Common use of Release of Motor Vehicles Clause in Contracts

Release of Motor Vehicles. So long as no Event of Default shall have occurred and be continuing, upon the request of, and at the expense of, the Company, the Trustee shall execute and deliver to the Company such instruments as the Company shall reasonably request to remove the notation of the Trustee as lienholder on any certificate of title for any Motor Vehicle; provided that any such instruments shall be delivered, and the release shall be effective, only upon receipt by the Trustee of a certificate from the Company stating that the Motor Vehicle the Lien on which is to be released is to be sold in the ordinary course of business or has suffered a casualty loss (with title passing to the appropriate casualty insurance company in settlement of the claim for such loss).

Release of Motor Vehicles. So long as no Event of Default shall have occurred and be continuing, upon the request of, and at the expense of, the Company, the Trustee Agent shall execute and deliver to the Company such instruments as the Company shall reasonably request to remove the notation of the Trustee Agent as lienholder on any certificate of title for any Motor Vehicle; provided that any such instruments shall be delivered, and the release shall be effective, only upon receipt by the Trustee Agent of a certificate from the Company stating that the Motor Vehicle the Lien on which is to be released is to be sold in the ordinary course of business or has suffered a casualty loss (with title passing to the appropriate casualty insurance company in settlement of the claim for such loss).

Release of Motor Vehicles. So long as no Event of Default shall have occurred and be continuing, upon the request of, and at the expense of, of the Company, the Trustee shall execute and deliver to the Company such instruments as the Company shall reasonably request to remove the notation of the Trustee as lienholder on any certificate of title for any Motor Vehicle; provided that any such instruments shall be delivered, and the release shall be effective, effective only upon receipt by the Trustee of a certificate from the Company stating that the Motor Vehicle the Lien lien on which is to be released is to be sold in the ordinary course of business or has suffered a casualty loss (with title thereto passing to the appropriate casualty insurance company therefor in settlement of the claim for such loss).