Partial Release Upon Amortization of 2023 Leased Property Sample Clauses

Partial Release Upon Amortization of 2023 Leased Property. When the principal component of Base Rentals paid by the District or the total principal amount of 2023 Certificates paid or deemed to be paid pursuant to Article VI of the Indenture equals the amount set forth in Exhibit C hereto, the cost of the corresponding portion of the 2023 Leased Property set forth in Exhibit C (or of any property substituted for such portion of the 2023 Leased Property pursuant to any provision of this Lease) shall be deemed to have been fully amortized and the Corporation and the Trustee shall release such portion of the 2023 Leased Property from this Lease and the lien thereon granted to the Trustee pursuant to the Indenture. Upon such release of a portion of the 2023 Leased Property, the Corporation and the Trustee shall execute and deliver to the District all necessary documents assigning, transferring and conveying title to such portions of the 2023 Leased Property, as it then exists, to the District, subject to the following: (i) Permitted Encumbrances, other than this Lease and the Indenture; (ii) all liens, encumbrances and restrictions created or suffered to exist by the Corporation or the Trustee as required or permitted by this Lease or the Indenture or arising as a result of any action taken or omitted to be taken by the Corporation or the Trustee as required or permitted under this Lease or the Indenture; (iii) any lien or encumbrance created or suffered to exist by action of the District; and (iv) those liens and encumbrances (if any) to which title to the applicable 2023 Leased Property was subject when acquired by the Corporation.
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