Common use of Termination of Mortgage Clause in Contracts

Termination of Mortgage. So long as no Subordinated Default or Subordinated Event of Default shall have occurred and be continuing and subject to Section 7.01(b) below, upon (or at any time after) the later of (i) payment in full of the Loans and all other Senior Obligations, or (ii) the Maturity Date (or if on the later of the dates set forth in the preceding clauses (i) and (ii), a case is pending under the Bankruptcy Code in which the Company is a debtor, then (x) if such case is under Chapter 11 of the Bankruptcy Code, upon effectiveness of the Company’s plan of reorganization in such Chapter 11 case if no Obligations are then due and unpaid, or (y) if clause (x) is not applicable, at such time as all Obligations that are allowed claims (within the meaning of Section 502 of the Bankruptcy Code) in such case and secured under this Mortgage have been paid in full), the Secured Party shall, upon the written request of the Company execute and deliver to, or as directed in writing by, the Company an appropriate instrument (in due form for recording) releasing the Pledged Spare Parts and the balance of the Collateral from the Lien of this Mortgage and, in such event, this Mortgage shall terminate and this Mortgage shall be of no further force or effect. If, upon the later of the dates determined in accordance with the first sentence of this Section 7.01(a) (after giving effect to any extension resulting from the parenthetical set forth following subclause (ii) above), any Subordinated Default shall have occurred and be continuing, then (A) if such Subordinated Default is fully cured by the Company prior to the expiration of the grace period applicable to such Subordinated Default, then the Secured Party shall release this Mortgage and the Collateral from the Lien of this Mortgage promptly following such cure, and (B) if such Subordinated Default matures into a Subordinated Event of Default as a result of the Borrower’s failure to cure within the applicable grace period(s), then, as long as such Subordinated Event of Default is continuing, the Secured Party shall have and may exercise any and all rights contemplated by Article 4 hereof and applicable law.

Termination of Mortgage. (a) So long as no Subordinated Default or Subordinated Event of Default shall have occurred and be continuing and subject to Section 7.01(b) below, upon (or at any time after) the later of (i) payment in full of the Loans and all other Senior Obligations, or (ii) the Maturity Date (or if on the later of the dates set forth in the preceding clauses (i) and (ii), a case is pending under the Bankruptcy Code in which the Company is a debtor, then (x) if such case is under Chapter 11 of the Bankruptcy Code, upon effectiveness of the Company’s plan of reorganization in such Chapter 11 case if no Obligations are then due and unpaid, or (y) if clause (x) is not applicable, at such time as all Obligations that are allowed claims (within the meaning of Section 502 of the Bankruptcy Code) in such case and secured under this Mortgage have been paid in full), the Secured Party shall, upon the written request of the Company execute and deliver to, or as directed in writing by, the Company an appropriate instrument (in due form for recording) releasing the Pledged Spare Parts Engines and the balance of the Collateral from the Lien of this Mortgage and, in such event, this Mortgage shall terminate and this Mortgage shall be of no further force or effect. If, upon the later of the dates determined in accordance with the first sentence of this Section 7.01(a) (after giving effect to any extension resulting from the parenthetical set forth following subclause (ii) above), any Subordinated Default shall have occurred and be continuing, then (A) if such Subordinated Default is fully cured by the Company prior to the expiration of the grace period applicable to such Subordinated Default, then the Secured Party shall release this Mortgage and the Collateral from the Lien of this Mortgage promptly following such cure, and (B) if such Subordinated Default matures into a Subordinated Event of Default as a result of the Borrower’s failure to cure within the applicable grace period(s), then, as long as such Subordinated Event of Default is continuing, the Secured Party shall have and may exercise any and all rights contemplated by Article 4 hereof and applicable law. (b) In the event that the Company elects to, and makes, a prepayment in full of the Loans and other Senior Obligations prior to the Maturity Date pursuant to and in compliance with Section 1.1(c) of the Loan Agreement, then, so long as no Subordinated Default or Subordinated Event of Default shall have occurred and be continuing, upon (or at any time after) the later of (i) ninety (90) days following the provision of Acceptable Collateral in the amount and manner and for the purposes specified in Section 2.6 of the Indemnity Agreement, and (ii) the Designated Date (or if on the later of the dates set forth in the preceding clauses (i) and (ii), a case is pending under the Bankruptcy Code in which the Company is a debtor, then (x) if such case is under Chapter 11 of the Bankruptcy Code, upon effectiveness of the Company’s plan of reorganization in such Chapter 11 case if no Obligations are then due and unpaid, or (y) if clause (x) is not applicable, at such time as all Obligations that are allowed claims (within the meaning of Section 502 of the Bankruptcy Code) in such case and secured under this Mortgage have been paid in full), the Secured Party shall, upon the written request of the Company execute and deliver to, or as directed in writing by, the Company an appropriate instrument (in due form for recording) releasing the Pledged Spare Parts and the balance of the Collateral from the Lien of this Mortgage and, in such event, this Mortgage shall terminate and this Mortgage shall be of no further force or effect. If, upon the later of the dates determined in accordance with the first sentence of this Section 7.01(b) (after giving effect to any extension resulting from the parenthetical set forth following subclause (ii) above), then (A) if such Subordinated Default is fully cured by the Company prior to the expiration of the grace period applicable to such Subordinated Default, then the Secured Party shall release this Mortgage and the Collateral from the Lien of this Mortgage promptly following such cure, and (B) if such Subordinated Default matures into a Subordinated Event of Default as a result of the Borrower’s failure to cure within the applicable grace period(s), then, as long as such Subordinated Event of Default is continuing, the Secured Party shall have and may exercise any and all rights contemplated by Article 4 hereof and applicable law.

