Common use of Assumption by Guarantor Clause in Contracts

Assumption by Guarantor. The Guarantor may, without the consent of the Trustee or the Holders, assume all of the rights and obligations of the Company hereunder with respect to a series of Securities if, after giving effect to such assumption, no Default or Event of Default shall have occurred and be continuing. The Guarantor shall assume all of the rights and obligations of the Company hereunder with respect to a series of Securities if, upon a default by the Company in the due and punctual payment of the principal, sinking fund payment, if any, any premium or interest on such Securities, the Guarantor is prevented by any court order or judicial proceeding from fulfilling its obligations under the Guarantee with respect to such series of Securities. Such assumption shall result in the Securities of such series becoming the direct obligations of the Guarantor and shall be effected without the consent of the Holders of the Securities of any series or the Trustee. Upon any such assumption by the Guarantor pursuant to this Section 14.04, the Guarantor shall execute a supplemental indenture evidencing its assumption of all such rights and obligations of the Company, and the Company shall be released from its liabilities hereunder and under such Securities as obligor on the Securities of such series.

Assumption by Guarantor. The Guarantor may, without the consent of the Trustee or the Holders, assume all of the rights and obligations of the Company hereunder with respect to a series of Securities if, after giving effect to such assumption, no Default or Event of Default shall have occurred and be continuing. The Guarantor shall assume all of the rights and obligations of the Company hereunder with respect to a series of Securities if, upon a default Default by the Company in the due and punctual payment of the principal, sinking fund payment, if any, any premium or interest on such Securities, the Guarantor is prevented by any court order or judicial proceeding from fulfilling its obligations under the Guarantee with respect to such series of Securities. Such assumption shall result in the Securities of such series becoming the direct obligations of the Guarantor and shall be effected without the consent of the Holders of the Securities of any series or the Trustee. Upon any such assumption by the Guarantor pursuant to this Section 14.0410.04, the Guarantor shall execute a supplemental indenture evidencing its assumption of all such rights and obligations of the Company, and the Company shall be released from its liabilities hereunder and under such Securities as obligor on the Securities of such series.

Assumption by Guarantor. The Guarantor may, without the consent of the Trustee or the Holders, assume all of the rights and obligations of the Company hereunder with respect to a series of Securities if, after giving effect to such assumption, no Event of Default or event which with notice or lapse of time or both would become an Event of Default shall have occurred and be continuing. The Guarantor shall assume all of the rights and obligations of the Company hereunder with respect to a series of Securities if, upon a default by the Company in the due and punctual payment of the principal, sinking fund payment, if any, any premium or interest on such Securities, the Guarantor is prevented by any court order or judicial proceeding from fulfilling its obligations under the Guarantee with respect to such series of Securities. Such assumption shall result in the Securities of such series becoming the direct obligations of the Guarantor and shall be effected without the consent of the Holders of the Securities of any series or the Trustee. Upon any such assumption by the Guarantor pursuant to this Section 14.041502, the Guarantor shall execute a supplemental indenture evidencing its assumption of all such rights and obligations of the Company, and the Company shall be released from its liabilities hereunder and under such Securities as obligor on the Securities of such series.