Common use of Future Subsidiary Guarantees Clause in Contracts

Future Subsidiary Guarantees. The Company will not permit any Restricted Subsidiary or Regulated Subsidiary, directly or indirectly, to Guarantee any Indebtedness (“Guaranteed Indebtedness”) of the Company or any Restricted Subsidiary (other than a Foreign Subsidiary), unless (a) such Restricted Subsidiary or Regulated Subsidiary, to the extent permitted by law, simultaneously executes and delivers a supplemental indenture to the Indenture providing for a Guarantee (a “Subsidiary Guarantee”) of payment of the Notes by such Restricted Subsidiary or Regulated Subsidiary and (b) such Restricted Subsidiary or Regulated Subsidiary waives and will not in any manner whatsoever claim or take the benefit or advantage of, any rights of reimbursement, indemnity or subrogation or any other rights against the Company or any other Restricted Subsidiary or Regulated Subsidiary as a result of any payment by such Restricted Subsidiary or Regulated Subsidiary under its Subsidiary Guarantee until the Notes have been paid in full. The obligations of any such future Subsidiary Guarantor will be limited so as not to constitute a fraudulent conveyance under applicable federal or state laws. If the Guaranteed Indebtedness is (A) pari passu in right of payment with the Notes or any Note Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be pari passu in right of payment with, or subordinated to, the Subsidiary Guarantee or (B) subordinated in right of payment to the Notes or any Note Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be subordinated in right of payment to the Subsidiary Guarantee at least to the extent that the Guaranteed Indebtedness is subordinated to the Notes or the Notes Guarantee. Notwithstanding the foregoing, any Subsidiary Guarantee by a Restricted Subsidiary or Regulated Subsidiary may provide by its terms that it shall be automatically and unconditionally released and discharged upon any: (1) sale, exchange or transfer, to any Person not an Affiliate of the Company, of all of the Company’s and each Restricted Subsidiary’s and Regulated Subsidiary’s Capital Stock in, or all or substantially all the assets of, such Restricted Subsidiary or Regulated Subsidiary (which sale, exchange or transfer is not prohibited by the Indenture) or upon the designation of such Restricted Subsidiary or Regulated Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture; or (2) the release or discharge of the Guarantee which resulted in the creation of such Subsidiary Guarantee, except a discharge or release by or as a result of payment under such Guarantee.

Future Subsidiary Guarantees. The Company will not permit any Restricted Subsidiary or Regulated Subsidiary, directly or indirectly, to Guarantee any Indebtedness (“Guaranteed Indebtedness”) of If the Company or any Restricted of its Subsidiaries shall acquire or create a Subsidiary (other than a Foreign Subsidiary), unless (a) such Restricted Subsidiary or Regulated an Unrestricted Subsidiary) after the date of this Indenture, then such Subsidiary shall execute a Subsidiary Guarantee, in the form of the Supplemental Indenture attached hereto as Exhibit E, and the Form of Notation on Senior Subordinated Note, attached hereto as Exhibit F, and deliver an opinion of counsel as to the extent permitted by lawvalidity of such Subsidiary Guarantee, simultaneously executes and delivers a supplemental indenture in accordance with the terms of this Indenture. The Subsidiary Guarantee of each Guarantor will be subordinated to the Indenture providing for a Guarantee (a “Subsidiary Guarantee”) prior payment in full of payment all Senior Debt of such Guarantor, which would include the Notes by such Restricted Subsidiary or Regulated Subsidiary and (b) such Restricted Subsidiary or Regulated Subsidiary waives and will not in any manner whatsoever claim or take guarantees of amounts borrowed under the benefit or advantage of, any rights Senior Credit Facilities. The obligations of reimbursement, indemnity or subrogation or any other rights against the Company or any other Restricted Subsidiary or Regulated Subsidiary as a result of any payment by such Restricted Subsidiary or Regulated Subsidiary each Guarantor under its Subsidiary Guarantee until the Notes have been paid in full. The obligations of any such future Subsidiary Guarantor will be limited so as not to constitute a fraudulent conveyance under applicable federal law. Notwithstanding the foregoing paragraph, for so long as certain covenants are suspended pursuant to Section 4.18 hereof, no newly acquired or state lawscreated Subsidiary will be required to execute a Subsidiary Guarantee or the related Notation on Senior Subordinated Note unless such Subsidiary Guarantees Indebtedness of the Company under a Credit Facility. If However, any Subsidiary (other than a Foreign Subsidiary or an Unrestricted Subsidiary) that Guarantees any Indebtedness of the Guaranteed Indebtedness Company under a Credit Facility will become a Subsidiary Guarantor and, if at any time certain covenants are reinstituted pursuant to Section 4.18 hereof, any newly acquired or created Subsidiary (other than a Foreign Subsidiary or an Unrestricted Subsidiary) will Guarantee the Notes on the terms and conditions set forth in this Indenture. No Guarantor may consolidate with or merge with or into (whether or not such Guarantor is the surviving Person) another Person (except the Company or another Guarantor) unless (i) subject to the provisions of the following paragraph, the Person formed by or surviving any such consolidation or merger (if other than such Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made assumes all the obligations of such Guarantor pursuant to a supplemental indenture in form and substance reasonably satisfactory to the Trustee, under the Notes and this Indenture; (ii) immediately after giving effect to such transaction, no Default or Event of Default exists; and (iii) the Company (A) pari passu would be permitted by virtue of the Company's pro forma Fixed Charge Coverage Ratio, immediately after giving effect to such transaction, to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in right of payment with the Notes or any Note Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be pari passu in right of payment with, or subordinated to, the Subsidiary Guarantee Section 4.09 or (B) subordinated in right of payment would have a pro forma Fixed Charge Coverage Ratio that is greater than the actual Fixed Charge Coverage Ratio for the same four-quarter period without giving pro forma effect to the Notes or any Note Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be subordinated in right of payment to the Subsidiary Guarantee at least to the extent that the Guaranteed Indebtedness is subordinated to the Notes or the Notes Guaranteetransaction. Notwithstanding the foregoingforegoing clause (iii), (i) any Subsidiary Guarantee by a Restricted Subsidiary Guarantor may consolidate with, merge into or Regulated Subsidiary transfer all or part of its properties and assets to the Company or to another Guarantor and (ii) any Guarantor may provide by its terms that it shall be automatically and unconditionally released and discharged upon any: (1) sale, exchange or transfer, to any Person not merge with an Affiliate that has no significant assets or liabilities and was incorporated solely for the purpose of reincorporating such Guarantor in another State of the CompanyUnited States so long as the amount of Indebtedness of the Company and its Restricted Subsidiaries is not increased thereby. In the event of a sale or other disposition of all of the assets of any Guarantor, by way of merger, consolidation or otherwise, or a sale or other disposition of all of the capital stock of any Guarantor, then such Guarantor (in the event of a sale or other disposition, by way of such a merger, consolidation or otherwise, of all of the Company’s and each Restricted Subsidiary’s and Regulated Subsidiary’s Capital Stock in, capital stock of such Guarantor) or the corporation acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of, such Restricted Subsidiary or Regulated Subsidiary (which sale, exchange or transfer is not prohibited by the Indenture) or upon the designation of such Restricted Guarantor) will be released and relieved of any obligations under its Subsidiary Guarantee; provided that the Net Proceeds of such sale or Regulated Subsidiary as an Unrestricted Subsidiary other disposition are applied in accordance with the terms applicable provisions of the Indenture; or (2) the release or discharge of the Guarantee which resulted in the creation of such Subsidiary Guarantee, except a discharge or release by or as a result of payment under such GuaranteeSection 4.10.

