Common use of Release of Lien on Collateral Clause in Contracts

Release of Lien on Collateral. At the same time as (i) any Collateral expires by its terms and all amounts in respect thereof have been paid in full by the related Obligor and deposited in the Collection Account, (ii) such Loan has been the subject of a Discretionary Sale pursuant to Section 2.14 or a sale pursuant to Section 6.5 or (iii) this Agreement terminates in accordance with Section 12.6, the Administrative Agent, as agent for the Secured Parties will, to the extent requested by the Collateral Manager, release its interest in such Collateral. In connection with any sale of such Collateral, the Administrative Agent, as agent for the Secured Parties, will after the deposit by the Collateral Manager of the Proceeds of such sale into the Collection Account, at the sole expense of the Collateral Manager, execute and deliver to the Collateral Manager any assignments, bills of sale, termination statements and any other releases and instruments as the Collateral Manager may reasonably request in order to effect the release and transfer of such Collateral; provided that, the Administrative Agent, as agent for the Secured Parties, will make no representation or warranty, express or implied, with respect to any such Collateral in connection with such sale or transfer and assignment. Nothing in this section shall diminish the Collateral Manager’s obligations hereunder with respect to the Proceeds of any such sale.

Release of Lien on Collateral. At the same time as (i) any Collateral expires by its terms and all amounts in respect thereof have been paid in full by the related Obligor and deposited in the Collection Account, (ii) such Loan has any Asset becomes a Prepaid Asset and all amounts in respect thereof have been paid in full by the subject of a Discretionary Sale pursuant to Section 2.14 or a sale pursuant to Section 6.5 or related Obligor and deposited in the Collection Account, (iii) such Asset is replaced in accordance with Section 2.18, or (iv) this Agreement agreement terminates in accordance with Section 12.613.6, the Administrative Agent, Agent as agent for the Secured Parties will, to the extent requested by the Collateral ManagerServicer, release its interest in such Collateral. In connection with any sale of such CollateralRelated Property, the Administrative Agent, Agent as agent for the Secured Parties, Parties will after the deposit by the Collateral Manager Servicer of the Proceeds of such sale into the Collection Account, at the sole expense of the Collateral ManagerServicer, execute and deliver to the Collateral Manager Servicer any assignments, bills of sale, termination statements and any other releases and instruments as the Collateral Manager Servicer may reasonably request in order to effect the release and transfer of such CollateralRelated Property; provided that, that the Administrative Agent, Agent as agent for the Secured Parties, Parties will make no representation or warranty, express or implied, with respect to any such Collateral Related Property in connection with such sale or transfer and assignment. Nothing in this section shall diminish the Collateral ManagerServicer’s obligations hereunder pursuant to Section 6.6 with respect to the Proceeds of any such sale.

Release of Lien on Collateral. At the same time as (i) any Collateral expires by its terms and all amounts in respect thereof have been paid in full by the related Obligor and deposited in the Collection Account, (ii) such Loan has been the subject of a Discretionary Sale pursuant to Section 2.14 2.14, has been sold to the Seller as required under the Sale Agreement or a sale has been sold pursuant to Section 6.5 or (iii) this Agreement terminates in accordance with Section 12.6, the Administrative Agent, as agent for the Secured Parties will, to the extent requested by the Collateral Manager, release its interest in such Collateral. In connection with any sale of such Collateral, the Administrative Agent, as agent for the Secured Parties, will after the deposit by the Collateral Manager of the Proceeds of such sale into the Collection Account, at the sole expense of the Collateral Manager, execute and deliver to the Collateral Manager any assignments, bills of sale, termination statements and any other releases and instruments as the Collateral Manager may reasonably request in order to effect the release and transfer of such Collateral; provided that, the Administrative Agent, as agent for the Secured Parties, will make no representation or warranty, express or implied, with respect to any such Collateral in connection with such sale or transfer and assignment. Nothing in this section shall diminish the Collateral Manager’s obligations hereunder with respect to the Proceeds of any such sale.

