Common use of Release of Guarantee Clause in Contracts

Release of Guarantee. (a) Notwithstanding anything to the contrary in this ARTICLE II, if a Guarantor (i) shall cease to be a Subsidiary of the Company or (ii) shall no longer be (x) an obligor on, or issuer of, any capital markets debt securities or (y) a guarantor of any capital markets debt securities issued by the Company or the other Guarantor, in each case other than the Currently Outstanding Securities or any other series of capital market debt securities of the Company outstanding on, and for which such Guarantor is giving a guarantee, the date hereof, then if no Default or Event of Default shall have occurred and be continuing, such Guarantor, upon giving notice to the Trustee to the foregoing effect, shall be deemed to be released from all of its obligations under the Indenture, and the Guarantees shall be of no further force or effect with respect to such Guarantor. Following the receipt by the Trustee of any such notice, the Company shall cause the Indenture to be amended as provided in Section 901 of the Indenture; provided, however, that the failure to so amend the Indenture shall not affect the validity of the termination of the Guarantees with respect to such Guarantor.

Release of Guarantee. (a) Notwithstanding anything to the contrary in this ARTICLE IIArticle 9, if a in the event that any Guarantor (i) shall cease to be a Subsidiary of the Company or (ii) shall no longer be (x) an obligor on, or issuer of, any capital markets debt securities or (y) a guarantor of (or co-obligor on) any capital markets debt securities issued by Funded Indebtedness of the Company or the other Guarantor, in each case other than the Currently Outstanding Securities or any and other series of capital market debt securities than Funded Indebtedness of the Company outstanding on(i) subject to a release provision substantially similar to this Section 9.06 and (ii) the related guarantee (or obligation) of which will be released substantially concurrently with the release of the Guarantee of such Guarantor pursuant to this Section 9.06, and for which such Guarantor is giving a guarantee, the date hereof, then if so long as no Default or Event of Default shall have occurred and or be continuing, such Guarantor, upon giving notice to the Trustee to the foregoing effect, shall be deemed to be released from all of its obligations under the Indenture, this Indenture and the Guarantees Guarantee of such Guarantor shall be of no further force or effect with respect to such Guarantoreffect. Following the receipt by the Trustee of any such notice, the Company shall cause the this Indenture to be amended as provided in Section 901 of the Indenture8.01 hereof; provided, however, that the failure to so amend the this Indenture shall not affect the validity of the termination of the Guarantees with respect to Guarantee of such Guarantor.

Release of Guarantee. (a) Notwithstanding anything to the contrary in this ARTICLE II, if a the New Guarantor (i) shall cease to be a Subsidiary of the Company or (ii) shall no longer be (x) an obligor on, or issuer of, any capital markets debt securities or (y) a guarantor of any capital markets debt securities issued by the Company or the other GuarantorGuarantors, in each case other than the Currently Outstanding Securities or any other series of capital market debt securities of the Company outstanding on, and for which such the New Guarantor is giving a guarantee, the date hereof, then if no Default or Event of Default shall have occurred and be continuing, such the New Guarantor, upon giving notice to the Trustee to the foregoing effect, shall be deemed to be released from all of its obligations under the Indenture, and the Guarantees Magellan Guarantee shall be of no further force or effect with respect to such the New Guarantor. Following the receipt by the Trustee of any such notice, the Company shall cause the Indenture to be amended and supplemented as provided in Section 901 of the Indenture; provided, however, that the failure to so amend the Indenture shall not affect the validity of the release and termination of the Guarantees Magellan Guarantee with respect to such the New Guarantor.

Release of Guarantee. (a) Notwithstanding anything to the contrary in this ARTICLE IIArticle IX, if a in the event that any Guarantor (i) shall cease to be a Subsidiary of the Company or (ii) shall no longer be (x) an obligor on, or issuer of, any capital markets debt securities or (y) a guarantor of (or co-obligor on) any capital markets debt securities issued by Funded Indebtedness of the Company or the other Guarantor, in each case other than the Currently Outstanding Securities or any and other series of capital market debt securities than Funded Indebtedness of the Company outstanding on(i) subject to a release provision substantially similar to this Section 9.06 and (ii) the related guarantee (or obligation) of which will be released substantially concurrently with the release of the Guarantee of such Guarantor pursuant to this Section 9.06, and for which such Guarantor is giving a guarantee, the date hereof, then if so long as no Default or Event of Default shall have occurred and or be continuing, such Guarantor, upon giving notice to the Trustee to the foregoing effect, shall be deemed to be released from all of its obligations under the Indenture, this Indenture and the Guarantees Guarantee of such Guarantor shall be of no further force or effect with respect to such Guarantoreffect. Following the receipt by the Trustee of any such notice, the Company shall cause the this Indenture to be amended as provided in Section 901 of the Indenture8.01 hereof; provided, however, that the failure to so amend the this Indenture shall not affect the validity of the termination of the Guarantees with respect to Guarantee of such Guarantor.

Release of Guarantee. (a) Notwithstanding anything to the contrary in this ARTICLE II, if a the New Guarantor (i) shall cease to be a Subsidiary of the Company or (ii) shall no longer be (x) an obligor on, or issuer of, any capital markets debt securities or (y) a guarantor of any capital markets debt securities issued by the Company or the other GuarantorExisting Guarantors, in each case other than the Currently Outstanding Securities or any other series of capital market debt securities of the Company outstanding on, and for which such the New Guarantor is giving a guarantee, on the date hereof, then if no Default or Event of Default shall have occurred and be continuing, such the New Guarantor, upon giving written notice to the Trustee to the foregoing effect, shall be deemed to be released from all of its obligations under the Indenture, and the Guarantees Magellan Guarantee shall be of no further force or effect with respect to such the New Guarantor. Following the receipt by the Trustee of any such notice, the Company shall cause the Indenture to be amended as provided in Section 901 of the Indenture; provided, however, that the failure to so amend the Indenture shall not affect the validity of the termination of the Guarantees Magellan Guarantee with respect to such the New Guarantor.