Future Subsidiary Guarantees. The Company will not permit any Restricted Subsidiary or Regulated Subsidiary, directly or indirectly, to Guarantee any Indebtedness (“Guaranteed Indebtedness”) of If the Company or any Restricted of its Subsidiaries shall acquire or create a Subsidiary (other than a Foreign Subsidiary), unless (a) such Restricted Subsidiary or Regulated an Unrestricted Subsidiary) after the date of the Indenture, then such Subsidiary shall execute a Subsidiary Guarantee, in the form of the Supplemental Indenture attached hereto as Exhibit E, and the Form of Notation on Senior Subordinated Note, attached hereto as Exhibit F, and deliver an opinion of counsel as to the extent permitted by lawvalidity of such Subsidiary Guarantee, simultaneously executes and delivers a supplemental indenture in accordance with the terms of this Indenture. The Subsidiary Guarantee of each Guarantor will be subordinated to the Indenture providing for a Guarantee (a “Subsidiary Guarantee”) prior payment in full of payment all Senior Debt of such Guarantor, which would include the Notes by such Restricted Subsidiary or Regulated Subsidiary and (b) such Restricted Subsidiary or Regulated Subsidiary waives and will not in any manner whatsoever claim or take guarantees of amounts borrowed under the benefit or advantage of, any rights Senior Credit Facilities. The obligations of reimbursement, indemnity or subrogation or any other rights against the Company or any other Restricted Subsidiary or Regulated Subsidiary as a result of any payment by such Restricted Subsidiary or Regulated Subsidiary each Guarantor under its Subsidiary Guarantee until the Notes have been paid in full. The obligations of any such future Subsidiary Guarantor will be limited so as not to constitute a fraudulent conveyance under applicable federal law. No Guarantor may consolidate with or state laws. If merge with or into (whether or not such Guarantor is the Guaranteed Indebtedness is surviving Person) another Person (except the Company or another Guarantor) unless (i) subject to the provisions of the following paragraph, the Person formed by or surviving any such consolidation or merger (if other than such Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made assumes all the obligations of such Guarantor pursuant to a supplemental indenture in form and substance reasonably satisfactory to the Trustee, under the Notes and this Indenture; (ii) immediately after giving effect to such transaction, no Default or Event of Default exists; (iii) the Company (A) pari passu would be permitted by virtue of the Company's pro forma Fixed Charge Coverage Ratio, immediately after giving effect to such transaction, to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in right of payment with the Notes or any Note Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be pari passu in right of payment with, or subordinated to, the Subsidiary Guarantee Section 4.09 or (B) subordinated in right of payment would have a pro forma Fixed Charge Coverage Ratio that is greater than the actual Fixed Charge Coverage Ratio for the same four-quarter period without giving pro forma effect to the Notes or any Note Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be subordinated in right of payment to the Subsidiary Guarantee at least to the extent that the Guaranteed Indebtedness is subordinated to the Notes or the Notes Guaranteetransaction. Notwithstanding the foregoingforegoing paragraph, (i) any Subsidiary Guarantee by a Restricted Subsidiary Guarantor may consolidate with, merge into or Regulated Subsidiary transfer all or part of its properties and assets to the Company and (ii) any Guarantor may provide by its terms that it shall be automatically and unconditionally released and discharged upon any: (1) sale, exchange or transfer, to any Person not merge with an Affiliate that has no significant assets or liabilities and was incorporated solely for the purpose of reincorporating such Guarantor in another State of the CompanyUnited States so long as the amount of Indebtedness of the Company and its Restricted Subsidiaries is not increased thereby. In the event of a sale or other disposition of all of the assets of any Guarantor, by way of merger, consolidation or otherwise, or a sale or other disposition of all of the capital stock of any Guarantor, then such Guarantor (in the event of a sale or other disposition, by way of such a merger, consolidation or otherwise, of all of the Company’s and each Restricted Subsidiary’s and Regulated Subsidiary’s Capital Stock in, capital stock of such Guarantor) or the corporation acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of, such Restricted Subsidiary or Regulated Subsidiary (which sale, exchange or transfer is not prohibited by the Indenture) or upon the designation of such Restricted Guarantor) will be released and relieved of any obligations under its Subsidiary Guarantee; provided that the Net Proceeds of such sale or Regulated Subsidiary as an Unrestricted Subsidiary other disposition are applied in accordance with the terms applicable provisions of the Indenture; or (2) the release or discharge of the Guarantee which resulted in the creation of such Subsidiary Guarantee, except a discharge or release by or as a result of payment under such GuaranteeSection 4.10.

Future Subsidiary Guarantees. The Company will not permit any Restricted Subsidiary or Regulated Subsidiary, directly or indirectly, to Guarantee any Indebtedness (“Guaranteed Indebtedness”) of the Company or any Restricted Subsidiary (other than a Foreign Subsidiary), unless (a) such Restricted Subsidiary or Regulated Subsidiary, to the extent permitted by law, simultaneously executes and delivers a supplemental indenture to the this Indenture providing for a Guarantee (a “Subsidiary Guarantee”) of payment of the Notes Securities by such Restricted Subsidiary or Regulated Subsidiary and (b) such Restricted Subsidiary or Regulated Subsidiary waives and will not in any manner whatsoever claim or take the benefit or advantage of, any rights of reimbursement, indemnity or subrogation or any other rights against the Company or any other Restricted Subsidiary or Regulated Subsidiary as a result of any payment by such Restricted Subsidiary or Regulated Subsidiary under its Subsidiary Guarantee until the Notes Securities have been paid in full. The obligations of any such future Subsidiary Guarantor will be limited so as not to constitute a fraudulent conveyance under applicable federal or state laws. In addition, on the Trigger Date, the Company shall cause each of its Restricted Subsidiaries to execute and deliver a Subsidiary Guarantee of payment of the Securities by each such Restricted Subsidiary, to the extent permitted by law. If the Guaranteed Indebtedness is (A) pari passu in right of payment with the Notes Securities or any Note Security Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be pari passu in right of payment with, or subordinated to, the Subsidiary Guarantee or (B) subordinated in right of payment to the Notes Securities or any Note Security Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be subordinated in right of payment to the Subsidiary Guarantee at least to the extent that the Guaranteed Indebtedness is subordinated to the Notes Securities or the Notes Security Guarantee. Notwithstanding the foregoing, any Subsidiary Guarantee by a Restricted Subsidiary or Regulated Subsidiary may provide by its terms that it shall be automatically and unconditionally released and discharged upon any: (1) sale, exchange or transfer, to any Person not an Affiliate of the Company, of all of the Company’s and each Restricted Subsidiary’s and Regulated Subsidiary’s Capital Stock in, or all or substantially all the assets of, such Restricted Subsidiary or Regulated Subsidiary (which sale, exchange or transfer is not prohibited by the this Indenture) or upon the designation of such Restricted Subsidiary or Regulated Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the this Indenture; or (2) the release or discharge of the Guarantee which resulted in the creation of such Subsidiary Guarantee, except a discharge or release by or as a result of payment under such Guarantee.

Future Subsidiary Guarantees. (a) The Company will shall not permit any Restricted Subsidiary or Regulated Subsidiarythat is not a Subsidiary Guarantor, directly or indirectly, to Guarantee any Indebtedness (“Guaranteed Indebtedness”) of the Company or any Restricted Subsidiary (other than a Foreign Subsidiary), unless (a1) such Restricted Subsidiary or Regulated Subsidiary, to the extent permitted by law, simultaneously within 30 days of the date on which such Restricted Subsidiary guaranteed such other Indebtedness executes and delivers a supplemental indenture Subsidiary Guarantee, becomes a party to the Indenture providing applicable Security Documents and, to the extent required by the Security Agreement, executes and delivers such security instruments, financing statements and certificates as may be necessary to vest in the Collateral Agent a perfected first priority security interest on a pari passu basis with the Liens securing any Pari Passu Lien Indebtedness (subject to Permitted Liens) in properties and assets that constitute Collateral as security for a Guarantee (a “Subsidiary Guarantee”) of payment of the Notes by or the Subsidiary Guarantees and as may be necessary to have such Restricted Subsidiary property or Regulated Subsidiary asset added to the applicable Collateral as required under the Security Documents and this Indenture, and thereupon all provisions of this Indenture relating to the Collateral shall be deemed to relate to such properties and assets to the same extent and with the same force and effect and (b2) such Restricted Subsidiary or Regulated Subsidiary waives and will shall not in any manner whatsoever claim or take the benefit or advantage of, any rights of reimbursement, indemnity or subrogation or any other rights against the Company or any other Restricted Subsidiary or Regulated Subsidiary as a result of any payment by such Restricted Subsidiary or Regulated Subsidiary under its Subsidiary Guarantee until the Notes have been paid in full. The obligations of any such future Subsidiary Guarantor will shall be limited so as not to constitute a fraudulent conveyance or fraudulent transfer under applicable federal or state laws. If the Guaranteed Indebtedness is (A) pari passu in right of payment with the Notes or any Note Subsidiary Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be pari passu in right of payment with, or subordinated to, the Subsidiary Guarantee or (B) subordinated in right of payment to the Notes or any Note Subsidiary Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be subordinated in right of payment to the Subsidiary Guarantee at least to the extent that the Guaranteed Indebtedness is subordinated to the Notes or the Notes Subsidiary Guarantee. . (b) Notwithstanding the foregoing, any future Subsidiary Guarantee by a Restricted Subsidiary or Regulated Subsidiary may provide by its terms that it shall be automatically and unconditionally released and discharged upon anydischarged: (1) sale, exchange or transfer, to any Person not an Affiliate of the Company, of all of the Company’s and each Restricted Subsidiary’s and Regulated Subsidiary’s Capital Stock in, or all or substantially all the assets of, such Restricted Subsidiary or Regulated Subsidiary (which sale, exchange or transfer is not prohibited by the Indenture) or upon the designation of such Restricted Subsidiary or Regulated Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indentureset forth under Section 10.06 hereof; or (2) upon the release or discharge of the Guarantee which resulted in the creation of such Subsidiary Guarantee, except a discharge or release by or as a result of payment under such Guarantee.

