Common use of Defeasance Prior to Maturity or Redemption Clause in Contracts

Defeasance Prior to Maturity or Redemption. The Company, at its election, shall (a) be deemed to have paid and discharged its debt on the Debentures and the Indenture shall cease to be of further effect as to all outstanding Debentures (except as to (i) rights of registration of transfer, substitution and exchange of Debentures, (ii) the Company's right of optional redemption, (iii) rights of Holders to receive payments of principal of, premium, if any, and interest including Liquidated Damages on the Debentures (but not the Change of Control Purchase Price) and any rights of the Holders with respect to such amounts, (iv) the rights, obligations and immunities of the Trustee under the Indenture, and (v) certain other specified provisions in the Indenture) or (b) cease to be under any obligation to comply with certain restrictive covenants that are described in the Indenture, after the irrevocable deposit by the Company with the Trustee, in trust for the benefit of the Holders, at any time prior to the Stated Maturity of the Debentures, of (i) money in an amount, (ii) U.S. Government Obligations which through the payment of interest and principal will provide, not later than one Business Day before the due date of payment in respect of such Debentures, money in an amount, or (C) a combination thereof sufficient to pay and discharge the principal of, premium, if any on, and interest (including Liquidated Damages, if any) on, such Debentures then outstanding on the dates on which any such payments are due in accordance with the terms of the Indenture and of such Debentures.

Defeasance Prior to Maturity or Redemption. The CompanyIssuer, at its election, shall (a) be deemed to have paid and discharged its debt on the Debentures Secured Notes and the Indenture and on Security Agreements, the Pride Guarantee and the Subsidiary Guarantees shall cease to be of further effect as to all outstanding Debentures Secured Notes (except as to (i) rights of registration of transfer, substitution and exchange of DebenturesSecured Notes, (ii) the CompanyIssuer's right of optional redemption, (iii) rights of Holders to receive payments of principal of, premium, if any, and interest (including Liquidated Damages Special Interest, if any, and Additional Amounts, if any), on the Debentures Secured Notes (but not the Change of Control Purchase Price) and any rights of the Holders with respect to such amounts, (iv) the rights, obligations and immunities of the Trustee under the Indenture, and (v) certain other specified provisions in the Indenture) or (b) cease to be under any obligation to comply with certain restrictive covenants that are described in the Indenture, after the irrevocable deposit by the Company Issuer with the Trustee, in trust for the benefit of the Holders, at any time prior to the Stated stated Maturity of the DebenturesSecured Notes, of (i) money in an amount, (ii) U.S. Government Obligations which through the payment of interest and principal will provide, not later than one Business Day before the due date of payment in respect of such DebenturesSecured Notes, money in an amount, or (Ciii) a combination thereof sufficient to pay and discharge the principal of, premium, if any on, and interest (including Liquidated DamagesAdditional Amounts, if any) , and Special Interest, if any), on, such Debentures Secured Notes then outstanding on the dates on which any such payments are due in accordance with the terms of the Indenture and of such DebenturesSecured Notes.

Defeasance Prior to Maturity or Redemption. The Company, at its election, shall (a) be deemed to have paid and discharged its debt on the Debentures Notes and the Indenture and Guarantees shall cease to be of further effect as to all outstanding Debentures Notes (except as to (i) rights of registration of transfer, substitution and exchange of DebenturesNotes, (ii) the Company's right of optional redemption, (iii) rights of Holders to receive payments of principal of, premium, if any, and interest including Liquidated Damages on the Debentures Notes (but not the Change of Control Purchase Price or the Asset Sale Offer Purchase Price) and any rights of the Holders with respect to such amounts, (iv) the rights, obligations and immunities of the Trustee under the Indenture, and (v) certain other specified provisions in the Indenture) or (b) cease to be under any obligation to comply with certain restrictive covenants that are described in the Indenture, after the irrevocable deposit by the Company with the Trustee, in trust for the benefit of the Holders, at any time prior to the Stated Maturity of the DebenturesNotes, of (i) money in an amount, (ii) U.S. Government Obligations which through the payment of interest and principal will provide, not later than one Business Day before the due date of payment in respect of such DebenturesNotes, money in an amount, or (C) a combination thereof sufficient to pay and discharge the principal of, premium, if any on, and interest (including Liquidated DamagesSpecial Interest, if any) on, such Debentures Notes then outstanding on the dates on which any such payments are due in accordance with the terms of the Indenture and of such DebenturesNotes.

Defeasance Prior to Maturity or Redemption. The Company, at its election, shall (a) be deemed to have paid and discharged its debt on the Debentures Senior Notes and the Indenture and Guarantees shall cease to be of further effect as to all outstanding Debentures Senior Notes (except as to (i) rights of registration of transfer, substitution and exchange of DebenturesSenior Notes, (ii) the Company's right of optional redemption, (iii) rights of Holders to receive payments of principal of, premium, if any, and interest including Liquidated Damages on the Debentures Senior Notes (but not the Change of Control Purchase Price or the Asset Sale Offer Purchase Price) and any rights of the Holders with respect to such amounts, (iv) the rights, obligations and immunities of the Trustee under the Indenture, and (v) certain other specified provisions in the Indenture) or (b) cease to be under any obligation to comply with certain restrictive covenants that are described in the Indenture, after the irrevocable deposit by the Company with the Trustee, in trust for the benefit of the Holders, at any time prior to the Stated Maturity of the DebenturesSenior Notes, of (iA) money in an amount, (iiB) U.S. Government Obligations which through the payment of interest and principal will provide, not later than one Business Day before the due date of payment in respect of such DebenturesSenior Notes, money in an amount, or (C) a combination thereof sufficient to pay and discharge the principal of, premium, if any on, and interest (including Liquidated DamagesSpecial Interest, if any) on, such Debentures Senior Notes then outstanding on the dates on which any such payments are due in accordance with the terms of the Indenture and of such DebenturesSenior Notes.