Release of Lien on Collateral. At The Lien created pursuant to this Agreement shall be automatically released with upon the same time as occurrence of the following: (i) any Collateral expires by its terms and all amounts in respect thereof have been paid in full by the related Obligor and deposited in the Collection Account, (ii) such Loan has been the subject of a Discretionary Sale Sale, Substitution or a sale of a Warranty Loan pursuant to Section 2.14 or a sale pursuant to Section 6.5 or (iii) this Agreement terminates in accordance with Section 12.6, the Administrative Agent, as agent for the Secured Parties will, to the extent requested by the Collateral Manager, release its interest in such Collateral. In connection with any sale of such Collateral, the Administrative Agent, as agent for the Secured Parties, will after the deposit by the Collateral Manager of the Proceeds of such sale into the Collection Account, at the sole expense of the Collateral ManagerBorrower, execute and deliver to the Collateral Manager Borrower any assignments, bills of sale, termination statements and any other releases and instruments as the Collateral Manager Borrower may reasonably request in order to effect the release and transfer of such Collateral; provided that, the Administrative Agent, as agent for the Secured Parties, will make no representation or warranty, express or implied, with respect to any such Collateral in connection with such sale or transfer and assignment. Nothing in this section shall diminish the Borrower’s or the Collateral Manager’s obligations hereunder pursuant to Section 2(e) of the Collateral Management Agreement with respect to the Proceeds of any such sale.

Release of Lien on Collateral. At the same time as (i) any Collateral expires by its terms and all amounts in respect thereof have been paid in full by the related Obligor and deposited in the Collection Account, (ii) such Loan Portfolio Asset has been the subject of a Discretionary Sale pursuant to Section 2.14 2.14, has been sold to the Seller as required under the Sale Agreement or a sale has been sold pursuant to Section 6.5 or (iii) this Agreement terminates in accordance with Section 12.6, the Administrative Agent, as agent for the Secured Parties will, to the extent requested by the Collateral Manager, release its interest in such Collateral. In connection with any sale of such Collateral, the Administrative Agent, as agent for the Secured Parties, will after the deposit by the Collateral Manager of the Proceeds of such sale into the Collection Account, at the sole expense of the Collateral Manager, execute and deliver to the Collateral Manager any assignments, bills of sale, termination statements and any other releases and instruments as the Collateral Manager may reasonably request in order to effect the release and transfer of such Collateral; provided that, the Administrative Agent, as agent for the Secured Parties, will make no representation or warranty, express or implied, with respect to any such Collateral in connection with such sale or transfer and assignment. Nothing in this section shall diminish the Collateral Manager’s obligations hereunder with respect to the Proceeds of any such sale.

Release of Lien on Collateral. At the same time as (i) any Collateral expires by its terms and all amounts in respect thereof have been paid in full by the related Obligor and deposited in the Collection Account, (ii) such Loan has been the subject of a Discretionary Sale Sale, Substitution or a sale of a Warranty Loan pursuant to Section 2.14 or a sale pursuant to Section 6.5 or (iii) this Agreement terminates in accordance with Section 12.6, the interest of the Administrative Agent in such Collateral shall be automatically released, and the Administrative Agent, as agent for the Secured Parties willParties, to the extent requested by the Collateral Investment Manager, shall, at the sole expense of the Borrower, provide evidence of the release of its interest in such Collateral. In connection with any sale of such Collateral, the Administrative Agent, as agent for the Secured Parties, will after the deposit by the Collateral Investment Manager of the Proceeds of such sale into the Collection Account, at the sole expense of the Collateral ManagerBorrower, execute and deliver to the Collateral Investment Manager any assignments, bills of sale, termination statements and any other releases and instruments as the Collateral Investment Manager may reasonably request in order to effect the release and transfer of such Collateral; provided that, the Administrative Agent, as agent for the Secured Parties, will make no representation or warranty, express or implied, with respect to any such Collateral in connection with such sale or transfer and assignment. Nothing in this section shall diminish the Collateral ManagerCustodian’s obligations hereunder pursuant to Section 6.2(j) with respect to the Proceeds of any such sale.

