Common use of Release of a Subsidiary Guarantor Clause in Contracts

Release of a Subsidiary Guarantor. Upon the sale or disposition (whether by merger, stock purchase, asset sale or otherwise) of a Subsidiary Guarantor (or all or substantially all its assets) which sale or disposition is otherwise in compliance with the terms of this Indenture, then such Subsidiary Guarantor (in the event of a sale or other disposition of Capital Stock of such Subsidiary Guarantor) or the Person acquiring such assets (in the event of a sale or other disposition of all or substantially all of the assets of such Subsidiary Guarantor) shall be deemed automatically and unconditionally released and discharged from all obligations under this Article Nine without any further action required on the part of the Trustee or any Holder. The Trustee shall deliver an appropriate instrument evidencing any such release upon receipt of a request by the Company accompanied by an Officers' Certificate and Opinion of Counsel certifying as to the compliance with this Section 9.03. Any Guarantor not released in accordance with this Section 9.03 remains liable for the full amount of principal of and interest on the Securities as provided in this Article Nine.

Release of a Subsidiary Guarantor. Upon the sale or disposition (whether by merger, stock purchase, consolidation, dissolution, asset sale or otherwise) of a Subsidiary Guarantor (or all or substantially all its assets) to an entity which is not a Subsidiary of the Company and which sale or disposition is otherwise in compliance with the terms of this IndentureAgreement, then such Subsidiary Guarantor (in the event of a sale or other disposition of Capital Stock of such Subsidiary Guarantor) or the Person acquiring such assets (in the event of a sale or other disposition of all or substantially all of the assets of such Subsidiary Guarantor) shall be deemed automatically and unconditionally released and discharged from all obligations under this Article Nine 10 without any further action required on the part of the Trustee Administrative Agent or any HolderLender; provided that any such termination shall occur only to the extent that all obligations of such Subsidiary Guarantor under all of its guarantees of, and under all of its pledges of assets or other security interests which secure, any Indebtedness of the Company shall also terminate upon such release, sale or transfer. The Trustee Administrative Agent shall promptly deliver an appropriate instrument evidencing any such release upon receipt of a request by the Company accompanied by an Officers' Certificate and Opinion of Counsel certifying as to the compliance with this Section 9.0310.3. Any Subsidiary Guarantor not so released in accordance with this Section 9.03 remains liable for the full amount of principal of and interest on the Securities Loan as provided in this Article Nine10.

Release of a Subsidiary Guarantor. Upon the sale or disposition (whether by merger, stock purchase, asset sale or otherwise) of a Subsidiary Guarantor (or all or substantially all its assets) which sale or disposition is otherwise in compliance with the terms of this Indenture, then such Subsidiary Guarantor (in In the event of a sale or other disposition of Capital Stock of such Subsidiary Guarantor(i) or the Person acquiring such assets (in the event of a sale or other disposition of all or substantially all of the assets assets, or all of the Capital Stock, of a Subsidiary Guarantor is sold by the Company and such transaction complies with Section 4.16, or (ii) of the consolidation or merger of a Subsidiary Guarantor with or into any Person in compliance with Section 10.04, or (iii) of any transaction complying with the provisions relating to the release of a Subsidiary Guarantee under Section 4.14(b), or (iv) of the designation of any Subsidiary Guarantor as an Unrestricted Subsidiary in accordance with this Indenture, the Subsidiary Guarantee of such Subsidiary Guarantor) Guarantor will be released. Furthermore, upon the occurrence of Legal Defeasance, Covenant Defeasance or Satisfaction and Discharge in accordance with Article Eight, each Subsidiary Guarantor shall be deemed automatically and unconditionally released and discharged from all obligations under this Article Nine without any further action required on the part of the Trustee or any Holderits Subsidiary Guarantee. The Trustee shall promptly deliver an appropriate instrument evidencing any such release upon receipt of a request by the Company accompanied by an Officers' ’ Certificate and Opinion of Counsel certifying as to the compliance with this Section 9.0310.02. Any Subsidiary Guarantor not so released in accordance with this Section 9.03 remains liable for the full amount of principal of and interest on the Securities Notes as provided in this Article NineTen.