Common use of RELEASE OF CONTRACTS AND EQUIPMENT FOLLOWING SUBSTITUTION OR PURCHASE Clause in Contracts

RELEASE OF CONTRACTS AND EQUIPMENT FOLLOWING SUBSTITUTION OR PURCHASE. In the event that (i) the Contributor shall have substituted a Substitute Contract and a security interest in the Equipment subject thereto for a Predecessor Contract and a security interest in the Equipment subject thereto in accordance with Section 7 of the Amended and Restated Contribution and Servicing Agreement, or (ii) the Contributor shall have purchased a Contract and a security interest in the related Equipment in accordance with Section 5.03 of the Amended and Restated Contribution and Servicing Agreement, the Predecessor Contract or the repurchased Contract, as applicable, and the security interest in the Equipment subject thereto, shall be released from the lien of this Amended and Restated Indenture when the Trustee shall have (i) in the case of the purchase of a Contract, deposited in the Collection Account all amounts received pursuant to Section 5.03 of the Amended and Restated Contribution and Servicing Agreement, (ii) in the case of a Substitute Contract, received a fully executed original of the Substitute Contract Transfer Form and the Contract File with respect to such Substitute Contract plus any cash amount delivered as provided in Section 7.01(d) of the Amended and Restated Contribution and Servicing Agreement, (iii) received written certification from an Authorized Officer of the Servicer that there are no unreimbursed Servicer Advances with respect to such Contract and (iv) delivered to the Contributor acknowledgment of its receipt of the related Contract Files. If there are such unreimbursed amounts, any proceeds received with respect to such Predecessor Contract or repurchased Contract, as applicable, and the security interest in the related Equipment shall be applied hereunder only to the extent necessary to repay such Servicer Advances (and clause (iii) of the foregoing sentence shall be deemed satisfied) and to reimburse the Collection Account for any other amounts drawn thereon and the balance of such proceeds, if any, shall be paid to, or as directed by, the Contributor. In connection with the substitution of a Contract, if the Discounted Contract Balance of such Substitute Contract is less than the Discounted Contract Balance of the Predecessor Contract, the Contributor shall, on the date of substitution, deposit an amount equal to such difference into the Collection Account.

RELEASE OF CONTRACTS AND EQUIPMENT FOLLOWING SUBSTITUTION OR PURCHASE. In the event that (i) the Contributor shall have substituted a Substitute Contract and a security interest in the Equipment subject thereto for a Predecessor Contract and a security interest in the Equipment subject thereto in accordance with Section 7 of the Amended and Restated Contribution and Servicing Agreement, or (ii) the Contributor shall have purchased a Contract and a security interest in the related Equipment in accordance with Section 5.03 of the Amended and Restated Contribution and Servicing Agreement, the Predecessor Contract or the repurchased Contract, as applicable, and the security interest in the Equipment subject thereto, shall be released from the lien of this Amended and Restated Indenture when the Trustee shall have (i) in the case of the purchase of a Contract, deposited in the Collection Account all amounts received pursuant to Section 5.03 of the Amended and Restated Contribution and Servicing Agreement, (ii) in the case of a Substitute Contract, received a fully executed original of the Substitute Contract Transfer Form and the Contract File with respect to such Substitute Contract plus any cash amount delivered as provided in Section 7.01(d) of the Amended and Restated Contribution and Servicing Agreement, (iii) received written certification from an Authorized Officer of the Servicer that there are no unreimbursed Servicer Advances with respect to such Contract and (iv) delivered to the Contributor acknowledgment of its receipt of the related Contract Files. If there are such unreimbursed amounts, any proceeds received with respect to such Predecessor Contract or repurchased Contract, as applicable, and the security interest in the related Equipment shall be applied hereunder only to the extent necessary to repay such Servicer Advances (and clause (iii) of the foregoing sentence shall be deemed satisfied) and to reimburse the Collection Account for any other amounts drawn thereon and the balance of such proceeds, if any, shall be paid to, or as directed by, the Contributor. In connection with the substitution of a Contract, if the Discounted Contract Balance of such Substitute Contract is less than the Discounted Contract Balance of the Predecessor Contract, the Contributor shall, on the date of substitution, deposit an amount equal to such difference into the Collection Account.