Release of Lien on Collateral. At the same time as (i) any Collateral expires by its terms and all amounts in respect thereof have been paid in full by the related Obligor and deposited in the Collection Account, (ii) such Loan is transferred or replaced in accordance with Section 2.16, (iii) such Loan has been the subject of a Discretionary Sale pursuant to Section 2.14 or a sale pursuant to Section 6.5 2.17 or (iiiiv) this Agreement terminates in accordance with Section 12.613.6, the Administrative Collateral Agent, as agent for on behalf of the Secured Parties will, to the extent requested by the Collateral Manager, release its interest in such Collateral. In connection with any sale of such Collateral, the Administrative Collateral Agent, as agent for on behalf of the Secured Parties, will after the deposit by the Collateral Manager of the Proceeds of such sale into the Collection Account, at the sole expense of the Collateral ManagerManager (subject to reimbursement as provided in Sections 2.7 and 2.9), execute and deliver to the Collateral Manager any assignments, bills of sale, termination statements and any other releases and instruments as the Collateral Manager may reasonably request in order to effect the release and transfer of such Collateral; provided that, the Administrative Collateral Agent, as agent for on behalf of the Secured Parties, will make no representation or warranty, express or implied, with respect to any such Collateral in connection with such sale or transfer and assignment. Nothing in this section shall diminish the Collateral Manager’s obligations hereunder with respect to the Proceeds of any such sale.

Release of Lien on Collateral. At the same time as (i) any Collateral expires by its terms and all amounts in respect thereof have been paid in full by the related Obligor and deposited in the Collection Account, (ii) such Loan has been the subject of a Discretionary Sale Sale, Substitution or a sale of a Warranty Loan pursuant to Section 2.14 or a sale pursuant to Section 6.5 or (iii) this Agreement terminates in accordance with Section 12.6, the interest of the Administrative Agent in such Collateral shall be automatically released, and the Administrative Agent, as agent for the Secured Parties willParties, to the extent requested by the Collateral InvestmentCollateral Manager, shall, at the sole expense of the Borrower, provide evidence of the release of its interest in such Collateral. In connection with any sale of such Collateral, the Administrative Agent, as agent for the Secured Parties, will after the deposit by the Collateral InvestmentCollateral Manager of the Proceeds of such sale into the Collection Account, at the sole expense of the Collateral ManagerBorrower, execute and deliver to the Collateral InvestmentCollateral Manager any assignments, bills of sale, termination statements and any other releases and instruments as the Collateral InvestmentCollateral Manager may reasonably request in order to effect the release and transfer of such Collateral; provided that, the Administrative Agent, as agent for the Secured Parties, will make no representation or warranty, express or implied, with respect to any such Collateral in connection with such sale or transfer and assignment. Nothing in this section shall diminish the Collateral ManagerCustodian’s obligations hereunder pursuant to Section 6.2(j) with respect to the Proceeds of any such sale.

Release of Lien on Collateral. At the same time as (i) any Collateral expires by its terms and all amounts in respect thereof have been paid in full by the related Obligor and deposited in the Collection Account, (ii) such Loan has been the subject of a Discretionary Sale Sale, Substitution or a sale of a Warranty Loan pursuant to Section 2.14 or a sale pursuant to Section 6.5 other Loan sold in accordance with this Agreement or (iii) this Agreement terminates in accordance with Section 12.6, the interest of the Administrative Agent in such Collateral shall be automatically released, and the Administrative Agent, as agent for the Secured Parties willParties, to the extent requested by the Collateral ManagerServicer, shall, at the sole expense of the Borrower, provide evidence of the release of its interest in such Collateral. In connection with any sale of such Collateral, the Administrative Agent, as agent for the Secured Parties, will after the deposit by the Collateral Manager Servicer of the Proceeds of such sale into the Collection Account, at the sole expense of the Collateral ManagerBorrower, execute and deliver to the Collateral Manager Servicer any assignments, bills of sale, termination statements and any other releases and instruments as the Collateral Manager Servicer may reasonably request in order to effect the release and transfer of such Collateral; provided that, the Administrative Agent, as agent for the Secured Parties, will make no representation or warranty, express or implied, with respect to any such Collateral in connection with such sale or transfer and assignment. Nothing in this section shall diminish the Collateral Manager’s Custodian's obligations hereunder pursuant to Section 6.2(j) with respect to the Proceeds of any such sale.