Future Subsidiary Guarantees. The Company will not permit any Restricted Subsidiary or Regulated Subsidiary, directly or indirectly, to Guarantee any Indebtedness (“Guaranteed Indebtedness”) of the Company or any Restricted Subsidiary (other than a Foreign Subsidiary), unless (a) such Restricted Subsidiary or Regulated Subsidiary, to the extent permitted by law, simultaneously executes and delivers a supplemental indenture to the this Indenture providing for a Guarantee (a “Subsidiary Note Guarantee”) of payment of the Notes by such Restricted Subsidiary or Regulated Subsidiary and (b) such Restricted Subsidiary or Regulated Subsidiary waives and will not in any manner whatsoever claim or take the benefit or advantage of, any rights of reimbursement, indemnity or subrogation or any other rights against the Company or any other Restricted Subsidiary or Regulated Subsidiary as a result of any payment by such Restricted Subsidiary or Regulated Subsidiary under its Subsidiary Note Guarantee until the Notes have been paid in full. The obligations of any such future Subsidiary Guarantor will be limited so as not to constitute a fraudulent conveyance under applicable federal or state laws. If the Guaranteed Indebtedness is (A) pari passu in right of payment with the Notes or any Note Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be pari passu in right of payment with, or subordinated to, the Subsidiary Note Guarantee or (B) subordinated in right of payment to the Notes or any Note Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be subordinated in right of payment to the Subsidiary Note Guarantee at least to the extent that the Guaranteed Indebtedness is subordinated to the Notes or the Notes Guarantee. Notwithstanding the foregoing, any Subsidiary Note Guarantee by a Restricted Subsidiary or Regulated Subsidiary may provide by its terms that it shall be automatically and unconditionally released and discharged upon any: (1) sale, exchange or transfer, to any Person not an Affiliate of the Company, of all of the Company’s and each Restricted Subsidiary’s and Regulated Subsidiary’s Capital Stock in, or all or substantially all the assets of, such Restricted Subsidiary or Regulated Subsidiary (which sale, exchange or transfer is not prohibited by the this Indenture) or upon the designation of such Restricted Subsidiary or Regulated Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the this Indenture; or (2) the release or discharge of the Guarantee which resulted in the creation of such Subsidiary Note Guarantee, except a discharge or release by or as a result of payment under such Guarantee.

Future Subsidiary Guarantees. The Company will not permit any Restricted Subsidiary or Regulated Subsidiary, directly or indirectly, to Guarantee any Indebtedness (“Guaranteed Indebtedness”) of If the Company or any Restricted of its Subsidiaries shall acquire or create a Subsidiary (other than a Foreign Subsidiary), unless (a) such Restricted Subsidiary or Regulated an Unrestricted Subsidiary) after the Issue Date, then such Subsidiary shall execute a Subsidiary Guarantee, in the form of the Supplemental Indenture attached hereto as Exhibit B, and the Form of Notation on Senior Subordinated Note, attached hereto as Exhibit C, and deliver an opinion of counsel as to the extent permitted by lawvalidity of such Subsidiary Guarantee, simultaneously executes and delivers a supplemental indenture in accordance with the terms of this Indenture. The Subsidiary Guarantee of each Guarantor will be subordinated to the Indenture providing for a Guarantee (a “Subsidiary Guarantee”) prior payment in full of payment all Senior Debt of such Guarantor, which would include the Notes by such Restricted Subsidiary or Regulated Subsidiary and (b) such Restricted Subsidiary or Regulated Subsidiary waives and will not in any manner whatsoever claim or take guarantees of amounts borrowed under the benefit or advantage of, any rights Senior Credit Facilities. The obligations of reimbursement, indemnity or subrogation or any other rights against the Company or any other Restricted Subsidiary or Regulated Subsidiary as a result of any payment by such Restricted Subsidiary or Regulated Subsidiary each Guarantor under its Subsidiary Guarantee until the Notes have been paid in full. The obligations of any such future Subsidiary Guarantor will be limited so as not to constitute a fraudulent conveyance under applicable federal law. No Guarantor may consolidate with or state laws. If merge with or into (whether or not such Guarantor is the Guaranteed Indebtedness is surviving Person) another Person (except the Company or another Guarantor) unless (i) subject to the provisions of the following paragraph, the Person formed by or surviving any such consolidation or merger (if other than such Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made assumes all the obligations of such Guarantor pursuant to a supplemental indenture in form and substance reasonably satisfactory to the Trustee, under the Notes and this Indenture; (ii) immediately after giving effect to such transaction, no Default or Event of Default exists; (iii) the Company (A) pari passu would be permitted by virtue of the Company's pro forma Fixed Charge Coverage Ratio, immediately after giving effect to such transaction, to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in right of payment with the Notes or any Note Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be pari passu in right of payment with, or subordinated to, the Subsidiary Guarantee Section 4.09 or (B) subordinated in right of payment would have a pro forma Fixed Charge Coverage Ratio that is greater than the actual Fixed Charge Coverage Ratio for the same four-quarter period without giving pro forma effect to the Notes or any Note Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be subordinated in right of payment to the Subsidiary Guarantee at least to the extent that the Guaranteed Indebtedness is subordinated to the Notes or the Notes Guaranteetransaction. Notwithstanding the foregoingforegoing paragraph, (i) any Subsidiary Guarantee by a Restricted Subsidiary Guarantor may consolidate with, merge into or Regulated Subsidiary transfer all or part of its properties and assets to the Company and (ii) any Guarantor may provide by its terms that it shall be automatically and unconditionally released and discharged upon any: (1) sale, exchange or transfer, to any Person not merge with an Affiliate that has no significant assets or liabilities and was incorporated solely for the purpose of reincorporating such Guarantor in another State of the CompanyUnited States so long as the amount of Indebtedness of the Company and its Restricted Subsidiaries is not increased thereby. In the event of a sale or other disposition of all of the assets of any Guarantor, by way of merger, consolidation or otherwise, or a sale or other disposition of all of the capital stock of any Guarantor, then such Guarantor (in the event of a sale or other disposition, by way of such a merger, consolidation or otherwise, of all of the Company’s and each Restricted Subsidiary’s and Regulated Subsidiary’s Capital Stock in, capital stock of such Guarantor) or the corporation acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of, such Restricted Subsidiary or Regulated Subsidiary (which sale, exchange or transfer is not prohibited by the Indenture) or upon the designation of such Restricted Guarantor) will be released and relieved of any obligations under its Subsidiary Guarantee; provided that the Net Proceeds of such sale or Regulated Subsidiary as an Unrestricted Subsidiary other disposition are applied in accordance with the terms applicable provisions of the Indenture; or (2) the release or discharge of the Guarantee which resulted in the creation of such Subsidiary Guarantee, except a discharge or release by or as a result of payment under such GuaranteeSection 4.10.

