Common use of Release of Indenture Collateral Clause in Contracts

Release of Indenture Collateral. (a) The Trustee shall, when required by the provisions of this Indenture, execute instruments to release property from the lien of this Indenture, or convey the Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Trustee as provided in this Section 3.4 shall be bound to ascertain the Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moneys. (b) In accordance with the Collateral Agency Agreement, from and after the earliest of (i) in the case of a Program Vehicle subject to a Repurchase Program, the Turnback Date for such Program Vehicle, (ii) in the case of a Program Vehicle subject to a Guaranteed Depreciation Program, the date of sale of such Program Vehicle by an auction dealer to a third party, (iii) in the case of a Non-Program Vehicle, the date of the deposit of the Disposition Proceeds of such Non-Program Vehicle by or on behalf of HVF into the Collection Account or an HVF Exchange Account, (iv) in the case of a Transferred HVF Vehicle, the date the related Transfer Payment is deposited into the Collection Account or an HVF Exchange Account, (v) in the case of a Casualty, the date the related Casualty Payment is deposited into the Collection Account and (vi) in the case of a Rejected Vehicle, the date the related Rejected Vehicle Payment is deposited into the Collection Account, such HVF Vehicle and the related Certificate of Title shall automatically be released from the lien of the Collateral Agency Agreement. Any Lien of the Trustee on the HVF Vehicles shall automatically be deemed to be released concurrently with any release of the Lien of the Collateral Agent as provided in the Collateral Agency Agreement. (c) The Trustee shall, at such time as there is no Note Outstanding, release any remaining portion of the Indenture Collateral from the lien of this Indenture and release to HVF any funds then on deposit in the Collection Account and any Series Accounts. The Trustee shall release property from the lien of this Indenture pursuant to this Section 3.4(c) only upon receipt of a Company Order accompanied by an Officer’s Certificate and an Opinion of Counsel meeting the applicable requirements of Section 13.3.

Release of Indenture Collateral. (a) The Trustee shall, when required by the provisions of this Indenture, execute instruments to release property from the lien of this Indenture, or convey the Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Trustee as provided in this Section 3.4 shall be bound to ascertain the Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moneys. (b) In accordance with the Collateral Agency Agreement, from and after the earliest of (i) in the case of a Program Vehicle subject to a Repurchase Program, the Turnback Date for such Program Vehicle, (ii) in the case of a Program Vehicle subject to a Guaranteed Depreciation Program, the date of sale of such Program Vehicle by an auction dealer to a third party, (iii) in the case of a Non-Program Vehicle, the date of the deposit of the Disposition Proceeds of such Non-Program Vehicle by or on behalf of HVF into the Collection Account or an HVF Exchange Account, (iv) in the case of a Transferred HVF Vehicle, the date the related Transfer Payment is deposited into the Collection Account or an HVF Exchange Account, (v) in the case of a Casualty, the date the related Casualty Payment is deposited into the Collection Account and (vi) in the case of a Rejected VehicleVehicle that was a New HVF Vehicle at the time of rejection, the date the related Rejected Vehicle Payment is deposited into the Collection Account, such HVF Vehicle and the related Certificate of Title shall automatically be released from the lien of the Collateral Agency Agreement. Any Lien of the Trustee on the HVF Vehicles shall automatically be deemed to be released concurrently with any release of the Lien of the Collateral Agent as provided in the Collateral Agency Agreement. (c) The Trustee shall, at such time as there is no Note Outstanding, release any remaining portion of the Indenture Collateral from the lien of this Indenture and release to HVF any funds then on deposit in the Collection Account and any Series AccountsAccounts (other than any Series Accounts relating solely to any Segregated Series of Notes). The Trustee shall release property from the lien of this Indenture pursuant to this Section 3.4(c) only upon receipt of a Company Order accompanied by an Officer’s Certificate and an Opinion of Counsel meeting the applicable requirements of Section 13.3.

