remaining Collateral, result in a Warehousing Collateral Value of all Collateral held by Credit Agent Lender that is at least equal to the aggregate outstanding Warehousing Advances (other than Warehousing Advances against Other Eligible Assets)Advances. (e) After a Default or Event of Default occurs, Credit Agent Lender may, with no liability to Borrowers Borrower or any Person, continue to release its security interest in any Pledged Loan 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 Lender’s security interest in a Pledged Loan (“Release Amount”) will be (1) in connection with the sale of a Pledged Loan by Lender while an Event of Default exists, the amount paid to Lender 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(b), Credit Agent Lender will release its security interest in the Pledged Loans only against payment to Credit Agent 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 Credit Agent's 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, Credit Agent's Lender’s security interest continues in the Pledged Loans backing that Pledged Security and Credit Agent 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, Credit Agent's 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 Credit Agent Lender (including delivery to or registration in the name of a third party on behalf of Credit AgentLender) and that Agency Security is a Pledged Security. Credit Agent's Lender’s security interest in that Pledged Security will be released only against payment to Credit Agent Lender of the Release Amount in connection with the Mortgage Loans backing that Pledged Security. (c) Credit Agent Lender 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 Minnesota) or its nominee, Credit Agent Lender 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 Minnesota) in an account containing only customer securities and credited to an account of Credit Agent with respect to which Credit Agent is the entitlement holderLender. Credit Agent Lender 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 ’s designee except against payment for those Pledged Securities. Borrowers acknowledge Borrower acknowledges that Credit Agent Lender 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 agreeBorrower agrees, upon request of Credit AgentLender, to execute and deliver to those securities intermediaries Borrowers' Borrower’s written concurrence in any such standing arrangements. (d) If no Default or Event of Default occurs, Borrowers Borrower may redeem a Pledged Loan or Pledged Security from Credit Agent's Lender’s security interest by notifying Credit Agent Lender of its intention to redeem the Pledged Loan or Pledged Security from pledge and either (1) paying, or causing an Investor to pay, to Credit AgentLender, 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, or (2) delivering substitute Collateral that, in addition to being acceptable to Credit Agent Lender in its sole discretion discretion, will, when included with the remaining Collateral, result in a Warehousing Collateral Value of all Collateral held by Credit Agent Lender that is at least equal to the aggregate outstanding Warehousing Advances (other than Warehousing Advances against Other Eligible Assets)Advances. (e) After a Default or Event of Default occurs, Credit Agent Lender may, with no liability to Borrowers Borrower or any Person, continue to release its security interest in any Pledged Loan 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 Lender’s security interest in a Pledged Loan (“Release Amount”) will be (1) in connection with the sale of a Pledged Loan by Borrower, the payment required in any bailee letter pursuant to which Lender ships that Pledged Loan to an Investor, Approved Custodian, pool custodian or other party, (2) in connection with the sale of a Pledged Loan by Lender while an Event of Default exists, the amount paid to Lender in a commercially reasonable disposition of that Pledged Loan and (3) 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(b), Credit Agent Lender will release its security interest in the Pledged Loans only against payment to Credit Agent 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 Credit Agent's 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, Credit Agent's Lender’s security interest continues in the Pledged Loans backing that Pledged Security and Credit Agent 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, Credit Agent's 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 Credit Agent Lender (including delivery to or registration in the name of a third party on behalf of Credit AgentLender) and that Agency Security is a Pledged Security. Credit Agent's Lender’s security interest in that Pledged Security will be released only against payment to Credit Agent Lender of the Release Amount in connection with the Mortgage Loans backing that Pledged Security. (c) Credit Agent Lender 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 Minnesota) or its nominee, Credit Agent Lender 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 Minnesota) in an account containing only customer securities and credited to an account of Credit Agent with respect to which Credit Agent is the entitlement holderLender. Credit Agent Lender 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 ’s designee except against payment for those Pledged Securities. Borrowers acknowledge Borrower acknowledges that Credit Agent Lender 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, intermediary and Borrowers agreeBorrower agrees, upon request of Credit AgentLender, to execute and deliver to those securities intermediaries Borrowers' Borrower’s written concurrence in any such standing arrangements. (d) If no Default or Event of Default occurs, Borrowers Borrower may redeem a Pledged Loan or Pledged Security from Credit Agent's Lender’s security interest by notifying Credit Agent Lender of its intention to redeem the Pledged Loan or Pledged Security from pledge and either (1) paying, or causing an Investor to pay, to Credit AgentLender, 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 Loans, backing that Pledged Security, or (2) delivering substitute Collateral that, in addition to being acceptable to Credit Agent Lender in its sole discretion discretion, will, when included with the remaining Collateral, result in a Warehousing Collateral Value of all Collateral held by Credit Agent Lender that is at least equal to the aggregate outstanding Warehousing Advances (other than Warehousing Advances against Other Eligible Assets)Advances. (e) After a Default or Event of Default occurs, Credit Agent Lender may, with no liability to Borrowers Borrower or any Person, continue to release its security interest in any Pledged Loan 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 Lender’s security interest in a Pledged Loan (“Release Amount”) will be (1) in connection with the sale of a Pledged Loan by Borrower, the payment required in any bailee letter pursuant to which Lender ships that Pledged Loan to an Investor, Approved Custodian, pool custodian or other party, (2) in connection with the sale of a Pledged Loan by Lender while an Event of Default exists, the amount paid to Lender in a commercially reasonable dispositior of that Pledged Loan and (3) otherwise, until an Event of Default occurs, the principal amount of the Warehousing Advance outstanding against the Pledged Loan.