Common use of Pari Passu Guaranty Requirement; Release Clause in Contracts

Pari Passu Guaranty Requirement; Release. Without limiting the requirements under Section 6.14(c) and notwithstanding anything to the contrary contained in this Agreement, the Company shall at all times cause each directly or indirectly owned Subsidiary (including any Foreign Subsidiary) that guaranties the obligations of the Company under any of the Senior Notes or other senior unsecured Indebtedness of the Company to become a Guarantor by executing and delivering a counterpart to the Subsidiaries Guaranty not later than (x) in the case of the Senior Notes, the date that such Subsidiary provides the guaranty of the Senior Notes and (y) in the case of other senior unsecured Indebtedness of the Company, not later than the earlier of (I) 60 days after the date on which such Subsidiary provides the guaranty of such other senior unsecured Indebtedness of the Company and (II) the date on which such Subsidiary provides a guaranty of any of the Senior Notes. The obligations under any Subsidiaries Guaranty delivered pursuant to this Section 6.14(b) shall (i) at all times rank at least pari passu in right of payment with all other senior unsecured Indebtedness of the Company and (ii) unless a Default or Event of Default has occurred and is continuing, be released by the Administrative Agent upon the written request of the Company at such time as the Company certifies that such Subsidiary no longer guaranties any other senior unsecured indebtedness of the Company or is entering into a transaction pursuant to which it will no longer guaranty any senior unsecured indebtedness of the Company. In connection with the delivery of any guaranty as a result of a guarantee of the Senior Notes pursuant to this Section 6.14(b), unless otherwise waived by the Administrative Agent in its sole discretion, each Subsidiary required to become a Guarantor shall deliver to the Administrative Agent at the time such Subsidiary is required to become a Guarantor, opinions of counsel of the type described in Section 4.01 as if such Subsidiary were a Loan Party on the Closing Date.