RELEASE OF CONTRACTS AND EQUIPMENT FOLLOWING SUBSTITUTION OR PURCHASE. In the event that (i) the Contributor shall have substituted a Substitute Contract and a security interest in the Equipment subject thereto for a Predecessor Contract and a security interest in the Equipment subject thereto in accordance with Section 7 of the Amended and Restated Contribution and Servicing Agreement, or (ii) the Contributor shall have purchased a Contract and a security interest in the related Equipment in accordance with Section 5.03 of the Amended and Restated Contribution and Servicing Agreement, the Predecessor Contract or the repurchased Contract, as applicable, and the security interest in the Equipment subject thereto, shall be released from the lien of this Amended and Restated Indenture when the Trustee shall have (i) in the case of the purchase of a Contract, deposited in the Collection Account all amounts received pursuant to Section 5.03 of the Amended and Restated Contribution and Servicing Agreement, (ii) in the case of a Substitute Contract, received a fully executed original of the Substitute Contract Transfer Form and the Contract File with respect to such Substitute Contract plus any cash amount delivered as provided in Section 7.01(d) of the Amended and Restated Contribution and Servicing Agreement, (iii) received written certification from an Authorized Officer of the Servicer that there are no unreimbursed Servicer Advances with respect to such Contract and (iv) delivered to the Contributor acknowledgment of its receipt of the related Contract Files. If there are such unreimbursed amounts, any proceeds received with respect to such Predecessor Contract or repurchased Contract, as applicable, and the security interest in the related Equipment shall be applied hereunder only to the extent necessary to repay such Servicer Advances (and clause (iii) of the foregoing sentence shall be deemed satisfied) and to reimburse the Collection Account for any other amounts drawn thereon and the balance of such proceeds, if any, shall be paid to, or as directed by, the Contributor. In connection with the substitution of a Contract, if the Discounted Contract Balance of such Substitute Contract is less than the Discounted Contract Balance of the Predecessor Contract, the Contributor shall, on the date of substitution, deposit an amount equal to such difference into the Collection Account.

RELEASE OF CONTRACTS AND EQUIPMENT FOLLOWING SUBSTITUTION OR PURCHASE. In the event that (i) the Contributor shall have substituted a Substitute Contract and a security an interest in the Equipment subject thereto for a Predecessor Contract and a security an interest in the Equipment subject thereto in accordance with Section 7 of the Amended and Restated Contribution and Servicing Agreement, or (ii) the Contributor or Servicer shall have purchased a Contract and a security the interest in the related Equipment in accordance with Section 5.03 of the Amended and Restated Contribution and Servicing Agreement, the Predecessor Contract or the repurchased Contract, as applicable, and the security interest in the Equipment subject thereto, shall be released from the lien and all of the provisions of this Amended and Restated Indenture when the Trustee shall have (i) in the case of the purchase of a Contract, deposited in the Collection Account all amounts received pursuant to Section 5.03 of the Amended and Restated Contribution and Servicing Agreement, (ii) in the case of a Substitute Contract, received a fully executed original of the Substitute Contract Transfer Form and the Contract File with respect to such Substitute Contract plus any cash amount delivered as provided in Section 7.01(d) of the Amended and Restated Contribution and Servicing Agreement, (iii) received written certification from an Authorized Officer of the Servicer that there are no unreimbursed Servicer Advances with respect to such Contract and (iv) delivered to the Contributor acknowledgment of its receipt of the related Contract Files. If there are such unreimbursed amounts, any proceeds received with respect to such Predecessor Contract or repurchased Contract, as applicable, and the security interest in the related Equipment shall be applied hereunder only to the extent necessary to repay such Servicer Advances (and clause (iii) of the foregoing sentence shall be deemed satisfied) and to reimburse the Collection Account for any other amounts drawn thereon and the balance of such proceeds, if any, shall be paid to, or as directed by, the Contributor. In connection with the substitution of a Contract, if the Discounted Contract Balance of such Substitute Contract is less than the Discounted Contract Balance of the Predecessor Contract, the Contributor shall, on the date of substitution, deposit an amount equal to such difference into the Collection Account.