Common use of Release of Security Interest upon Disposition of Collateral Clause in Contracts

Release of Security Interest upon Disposition of Collateral. Upon any sale, transfer or other disposition of any Collateral (or portion thereof) that is permitted hereunder, the security interest granted hereunder in such Portfolio Investment or other Collateral (or the portion thereof which has been sold or otherwise disposed of) shall, immediately upon the sale or other disposition of such Portfolio Investment or other Collateral (or such portion) shall automatically (and without any further action by any party), be released and revert to the Company. Upon any such release, the Collateral Agent will, at the Company's sole expense and without the consent or approval of any other party, deliver to the Company, or cause the Securities Intermediary to deliver, without any representations, warranties or recourse of any kind whatsoever, all certificates and instruments representing or evidencing all of the Collateral held by the Securities Intermediary hereunder or, if such item is a Clearing Corporation Security, cause an appropriate transfer thereof to be made, and execute and deliver to the Company or its nominee such documents as the Company shall reasonably request to evidence such release.

Release of Security Interest upon Disposition of Collateral. Upon any sale, transfer or other disposition of any Collateral (or portion thereof) that is permitted hereunder, the security interest granted hereunder in such Portfolio Investment or other Collateral (or the portion thereof which has been sold or otherwise disposed of) shall, immediately upon the sale or other disposition of such Portfolio Investment or other Collateral (or such portion) shall automatically (and without any further action by any party), be released and revert to the Company. Upon any such release, the Collateral Agent will, at the Company's sole expense and without the consent or approval of any other party, deliver to the - 83 - Company, or cause the Securities Intermediary to deliver, without any representations, warranties or recourse of any kind whatsoever, all certificates and instruments representing or evidencing all of the Collateral held by the Securities Intermediary hereunder or, if such item is a Clearing Corporation Security, cause an appropriate transfer thereof to be made, and execute and deliver to the Company or its nominee such documents as the Company shall reasonably request to evidence such release.

Release of Security Interest upon Disposition of Collateral. Upon any sale, transfer or other disposition of any Collateral (or portion thereof) that is permitted hereunder, the security interest granted hereunder in such Portfolio Investment or other Collateral (or the portion thereof which has been sold or otherwise disposed of) shall, immediately upon the sale or other disposition of such Portfolio Investment or other Collateral (or such portion) shall automatically (and without any further action by any party), be released and revert to the Company. Upon any such release, the Collateral Agent will, at the Company's sole expense and without the consent or approval of any other party, deliver to the Company, or cause the Securities Intermediary to deliver, without any representations, warranties or recourse of any kind whatsoever, all certificates and instruments representing or evidencing all of the Collateral held by the Securities Intermediary hereunder or, if such item is a Clearing Corporation - 183 - Security, cause an appropriate transfer thereof to be made, and execute and deliver to the Company or its nominee such documents as the Company shall reasonably request to evidence such release.