Release of Lien on Collateral. At the same time as (i) any Collateral expires by its terms and all amounts in respect thereof have been paid in full by the related Obligor and deposited in the Collection Account, (ii) such Loan has been the subject of a Discretionary Sale pursuant to Section 2.14 or a sale pursuant to Section 6.5 2.15 or (iii) this Agreement terminates in accordance with Section 12.6, the Administrative Agent, as agent for the Secured Parties will, to the extent requested by the Collateral ManagerAdministrator, release its interest in such Collateral. In connection with any sale of such Collateral, the Administrative Agent, as agent for the Secured Parties, will after the deposit by the Collateral Manager Administrator of the Proceeds of such sale into the Collection Account, at the sole expense of the Collateral ManagerAdministrator, execute and deliver to the Collateral Manager Administrator any assignments, bills of sale, termination statements and any other releases and instruments as the Collateral Manager Administrator may reasonably request in order to effect the release and transfer of such Collateral; provided that, the Administrative Agent, as agent for the Secured Parties, will make no representation or warranty, express or implied, with respect to any such Collateral in connection with such sale or transfer and assignment. Nothing in this section shall diminish the Collateral ManagerAdministrator’s obligations hereunder pursuant to Section 6.5 with respect to the Proceeds of any such sale.

Release of Lien on Collateral. At the same time as (i) any Collateral expires by its terms and all amounts in respect thereof have been paid in full by the related Obligor and deposited in the Collection Account, (ii) such Loan is transferred or replaced in accordance with Section 2.17, (iii) such Loan has been the subject of an Optional Sale pursuant to Section 2.18, (iv) such Loan has been the subject of a Discretionary Sale or a Lien Release Dividend pursuant to Section 2.14 or a sale pursuant to Section 6.5 2.19 or (iiiv) this Agreement terminates in accordance with Section 12.613.6, the Administrative Collateral Agent, as agent for on behalf of the Secured Parties will, to the extent requested by the Collateral ManagerServicer, release its interest in such Collateral. In connection with any sale of such Collateral, the Administrative Collateral Agent, as agent for on behalf of the Secured Parties, will after the deposit by the Collateral Manager Servicer of the Proceeds of such sale into the Collection Account, at the sole expense of the Collateral ManagerServicer, execute and deliver to the Collateral Manager Servicer any assignments, bills of sale, termination statements and any other releases and instruments as the Collateral Manager Servicer may reasonably request in order to effect the release and transfer of such Collateral; provided that, the Administrative Collateral Agent, as agent for on behalf of the Secured Parties, will make no representation or warranty, express or implied, with respect to any such Collateral in connection with such sale or transfer and assignment. Nothing in this section shall diminish the Collateral ManagerServicer’s obligations hereunder pursuant to Section 6.5 with respect to the Proceeds of any such sale.

Release of Lien on Collateral. At the same time as (i) any Collateral expires by its terms and all amounts in respect thereof have been paid in full by the related Obligor and deposited in the Collection Account, (ii) any Loan becomes a Prepaid Asset in full and all amounts in respect thereof have been paid in full by the related Obligor and deposited in the Collection Account, (iii) such Loan is repurchased or replaced in accordance with Section 2.19, (iv) such Loan has been repurchased by the Borrower pursuant to Section 2.14, (v) such Loan has been the subject of a Discretionary Sale pursuant to Section 2.14 or a sale pursuant to Section 6.5 2.21, or (iiivi) this Agreement terminates in accordance with Section 12.613.6, the Administrative AgentTrustee, as agent for on behalf of the Secured Parties Parties, will, to the extent requested by the Collateral ManagerServicer, release its interest in such Collateral. In connection with any sale of such CollateralRelated Property, the Administrative AgentTrustee, as agent for the benefit of the Secured Parties, will after the deposit by the Collateral Manager Servicer of the Proceeds of such sale into the Collection Account, at the sole expense of the Collateral ManagerServicer, execute and deliver to the Collateral Manager Servicer any assignments, bills of sale, termination statements and any other releases and instruments as the Collateral Manager Servicer may reasonably request in order to effect the release and transfer of such CollateralRelated Property; provided thatprovided, that the Administrative AgentTrustee, as agent for on behalf of the Secured Parties, Parties will make no representation or warranty, express or implied, with respect to any such Collateral Related Property in connection with such sale or transfer and assignment. Nothing in this section shall diminish the Collateral ManagerServicer’s obligations hereunder pursuant to Section 6.6 with respect to the Proceeds of any such sale.

