Common use of Termination of Mortgage Clause in Contracts

Termination of Mortgage. 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 then due and payable (and regardless of whether any Default or Event of Default shall have occurred and be continuing) and (ii) the Designated Date (or, if on the later of the foregoing a case is pending under the Bankruptcy Code in which the Company is the 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 the Mortgage have been paid in full), the 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. 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 (e) of Section 2.01 relating to such Pledged Spare Part shall also be released.

Termination of Mortgage. Upon (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 unpaid principal of, and accrued interest on, the Loans and all other Senior Obligations then due and payable (and regardless of whether any Default Obligations, or Event of Default shall have occurred and be continuing) and (ii) the Designated Maturity Date (or, or if on the later of the foregoing dates set forth in the preceding clauses (i) and (ii), a case is pending under the Bankruptcy Code in which the Company is the a 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 the this Mortgage have been paid in full), the Security Trustee 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. Upon 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 of any Pledged Spare Parts this Mortgage and the Collateral from the Lien of this Mortgage in accordance with promptly following such cure, and (B) if such Subordinated Default matures into a Subordinated Event of Default as a result of the terms Borrower’s failure to cure within the applicable grace period(s), then, as long as such Subordinated Event of this MortgageDefault is continuing, the Spare Parts Documents Secured Party shall have and other Collateral referred to in subsections (b), (c), (d) may exercise any and (e) of Section 2.01 relating to such Pledged Spare Part shall also be releasedall rights contemplated by Article 4 hereof and applicable law.

Termination of Mortgage. 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 then due and payable (and regardless of whether any Default or Event of Default shall have occurred and be continuing) and (ii) the Designated Date (or, if on the later of the foregoing a case is pending under the Bankruptcy Code in which the Company is the 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 the Mortgage have been paid in full), the 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. Upon any release of any Pledged Spare Parts an Engine from the Lien of this Mortgage in accordance with the terms of this Mortgage, the Spare Parts Parts, Engine Documents and other Collateral referred to in subsections (b), (c), (d) and (e) of Section 2.01 relating to such Pledged Spare Part Engine shall also be released.

Termination of Mortgage. 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 then due and payable (and regardless of whether any Default or Event of Default shall have occurred and be continuing) and (ii) the Designated Date (or, if on the later of the foregoing a case is pending under the Bankruptcy Code in which the Company is the 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 the Mortgage have been paid in full), the 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, provided that the Security Trustee shall have no obligation to release such Pledged Spare Parts and Collateral from the Lien of this Mortgage or otherwise terminate this Mortgage prior to such payment 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 (e) of Section 2.01 relating to such Pledged Spare Part shall also be released.

Termination of Mortgage. Upon (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 unpaid principal of, and accrued interest on, the Loans and all other Senior Obligations then due and payable (and regardless of whether any Default Obligations, or Event of Default shall have occurred and be continuing) and (ii) the Designated Maturity Date (or, or if on the later of the foregoing dates set forth in the preceding clauses (i) and (ii), a case is pending under the Bankruptcy Code in which the Company is the a 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 the this Mortgage have been paid in full), the Security Trustee 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. Upon 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 of any Pledged Spare Parts this Mortgage and the Collateral from the Lien of this Mortgage in accordance with promptly following such cure, and (B) if such Subordinated Default matures into a Subordinated Event of Default as a result of the terms Borrower’s failure to cure within the applicable grace period(s), then, as long as such Subordinated Event of this MortgageDefault is continuing, the Spare Parts Documents Secured Party shall have and other Collateral referred to in subsections (b), (c), (d) may exercise any and (e) of Section 2.01 relating to such Pledged Spare Part shall also be releasedall rights contemplated by Article 4 hereof and applicable law.