Common use of Release of Interest Clause in Contracts

Release of Interest. At the same time as (i) any Receivable becomes a Prepaid Receivable, (ii) any Receivable matures, (iii) any Receivable is the subject of an Upgrade and the conditions set forth in Section 2.13 have been satisfied, (iv) the Trust Depositor through the Servicer, substitutes or replaces any Receivable as contemplated in Section 2.7 hereof, or (v) the Servicer exercises the Servicer Purchase Option, the Indenture Trustee and the Trust will release their interest in the Interval relating to such Receivable and related Trust Assets; provided, that such release will not constitute a release of the respective interests of Indenture Trustee and the Trust in the proceeds of Trust Assets except with respect to any proceeds received by the Servicer with respect to a Receivable and related Trust Assets which were subject to the Servicer Purchase Option. In connection with any of the events described in the preceding sentence, the Indenture Trustee and the Trust will execute and deliver (at the expense of the Trust Depositor) to the Servicer any assignments, bills of sale, termination statements and any other releases and instruments as the Servicer may reasonably request in order to effect such release and transfer, and the Indenture Trustee and the Trust shall be deemed to have transferred to the Trust Depositor or the Servicer, as the case may be, all of the Indenture Trustee's and the Trust's right, title and interest in such Trust Assets in respect of such Receivable free and clear of any interest created by the Indenture Trustee or the Trust hereunder and under the other Transaction Documents, but without any recourse or other representation or warranty, express or implied. Nothing in this Section shall diminish the Servicer's obligations pursuant to Section 2.11 of this Agreement with respect to the proceeds of any sale of such Trust Assets.

Release of Interest. At the same time as (i) any Receivable becomes a Prepaid Receivable, (ii) any Receivable matures, (iii) any Receivable is the subject of an Upgrade and the conditions set forth in Section 2.13 have been satisfied, (iv) the Trust Depositor through the Servicer, substitutes or replaces any Receivable as contemplated in Section 2.7 hereof, or (v) the Servicer exercises the Servicer Purchase Option, the Indenture Trustee and the Trust will release their interest in the Interval relating to such Receivable and related Trust Assets; provided, that such release will not constitute a release of the respective interests of the Indenture Trustee and the Trust in the proceeds of Trust Assets except with respect to any proceeds received by the Servicer with respect to a Receivable and related Trust Assets which were subject to the Servicer Purchase Option. In connection with any of the events described in the preceding sentence, the Indenture Trustee and the Trust will execute and deliver (at the expense of the Trust Depositor) to the Servicer any assignments, bills of sale, termination statements and any other releases and instruments as the Servicer may reasonably request in order to effect such release and transfer, and the Indenture Trustee and the Trust shall be deemed to have transferred to the Trust Depositor or the Servicer, as the case may be, all of the Indenture Trustee's and the Trust's right, title and interest in such Trust Assets in respect of such Receivable free and clear of any interest created by the Indenture Trustee or the Trust hereunder and under the other Transaction Documents, but without any recourse or other representation or warranty, express or implied. Nothing in this Section shall diminish the Servicer's obligations pursuant to Section 2.11 of this Agreement with respect to the proceeds of any sale of such Trust Assets.