Common use of Defeasance upon Deposit of Moneys or Government Obligations Clause in Contracts

Defeasance upon Deposit of Moneys or Government Obligations. At the Guarantor's option, either (a) the Company and the Guarantor shall each be deemed to have been Discharged (as defined below) from its respective obligations with respect to any series of Securities on the 91st day after the applicable conditions set forth below have been satisfied or (b) the Company and the Guarantor shall cease to be under any obligation to comply with any term, provision or condition set forth in Sections 801 or 802 or any covenant set forth in any indenture supplemental to this Indenture or otherwise established pursuant to Section 301 and noncompliance with such Sections or covenants shall not give rise to any Event of Default under Section 501(4) ("Covenant Defeasance"), with respect to any series of Securities at any time after the applicable conditions set forth below have been satisfied:

Appears in 2 contracts

Samples: Indenture (Bp PLC), Bp PLC

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Defeasance upon Deposit of Moneys or Government Obligations. At the Guarantor's option, either (a) the Company and the Guarantor shall each be deemed to have been Discharged (as defined below) from its respective obligations with respect to any series of Securities on the 91st day after the applicable conditions set forth below have been satisfied or (b) the Company and the Guarantor shall cease to be under any obligation to comply with any term, provision or condition set forth in Sections 801 or 802 or any covenant set forth in on any indenture supplemental to this Indenture or otherwise established pursuant to Section 301 301, and noncompliance with such Sections or covenants shall not give rise to any Event of Default under Section 501(4) ("Covenant Defeasance"), with respect to any series of Securities at any time after the applicable conditions set forth below have been satisfied:

Appears in 1 contract

Samples: Indenture (Bp PLC)

Defeasance upon Deposit of Moneys or Government Obligations. At the Guarantor's option, either (a) the Company and the Guarantor shall each be deemed to have been Discharged (as defined below) from its respective obligations with respect to any series of Securities on the 91st day after the applicable conditions set forth below have been satisfied or (b) the Company and the Guarantor shall cease to be under any obligation to comply with any term, provision or condition set forth in Sections 801 or 802 or any covenant set forth in any indenture supplemental to this Indenture or otherwise established pursuant to Section 301 301, and noncompliance with such Sections or covenants shall not give rise to any Event of Default under Section 501(4) or under Section 501(7) ("Covenant Defeasance"), with respect to any series of Securities at any time after the applicable conditions set forth below have been satisfied:

Appears in 1 contract

Samples: Indenture (Bp PLC)

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Defeasance upon Deposit of Moneys or Government Obligations. At the Guarantor's option, either (a) the Company and the Guarantor shall each be deemed to have been Discharged (as defined below) from its respective obligations with respect to any series of Securities on the 91st day after the applicable conditions set forth below have been satisfied or (b) the Company and the Guarantor shall cease to be under any obligation to comply with any term, provision or condition set forth in Sections 801 or 802 or any covenant set forth in on any indenture supplemental to this Indenture or otherwise established pursuant to Section 301 301, and noncompliance with such Sections or covenants shall not give rise to any Event of Default under Section 501(4) ("Covenant Defeasance"), with respect to any series of Securities at any time after the applicable conditions set forth fort below have been satisfied:

Appears in 1 contract

Samples: Indenture (Bp PLC)

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