Release of Leased Vehicles on Sale. The Collateral Agent will be deemed to have released, and does release, any Liens and its other rights, title and interests in, to and under a Leased Vehicle (and all proceeds of the Leased Vehicle and the rights of the related Borrower and/or Ford Credit (individually or as Servicer) under a contract or agreement for the sale or other disposition of the Leased Vehicle (including for the realization of the proceeds of each insurance policy on or covering the Leased Vehicle)) sold according to Section 4.2 of the Servicing Agreement, effective immediately before the sale or other disposition of the Leased Vehicle and without further action of the parties.
Appears in 4 contracts
Samples: Credit and Security Agreement (CAB East LLC), Credit and Security Agreement (CAB East LLC), Credit and Security Agreement (CAB East LLC)
