Common use of Release of Guarantee Clause in Contracts

Release of Guarantee. The Guarantee shall be automatically and unconditionally released and discharged, and the New Guarantor shall be automatically and unconditionally released and discharged from all of its obligations under the Guarantee and its obligations under the Indenture, without any action by the Corporation, the New Guarantor or the Trustee, upon the occurrence of any of the following: (1) such time as the New Guarantor’s guarantees of the Newfield Notes are released and discharged, whether because such Newfield Notes have matured or have been redeemed or repurchased and cancelled, or otherwise; (2) satisfaction and discharge of the Indenture in accordance with Article 4 of the Indenture; or (3) defeasance of the Securities in accordance with Article 14 of the Indenture. Upon any such occurrence specified in this Section 2.3, if requested by the Corporation, the Trustee shall, at the Corporation’s expense, execute any documents reasonably requested by the Corporation in order to evidence such release and discharge.

Release of Guarantee. The Guarantee shall be automatically and unconditionally released and discharged, and the New Guarantor shall be automatically and unconditionally released and discharged from all of its obligations under the Guarantee and its obligations under the Indenture, without any action by the Corporation, the New Guarantor or the Trustee, upon the occurrence of any of the following: (1) such time as the New Guarantor’s guarantees of Guarantor no longer has outstanding any debt securities guaranteed by the Newfield Notes are released and dischargedCorporation, whether because such Newfield Notes debt securities have matured or have been redeemed or repurchased and cancelled, or otherwise; (2) satisfaction and discharge of the Indenture in accordance with Article 4 of the Indenture; or (3) defeasance of the Securities in accordance with Article 14 of the Indenture. Upon any such occurrence specified in this Section 2.3, if requested by the Corporation, the Trustee shall, at the Corporation’s expense, execute any documents reasonably requested by the Corporation in order to evidence such release and discharge.