Common use of Assumption of Secured Certificates by Lessee Clause in Contracts

Assumption of Secured Certificates by Lessee. If, in accordance with Section 8(x) of the Participation Agreement, and subject to the provisions of Section 8(o) thereof, Lessee shall assume (on a full recourse basis) all of the obligations of the Owner Trustee hereunder, under the Secured Certificates and all other Operative Documents by supplemental indenture satisfactory to the Indenture Trustee (which shall contain (i) the provisions substantially similar to Sections 6, 7, 8, 10, 11 and 12 of the Lease and (ii) other provisions necessary or advisable to effectuate such assumption), then upon delivery of such supplemental indenture, payment by Lessee of all expenses (including reasonable fees and expenses of counsel) for the Owner Trustee and the Owner Participant, delivery by the Guarantor of a guarantee of the Secured Certificates and other amounts owing to the Certificate Holders substantially in the form of the Guarantee, and delivery of an opinion of counsel for Lessee that such assumption has been duly and validly effected, the Owner Trustee shall be released and discharged from any further obligations hereunder and under the Secured Certificates and all other Operative Documents and the Owner Participant shall be released and discharged from any further obligations under the Participation Agreement and any other Operative Document to which it is a party, except with respect to any such obligations that accrued prior thereto.

Assumption of Secured Certificates by Lessee. If, in accordance with Section 1(e)(i) or Section 8(x) of the Participation Agreement, Agreement and subject to the provisions of Section 8(o) thereof, Lessee shall assume (on a full recourse basis) all of the obligations of the Owner Trustee hereunder, under the Secured Certificates and all other Operative Documents by supplemental indenture satisfactory to the Indenture Trustee (which shall contain (i) the provisions substantially similar to Sections 6, 7, 8, 10, 11 and 12 of the Lease and (ii) other provisions necessary or advisable to effectuate such assumption), then upon delivery of such supplemental indenture, payment by Lessee of all expenses (including reasonable fees and expenses of counsel) for the Owner Trustee and the Owner Participant, delivery by the Guarantor of a guarantee of the Secured Certificates and other amounts owing to the Certificate Holders substantially in the form of the Guarantee, and delivery of an opinion of counsel for Lessee that such assumption has been duly and validly effected, the Owner Trustee shall be released and discharged from any further obligations hereunder and under the Secured Certificates and all other Operative Documents and the Owner Participant shall be released and discharged from any further obligations under the Participation Agreement and any other Operative Document to which it is a party, except with respect to any such obligations that accrued prior thereto.