ICONs to be Delivered. On each Settlement Date, the Hartford shall issue and deliver to the ABC Trust against payment of the ICONs Purchase Price, ICONs in an aggregate principal amount (the “Actual Exercise Amount”) equal to the lesser of (x) the Designated Amount specified in the applicable Put Notice and (y) the aggregate amount of ICONs that may be purchased with the proceeds (“Available Asset Swap Reduction Proceeds”) received by the ABC Trust in connection with the reduction in the Notional Amount of the Asset Swap Contract pursuant to the written notice contemplated by Section 3.1(c) (including proceeds from any sale of Designated Assets by the ABC Trust, any related Cash Settlement Amounts paid by the Asset Swap Counterparty or the proceeds then available from the exercise of remedies against the Asset Swap Counterparty in connection with any failure to pay any related Cash Settlement Amount). The ICONs shall be delivered free and clear of any defect in title, together with all transfer and registration documents (or all notices, instructions or other communications) as are necessary to convey title to the ICONs to the ABC Trust (or its nominee) and cause them to be protected purchasers (within the meaning of the New York Uniform Commercial Code) of the ICONs.