Future Subsidiary Guarantees. The Company will not permit any Restricted Subsidiary or Regulated Subsidiary, directly or indirectly, to Guarantee any Indebtedness (“Guaranteed Indebtedness”) of If the Company or any of its Restricted Subsidiary Subsidiaries (other than a Foreign Receivables Entity) acquire or create another Domestic Subsidiary after the date hereof or an Immaterial Subsidiary ceases to qualify as an Immaterial Subsidiary), unless (a) such Restricted then that newly acquired or created Domestic Subsidiary or Regulated Subsidiarysuch former Immaterial Subsidiary shall on the date on which it was acquired, created or ceased to the extent permitted by law, simultaneously executes so qualify become a Guarantor and delivers promptly execute a supplemental indenture in form and substance set forth in Exhibit D pursuant to which such Subsidiary shall guarantee, on a joint and several basis, the Indenture providing for a Guarantee (a “Subsidiary Guarantee”) of full and prompt payment of the Notes by such Restricted Subsidiary or Regulated Subsidiary and (b) such Restricted Subsidiary or Regulated Subsidiary waives and will not in any manner whatsoever claim or take the benefit or advantage principal of, any rights of reimbursementpremium, indemnity or subrogation or any other rights against the Company or any other Restricted Subsidiary or Regulated Subsidiary as a result of any payment by such Restricted Subsidiary or Regulated Subsidiary under its Subsidiary Guarantee until if any, and interest and Additional Interest, if any, on the Notes have been paid in fullon a senior basis; provided that any Domestic Subsidiary that constitutes an Immaterial Subsidiary need not become a Guarantor until such time as it ceases to be an Immaterial Subsidiary. The obligations of In addition, if any such future Subsidiary Guarantor will be limited so as not to constitute a fraudulent conveyance under applicable federal or state laws. If the Guaranteed Indebtedness is (A) pari passu in right of payment with the Notes or any Note Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be pari passu in right of payment with, or subordinated to, the Subsidiary Guarantee or (B) subordinated in right of payment to the Notes or any Note Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be subordinated in right of payment to the Subsidiary Guarantee at least to the extent that the Guaranteed Indebtedness is subordinated to the Notes or the Notes Guarantee. Notwithstanding the foregoing, any Subsidiary Guarantee by a Restricted Subsidiary or Regulated Subsidiary may provide by its terms that it shall be automatically and unconditionally released and discharged upon any: (1) sale, exchange or transfer, to any Person not an Affiliate of the Company, of all of the Company’s Foreign Subsidiaries or Immaterial Subsidiaries guarantee any Indebtedness of any Issuer or any Guarantor, such Foreign Subsidiary or Immaterial Subsidiary, as the case may be, shall simultaneously become a Guarantor and each Restricted Subsidiary’s promptly execute a supplemental indenture in form and Regulated Subsidiary’s Capital Stock insubstance set forth in Exhibit D pursuant to which such Person shall guarantee, or all or substantially all on a joint and several basis, the assets prompt payment of the principal of, premium, if any, and interest and Additional Interest, if any, on the Notes on a senior basis and to the same extent as such Restricted Subsidiary or Regulated Subsidiary (which sale, exchange or transfer is not prohibited by the Indenture) or upon the designation Person’s guarantee of such Restricted Subsidiary or Regulated Subsidiary other Indebtedness. The foregoing provisions shall not apply to Subsidiaries that have been properly designated as an Unrestricted Subsidiary Subsidiaries in accordance with this Indenture for so long as they continue to constitute Unrestricted Subsidiaries. Each Guarantee shall be limited to an amount not to exceed the terms of maximum amount that can be guaranteed by that Guarantor without rendering the Indenture; or (2) the release or discharge of the Guarantee which resulted in the creation of such Subsidiary Guarantee, except a discharge as it relates to such Guarantor, voidable under applicable law relating to fraudulent conveyance or release by fraudulent transfer or as a result similar laws affecting the rights of payment under such Guaranteecreditors generally.

Future Subsidiary Guarantees. (a) The Company will not permit cause any Restricted Subsidiary or Regulated Subsidiary, directly or indirectly, to Guarantee any Indebtedness (“Guaranteed Indebtedness”) of the Company or any Person that shall become a Restricted Subsidiary (including upon a Revocation of the Designation of a Subsidiary as an Unrestricted Subsidiary) (other than a Foreign Subsidiary), unless (aPersons organized under the laws of the PRC or in the Polysilicon Group) such Restricted Subsidiary or Regulated Subsidiary, to the extent permitted by law, simultaneously executes and delivers a supplemental indenture to the Indenture providing for a Guarantee (a “Future Subsidiary Guarantor”) to concurrently grant a guarantee (a “Future Subsidiary Guarantee”) of payment of the Company’s obligations under this Indenture and the Notes to the same extent that the Subsidiary Guarantors have guaranteed the Company’s obligations under this Indenture and the Notes by such Restricted Subsidiary or Regulated Subsidiary executing a Supplemental Indenture substantially in the form of Exhibit B and (b) such Restricted Subsidiary or Regulated Subsidiary waives providing the Trustee with an Officers’ Certificate and will not in any manner whatsoever claim or take the benefit or advantage ofan Opinion of Counsel; provided, any rights of reimbursementhowever, indemnity or subrogation or any other rights against the Company or any other Restricted Subsidiary or Regulated Subsidiary as a result of any payment by such Restricted Subsidiary or Regulated Subsidiary under its Subsidiary Guarantee until the Notes have been paid in full. The obligations of any such future that each Future Subsidiary Guarantor will be limited so as not to constitute a fraudulent conveyance under applicable federal or state laws. If the Guaranteed Indebtedness is (A) pari passu in right of payment with the Notes or any Note Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be pari passu in right of payment with, or subordinated to, the Subsidiary Guarantee or (B) subordinated in right of payment to the Notes or any Note Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be subordinated in right of payment to the Subsidiary Guarantee at least to the extent that the Guaranteed Indebtedness is subordinated to the Notes or the Notes Guarantee. Notwithstanding the foregoing, any Subsidiary Guarantee by a Restricted Subsidiary or Regulated Subsidiary may provide by its terms that it shall be automatically and unconditionally released and discharged upon any:from its obligations under such Future Subsidiary Guarantee only in accordance with Section 10.2. (1b) saleNotwithstanding the foregoing sentence, exchange or transferthe Company may elect to have any Non-PRC Restricted Subsidiary outside the Polysilicon Group not provide a Subsidiary Guarantee, provided that, the Consolidated Assets of all Non-PRC Restricted Subsidiaries outside the Polysilicon Group (including such Restricted Subsidiary) that are Non-Guarantor Subsidiaries at the time do not account for more than 7.5% of the Total Assets of the Company (“Qualified Non-Guarantor Subsidiaries”). Furthermore, the Company shall cause each Non-PRC Restricted Subsidiary within the Polysilicon Group that is not a Subsidiary Guarantor, including LDK Silicon & Chemical Technology Co. Ltd. and LDK Silicon Holding Co. Limited, to any Person not an Affiliate execute and deliver to the Trustee a supplemental indenture to this Indenture, pursuant to which such Subsidiary will guarantee the payment of the CompanyNotes as a Subsidiary Guarantor as soon as practicable and in any event within 30 days after the determination by the Restructuring Group not to proceed with a Qualified IPO or, in the case of all an entity in the Polysilicon Group that becomes a Restricted Subsidiary after such determination, in any event within 30 days of becoming a Subsidiary Guarantor. In addition, a Restricted Subsidiary that is listed on a stock exchange at the time it becomes a Restricted Subsidiary need not become a Subsidiary Guarantor if the provision of a Subsidiary Guarantee is either prohibited by law or the rules of the Company’s and each Restricted Subsidiary’s and Regulated Subsidiary’s Capital Stock in, or all or substantially all the assets of, exchange upon which such Restricted Subsidiary is listed or Regulated Subsidiary (which sale, exchange or transfer it is not prohibited by the Indenture) or upon the designation of impractical for such Restricted Subsidiary to provide such Subsidiary Guarantee while complying with applicable law or Regulated stock exchange regulations. (c) Notwithstanding Section 10.2 and clause (a) of this Section 10.5, in the case of a Future Subsidiary as an Unrestricted Subsidiary in accordance with Guarantor, the terms Company may, without any requirement to seek or obtain the consent or approval of the Indenture; or (2) Trustee or the Holders, instruct the Trustee to release the Subsidiary Guarantee provided by such Subsidiary Guarantor and each of its Restricted Subsidiaries organized outside the PRC and upon such release such Persons will become Qualified Non-Guarantor Subsidiaries, provided that after the release or discharge of the Guarantee which resulted in the creation of such Subsidiary GuaranteeGuarantees, except a discharge or the Consolidated Assets of all Qualified Non-Guarantor Subsidiaries outside the Polysilicon Group at the time do not account for more than 7.5% of the Total Assets of the Company at such time, and provided further that the Company may not release the Subsidiary Guarantees provided by or as a result of payment under such Guaranteethe Initial Subsidiary Guarantors.