Release of Lien on Collateral. At the same time as (i) any Collateral expires by its terms and all amounts in respect thereof have been paid in full by the related Obligor and deposited in the Collection Account, (ii) such Loan Portfolio Asset has been the subject of a Discretionary Sale or mandatory sale pursuant to Section 2.14 2.13, or a sale has been sold pursuant to Section 6.5 or (iii) this Agreement terminates in accordance with Section 12.6, the Administrative Agent, as agent for the Secured Parties will, to the extent requested by the Collateral Manager, release its interest in such Collateral. In connection with any sale of such Collateral, the Administrative Agent, as agent for the Secured Parties, will after the deposit by the Collateral Manager of the Proceeds of such sale into the Collection Account, at the sole expense of the Collateral Manager, execute and deliver to the Collateral Manager any assignments, bills of sale, termination statements and any other releases and instruments as the Collateral Manager may reasonably request in order to effect the release and transfer of such Collateral; provided that, the Administrative Agent, as agent for the Secured Parties, will make no representation or warranty, express or implied, with respect to any such Collateral in connection with such sale or transfer and assignment. Nothing in this section shall diminish the Collateral Manager’s obligations hereunder with respect to the Proceeds of any such sale.

Release of Lien on Collateral. At the same time as (i) any Collateral expires by its terms and all amounts in respect thereof have been paid in full by the related Obligor and deposited in the Collection Account, (ii) such Loan has been the subject of a Discretionary Sale pursuant to Section 2.14 2.14, has been sold to the Seller as required under the Sale Agreement or a sale has been sold pursuant to Section 6.5 or (iii) this Agreement terminates in accordance with Section 12.6, the Administrative Agent, as agent for the Secured Parties will, to the extent requested by the Collateral Manager, release its interest in such Collateral. In connection with any sale of such Collateral, the Administrative Agent, as 127 USActive 60440347.7 agent for the Secured Parties, will after the deposit by the Collateral Manager of the Proceeds of such sale into the Collection Account, at the sole expense of the Collateral Manager, execute and deliver to the Collateral Manager any assignments, bills of sale, termination statements and any other releases and instruments as the Collateral Manager may reasonably request in order to effect the release and transfer of such Collateral; provided that, the Administrative Agent, as agent for the Secured Parties, will make no representation or warranty, express or implied, with respect to any such Collateral in connection with such sale or transfer and assignment. Nothing in this section shall diminish the Collateral Manager’s obligations hereunder with respect to the Proceeds of any such sale.

Release of Lien on Collateral. At the same time as (i) any Collateral expires by its terms and all amounts in respect thereof have been paid in full by the related Obligor and deposited in the Collection Account, (ii) such Loan Portfolio Asset has been the subject of a Discretionary Sale pursuant to Section 2.14 2.14, has been sold to the Seller as required under the Sale Agreement or a sale has been sold pursuant to Section 6.5 or (iii) this Agreement terminates in accordance with Section 12.6, the Administrative Agent, as agent for the Secured Parties will, to the extent requested by the Collateral Manager, release its interest in such Collateral. In connection with any sale of such Collateral, the Administrative Agent, as agent for the Secured Parties, will after the deposit by the Collateral Manager of the Proceeds of such sale into the Collection Account, at the sole expense of the Collateral Manager, execute and deliver to the Collateral Manager any assignments, bills of sale, termination statements and any other releases and instruments as the Collateral Manager may reasonably request in order to effect the release and transfer of such Collateral; provided that, the Administrative Agent, as agent for the Secured Parties, will make no representation or warranty, express or implied, with respect to any BUSINESS.33662032.9 151 such Collateral in connection with such sale or transfer and assignment. Nothing in this section shall diminish the Collateral Manager’s obligations hereunder with respect to the Proceeds of any such sale.

