Common use of 3Covenant Defeasance Clause in Contracts

3Covenant Defeasance. Upon the Company’s exercise under Section 15.1 of the option applicable to this Section 15.3, the Company and each Guarantor shall be released from their obligations under any covenant or provision contained or referred to in Sections 10.8 through 10.17, inclusive, and the provisions of clause (iii) of Section 8.1(a), with respect to the Defeased Securities, on and after the date the conditions set forth in Section 15.4 below are satisfied (hereinafter, “covenant defeasance”), and the Defeased Securities shall thereafter be deemed to be not “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, such covenant defeasance means that, with respect to the Defeased Securities, the Company and each Guarantor may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such Section, whether directly or indirectly, by reason of any reference elsewhere herein to any such Section or by reason of any reference in any such Section to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 5.1(c), (d) or (f) but, except as specified above, the remainder of this Indenture and such Defeased Securities shall be unaffected thereby.

3Covenant Defeasance. Upon the CompanyIssuer’s exercise under Section 15.1 8.1 of the option applicable to this Section 15.38.3, the Company Issuer and each Guarantor the Guarantors shall be released from their any obligations under any covenant or provision contained or referred to the covenants set forth in Sections 10.8 through 10.174.3, inclusive4.4 and 4.10, and the provisions of clause (iii) of Section 8.1(a5.1(4), Section 6.1(3) (with respect to Sections 4.3, 4.4, 4.10 and 5.1(4) only), Section 6.1(4) and Section 6.1 (6) (with respect to Subsidiaries of the Company other than the Issuer), hereof with respect to the Defeased Securities, outstanding Notes on and after the date the conditions set forth in Section 15.4 below are satisfied (hereinafter, “covenant defeasanceCovenant Defeasance”), and the Defeased Securities Notes shall thereafter be deemed to be not “Outstandingoutstanding” for the purposes of any direction, waiver, consent or declaration or Act act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “Outstandingoutstanding” for all other purposes hereunderhereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, such covenant defeasance Covenant Defeasance means that, (i) with respect to the Defeased Securitiesoutstanding Notes, the Company and each Guarantor Issuer may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such Sectioncovenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such Section covenant or by reason of any reference in any such Section covenant to any other provision herein or in any other document and such omission to comply shall (ii) payment on the Notes may not constitute a Default or be accelerated because of an Event of Default under Section 5.1(cspecified in Sections 6.1(3) (with respect to Sections 4.3, 4.4, 4.10 and 5.1(4) only), (d6.1(4) or 6.1(6) (f) but, except as specified above, with respect only to Subsidiaries of the remainder of this Indenture and such Defeased Securities shall be unaffected therebyCompany other than the Issuer).