Common use of Assumption by Guarantors Clause in Contracts

Assumption by Guarantors. (a) The Guarantors may, without the consent of the Holders, jointly and severally, assume all of the rights and obligations of the Issuer hereunder with respect to a series of Securities and under the Securities of such series if, after giving effect to such assumption, no Event of Default or event which with the giving of notice or lapse of time, or both, would become an Event of Default, shall have occurred and be continuing. Upon such an assumption, each Guarantor shall execute a supplemental indenture evidencing its assumption of all such rights and obligations of the Issuer and the Issuer shall be released from its liabilities hereunder and under such Securities as obligor on the Securities of such Series. (b) The Guarantors shall, jointly and severally, assume all of the rights and obligations of the Issuer hereunder with respect to a series of Securities and under the Securities of such series if, upon a default by the Issuer in the due and punctual payment of the principal, sinking fund payment, if any, premium, if any, or interest on such Securities, the Guarantors are prevented by any court order or judicial proceeding from fulfilling its obligations under Section 13.01 with respect to such series of Securities. Such assumption shall result in the Securities of such series becoming the direct obligations of the Guarantors, acting jointly and severally, and shall be effected without the consent of the Holders of the Securities of any Series. Upon such an assumption, the Guarantors shall execute a supplemental indenture evidencing their assumption of all such rights and obligations of the Issuer, and the Issuer shall be released from its liabilities hereunder and under such Securities as obligor on the Securities of such Series.

Assumption by Guarantors. (a) The Guarantors may, without the consent of the Holders, jointly and severally, assume all of the rights and obligations of the Issuer hereunder with respect to a series of Securities and under the Securities of such series if, after giving effect to such assumption, no Event of Default or event which with the giving of notice or lapse of time, or both, would become an Event of Default, shall have occurred and be continuing. Upon such an assumption, each Guarantor shall execute a supplemental indenture evidencing its assumption of all such rights and obligations of the Issuer and the Issuer shall be released from its liabilities hereunder and under such Securities as obligor on the Securities of such Seriesseries. (b) The Guarantors shall, jointly and severally, assume all of the rights and obligations of the Issuer hereunder with respect to a series of Securities and under the Securities of such series if, upon a default by the Issuer in the due and punctual payment of the principal, sinking fund payment, if any, premium, if any, or interest on such Securities, the Guarantors are prevented by any court order or judicial proceeding from fulfilling its obligations under Section 13.01 with respect to such series of Securities. Such assumption shall result in the Securities of such series becoming the direct obligations of the Guarantors, acting jointly and severally, and shall be effected without the consent of the Holders of the Securities of any Series. Upon such an assumption, the Guarantors shall execute a supplemental indenture evidencing their assumption of all such rights and obligations of the Issuer, and the Issuer shall be released from its liabilities hereunder and under such Securities as obligor on the Securities of such Series.”

Assumption by Guarantors. (a) The Guarantors Each Guarantor may, without the consent of the Holders, jointly and severallyHolders of the Securities of any series, assume all of the rights and obligations of the Issuer Company hereunder with respect to a series of Securities and under the Securities of such series if, after giving effect to such assumption, no Event of Default or event which with the giving of notice or lapse of time, or both, would become an Event of Default, shall have occurred and be continuing. Upon such an assumption, each such Guarantor shall execute a supplemental indenture evidencing its assumption of all such rights and obligations of the Issuer Company and the Issuer Company shall be released from its liabilities hereunder and under such Securities as obligor on the Securities of such Series. (b) The Guarantors shall, jointly and severally, series. Each Guarantor shall assume all of the rights and obligations of the Issuer Company hereunder with respect to a series of Securities and under the Securities of such series if, upon a default by the Issuer Company in the due and punctual payment of the principal, sinking fund payment, if any, premium, if any, or interest on such Securities, the Guarantors are prevented by any court order or judicial proceeding from fulfilling its their obligations under Section 13.01 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 Guarantors, acting jointly and severally, such Guarantor(s) and shall be effected without the consent of the Holders holders of the Securities of any Seriesseries. Upon such an assumption, the Guarantors shall execute a supplemental indenture evidencing their the assumption of all such rights and obligations of the IssuerCompany, and the Issuer Company shall be released from its liabilities hereunder and under such Securities as obligor on the Securities of such Seriessuch.”