Release of Lien on Collateral. (a) At the same time as (i) any Collateral expires by its terms and all amounts in respect thereof have been paid in full by the related Obligor and deposited in the Collection Account, Account or (ii) such any Loan has been the subject of a Discretionary Sale Sale, Substitution or a sale or repurchase of a Warranty Loan or a Zero Value Asset permitted pursuant to Section 2.14 or a sale pursuant to Section 6.5 or (iii) this Agreement terminates and all Proceeds thereof have been deposited in accordance with Section 12.6the Collection Account, the lien and security interest granted hereunder in favor of the Administrative Agent, as agent for the Secured Parties will, to the extent requested Agent shall be released automatically without any further action by the Collateral Manager, release its interest in such Collateralany Person. In connection with any Discretionary Sale, Substitution or a sale or repurchase of such Collaterala Warranty Loan permitted pursuant to Section 2.14, the Administrative Agent, as agent for the Secured Parties, will after the deposit by the Borrower (or the Collateral Manager on its behalf), of the any Proceeds of such sale thereof into the Collection Account, at the sole expense of the Collateral Manager, Borrower execute and deliver to the Borrower (or the Collateral Manager on its behalf) Nevertheless, if so requested by the Administrative Agent, the Borrower shall ratify and confirm any assignments, such sale or other disposition by executing and delivering to the Administrative Agent or such purchaser all proper bills of sale, termination statements and any other assignments, releases and other instruments as the Collateral Manager may reasonably request be designated in order to effect the release and transfer of such Collateral; provided that, the Administrative Agent, as agent for the Secured Parties, will make no representation or warranty, express or implied, with respect to any such Collateral in connection with such sale or transfer and assignment. Nothing in this section shall diminish the Collateral Manager’s obligations hereunder with respect to the Proceeds of any such salerequest.

Release of Lien on Collateral. At The Lien created pursuant to this Agreement shall be automatically released with upon the same time as occurrence of the following: (i) any Collateral expires by its terms and all amounts in respect thereof have been paid in full by the related Obligor and deposited in the Collection Account, (ii) such Loan has been the subject of a Discretionary Sale Sale, Substitution or a sale of a Warranty Loan pursuant to Section 2.14 or a sale pursuant to Section 6.5 or (iii) this Agreement terminates in accordance with Section 12.6, the Administrative Agent, as agent for the Secured Parties will, to the extent requested by the Collateral Manager, release its interest in such Collateral. In connection with any sale of such Collateral, the Administrative Agent, as agent for the Secured Parties, will after the deposit by the Collateral Manager of the Proceeds of such sale into the Collection Account, at the sole expense of the Collateral ManagerBorrower, execute and deliver to the Collateral Manager Borrower any assignments, bills of sale, termination statements and any other releases and instruments as the Collateral Manager Borrower may reasonably request in order to effect the release and transfer of such Collateral; provided that, the Administrative Agent, as agent for the Secured Parties, will make no representation or warranty, express or implied, with respect to any such Collateral in connection with such sale or transfer and assignment. Nothing in this section shall diminish the Borrower’s or the Collateral Manager’s obligations hereunder pursuant to Section 2(e) of the Collateral Management Agreement with respect to the Proceeds of any such sale.. [KFIT] Loan and Security Agreement

Release of Lien on Collateral. At the same time as (i) any Collateral expires by its terms and all amounts in respect thereof have been paid in full by the related Obligor and deposited in the Collection Account, (ii) such Loan has been the subject of a Discretionary Sale Sale, Substitution or a sale of a Warranty Loan or a Zero Value Asset pursuant to Section 2.14 or a sale pursuant to Section 6.5 otherwise sold or transferred in accordance with this Agreement (in each case, the proceeds of which have been deposited in the Collection Account) or (iii) this Agreement terminates and the Obligations are paid in accordance with Section 12.6, full in cash (other than contingent indemnification obligations for which no claim has been asserted) the lien and security interest granted under the Transaction Documents in favor of the Administrative Agent, as agent for the Agent or any other Secured Parties will, to the extent requested Party shall be released automatically without any further action by the Collateral Manager, release its interest in such Collateralany Person. In connection with any sale of such CollateralCollateral or such release, the Administrative Agent, as agent for the Secured Parties, will after the deposit by the Collateral Manager of the Proceeds of such sale into the Collection Account, at the sole expense of the Collateral ManagerBorrower, execute and deliver to the Collateral Manager any assignments, bills of sale, termination statements and any other releases and instruments as the Collateral Manager may reasonably request in order to effect evidence the release and transfer of such Collateral; provided that, the Administrative Agent, as agent for the Secured Parties, will make no representation or warranty, express or implied, with respect to any such Collateral in connection with such sale or transfer and assignment. Nothing in this section shall diminish the Collateral Manager’s obligations hereunder pursuant to Section 6.5 with respect to the Proceeds of any such sale.

