Common use of Release of Collections Clause in Contracts

Release of Collections. On any Business Day after the Administrative Agent has taken exclusive dominion and control of the Collection Accounts, so long as each of the conditions precedent set forth in Section 6.03 are satisfied (as reasonably determined by the Administrative Agent), the Administrative Agent shall release to the Borrower from Collections on deposit in the Cash Dominion Administration Account an amount equal to the Maximum Release Amount on such day. The proceeds of each Release shall be applied by the Borrower to pay (x) the purchase price for Receivables purchased by the Borrower on such date in accordance with the terms of the Purchase and Sale Agreement, (y) any accrued and unpaid Servicing Fees owing to CMA or (z) amounts owing by the Borrower to the Originators under the Intercompany Loans. The Borrower shall notify the Administrative Agent if any of the conditions for a Release set forth in Section 6.03 are not satisfied on such day. If the Administrative Agent has not taken exclusive dominion and control of the Collection Accounts, any Releases shall be made in accordance with Section 4.01(a).

Release of Collections. On any Business Day after the Administrative Agent has taken exclusive dominion and control of the Collection Accounts, so long as each of the conditions precedent set forth in Section 6.03 5.03 are satisfied (as reasonably determined by the Administrative Agent), the Administrative Agent shall release to the Borrower Seller from Collections on deposit in the Cash Dominion Administration Account an amount equal to the Maximum Release Amount on such day. The proceeds of each Release shall be applied by the Borrower Seller to pay (x) the purchase price for Receivables purchased by the Borrower Seller on such date in accordance with the terms of the Purchase and Sale Transfer Agreement, (y) any accrued and unpaid Servicing Fees owing to CMA Rackspace or (z) amounts owing by the Borrower to the Originators under the Intercompany Loansdeferred purchase price for any previously purchased Receivables. The Borrower Seller shall notify the Administrative Agent if any of the conditions for a Release set forth in Section 6.03 5.03 are not satisfied on such day. If the Administrative Agent has not taken exclusive dominion and control of the Collection Accounts, any Releases shall be made in accordance with Section 4.01(a3.01(a).