Future Subsidiary Guarantees. The Company will not permit any Restricted Subsidiary or Regulated Subsidiary, directly or indirectly, to Guarantee any Indebtedness (“Guaranteed Indebtedness”) of the Company or any Restricted Subsidiary (other than a Foreign SubsidiarySubsidiary (other than the 2016 Notes and the 2019 Notes outstanding on the date of this Indenture), unless (a) such Restricted Subsidiary or Regulated Subsidiary, to the extent permitted by law, simultaneously executes and delivers a supplemental indenture to the this Indenture providing for a Guarantee (a “Subsidiary Note Guarantee”) of payment of the outstanding Notes of each series by such Restricted Subsidiary or Regulated Subsidiary and (b) such Restricted Subsidiary or Regulated Subsidiary waives and will not in any manner whatsoever claim or take the benefit or advantage of, any rights of reimbursement, indemnity or subrogation or any other rights against the Company or any other Restricted Subsidiary or Regulated Subsidiary as a result of any payment by such Restricted Subsidiary or Regulated Subsidiary under its Subsidiary Note Guarantee until the Notes of each such series have been paid in full. The obligations of any such future Subsidiary Guarantor will be limited so as not to constitute a fraudulent conveyance under applicable federal or state laws. If the Guaranteed Indebtedness is (A) pari passu in right of payment with the Notes of such series or any Note GuaranteeGuarantee of such series, then the Guarantee of such Guaranteed Indebtedness with respect to such series shall be pari passu in right of payment with, or subordinated to, the Subsidiary such Note Guarantee or (B) subordinated in right of payment to the such Notes or any such Note Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be subordinated in right of payment to the Subsidiary such Note Guarantee at least to the extent that the Guaranteed Indebtedness is subordinated to the Notes of such series or the Notes GuaranteeGuarantee of such series. Notwithstanding the foregoing, any Subsidiary Note Guarantee by a Restricted Subsidiary or Regulated Subsidiary may provide by its terms that it shall be automatically and unconditionally released and discharged upon any: (1) sale, exchange or transfer, to any Person not an Affiliate of the Company, of all of the Company’s and each Restricted Subsidiary’s and Regulated Subsidiary’s Capital Stock in, or all or substantially all the assets of, such Restricted Subsidiary or Regulated Subsidiary (which sale, exchange or transfer is not prohibited by the this Indenture) or upon the designation of such Restricted Subsidiary or Regulated Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the this Indenture; or (2) the release or discharge of the Guarantee which resulted in the creation of such Subsidiary Note Guarantee, except a discharge or release by or as a result of payment under such Guarantee.

Future Subsidiary Guarantees. The Company will shall not permit any Restricted Subsidiary or Regulated Subsidiary, directly or indirectly, to Guarantee guarantee the payment of any Indebtedness (“Guaranteed Indebtedness”) of the Company or any Restricted Subsidiary (other than a Foreign Subsidiary), unless (ai) such Restricted Subsidiary or Regulated Subsidiary, to the extent permitted by law, simultaneously executes and delivers a supplemental indenture to the Indenture providing for a Guarantee (a “Subsidiary Guarantee”) trustee on behalf of payment the holders of the Notes by a Subsidiary Guarantee of such Restricted Subsidiary or Regulated except that with respect to a guarantee of Indebtedness of the Company if such Indebtedness is by its express terms subordinated in right of payment to the Notes, any such guarantee of such Restricted Subsidiary and with respect to such Indebtedness shall be subordinated in right of payment to such Restricted Subsidiary's Subsidiary Guarantee with respect to the Notes substantially to the same extent as such Indebtedness is subordinated to the Notes; (bii) such Restricted Subsidiary or Regulated Subsidiary waives and will shall not in any manner whatsoever claim or take the benefit or advantage of, any rights of or reimbursement, indemnity or subrogation or any other rights against the Company or any other Restricted Subsidiary or Regulated Subsidiary as a result of any payment by such Restricted Subsidiary or Regulated Subsidiary under its Subsidiary Guarantee until of the Notes have been paid in full. The obligations Notes; and (iii) such Restricted Subsidiary shall deliver to the trustee an opinion of any such future Subsidiary Guarantor will be limited so as not counsel to constitute a fraudulent conveyance under applicable federal or state laws. If the Guaranteed Indebtedness is effect that (A) pari passu in right of payment with the Notes or any Note Guaranteesuch Subsidiary Guarantee has been duly executed and authorized and (B) such Subsidiary Guarantee constitutes a valid, then the Guarantee binding and enforceable obligation of such Guaranteed Indebtedness Restricted Subsidiary, except insofar as enforcement thereof may be limited by bankruptcy, insolvency or similar laws (including, without limitation, all laws relating to fraudulent transfers) and except insofar as enforcement thereof is subject to general principles of equity; provided that this paragraph shall not be pari passu applicable to any guarantee of any Restricted Subsidiary that (A) existed at the time such Person became a Restricted Subsidiary of the Company and (B) was not incurred in right of payment connection with, or subordinated toin contemplation of, such Person becoming a Restricted Subsidiary of the Subsidiary Guarantee or (B) subordinated in right of payment to the Notes or any Note Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be subordinated in right of payment to the Subsidiary Guarantee at least to the extent that the Guaranteed Indebtedness is subordinated to the Notes or the Notes GuaranteeCompany. Notwithstanding the foregoingforegoing and the other provisions of this Indenture, any in the event a Subsidiary Guarantee Guarantor is sold or disposed of (whether by a Restricted Subsidiary or Regulated Subsidiary may provide by merger, consolidation, the sale of its terms that it shall be automatically and unconditionally released and discharged upon any: (1) sale, exchange or transfer, to any Person not an Affiliate of the Company, of all of the Company’s and each Restricted Subsidiary’s and Regulated Subsidiary’s Capital Stock in, or the sale of all or substantially all of its assets (other than by lease) and whether or not the assets ofSubsidiary Guarantor is the surviving corporation in such transaction) to a Person which is not the Company or a Restricted Subsidiary of the Company (other than a Receivables Entity), such Restricted Subsidiary Guarantor shall be released from its obligations under its Subsidiary Guarantee if: (i) the sale or Regulated Subsidiary (which sale, exchange or transfer other disposition is not prohibited by the Indenture) or upon the designation of such Restricted Subsidiary or Regulated Subsidiary as an Unrestricted Subsidiary in accordance compliance with the terms applicable provisions of the this Indenture, including Section 4.10; orand (2ii) the release Subsidiary Guarantor is also released or discharge of discharged from its obligations under the Guarantee guarantee, which resulted in the creation of such Subsidiary Guarantee, except a discharge or release by or as a result of payment under such Guaranteeguarantee.