Release of Lien on Collateral. At The Lien created pursuant to this Agreement shall be automatically released with upon the same time as occurrence of the following: (i) any Collateral expires by its terms and all amounts in respect thereof have been paid in full by the related Obligor and deposited in the Collection Account, (ii) such Loan has been the subject of a Discretionary Sale Sale, Substitution or a sale of a Warranty Loan pursuant to Section 2.14 or a sale pursuant to Section 6.5 or (iii) this Agreement terminates in accordance with Section 12.6, the Administrative Agent, as agent for the Secured Parties will, to the extent requested by the Collateral Manager, release its interest in such Collateral. In connection with any sale of such Collateral, the Administrative Agent, as agent for the Secured Parties, will after the deposit by the Collateral Manager of the Proceeds of such sale into the Collection Account, at the sole expense of the Collateral ManagerBorrower, execute and deliver to the Collateral Manager Borrower any assignments, bills of sale, termination statements and any other releases and instruments as the Collateral Manager Borrower may reasonably request in order to effect the release and transfer of such Collateral; provided that, the Administrative Agent, as agent for the Secured Parties, will make no representation or warranty, express or implied, with respect to any such Collateral in connection with such sale or transfer and assignment. Nothing in this section shall diminish the Borrower’s or the Collateral Manager’s obligations hereunder pursuant to Section 2(e) of the Collateral Management Agreement with respect to the Proceeds of any such sale.. [FS Investment] Loan and Security Agreement

Release of Lien on Collateral. At the same time as (i) any Collateral expires by its terms and all amounts in respect thereof have been paid in full by the related Obligor and deposited in the Collection Account, (ii) such Loan has been the subject of a Discretionary Sale Sale, Substitution or a sale of a Warranty Loan pursuant to Section 2.14 or a sale pursuant to Section 6.5 otherwise sold or transferred in accordance with this Agreement or (iii) this Agreement terminates and the Obligations are paid in accordance with Section 12.6, full in cash (other than contingent indemnification obligations for which no claim has been asserted) the lien and security interest granted under the Transaction Documents in favor of the Administrative Agent, as agent for the Agent or any other Secured Parties will, to the extent requested Party shall be released automatically without any further action by the Collateral Manager, release its interest in such Collateralany Person. In connection with any sale of such CollateralCollateral or such release, the Administrative Agent, as agent for the Secured Parties, will after the deposit by the Collateral Manager of the Proceeds of such sale into the Collection Account, at the sole expense of the Collateral ManagerBorrower, execute and deliver to the Collateral Manager any assignments, bills of sale, termination statements and any other releases and instruments as the Collateral Manager may reasonably request in order to effect evidence the release and transfer of such Collateral; provided that, the Administrative Agent, as agent for the Secured Parties, will make no representation or warranty, express or implied, with respect to any such Collateral in connection with such sale or transfer and assignment. Nothing in this section shall diminish the Collateral Manager’s obligations hereunder with respect to the Proceeds of any such sale.and

Release of Lien on Collateral. At The Lien created pursuant to this Agreement shall (in the same time as case of clauses (i) and (ii) below, solely with respect to the Collateral described in such clauses) be automatically released with upon the occurrence of the following: (i) any Collateral expires by its terms and all amounts in respect thereof have been paid in full by the related Obligor and deposited in the Collection Account, (ii) such any Loan has been the subject of a Discretionary Sale Sale, Substitution or a sale of a Warranty Loan or a Zero Value Asset pursuant to Section 2.14 or a sale pursuant to Section 6.5 or (iii) this Agreement terminates in accordance with Section 12.6, the Administrative Agent, as agent for the Secured Parties will, to the extent requested by the Collateral Manager, release its interest in such Collateral. In connection with any sale of such Collateral, the Administrative Agent, as agent for the Secured Parties, will after the deposit by the Collateral Manager of the Proceeds of such sale into the Collection Account, at the sole expense of the Collateral ManagerBorrower, execute and deliver to the Collateral Manager any assignments, bills of sale, termination statements and any other releases and instruments as the Collateral Manager may reasonably request in order to effect the release and transfer of such Collateral; provided that, the Administrative Agent, as agent for the Secured Parties, will make no representation or warranty, express or implied, with respect to any such Collateral in connection with such sale or transfer and assignment. Nothing in this section shall diminish the Collateral Manager’s obligations hereunder pursuant to Section 6.5 with respect to the Proceeds of any such sale.