Common use of Release of Liens in Respect of the Notes Clause in Contracts

Release of Liens in Respect of the Notes. In addition to any release pursuant to Section 4.1 hereof, the Collateral Trustee’s Parity Lien will no longer secure the Notes outstanding under the Indenture or any other Obligations under the Indenture, and the right of the holders of the Notes and such Obligations to the benefits and proceeds of the Collateral Trustee’s Parity Lien on the Collateral will terminate and be discharged: (1) upon satisfaction and discharge of the Indenture as set forth under Article 12 of the Indenture; (2) upon a Legal Defeasance or Covenant Defeasance (each as defined under the Indenture) of the Notes as set forth under Article 8 of the Indenture; (3) upon payment in full and discharge of all Notes outstanding under the Indenture and all Obligations that are outstanding, due and payable under the Indenture at the time the Notes are paid in full and discharged; or (4) in whole or in part, with the consent of the holders of the requisite percentage of Notes in accordance with Article 9 of the Indenture.

Release of Liens in Respect of the Notes. In addition to any release pursuant to Section 4.1 hereof, the Collateral TrusteeAgent’s Parity Third Lien will no longer secure the Notes outstanding under the Indenture or any other Obligations under the Indenture, and the right of the holders of the Notes and such Obligations to the benefits and proceeds of the Collateral TrusteeAgent’s Parity Third Lien on the Collateral will terminate and be discharged: (1) upon satisfaction and discharge of the Indenture as set forth under Article 12 Section 8.01(a) of the Indenture; (2) upon a Legal Defeasance the exercise of the legal defeasance option or Covenant Defeasance covenant defeasance option (each as defined under the Indenture) of the Notes as set forth under Article 8 Section 8.01(b) of the Indenture; (3) upon payment in full in cash and discharge of all Notes outstanding under the Indenture and all Obligations that are outstanding, due and payable under the Indenture at the time the Notes are paid in full in cash and discharged; or (4) in whole or in part, with the consent of the holders of the requisite percentage of Notes in accordance with Article 9 of the Indenture.