Common use of Covenant Fall Away Clause in Contracts

Covenant Fall Away. If (i) a Rating Release Event has occurred and (ii) no Default or Event of Default has occurred and is continuing, then, beginning on that day, the Parent and its Restricted Subsidiaries shall be released from their respective obligations under the provisions of this Indenture described in Sections 4.07, 4.08, 4.09, 4.10, 4.11, 4.13, 4.16 and the provisions of clause (4) of the first paragraph of Section 5.01 and such provisions shall be terminated and permanently cease to have effect. In addition, after the conditions to termination of such covenants have been satisfied, the Parent may not designate any of its Subsidiaries as Unrestricted Subsidiaries pursuant to Section 4.17 and the definition of “Unrestricted Subsidiary.” The Issuer shall promptly give notice to the Trustee and provide the Trustee with an Officer’s Certificate stating that the conditions set forth in this Section 4.18 have been satisfied; provided that such notification shall not be a condition for the termination of the covenants described under this Section 4.18 to be effective. The Trustee shall be under no obligation to monitor the ratings of the Notes, determine, or verify the Issuer’s determination of, the satisfaction of the conditions set forth in this Section 4.18 or inform Holders of any of the foregoing.

Covenant Fall Away. If (i) a Rating Release Event has occurred and (ii) no Default or Event of Default has occurred and is continuing, then, beginning on that day, the Parent and its Restricted Subsidiaries shall be released from their respective obligations under the provisions of this Indenture described in Sections 4.07, 4.08, 4.09, 4.10, 4.11, 4.13, 4.16 and the provisions of clause (4) of the first paragraph of Section 5.01 and such provisions shall be terminated and permanently cease to have effect. In addition, after the conditions to termination of such covenants have been satisfied, the Parent may not designate any of its Subsidiaries as Unrestricted Subsidiaries pursuant to Section 4.17 and the definition of “Unrestricted Subsidiary.” The Issuer shall promptly give notice to the Trustee and provide the Trustee with an Officer’s Certificate stating that the conditions set forth in this Section 4.18 have been satisfied; provided that such notification shall not be a condition for the termination of the covenants described under this Section 4.18 to be effective. The Trustee shall be under no obligation to monitor the ratings of the Notes, determine, or verify the Issuer’s determination of, the satisfaction of the conditions set forth in this Section 4.18 or inform Holders of any of the foregoing.