Common use of Covenant Fall-Away Events Clause in Contracts

Covenant Fall-Away Events. If on any date following the Issue Date, (i) the Notes have Investment Grade Ratings from at least two of the Rating Agencies and (ii) no Default has occurred and is continuing under this Indenture, then, beginning on such date (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant Fall-Away Event”), the covenants specifically listed under the provisions of this Indenture described pursuant to Sections 4.06, 4.08, 4.09, 4.10 and 4.16 and Clause 5.01(a)(iv) of Section 5.01 shall be terminated regardless of whether the conditions set forth in clause (i) and (ii) continue to be satisfied. The Issuer shall deliver promptly to the Trustee an Officer’s Certificate notifying it of any Covenant Fall-Away Event. The Trustee shall not have any duty to monitor whether or not a Covenant Fall-Away Event has occurred, nor any duty to notify the Holders of the Notes of any of the foregoing.

Covenant Fall-Away Events. If on any date following the Issue Date, (i) the Notes have Investment Grade Ratings ratings from at least two of the Rating Agencies and (ii) no Default has occurred and is continuing under this Indenture, then, beginning on such date (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant Fall-Away Event”), the covenants specifically listed under the provisions of this Indenture described pursuant to Sections 4.06, 4.08, 4.09, 4.10 and 4.16 and Clause 5.01(a)(ivclause (a)(iv) of Section 5.01 shall be terminated regardless of whether the conditions set forth in clause (i) and (ii) continue to be satisfied. The Issuer shall deliver promptly to the Trustee an Officer’s Certificate notifying it of any Covenant Fall-Away Event. The Trustee shall not have any duty to monitor whether or not a Covenant Fall-Away Event has occurred, nor any duty to notify the Holders of the Notes of any of the foregoing.