Future Subsidiary Guarantees. The Company will not permit any Restricted Subsidiary or Regulated Subsidiary, directly or indirectly, to Guarantee any Indebtedness (“Guaranteed Indebtedness”) of If the Company or any Restricted of its Subsidiaries shall acquire or create a Subsidiary (other than a Foreign Subsidiary), unless (a) such Restricted Subsidiary or Regulated an Unrestricted Subsidiary) after the date of this Indenture, then such Subsidiary shall execute a Subsidiary Guarantee, in the form of the Supplemental Indenture attached hereto as Exhibit E, and the Form of Notation on Senior Subordinated Note, attached hereto as Exhibit F, and deliver an opinion of counsel as to the extent permitted by lawvalidity of such Subsidiary Guarantee, simultaneously executes and delivers a supplemental indenture in accordance with the terms of this Indenture. The Subsidiary Guarantee of each Guarantor will be subordinated to the Indenture providing for a Guarantee (a “Subsidiary Guarantee”) prior payment in full of payment all Senior Debt of such Guarantor, which would include the Notes by such Restricted Subsidiary or Regulated Subsidiary and (b) such Restricted Subsidiary or Regulated Subsidiary waives and will not in any manner whatsoever claim or take guarantees of amounts borrowed under the benefit or advantage of, any rights Senior Credit Facilities. The obligations of reimbursement, indemnity or subrogation or any other rights against the Company or any other Restricted Subsidiary or Regulated Subsidiary as a result of any payment by such Restricted Subsidiary or Regulated Subsidiary each Guarantor under its Subsidiary Guarantee until the Notes have been paid in full. The obligations of any such future Subsidiary Guarantor will be limited so as not to constitute a fraudulent conveyance under applicable federal law. Notwithstanding the foregoing paragraph, for so long as certain covenants are suspended pursuant to Section 4.18 hereof, no newly acquired or state lawscreated Subsidiary will be required to execute a Subsidiary Guarantee or the related Notation on Senior Subordinated Note unless such Subsidiary Guarantees Indebtedness of the Company under a Credit Facility. If However, any Subsidiary (other than a Foreign Subsidiary or an Unrestricted Subsidiary) that Guarantees any Indebtedness of the Guaranteed Indebtedness Company under a Credit Facility will become a Subsidiary Guarantor and, if at any time certain covenants are reinstituted pursuant to Section 4.18 hereof, any newly acquired or created Subsidiary(other than a Foreign Subsidiary or an Unrestricted Subsidiary) will Guarantee the Notes on the terms and conditions set forth in this Indenture. No Guarantor may consolidate with or merge with or into (whether or not such Guarantor is the surviving Person) another Person (except the Company or another Guarantor) unless (i) subject to the provisions of the following paragraph, the Person formed by or surviving any such consolidation or merger (if other than such Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made assumes all the obligations of such Guarantor pursuant to a supplemental indenture in form and substance reasonably satisfactory to the Trustee, under the Notes and this Indenture; (ii) immediately after giving effect to such transaction, no Default or Event of Default exists; (iii) the Company (A) pari passu would be permitted by virtue of the Company's pro forma Fixed Charge Coverage Ratio, immediately after giving effect to such transaction, to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in right of payment with the Notes or any Note Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be pari passu in right of payment with, or subordinated to, the Subsidiary Guarantee Section 4.09 or (B) subordinated in right of payment would have a pro forma Fixed Charge Coverage Ratio that is greater than the actual Fixed Charge Coverage Ratio for the same four-quarter period without giving pro forma effect to the Notes or any Note Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be subordinated in right of payment to the Subsidiary Guarantee at least to the extent that the Guaranteed Indebtedness is subordinated to the Notes or the Notes Guaranteetransaction. Notwithstanding the foregoingforegoing clause (iii), (i) any Subsidiary Guarantee by a Restricted Subsidiary Guarantor may consolidate with, merge into or Regulated Subsidiary transfer all or part of its properties and assets to the Company or to another Guarantor and (ii) any Guarantor may provide by its terms that it shall be automatically and unconditionally released and discharged upon any: (1) sale, exchange or transfer, to any Person not merge with an Affiliate that has no significant assets or liabilities and was incorporated solely for the purpose of reincorporating such Guarantor in another State of the CompanyUnited States so long as the amount of Indebtedness of the Company and its Restricted Subsidiaries is not increased thereby. In the event of a sale or other disposition of all of the assets of any Guarantor, by way of merger, consolidation or otherwise, or a sale or other disposition of all of the capital stock of any Guarantor, then such Guarantor (in the event of a sale or other disposition, by way of such a merger, consolidation or otherwise, of all of the Company’s and each Restricted Subsidiary’s and Regulated Subsidiary’s Capital Stock in, capital stock of such Guarantor) or the corporation acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of, such Restricted Subsidiary or Regulated Subsidiary (which sale, exchange or transfer is not prohibited by the Indenture) or upon the designation of such Restricted Guarantor) will be released and relieved of any obligations under its Subsidiary Guarantee; provided that the Net Proceeds of such sale or Regulated Subsidiary as an Unrestricted Subsidiary other disposition are applied in accordance with the terms applicable provisions of the Indenture; or (2) the release or discharge of the Guarantee which resulted in the creation of such Subsidiary Guarantee, except a discharge or release by or as a result of payment under such GuaranteeSection 4.10.

Future Subsidiary Guarantees. The Company will not permit any Restricted Subsidiary or Regulated Subsidiary, directly or indirectly, to Guarantee any Indebtedness (“Guaranteed Indebtedness”) of If the Company or any Restricted of its Subsidiaries shall acquire or create a Subsidiary (other than a Foreign Subsidiary), unless (a) such Restricted Subsidiary or Regulated an Unrestricted Subsidiary) after the date of this Indenture, to the extent permitted by law, simultaneously executes and delivers a supplemental indenture to the Indenture providing for a Guarantee (a “such Subsidiary Guarantee”) of payment of the Notes by such Restricted Subsidiary or Regulated Subsidiary and (b) such Restricted Subsidiary or Regulated Subsidiary waives and will not in any manner whatsoever claim or take the benefit or advantage of, any rights of reimbursement, indemnity or subrogation or guarantees any other rights against Indebtedness of the Company or any other of its Restricted Subsidiaries, then such Subsidiary or Regulated shall execute a Subsidiary Guarantee, in the form of the Supplemental Indenture attached hereto as a result Exhibit E, and the Form of any Notation on Senior Subordinated Note, attached hereto as Exhibit F, and deliver an opinion of counsel as to the validity of such Subsidiary Guarantee, in accordance with the terms of this Indenture. The Subsidiary Guarantee of each Guarantor will rank pari passu with the guarantees of the 2002 Notes, the May 2003 Notes, the December 2003 Notes, the November 2004 Notes and the Convertible Notes and will be subordinated to the prior payment by in full of all Senior Debt of such Restricted Subsidiary or Regulated Subsidiary Guarantor, which would include the guarantees of amounts borrowed under the Senior Credit Facility. The obligations of each Guarantor under its Subsidiary Guarantee until the Notes have been paid in full. The obligations of any such future Subsidiary Guarantor will be limited so as not to constitute a fraudulent conveyance under applicable federal law. No Guarantor may consolidate with or state laws. If merge with or into (whether or not such Guarantor is the Guaranteed Indebtedness is surviving Person) another Person (except the Company or another Guarantor) unless (i) subject to the provisions of the following paragraph, the Person formed by or surviving any such consolidation or merger (if other than such Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made assumes all the obligations of such Guarantor pursuant to a supplemental indenture in form and substance reasonably satisfactory to the Trustee, under the Notes and this Indenture; (ii) immediately after giving effect to such transaction, no Default or Event of Default exists; and (iii) the Company (A) pari passu would be permitted by virtue of the Company's pro forma Fixed Charge Coverage Ratio, immediately after giving effect to such transaction, to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in right of payment with the Notes or any Note Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be pari passu in right of payment with, or subordinated to, the Subsidiary Guarantee Section 4.09 or (B) subordinated in right of payment would have a pro forma Fixed Charge Coverage Ratio that is greater than the actual Fixed Charge Coverage Ratio for the same four-quarter period without giving pro forma effect to the Notes or any Note Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be subordinated in right of payment to the Subsidiary Guarantee at least to the extent that the Guaranteed Indebtedness is subordinated to the Notes or the Notes Guaranteetransaction. Notwithstanding the foregoingforegoing clause (iii), (i) any Guarantor may consolidate with, merge into or transfer all or part of its properties and assets to the Company or to another Guarantor and (ii) any Guarantor may merge with an Affiliate that has no significant assets or liabilities and was incorporated solely for the purpose of reincorporating such Guarantor in another State of the United States so long as the amount of Indebtedness of the Company and its Restricted Subsidiaries is not increased thereby. In the event of a sale or other disposition of all of the assets of any Guarantor, by way of merger, consolidation or otherwise, or a sale or other disposition of all of the capital stock of any Guarantor, then such Guarantor (in the event of a sale or other disposition, by way of such a merger, consolidation or otherwise, of all of the capital stock of such Guarantor) or the corporation acquiring the property (in the event of a sale or other disposition of all of the assets of such Guarantor) will be released and relieved of any obligations under its Subsidiary Guarantee by Guarantee; provided that the Net Proceeds of such sale or other disposition are applied in accordance with the applicable provisions of Section 4.10 (it being understood that only such portion of the Net Proceeds as is required to be applied on or before the date of such sale or other disposition in accordance with the terms of this Indenture needs to be applied in accordance therewith at such time). The foregoing notwithstanding, a Restricted Subsidiary or Regulated Subsidiary may provide by its terms that it shall Guarantor will be automatically and unconditionally released and discharged upon any: from all of its obligations under this Indenture and its Subsidiary Guarantee if (1a) salesuch Subsidiary is released from its Guarantees of, exchange or transferand all pledges and security interests granted in connection with, to any Person not an Affiliate all other Indebtedness of the Company, Company or any of all of their Restricted Subsidiaries or (b) the Company’s and each Restricted Subsidiary’s and Regulated Subsidiary’s Capital Stock in, or all or substantially all the assets of, Company designates such Restricted Subsidiary or Regulated Subsidiary (which sale, exchange or transfer is not prohibited by the Indenture) or upon the designation of such Restricted Subsidiary or Regulated Subsidiary as an Unrestricted Subsidiary in accordance and such designation complies with the terms other applicable provisions of the Indenture; or (2) the release or discharge of the Guarantee which resulted in the creation of such Subsidiary Guarantee, except a discharge or release by or as a result of payment under such Guarantee.