Termination of Mortgage. So long as no Subordinated Default or Subordinated Event of Default shall have occurred and be continuing and subject to Section 7.01(b) below, upon Upon (or at any time after) the later of (i) payment in full of the unpaid principal of, and accrued interest on, the Loans and all other Senior Obligations, Obligations then due and payable (and regardless of whether any Default or Event of Default shall have occurred and be continuing) and (ii) the Maturity Designated Date (or or, if on the later of the dates set forth in the preceding clauses (i) and (ii), foregoing a case is pending under the Bankruptcy Code in which the Company is a the debtor, then (x) if such case is under Chapter 11 of the Bankruptcy Code, upon effectiveness of the Company’s 's plan of reorganization in such Chapter 11 case if no Obligations are then due and unpaid, unpaid or (y) if clause (x) is not applicable, at such time as all Obligations that are allowed claims (within the meaning of Section 502 of the Bankruptcy Code) in such case and secured under this the Mortgage have been paid in full), the Secured Party Security Trustee shall, upon the written request of the Company execute and deliver to, or as directed in writing by, the Company an appropriate instrument (in due form for recording) releasing the Pledged Spare Parts Engines and the balance of the Collateral from the Lien of this Mortgage and, in such event, this Mortgage shall terminate and this Mortgage shall be of no further force or effect. If, upon the later Upon any release of the dates determined in accordance with the first sentence of this Section 7.01(a) (after giving effect to any extension resulting from the parenthetical set forth following subclause (ii) above), any Subordinated Default shall have occurred and be continuing, then (A) if such Subordinated Default is fully cured by the Company prior to the expiration of the grace period applicable to such Subordinated Default, then the Secured Party shall release this Mortgage and the Collateral an Engine from the Lien of this Mortgage promptly following such curein accordance with the terms of this Mortgage, the Parts, Engine Documents and other Collateral referred to in subsections (b), (c), (d) and (Be) if of Section 2.01 relating to such Subordinated Default matures into a Subordinated Event of Default as a result of the Borrower’s failure to cure within the applicable grace period(s), then, as long as such Subordinated Event of Default is continuing, the Secured Party Engine shall have and may exercise any and all rights contemplated by Article 4 hereof and applicable lawalso be released.

