Common use of Release of Minor Properties Clause in Contracts

Release of Minor Properties. (a) Notwithstanding the provisions of Section 7.03, unless an Event of Default shall have occurred and be continuing, the Company may obtain the release from the Lien of this Indenture of any part of the Trust Estate, or any interest therein, and the Trustee shall whenever from time to time requested by the Company in a Company Order transmitting therewith a form of instrument or instruments to effect such release, and without requiring compliance with any of the provisions of Section 7.03, release from the Lien of this Indenture all the right, title and interest of the Trustee in and to the same provided that the lesser of the aggregate Cost or the aggregate Fair Value of the property to be so released on any date in a given calendar year, together with all other property theretofore released pursuant to this Section 7.05 in such calendar year, shall not exceed the greater of (i) 1.5% of the sum of the aggregate principal amount of all Bonds then Outstanding and (ii) $10,000,000. (b) Prior to the granting of any such release, there shall be delivered to the Trustee (x) an Officers’ Certificate stating that, to the knowledge of the signers, no Event of Default has occurred and is continuing and that such release is authorized pursuant to this Section 7.05 and (y) an Experts’ Certificate stating, in the judgment of the signers, the Fair Value of the property to be released, the aggregate Fair Value of all other property theretofore released pursuant to this Section in such calendar year, and that, in the judgment of the signers, the release thereof will not impair the security under this Indenture in contravention of the provisions hereof.

Release of Minor Properties. (a) Notwithstanding the provisions of Section 7.03, unless an Event of Default shall have occurred and be continuingcontinuing or would result from the release of Mortgaged Property pursuant to this Section 7.04, the Company may obtain the release from the Lien of this Indenture hereof of any part of the Trust EstateMortgaged Property, or any interest therein, and the Trustee shall whenever from time to time requested by the Company in a Company Order transmitting therewith a form of instrument or instruments to effect such release, and without requiring compliance with any of the provisions of Section 7.03, release from the Lien of this Indenture hereof all the right, title and interest of the Trustee in and to the same provided that the lesser of the aggregate Cost or the aggregate Fair Value book value of the property to be so released on any date in a given calendar year, together with all other property theretofore released pursuant to this Section 7.05 7.04 in such calendar year, shall not exceed the greater of (ia) 1.5% of the sum Ten Million Dollars ($10,000,000) and (b) one and one-half percent (1-1/2%) of the aggregate principal amount of all Bonds Securities then Outstanding and (ii) $10,000,000. (b) Outstanding. Prior to the granting of any such release, there shall be delivered to the Trustee (xi) an Officers’ Officer’s Certificate stating that, to the knowledge of the signerssigner, no Event of Default has occurred and is continuing and that such or would result from the release is authorized pursuant to this Section 7.05 of the Property, and (yii) an Experts’ Expert’s Certificate statingstating (and attaching supporting calculations), in the judgment of the signers, the Fair Value book value of the property to be released, the aggregate Fair Value book value of all other property theretofore released pursuant to this Section in such calendar year, and that, in the judgment of the signers, the release thereof will not impair the security under this Indenture in contravention of the provisions hereof.