Common use of Release of Certain Charged-Off Receivables Clause in Contracts

Release of Certain Charged-Off Receivables. From time to time, the Borrower may request that the Agents and the Lenders release their security interest in specific Receivables that have been fully charged-off (and all related Collections thereof and Records) in order to permit their sale to International Paper on an arms’-length basis by delivering a written request to the Agents accompanied by a list of the specific Receivables involved, including related dollar amounts, sales prices and purchasers, not less than 5 Business Days prior to the proposed third party sale. Provided that no Amortization Event or Unmatured Amortization Event then exists or would result from such sale, each of the Co-Agents and the Lenders hereby authorizes the Administrative Agent, and the Administrative Agent hereby agrees, to execute a specific release in substantially the form of the first document included in Exhibit VII hereto, and the Borrower hereby agrees to execute a sale and assignment of such specific Receivables in substantially the form of the second document included in Exhibit VII hereto.

Release of Certain Charged-Off Receivables. From time to time, the Borrower may request that the Agents and the Lenders release their security interest in specific Receivables that have been fully charged-off (and all related Collections thereof and Records) in order to permit their sale to International Paper on an arms’-length arms'-length basis by delivering a written request to the Agents accompanied by a list of the specific Receivables involved, including related dollar amounts, sales prices and purchasers, not less than 5 Business Days prior to the proposed third party sale. Provided that no Amortization Event or Unmatured Amortization Event then exists or would result from such sale, each of the Co-Agents and the Lenders hereby authorizes the Administrative Agent, and the Administrative Agent hereby agrees, to execute a specific release in substantially the form of the first document included in Exhibit VII X hereto, and the Borrower hereby agrees to execute a sale and assignment of such specific Receivables in substantially the form of the second document included in Exhibit VII X hereto.