Release of Indenture Collateral. (a) The Trustee shall, when required by the provisions of this IndentureBase Indenture or any Series Supplement, execute instruments to release property from the lien of this IndentureBase Indenture or any or all Series Supplements, as applicable, or convey the Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this IndentureBase Indenture or such Series Supplements, as applicable. No party relying upon an instrument executed by the Trustee as provided in this Section 3.4 (Release of Indenture Collateral) shall be bound to ascertain the Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moneys. (b) In accordance with the Collateral Agency Agreement, from and after the earliest of (i) in the case of a Program Vehicle subject to a Repurchase Program, the Turnback Date for such Program Vehicle, (ii) in the case of a Program Vehicle subject to a Guaranteed Depreciation Program, the date of sale of such Program Vehicle by an auction dealer to a third party, (iii) in the case of a Non-Program Vehicle, the date of the deposit of the Disposition Proceeds of such Non-Program Vehicle by or on behalf of HVF III into the Collection Account or an HVF Exchange a Collateral Account, (iv) in the case of a Transferred HVF Vehicle, the date the related Transfer Payment is deposited into the Collection Account or an HVF Exchange Account, (v) in the case of a Casualty, the date the related Casualty Payment Amount is deposited into the Collection Account and (viv) in the case of a Rejected VehicleVehicle that was a new Vehicle at the time of rejection, the date the related payment for such Rejected Vehicle Payment is deposited into the Collection Account, such HVF Vehicle and the related Certificate of Title shall automatically be released from the lien of the Collateral Agency Agreement. Any Lien of the Trustee on the HVF Vehicles shall automatically be deemed to be released concurrently with any release of the Lien of the Collateral Agent or the Vehicle-Only Collateral Agent as provided in the Collateral Agency Agreement. (c) The Trustee shall, at such time as when (a) there is are no Notes Outstanding, (b) all Note OutstandingObligations due shall have been fully paid and satisfied, (c) the obligations of each Enhancement Provider under any Enhancement and Related Documents have terminated, and (d) any Enhancement shall have terminated, release any remaining portion of the Indenture Collateral from the lien of this Base Indenture and release to HVF III any funds amounts then on deposit in or credited to the Collection Account and any Series AccountsAccount. The Trustee shall release property from the lien of this Base Indenture pursuant to this Section 3.4(c) (Release of Indenture Collateral) only upon receipt of a Company Order accompanied by an Officer’s Certificate and an Opinion of Counsel meeting the applicable requirements of Section 13.3Sections 3.5 (Opinion of Counsel and Officer’s Certificates) and 13.14 (Termination; Collateral) of this Base Indenture.

Release of Indenture Collateral. (a) The Trustee shall, when required by the provisions of this the Indenture, execute instruments reasonably requested of it to release property from the lien of this the Indenture, or convey the Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenturethe Indenture as evidenced by an Opinion of Counsel if requested. No party relying upon an instrument executed by the Trustee as provided in this Section 3.4 shall be bound to ascertain the Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moneys. (b) In accordance with the Collateral Agency Agreement, from and after the earliest of (i) in the case of a Program Vehicle subject to a Repurchase ProgramCasualty, the Turnback Date for such Program Vehicledate the related Casualty Payment is deposited into the Collection Account, (ii) in the case of a Program Vehicle subject to a Repurchase Program returned to the related Manufacturer pursuant to such Repurchase Program, the Turnback Date for such Program Vehicle, (iii) in the case of a Program Vehicle subject to a Guaranteed Depreciation Program sold pursuant to such Guaranteed Depreciation Program, the date of sale of such Program Vehicle by an auction dealer to a third party, party and (iiiiv) in the case of a Non-Program VehicleVehicle (other than a Non-Program Vehicle that is subject to disposition in accordance with the preceding clauses (ii) or (iii)), the date of the deposit of the Disposition Proceeds of such Non-Program Vehicle by or on behalf of HVF into the Collection Account or an HVF Exchange Account, (iv) in the case of a Transferred HVF Vehicle, the date the related Transfer Payment is deposited into the Collection Account or an HVF Exchange Account, (v) in the case of a Casualty, the date the related Casualty Payment is deposited into the Collection Account and (vi) in the case of a Rejected Vehicle, the date the related Rejected Vehicle Payment is deposited ZVF into the Collection Account, such HVF ZVF Vehicle and the related Certificate of Title shall automatically be released from the lien of the Collateral Agency Agreement. Any Lien of the Trustee on the HVF ZVF Vehicles shall automatically be deemed to be released concurrently with any release of the Lien of the Collateral Agent as provided in the Collateral Agency Agreement. (c) The Trustee shall, at such time as there is no Note Outstanding, release any remaining portion of the Indenture Collateral from the lien of this the Indenture and release to HVF ZVF any funds then on deposit in the Collection Account and any Series AccountsAccounts (other than any Series Accounts relating solely to any Segregated Series of Notes). The Trustee shall release property from the lien of this the Indenture pursuant to this Section 3.4(c) only upon receipt of a Company Order accompanied by an Officer’s Certificate and an Opinion of Counsel meeting the applicable requirements of Section 13.313.3 and the Trustee shall be fully protected in relying upon such Company Order and such Officer’s Certificate.