Common use of Procedure for Release Clause in Contracts

Procedure for Release. (a) Upon the receipt by the Collateral Trustees of notice by Borrower of the event specified in Section 6.1(i) or upon receipt by the Collateral Trustees of a Release Notice, the Collateral Trustees shall forthwith send written notice thereof to the Credit Facility Agent, the Public Trustee and the Paying Agent (with a copy of any Release Notice). If, within five (5) Business Days after receipt by the Collateral Trustees, of a notice described in the first sentence of this clause (a), the Collateral Trustees shall not have received a certificate in writing from the Credit Facility Agent stating that it believes in good faith, that the event specified in such notice has not occurred, then the Collateral Trustees shall, to the extent requested by the Borrower, take the actions set forth in Section 6.3; provided that if any such notice described in the first sentence of this clause (a) is executed by the Credit Facility Agent, such period shall not apply and Collateral Trustees promptly shall, to the extent requested by the Borrower, take the actions set forth in Section 6.3. (b) If the Collateral Trustees receive a certificate from the Credit Facility Agent to the effect set forth in Section 6.2(a) within the period therein specified, the Collateral will not be released, and the Collateral Trustees will not take any actions requested of it by the Borrower until such certificate shall be withdrawn in writing by the Credit Facility Agent, or the Collateral Trustees shall have received a final order of a court of competent jurisdiction either directing it to release the applicable Collateral or determining that the conditions to the release of the Collateral specified in Section 6.1 have been satisfied.