Common use of Releases of Guarantees Clause in Contracts

Releases of Guarantees. If a Restricted Subsidiary has become a Guarantor at its option, it may thereafter be released and relieved of its obligations under its Subsidiary Guarantee at its option; provided that such Guarantor has no other guarantee of Indebtedness of the Company or any Guarantor (other than Permitted Guarantees) then outstanding. For purposes of Section 4.09 hereof the release of any Subsidiary Guarantee pursuant to provisions described in this paragraph shall be deemed to be an incurrence by the Restricted Subsidiary whose Subsidiary Guarantee is being released of all Indebtedness then held by such Restricted Subsidiary. Each Subsidiary Guarantee created by a Restricted Subsidiary pursuant to the provisions of Section 4.13 hereof, shall be automatically and unconditionally released and discharged upon the release or discharge of the guarantee of the Indebtedness that resulted in the creation of such Subsidiary Guarantee, except a discharge or release by or as a result of direct payment under such guarantee of such Indebtedness; provided that the Guarantor has no other guarantee of Indebtedness of the Company or any Guarantor (other than Permitted Guarantees) then outstanding.

Releases of Guarantees. If a Restricted Subsidiary has become a Guarantor at its option, it may thereafter be released and relieved of its obligations under its Subsidiary Note Guarantee at its option; provided that such Guarantor has no other guarantee of Financial Indebtedness of the Company or any Guarantor (other than Permitted Guarantees) then outstanding. For purposes of Section 4.09 hereof the release of any Subsidiary Note Guarantee pursuant to provisions described in this paragraph shall be deemed to be an incurrence by the Restricted Subsidiary whose Subsidiary Note Guarantee is being released of all Financial Indebtedness then held by such Restricted Subsidiary. Each Subsidiary Note Guarantee created by a Restricted Subsidiary pursuant to the provisions of Section 4.13 4.15 hereof, shall be automatically and unconditionally released and discharged upon the release or discharge of the guarantee of the Financial Indebtedness that resulted in the creation of such Subsidiary Note Guarantee, except a discharge or release by or as a result of direct payment under such guarantee of such Financial Indebtedness; provided that the Guarantor has no other guarantee of Financial Indebtedness of the Company or any Guarantor (other than Permitted Guarantees) then outstanding.