Common use of Release of Contract Assets in Connection with Redemptions Clause in Contracts

Release of Contract Assets in Connection with Redemptions. (a) In connection with any redemption permitted under this Article XI, the Issuer shall be permitted to obtain a release of the Contracts, and the Trustee shall release its Lien on the Contracts, at any time after the conditions to any redemption set forth in this Article XI have been satisfied. In order to effect any such release, the Issuer shall deliver to the Trustee, the Note Insurer and the Custodian an Officer’s Certificate, (1) identifying the Contracts and the related Equipment to be released, (2) requesting the release thereof, (3) setting forth the amount deposited in the Collection Account with respect thereto, (4) certifying that the amount deposited in the Collection Account is equal to the Redemption Price and all other amounts required to be paid in connection with a Redemption under this Article XI, and (5) certifying that all other conditions precedent set forth in the Transaction Documents relating to such release have been satisfied. (b) Upon receipt of the Officer’s Certificate from the Issuer containing the certifications required under clause (a) of this Section, and provided that all other certifications and documents required under the terms of this Indenture have been received by the Trustee, the Trustee shall release from the Lien of this Indenture and the Custodian shall deliver to the Issuer or upon Issuer Order the Contracts and all related Contract Assets described in the Issuer’s Officer’s Certificate.

Release of Contract Assets in Connection with Redemptions. (a) In connection with any the redemption permitted under this Article XI, the Issuer shall be permitted to obtain a release of the Contracts, and the Trustee shall release its Lien on the Contracts, at any time after the conditions to any the redemption set forth in this Article XI have been satisfiedsatisfied and the Notes have been paid in full. In order to effect any such release, the Issuer shall deliver to the Trustee, the Note Insurer Trustee and the Custodian an Officer’s Certificate, (1) identifying the Contracts and the related Equipment to be released, (2) requesting the release thereof, (3) setting forth the amount deposited in the Collection Account with respect thereto, (4) certifying that the amount deposited in the Collection Account is equal to the Redemption Price and all other amounts required to be paid in connection with a Redemption under this Article XI, and (5) certifying that all other conditions precedent set forth in the Transaction Documents relating to such release have been satisfied. (b) Upon receipt of the Officer’s Certificate from the Issuer containing the certifications required under clause (a) of this Section, and provided that all other certifications and documents required under the terms of this Indenture have been received by the TrusteeTrustee and the Notes have been paid in full, the Trustee shall release from the Lien of this Indenture and the Custodian shall deliver to the Issuer or upon Issuer Order the Contracts and all related Contract Assets described in the Issuer’s Officer’s Certificate.