Common use of Satisfaction and Discharge Defeasance Clause in Contracts

Satisfaction and Discharge Defeasance. The satisfaction and discharge and Defeasance and Covenant Defeasance provisions in Articles IV and XIII of the Base Indenture shall be applicable to the Notes and any Guarantee thereof. In the case of a Covenant Defeasance, (i) the Company will be released from its obligations to comply with Sections 4.1 and 4.2 of this Supplemental Indenture (for the benefit of Holders of Notes) and Section 1004 of the Base Indenture (for the benefit of Holders of Notes) and Section 801 of the Base Indenture (other than Section 8.01(2)) and (ii) the events described in Section 6.1(a), clauses (3), (4), (5) and (8) of this Supplemental Indenture shall no longer constitute Events of Default with respect to Notes. If the Company exercises its Defeasance or its Covenant Defeasance option or satisfies and discharges the Indenture with respect to the Notes, in each case all Guarantees (if any are in effect at such time) will terminate.

Appears in 2 contracts

Samples: First Supplemental Indenture (Diamondback Energy, Inc.), Supplemental Indenture (Diamondback Energy, Inc.)

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Satisfaction and Discharge Defeasance. The satisfaction and discharge and Defeasance and Covenant Defeasance provisions in Articles IV and XIII of the Base Indenture shall be applicable to the Notes and any Guarantee thereofthe Guarantees thereof of each Series. In the case of a Covenant DefeasanceDefeasance as to any Series, (i) the Company will be released from its obligations to comply with Sections 4.1 4.1, 4.2 and 4.2 4.3 of this Supplemental Indenture (for the benefit of Holders of NotesNotes of such Series) and Section 1004 of the Base Indenture (for the benefit of Holders of Notes) and Section 801 Notes of the Base Indenture (other than Section 8.01(2)such Series) and (ii) the events described in Section 6.1(a), clauses (3), (4), (5) and (8) of this Supplemental Indenture shall no longer constitute Events of Default with respect to NotesNotes of such Series. If the Company exercises its Defeasance or its Covenant Defeasance option in respect of any Series of Notes, or satisfies and discharges the Indenture with respect to the NotesNotes of any Series, in each case all Guarantees the Subsidiary Guarantee in respect of such Notes (if any are in effect at such time) will terminate.

Appears in 1 contract

Samples: First Supplemental Indenture (Diamondback Energy, Inc.)

Satisfaction and Discharge Defeasance. The satisfaction and discharge and Defeasance and Covenant Defeasance provisions in Articles IV and XIII of the Base Indenture shall be applicable to the Notes of each Series and any Guarantee thereof. In the case of a Covenant DefeasanceDefeasance as to any Series of Notes, (i) the Company will be released from its obligations to comply with Sections 4.1 and 4.2 of this Supplemental Indenture (for the benefit of Holders of NotesNotes of such Series) and Section 1004 of the Base Indenture (for the benefit of Holders of NotesNotes of such Series) and Section 801 of the Base Indenture (other than Section 8.01(2)) and (ii) the events described in Section 6.1(a), clauses (3), (4), (5) and (8) of this Supplemental Indenture shall no longer constitute Events of Default with respect to NotesNotes of such Series. If the Company exercises its Defeasance or its Covenant Defeasance option in respect of any Series of Notes or satisfies and discharges the Indenture with respect to the NotesNotes of any Series, in each case all Guarantees in respect of such Series of Notes (if any are in effect at such time) will terminate.

Appears in 1 contract

Samples: Second Supplemental Indenture (Diamondback Energy, Inc.)

Satisfaction and Discharge Defeasance. The satisfaction and discharge and Defeasance and Covenant Defeasance provisions in Articles IV and XIII of the Base Indenture shall be applicable to the Notes and any Guarantee thereofall Guarantees. In the case of a Covenant Defeasance, (i) the Company will be released from its obligations to comply with Sections 4.1 and 4.2 of this Supplemental Indenture (for the benefit of Holders of Notes) and Section 1004 of the Base Indenture (for the benefit of Holders of Notes) and Section 801 of the Base Indenture (other than Section 8.01(2)) and (ii) the events described in Section 6.1(a), clauses (3), (4), (5) and (8) of this Supplemental Indenture shall no longer constitute Events of Default with respect to Notes. If the Company exercises its Defeasance or its Covenant Defeasance option or satisfies and discharges the Indenture with respect to the Notes, in each case all Guarantees (if any are in effect at such time) will terminate.

Appears in 1 contract

Samples: Fifth Supplemental Indenture (Diamondback Energy, Inc.)

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Satisfaction and Discharge Defeasance. The satisfaction and discharge and Defeasance and Covenant Defeasance provisions in Articles IV and XIII of the Base Indenture shall be applicable to the Notes of each Series and any the Subsidiary Guarantee thereof. In the case of a Covenant DefeasanceDefeasance as to any Series, (i) the Company will be released from its obligations to comply with Sections 4.1 4.1, 4.2 and 4.2 4.3 of this Supplemental Indenture (for the benefit of Holders of Notes) and Notes of such Series), Section 1004 of the Base Indenture (for the benefit of Holders of Notes) Notes of such Series), and Section 801 of the Base Indenture (other than Section 8.01(2)) and (ii) the events described in Section 6.1(a), clauses (3), (4), (5) and (8) of this Supplemental Indenture shall no longer constitute Events of Default with respect to NotesNotes of such Series. If the Company exercises its Defeasance or its Covenant Defeasance option in respect of any Series of Notes, or satisfies and discharges the Indenture with respect to the NotesNotes of any Series, in each case all Guarantees the Subsidiary Guarantee in respect of such Notes (if any are in effect at such time) will terminate.

Appears in 1 contract

Samples: Third Supplemental Indenture (Diamondback Energy, Inc.)

Satisfaction and Discharge Defeasance. The satisfaction and discharge and Defeasance and Covenant Defeasance provisions in Articles IV and XIII of the Base Indenture shall be applicable to the Notes and any the Guarantee thereof. In the case of a Covenant Defeasance, (i) the Company will be released from its obligations to comply with Sections 4.1 4.1, 4.2 and 4.2 4.3 of this Supplemental Indenture (for the benefit of Holders of Notes) and Section 1004 of the Base Indenture (for the benefit of Holders of Notes) and Section 801 of the Base Indenture (other than Section 8.01(2)) and (ii) the events described in Section 6.1(a), clauses (3), (4), (5) and (8) of this Supplemental Indenture shall no longer constitute Events of Default with respect to Notes. If the Company exercises its Defeasance or its Covenant Defeasance option or satisfies and discharges the Indenture with respect to the Notes, in each case all Guarantees the Subsidiary Guarantee (if any are in effect at such time) will terminate.

Appears in 1 contract

Samples: Second Supplemental Indenture (Diamondback Energy, Inc.)

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