Common use of Release of Certain Guarantors Clause in Contracts

Release of Certain Guarantors. (a) A Guarantor will be automatically released from its obligations under this Article 11: (1) upon a Fundamental Change of such Guarantor in accordance with Section 4.13; (2) upon defeasance or covenant defeasance of the Securities pursuant to Article 8 or if the Company’s obligations under this Indenture are satisfied and discharged pursuant to Article 9; or (3) in the case of the Collateral Rig Owner, upon the replacement of such Collateral Rig Owner in connection with a transfer of the Collateral Rig in accordance with Section 4.29 pursuant to which another wholly-owned Subsidiary of Holdings shall become the Collateral Rig Owner and a Guarantor hereunder. (b) At the request of the Company and upon delivery of an Officer’s Certificate and Opinion of Counsel, if required, the Trustee shall execute and deliver an appropriate instrument evidencing the release of a Guarantor pursuant to this Section 11.06.

Release of Certain Guarantors. (a) A Guarantor will be automatically released from its obligations under this Article 11: (1) upon a Fundamental Change of such Guarantor as provided for in accordance with Section 4.134.13(f); (2) upon defeasance or covenant defeasance of the Securities pursuant to Article 8 or if the Company’s obligations under this Indenture are satisfied and discharged pursuant to Article 9; or (3) in the case of the Collateral Rig Owner, upon the replacement of such Collateral Rig Owner in connection with a transfer of the Collateral Rig in accordance with Section 4.29 pursuant to which another whollyWholly-owned Owned Subsidiary of Holdings shall become the Collateral Rig Owner and a Guarantor hereunder. (b) At the request of the Company and upon delivery of an Officer’s Certificate and Opinion of Counsel, if required, the Trustee shall execute and deliver an appropriate instrument evidencing the release of a Guarantor pursuant to this Section 11.06.

Release of Certain Guarantors. (a) A Guarantor will be automatically released from its obligations under this Article 11: (1) upon a Fundamental Change of such Guarantor as provided for in accordance with Section 4.134.13(f); (2) upon defeasance or covenant defeasance of the Securities pursuant to Article 8 or if the Company’s obligations under this Indenture are satisfied and discharged pursuant to Article 9; or (3) in the case of the Collateral Rig Owner, upon the replacement of such Collateral Rig Owner in connection with a transfer of the Collateral Rig in accordance with Section 4.29 pursuant to which another wholly-owned Subsidiary of Holdings shall become the Collateral Rig Owner and a Guarantor hereunder. (b) At the request of the Company and upon delivery of an Officer’s Certificate and Opinion of Counsel, if required, the Trustee shall execute and deliver an appropriate instrument evidencing the release of a Guarantor pursuant to this Section 11.06.

Release of Certain Guarantors. (ai) A Guarantor will be automatically released from its obligations under this Article 11: (1) upon a Fundamental Change of such Guarantor As provided for in accordance with Section 4.134.13(f); (2) upon defeasance or covenant defeasance of the Securities pursuant to Article 8 or if the Company’s obligations under this Indenture are satisfied and discharged pursuant to Article 9; or (3) in the case of the a Collateral Rig Owner, upon the replacement of such Collateral Rig Owner in connection with a transfer of the applicable Collateral Rig in accordance with Section 4.29 pursuant to which another wholly-owned Subsidiary of Holdings shall become the a Collateral Rig Owner and a Guarantor hereunder. (bii) At the request of the Company and upon delivery of an Officer’s Certificate and Opinion of Counsel, if required, the Trustee shall execute and deliver an appropriate instrument evidencing the release of a Guarantor pursuant to this Section 11.06.

Release of Certain Guarantors. (a) A Guarantor will be automatically released from its obligations under this Article 11: (1) upon a Fundamental Change of such Guarantor as provided for in accordance with Section 4.134.13(f); (2) upon defeasance or covenant defeasance of the Securities pursuant to Article 8 or if the Company’s obligations under this Indenture are satisfied and discharged pursuant to Article 9; or (3) in the case of the a Collateral Rig Owner, upon the replacement of such Collateral Rig Owner in connection with a transfer of the applicable Collateral Rig in accordance with Section 4.29 pursuant to which another wholly-owned Subsidiary of Holdings shall become the a Collateral Rig Owner and a Guarantor hereunder. (b) At the request of the Company and upon delivery of an Officer’s Certificate and Opinion of Counsel, if required, the Trustee shall execute and deliver an appropriate instrument evidencing the release of a Guarantor pursuant to this Section 11.06.

Release of Certain Guarantors. (a) A Guarantor will be automatically released from its obligations under this Article 11: (1) upon a Fundamental Change of such Guarantor as provided for in accordance with Section 4.134.13(f); (2) upon defeasance or covenant defeasance of the Securities pursuant to Article 8 or if the Company’s obligations under this Indenture are satisfied and discharged pursuant to Article 9; or (3) in the case of the a Collateral Rig Owner, upon the replacement of such Collateral Rig Owner in connection with a transfer of the applicable Collateral Rig in accordance with Section 4.29 4.26 pursuant to which another whollyWholly-owned Owned Subsidiary of Holdings shall become the a Collateral Rig Owner and a Guarantor hereunder. (b) At the request of the Company and upon delivery of an Officer’s Certificate and Opinion of Counsel, if required, the Trustee shall execute and deliver an appropriate instrument evidencing the release of a Guarantor pursuant to this Section 11.06.