Common use of RELEASE OF CONTRACTS AND EQUIPMENT UPON FINAL CONTRACT PAYMENT Clause in Contracts

RELEASE OF CONTRACTS AND EQUIPMENT UPON FINAL CONTRACT PAYMENT. (a) In the event that the Trustee shall have received written certification from an Authorized Officer of the Servicer that the Trustee has received from amounts paid by the Obligor or from the proceeds of the Equipment subject to any Contract (i) the final Contract Payment due and payable under any Contract (including, if applicable, any Purchase Option Payment paid by the Obligor) or (ii) a Prepayment Amount in respect of any Contract and, following such final Contract Payment or Prepayment Amount, no further payments on, or in respect of, such Contract are or will be due and payable, such Contract and the Equipment subject thereto shall be released from the lien of this Amended and Restated Indenture except if a Restricting Event or an Amortization Event shall have occurred and then be continuing. (b) If a Restricting Event or Amortization Event shall have occurred and then be continuing, then each Contract and the security interest in all Equipment (except for security interests relating to Equipment subject to a conditional sales agreement or an equipment note) which would otherwise be released from the lien of this Amended and Restated Indenture pursuant to this Section 4.04 shall instead remain subject to such lien and all of the provisions of this Amended and Restated Indenture, including, without limitation, Article VI hereof.

RELEASE OF CONTRACTS AND EQUIPMENT UPON FINAL CONTRACT PAYMENT. (a) In the event that the Trustee shall have received written certification from an Authorized Officer of the Servicer that the Trustee has received from amounts paid by the Obligor or from the proceeds of the Equipment subject to any Contract (i) the final Contract Payment due and payable under any Contract (including, if applicable, any Purchase Option Payment paid by the Obligor) or (ii) a Prepayment Amount in respect of any Contract and, following such final Contract Payment or Prepayment Amount, no further payments on, or in respect of, such Contract are or will be due and payable, such Contract and the Equipment subject thereto shall be released from the lien of this Amended and Restated Indenture except if a Restricting Event or an Amortization Event shall have occurred and then be continuing. (b) If a Restricting Event or Amortization Event shall have occurred and then be continuing, then each Contract and the security interest in all Equipment (except for security interests relating to Equipment subject to a conditional sales agreement or an equipment note) which would otherwise be released from the lien of this Amended and Restated Indenture pursuant to this Section 4.04 shall instead remain subject to such lien and all of the provisions of this Amended and Restated Indenture, including, without limitation, Article VI hereof.