Common use of Released Collateral Clause in Contracts

Released Collateral. The Lenders and the Agent hereby agree that any Receivable that is not at any time an Eligible Receivable shall be retained by the Borrower and such Receivable, all Related Security and all Proceeds thereof shall remain part of the Collateral. Notwithstanding the foregoing, the Agent may consent to entitled to have such Receivable and any and all items referenced in Section 8.01 relating thereto (collectively, the “Released Collateral”) released from the lien of the Agent under this Agreement; provided that (i) such Receivable and Related Security are simultaneously sold to a Person other than an Originator, (ii) the proceeds of the transaction involving the sale of such Receivables is at least $1 million and such sale proceeds are deposited in the Collection Account and treated as Collections hereunder, (iii) the related Obligor is directed to make all future payments thereon to an account other than the Lockbox Account, and (iv) the Obligor is not also an Obligor on other Receivables remaining as part of the Collateral, or such Receivable is otherwise segregated from Receivables remaining as part of the Collateral, to prevent the Receivables being sold from affecting payments on Receivables remaining as part of the Collateral; provided, however, that at the time of, and after giving effect to any such release, no Potential Event of Default, Event of Default, Amortization Event or Borrowing Base Deficiency shall have occurred and be continuing. The Agent shall promptly, but in any event within five (5) Business Days, execute and deliver such documents of release as shall be presented thereto in execution form by the Borrower or the Servicer (subject to the reasonable approval of such documents by the Agent) reasonably required to effect such release and the transmission to the purchaser thereof of any Receivable Files relating to the Released Collateral in question. Upon the effectiveness of the release of any Released Collateral pursuant to this Section 8.04(g), such Released Collateral shall not longer constitute “Collateral” for purposes of this Agreement or any other Basic Document.

Released Collateral. The Lenders and Notwithstanding anything to the Agent hereby agree that any Receivable that is not at any time an Eligible Receivable shall be retained by the Borrower and such Receivable, all Related Security and all Proceeds thereof shall remain part contrary contained in this Agreement: (i) upon payment in full of the Collateral. Notwithstanding first installment of principal due under the foregoingNote, one- third of the Agent may consent to entitled to have such Receivable number of shares of Common Stock and Warrants pledged hereunder ("Released Pledged Securities"), together with any and all of the items referenced in Section 8.01 relating thereto Subsections 1A(ii) and (iii) hereof with respect to such Released Pledged Securities (collectively, the “"Released Collateral”) "), automatically shall be deemed released from the lien security interest granted hereunder and shall no longer be deemed Pledged Collateral, and thereupon the security interest, the pledge and all other provisions of this Agreement with respect to such Released Collateral shall automatically cease and terminate and be of no further force or effect and Pledgee shall immediately cause the Agent under this AgreementReleased Collateral to be delivered to Pledgor; provided that (i) such Receivable and Related Security are simultaneously sold to a Person other than an Originator, (ii) the proceeds of the transaction involving the sale of such Receivables is at least $1 million and such sale proceeds are deposited in the Collection Account and treated as Collections hereunder, (iii) the related Obligor is directed to make all future payments thereon to an account other than the Lockbox Account, and (iv) the Obligor is not also an Obligor on other Receivables remaining as part of the Collateral, or such Receivable is otherwise segregated from Receivables remaining as part of the Collateral, to prevent the Receivables being sold from affecting payments on Receivables remaining as part of the Collateral; provided, however, provided that at the time of, and after giving effect to any such release, no Potential payment Event of Default, Event of Default, Amortization Event or Borrowing Base Deficiency Default (defined below) shall have occurred and be continuing. The Agent shall promptly, but upon payment in full of the second installment of principal due under the Note, one-third of the original number of shares of Common Stock and Warrants pledged hereunder ("Additional Released Pledged Securities"), together with any event within five of the items referenced in Subsections 1A(ii) and (5iii) Business Dayshereof with respect to such Additional Released Pledged Securities (collectively, execute and deliver such documents of release as the "Additional Released Collateral"), automatically shall be presented thereto in execution form by deemed released from the Borrower or security interest granted hereunder and shall no longer be deemed Pledged Collateral, and thereupon the Servicer (subject security interest, the pledge and all other provisions of this Agreement with respect to the reasonable approval of such documents by the Agent) reasonably required to effect such release and the transmission to the purchaser thereof of any Receivable Files relating to the Released Collateral in question. Upon the effectiveness of the release of any Released Collateral pursuant to this Section 8.04(g), such Additional Released Collateral shall not automatically cease and terminate and be of no further force or effect and Pledgee shall immediately cause the Additional Released Collateral to be delivered to Pledgor; and (iii) provided that no payment Event of Default shall have occurred and is continuing, upon payment in full of the third installment of principal due under the Note, all of the remaining Pledged Collateral hereunder automatically shall be deemed released from the security interest granted hereunder, shall be deemed Additional Released Collateral and shall no longer constitute “be deemed Pledged Collateral” for purposes , and thereupon the security interest, the pledge and all other provisions of this Agreement with respect to such Additional Released Collateral shall automatically cease and terminate and be of no further force or any effect, and Pledgee shall immediately cause such Additional Released Collateral to be delivered to Pledgor. Notwithstanding the foregoing, upon the prepayment of the Note, provided that no payment Event of Default shall have occurred and is continuing, the entire Pledged Collateral automatically shall be deemed released from the security interest granted hereunder, shall be deemed Released Collateral and Additional Released Collateral and shall no longer be deemed Pledged Collateral, and thereupon the security interest, the pledge and all other Basic Documentprovisions of this Agreement with respect to such collateral shall automatically cease and terminate and be of no further force or effect and Pledgee shall immediately cause such collateral to be delivered to Pledgor.

Released Collateral. The Lenders and the Agent hereby agree that any Receivable that is not at any time an Eligible Receivable shall be retained by the Borrower and such Receivable, all Related Security and all Proceeds thereof shall remain part of the Collateral. Notwithstanding the foregoing, the Agent may consent to entitled to have such Receivable and any and all items referenced in Section 8.01 relating thereto (collectively, the “Released Collateral”) released from the lien of the Agent under this Agreement; provided that (i) such Receivable and Related Security are simultaneously sold to a Person other than an Originator, (ii) the proceeds of the transaction involving the sale of such Receivables is at least $1 million and such sale proceeds are deposited in the a Collection Account and treated as Collections hereunder, (iii) the related Contract Obligor is directed to make all future payments thereon to an account other than the Lockbox a Bank Account, and (iv) the Contract Obligor is not also an a Contract Obligor on other Receivables remaining as part of the Collateral, or such Receivable is otherwise segregated from Receivables remaining as part of the Collateral, to prevent the Receivables being sold from affecting payments on Receivables remaining as part of the Collateral; provided, however, that at the time of, and after giving effect to any such release, no Potential Event of Default, Event of Default, Amortization Event or Borrowing Base Deficiency shall have occurred and be continuing. The Agent shall promptly, but in any event within five (5) Business Days, execute and deliver such documents of release as shall be presented thereto in execution form by the Borrower or the Servicer (subject to the reasonable approval of such documents by the Agent) reasonably required to effect such release and the transmission to the purchaser thereof of any Receivable Files receivable files relating to the Released Collateral in question. Upon the effectiveness of the release of any Released Collateral pursuant to this Section 8.04(g), such Released Collateral shall not longer constitute “Collateral” for purposes of this Agreement or any other Basic Document.