Termination of Mortgage. So long as no Subordinated Upon (or at any time after) payment in full of the unpaid principal of, and accrued interest on, the Loans and all other Obligations then due and payable (and regardless of whether any Default or Subordinated Event of Default shall have occurred and be continuing and subject to Section 7.01(b) below, upon (or at any time after) the later of (i) payment in full of the Loans and all other Senior Obligations, or (ii) the Maturity Date (or if on the later of the dates set forth in the preceding clauses (i) and (ii), a case is pending under the Bankruptcy Code in which the Company is a debtor, then (x) if such case is under Chapter 11 of the Bankruptcy Code, upon effectiveness of the Company’s plan of reorganization in such Chapter 11 case if no Obligations are then due and unpaid, or (y) if clause (x) is not applicable, at such time as all Obligations that are allowed claims (within the meaning of Section 502 of the Bankruptcy Code) in such case and secured under this Mortgage have been paid in fullcontinuing), the Secured Party Security Trustee shall, upon the written request of the Company execute and deliver to, or as directed in writing by, the Company an appropriate instrument (in due form for recording) releasing the Pledged Spare Parts and the balance of the Collateral from the Lien of this Mortgage and, in such event, this Mortgage shall terminate and this Mortgage shall be of no further force or effect. If, upon provided that the later of the dates determined in accordance with the first sentence of this Section 7.01(a) (after giving effect to any extension resulting from the parenthetical set forth following subclause (ii) above), any Subordinated Default Security Trustee shall have occurred no obligation to release such Pledged Spare Parts and be continuing, then (A) if such Subordinated Default is fully cured by the Company prior to the expiration of the grace period applicable to such Subordinated Default, then the Secured Party shall release this Mortgage and the Collateral from the Lien of this Mortgage promptly following or otherwise terminate this Mortgage prior to such curepayment in full. Upon any release of any Pledged Spare Parts from the Lien of this Mortgage in accordance with the terms of this Mortgage, the Spare Parts Documents and other Collateral referred to in subsections (b), (c), (d) and (Be) if of Section 2.01 relating to such Subordinated Default matures into a Subordinated Event of Default as a result of the Borrower’s failure to cure within the applicable grace period(s), then, as long as such Subordinated Event of Default is continuing, the Secured Party Pledged Spare Part shall have and may exercise any and all rights contemplated by Article 4 hereof and applicable lawalso be released.

Termination of Mortgage. So long as no Subordinated Default or Subordinated Event of Default shall have occurred and be continuing and subject to Section 7.01(b) below, upon Upon (or at any time after) the later of (i) payment in full of the unpaid principal of, and accrued interest on, the Loans and all other Senior Obligations, Obligations then due and payable (and regardless of whether any Default or Event of Default shall have occurred and be continuing) and (ii) the Maturity Designated Date (or or, if on the later of the dates set forth in the preceding clauses (i) and (ii), foregoing a case is pending under the Bankruptcy Code in which the Company is a the debtor, then (x) if such case is under Chapter 11 of the Bankruptcy Code, upon effectiveness of the Company’s 's plan of reorganization in such Chapter 11 case if no Obligations are then due and unpaid, unpaid or (y) if clause (x) is not applicable, at such time as all Obligations that are allowed claims (within the meaning of Section 502 of the Bankruptcy Code) in such case and secured under this the Mortgage have been paid in full), the Secured Party Security Trustee shall, upon the written request of the Company execute and deliver to, or as directed in writing by, the Company an appropriate instrument (in due form for recording) releasing the Pledged Spare Parts and the balance of the Collateral from the Lien of this Mortgage and, in such event, this Mortgage shall terminate and this Mortgage shall be of no further force or effect. If, upon the later Upon any release of the dates determined in accordance with the first sentence of this Section 7.01(a) (after giving effect to any extension resulting from the parenthetical set forth following subclause (ii) above), any Subordinated Default shall have occurred and be continuing, then (A) if such Subordinated Default is fully cured by the Company prior to the expiration of the grace period applicable to such Subordinated Default, then the Secured Party shall release this Mortgage and the Collateral Pledged Spare Parts from the Lien of this Mortgage promptly following such curein accordance with the terms of this Mortgage, the Spare Parts Documents and other Collateral referred to in subsections (b), (c), (d) and (Be) if of Section 2.01 relating to such Subordinated Default matures into a Subordinated Event of Default as a result of the Borrower’s failure to cure within the applicable grace period(s), then, as long as such Subordinated Event of Default is continuing, the Secured Party Pledged Spare Part shall have and may exercise any and all rights contemplated by Article 4 hereof and applicable lawalso be released.