Future Subsidiary Guarantees. The Company (i) A Triggering Event will not permit occur if any Restricted Subsidiary or Regulated Subsidiary, directly or indirectly, to Guarantee any Indebtedness (“Guaranteed Indebtedness”) of the Company or guarantees the payment of any Restricted Subsidiary (other than a Foreign Subsidiary), Indebtedness of the Company unless (a1) such Restricted Subsidiary or Regulated Subsidiary, to the extent permitted by law, simultaneously executes and delivers a supplemental indenture to the Indenture providing for Trustee a Subsidiary Guarantee (a “Subsidiary Guarantee”) of payment of the Notes by such Restricted Subsidiary or Regulated except that with respect to a Guarantee of Indebtedness of the Company if such Indebtedness is by its express terms subordinated in right of payment to the Mortgage Bonds, any such Guarantee of such Restricted Subsidiary and with respect to such Indebtedness shall be subordinated in right of payment to such Restricted Subsidiary's Subsidiary Guarantee with respect to the Mortgage Bonds substantially to the same extent as such Indebtedness is subordinated to the Mortgage Bonds; (b2) such Restricted Subsidiary or Regulated Subsidiary waives and will does not in any manner whatsoever claim or take the benefit or advantage of, any rights of or reimbursement, indemnity or subrogation or any other rights against the Company or any other Restricted Subsidiary or Regulated Subsidiary as a result of any payment by such Restricted Subsidiary or Regulated Subsidiary under its Subsidiary Guarantee until of the Notes have Mortgage Bonds; and (3) such Restricted Subsidiary delivers to the Trustee an Opinion of Counsel to the effect that (a) such Subsidiary Guarantee has been paid in full. The obligations duly executed and authorized and (b) such Subsidiary Guarantee constitutes a valid, binding and enforceable obligation of such Restricted Subsidiary, except insofar as enforcement thereof may be limited by bankruptcy, insolvency or similar laws (including, without limitation, all laws relating to fraudulent transfers) and except insofar as enforcement thereof is subject to general principles of equity; provided that this Article V, Section 4(h)(i) shall not be applicable to any Guarantee of any Restricted Subsidiary that (x) existed at the time such future Person became a Restricted Subsidiary Guarantor will be limited so as of the Company and (y) was not to constitute a fraudulent conveyance under applicable federal or state laws. If the Guaranteed Indebtedness is (A) pari passu incurred in right of payment with the Notes or any Note Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be pari passu in right of payment connection with, or subordinated toin contemplation of, the Subsidiary Guarantee or (B) subordinated in right of payment to the Notes or any Note Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be subordinated in right of payment to the Subsidiary Guarantee at least to the extent that the Guaranteed Indebtedness is subordinated to the Notes or the Notes Guarantee. Notwithstanding the foregoing, any Subsidiary Guarantee by Person becoming a Restricted Subsidiary or Regulated Subsidiary may provide by its terms that it shall be automatically and unconditionally released and discharged upon any:of the Company. (1ii) saleNotwithstanding the foregoing and the other provisions of this Supplemental Indenture, exchange in the event a Subsidiary Guarantor is sold or transferdisposed of (whether by merger, consolidation, the sale of its Capital Stock or the sale of all or substantially all of its assets (other than by lease) and whether or not the Subsidiary Guarantor is the surviving corporation in such transaction) to any a Person which is not an Affiliate the Company or a Restricted Subsidiary of the Company, of all of the Company’s and each Restricted Subsidiary’s and Regulated Subsidiary’s Capital Stock in, or all or substantially all the assets of, such Restricted Subsidiary or Regulated Guarantor shall be released from its obligations under its Subsidiary (which sale, exchange or transfer is not prohibited by the Indenture) or upon the designation of such Restricted Subsidiary or Regulated Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture; orGuarantee if: (2A) the release sale or discharge of other disposition shall not result in a Triggering Event; and (B) the Subsidiary Guarantor is also released or discharged from its obligations under the Guarantee which resulted in the creation of such Subsidiary Guarantee, except a discharge or release by or as a result of payment under such Guarantee. (iii) A Subsidiary Guarantor shall be released from its obligations under its Subsidiary Guarantee if it is released or discharged from its obligations under the Guarantee which resulted in the creation of such Subsidiary Guarantee, except by or as a result of payment under such Guarantee.

Future Subsidiary Guarantees. (a) The Company will shall not permit any Restricted Subsidiary or Regulated Subsidiarythat is not a Subsidiary Guarantor, directly or indirectly, to Guarantee any Indebtedness (“Guaranteed Indebtedness”) of the Company or any Restricted Subsidiary (other than a Foreign Subsidiary), unless (a1) such Restricted Subsidiary or Regulated Subsidiary, to the extent permitted by law, simultaneously executes and delivers a supplemental indenture Subsidiary Guarantee, becomes a party to the Indenture providing applicable Security Documents and, to the extent required by the Security Agreement, promptly executes and delivers such security instruments, financing statements and certificates as may be necessary to vest in the Collateral Agent a perfected first priority security interest on a pari passu basis with the Liens securing any Pari Passu Lien Indebtedness (subject to Permitted Liens) in properties and assets that constitute Collateral as security for a Guarantee (a “Subsidiary Guarantee”) of payment of the Notes by or the Subsidiary Guarantees and as may be necessary to have such Restricted Subsidiary property or Regulated Subsidiary asset added to the applicable Collateral as required under the Security Documents and this Indenture, and thereupon all provisions of this Indenture relating to the Collateral shall be deemed to relate to such properties and assets to the same extent and with the same force and effect and (b2) such Restricted Subsidiary or Regulated Subsidiary waives and will shall not in any manner whatsoever claim or take the benefit or advantage of, any rights of reimbursement, indemnity or subrogation or any other rights against the Company or any other Restricted Subsidiary or Regulated Subsidiary as a result of any payment by such Restricted Subsidiary or Regulated Subsidiary under its Subsidiary Guarantee until the Notes have been paid in full. The obligations of any such future Subsidiary Guarantor will shall be limited so as not to constitute a fraudulent conveyance or fraudulent transfer under applicable federal or state laws. If the Guaranteed Indebtedness is (A) pari passu in right of payment with the Notes or any Note Subsidiary Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be pari passu in right of payment with, or subordinated to, the Subsidiary Guarantee or (B) subordinated in right of payment to the Notes or any Note Subsidiary Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be subordinated in right of payment to the Subsidiary Guarantee at least to the extent that the Guaranteed Indebtedness is subordinated to the Notes or the Notes Subsidiary Guarantee. . (b) Notwithstanding the foregoing, any future Subsidiary Guarantee by a Restricted Subsidiary or Regulated Subsidiary may provide by its terms that it shall be automatically and unconditionally released and discharged upon anydischarged: (1) sale, exchange or transfer, to any Person not an Affiliate of the Company, of all of the Company’s and each Restricted Subsidiary’s and Regulated Subsidiary’s Capital Stock in, or all or substantially all the assets of, such Restricted Subsidiary or Regulated Subsidiary (which sale, exchange or transfer is not prohibited by the Indenture) or upon the designation of such Restricted Subsidiary or Regulated Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indentureset forth under hereof; or (2) upon the release or discharge of the Guarantee which resulted in the creation of such Subsidiary Guarantee, except a discharge or release by or as a result of payment under such Guarantee.