Defeasance Prior to Maturity or Redemption. The CompanyIssuer, at its election, shall (a) be deemed to have paid and discharged its debt on the Debentures Secured Notes and this Indenture and on Security Agreements, the Guarantee and the Indenture Subsidiary Guarantees shall cease to be of further effect as to all outstanding Debentures Secured Notes (except as to (i) rights of registration of transfer, substitution and exchange of DebenturesSecured Notes, (ii) the CompanyIssuer's right of optional redemption, (iii) rights of Holders to receive payments of principal of, premium, if any, and interest (including Liquidated Damages Special Interest and Additional Amounts, if any) on the Debentures Secured Notes (but not the Change of Control Purchase Price or the Excess Proceeds Offer Purchase Price) and any rights of the Holders with respect to such amounts, (iv) the rights, obligations and immunities of the Trustee under the this Indenture, and (v) certain other specified provisions in the this Indenture) or (b) cease to be under any obligation to comply with certain restrictive covenants that are described in the this Indenture, after the irrevocable deposit by the Company Issuer with the Trustee, in trust for the benefit of the Holders, at any time prior to the Stated Maturity of the DebenturesSecured Notes, of (i) money in an amount, (ii) U.S. Government Obligations which through the payment of interest and principal will provide, not later than one Business Day before the due date of payment in respect of such DebenturesSecured Notes, money in an amount, or (C) a combination thereof sufficient to pay and discharge the principal of, premium, if any on, and interest (including Liquidated DamagesAdditional Amounts and Special Interest, if any) on, such Debentures Secured Notes then outstanding on the dates on which any such payments are due in accordance with the terms of the this Indenture and of such DebenturesSecured Notes. 15.

Defeasance Prior to Maturity or Redemption. The Company, at its election, shall (a) be deemed to have paid and discharged its debt on the Debentures Notes and the Indenture and Subsidiary Guarantees shall cease to be of further effect as to all outstanding Debentures Notes (except as to (i) rights of registration of transfer, substitution and exchange of DebenturesNotes, (ii) the Company's right of optional redemption, (iii) rights of Holders to receive payments of principal of, premium, if any, and interest including Liquidated Damages Special Interest on the Debentures Notes (but not the Change of Control Purchase Price or the Asset Sale Offer Purchase Price) and any rights of the Holders with respect to such amounts, (iv) the rights, obligations and immunities of the Trustee under the Indenture, and (v) certain other specified provisions in the Indenture) or (b) cease to be under any obligation to comply with certain restrictive covenants that are described in the Indenture, after the irrevocable deposit by the Company with the Trustee, in trust for the benefit of the Holders, at any time prior to the Stated Maturity of the DebenturesNotes, of (i) money in an amount, (ii) U.S. Government Obligations which through the payment of interest and principal will provide, not later than one Business Day before the due date of payment in respect of such DebenturesNotes, money in an amount, or (C) a combination thereof sufficient to pay and discharge the principal of, premium, if any on, and interest (including Liquidated DamagesSpecial Interest, if any) on, such Debentures Notes then outstanding on the dates on which any such payments are due in accordance with the terms of the Indenture and of such DebenturesNotes.

Defeasance Prior to Maturity or Redemption. The Company, at its election, shall (a) be deemed to have paid and discharged its debt on the Debentures Senior Notes and the Indenture and Guarantees shall cease to be of further effect as to all outstanding Debentures Senior Notes (except as to (i) rights of registration of transfer, substitution and exchange of DebenturesSenior Notes, (ii) the Company's right of optional redemption, (iii) rights of Holders to receive payments of principal of, premium, if any, and interest including Liquidated Damages on the Debentures Senior Notes (but not the Change of Control Purchase Price or the Asset Sale Offer Purchase Price) and any rights of the Holders with respect to such amounts, (iv) the rights, obligations and immunities of the Trustee under the Indenture, and (v) certain other specified provisions in the Indenture) or (b) cease to be under any obligation to comply with certain restrictive covenants that are described in the Indenture, after the irrevocable deposit by the Company with the Trustee, in trust for the benefit of the Holders, at any time prior to the Stated Maturity of the DebenturesSenior Notes, of (iA) money in an amount, (iiB) U.S. Government Obligations which through the payment of interest and principal will provide, not later than one Business Day before the due date of payment in respect of such DebenturesSenior Notes, money in an amount, or (C) a combination thereof sufficient to pay and discharge the principal of, premium, if any on, and interest (including Liquidated DamagesSpecial Interest, if any) on, such Debentures Senior Notes then outstanding on the dates on which any such payments are due in accordance with the terms of the Indenture and of such Debentures.Senior Notes. 000