Future Subsidiary Guarantees. (a) The Company will not permit any Restricted Subsidiary or Regulated Subsidiary, directly or indirectly, to Guarantee any Indebtedness (“Guaranteed Indebtedness”) of the Company or any Restricted shall cause each Subsidiary (other than (1) any CFC or Subsidiary that is held directly or indirectly by a Foreign CFC, (2) any Subsidiary that is prohibited by applicable law from guaranteeing Obligations and/or providing any security therefor without the consent of a PUC, the FCC or any other Governmental Authority having jurisdiction over such Subsidiary or that is subject to regulatory approvals or regulatory restrictions on borrowings or issuances of guarantees of Indebtedness or (3) any Subsidiary other than a Material Subsidiary), unless (a) that is formed or acquired following the Issue Date to execute and deliver to the Trustee a supplemental indenture substantially in the form of Exhibit E hereto pursuant to which such Restricted Subsidiary shall unconditionally Guarantee the full and prompt payment of the principal of, premium, if any, and interest in respect of the Notes (to the extent provided in the Collateral Documents) and all other obligations under this Indenture. (b) The obligations of each Subsidiary Guarantor shall be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Subsidiary Guarantor (including, without limitation, any Guarantees under the Credit Agreement) and after giving effect to any collections from or Regulated Subsidiarypayments made by or on behalf of any other Subsidiary Guarantor in respect of the obligations of such other Subsidiary Guarantor under its Subsidiary Guarantee or pursuant to its contribution obligations under the Indenture, result in the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal or state law. (c) Each Restricted Subsidiary that becomes a Subsidiary Guarantor on or after the Issue Date shall also become a party to the applicable Collateral Documents and the Intercreditor Agreement and, to the extent permitted required by lawthe Security Agreement, simultaneously executes shall as promptly as practicable execute and delivers deliver such security instruments, financing statements and certificates as may be necessary to vest in the Collateral Agent a supplemental indenture to the Indenture providing for first priority security interest on a Guarantee (a “Subsidiary Guarantee”) of payment of the Notes by such Restricted Subsidiary or Regulated Subsidiary and (b) such Restricted Subsidiary or Regulated Subsidiary waives and will not in any manner whatsoever claim or take the benefit or advantage of, any rights of reimbursement, indemnity or subrogation or any other rights against the Company or any other Restricted Subsidiary or Regulated Subsidiary as a result of any payment by such Restricted Subsidiary or Regulated Subsidiary under its Subsidiary Guarantee until the Notes have been paid in full. The obligations of any such future Subsidiary Guarantor will be limited so as not to constitute a fraudulent conveyance under applicable federal or state laws. If the Guaranteed Indebtedness is (A) pari passu in right of payment basis with the Notes or Liens securing any Note Guarantee, then the Guarantee of such Guaranteed Pari Passu Lien Indebtedness shall be pari passu (subject to Permitted Liens) in right of payment with, or subordinated to, the Subsidiary Guarantee or (B) subordinated in right of payment to the Notes or any Note Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be subordinated in right of payment to the Subsidiary Guarantee at least to the extent properties and assets that the Guaranteed Indebtedness is subordinated to constitute Collateral as security for the Notes or the Notes Guarantee. Notwithstanding Subsidiary Guarantees and as may be necessary to have such property or asset added to the foregoingapplicable Collateral as required under the Collateral Documents and the Indenture, any Subsidiary Guarantee by a Restricted Subsidiary or Regulated Subsidiary may provide by its terms that it and thereupon all provisions of the Indenture relating to the Collateral shall be automatically deemed to relate to such properties and unconditionally released assets to the same extent and discharged upon any: (1) sale, exchange or transfer, to any Person not an Affiliate of the Company, of all of the Company’s and each Restricted Subsidiary’s and Regulated Subsidiary’s Capital Stock in, or all or substantially all the assets of, such Restricted Subsidiary or Regulated Subsidiary (which sale, exchange or transfer is not prohibited by the Indenture) or upon the designation of such Restricted Subsidiary or Regulated Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture; or (2) the release or discharge of the Guarantee which resulted in the creation of such Subsidiary Guarantee, except a discharge or release by or as a result of payment under such Guaranteesame force and effect.

Future Subsidiary Guarantees. The Company will not permit any Restricted Subsidiary or Regulated Subsidiary, directly or indirectly, to Guarantee any Indebtedness (“Guaranteed Indebtedness”) of the Company or any Restricted Subsidiary (other than a Foreign Subsidiary), unless (a) such Restricted Subsidiary or Regulated Subsidiary, to the extent permitted by law, simultaneously executes and delivers a supplemental indenture to the Indenture providing for a Guarantee (a “Subsidiary Guarantee”) of payment of the Notes by such Restricted Subsidiary or Regulated Subsidiary and (b) such Restricted Subsidiary or Regulated Subsidiary waives and will not in any manner whatsoever claim or take the benefit or advantage of, any rights of reimbursement, indemnity or subrogation or any other rights against the Company or any other Restricted Subsidiary or Regulated Subsidiary as a result of any payment by such Restricted Subsidiary or Regulated Subsidiary under its Subsidiary Guarantee until the Notes have been paid in full. The obligations of any such future Subsidiary Guarantor will be limited so as not to constitute a fraudulent conveyance under applicable federal or state laws. In addition, on the Trigger Date, the Company shall cause each of its Restricted Subsidiaries to execute and deliver a Subsidiary Guarantee of payment of the Notes by each such Restricted Subsidiary, to the extent permitted by law. If the Guaranteed Indebtedness is (A) pari passu in right of payment with the Notes or any Note Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be pari passu in right of payment with, or subordinated to, the Subsidiary Guarantee or (B) subordinated in right of payment to the Notes or any Note Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be subordinated in right of payment to the Subsidiary Guarantee at least to the extent that the Guaranteed Indebtedness is subordinated to the Notes or the Notes Guarantee. Notwithstanding the foregoing, any Subsidiary Guarantee by a Restricted Subsidiary or Regulated Subsidiary may provide by its terms that it shall be automatically and unconditionally released and discharged upon any: (1) sale, exchange or transfer, to any Person not an Affiliate of the Company, of all of the Company’s and each Restricted Subsidiary’s and Regulated Subsidiary’s Capital Stock in, or all or substantially all the assets of, such Restricted Subsidiary or Regulated Subsidiary (which sale, exchange or transfer is not prohibited by the Indenture) or upon the designation of such Restricted Subsidiary or Regulated Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture; or (2) the release or discharge of the Guarantee which resulted in the creation of such Subsidiary Guarantee, except a discharge or release by or as a result of payment under such Guarantee.