Common use of Substitution of Obligor Clause in Contracts

Substitution of Obligor. (a) The Issuer and the Guarantor may at any time, without the consent of any Holders, arrange for and cause the substitution of the Issuer as the principal obligor by the Guarantor (including any successor Guarantor pursuant to Section 801) in respect of each series of Securities then Outstanding, if, immediately after giving effect to such substitution, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, has occurred and is continuing (other than a Default or Event of Default that would be cured by such substitution); provided that such substitution shall be conditioned upon the Guarantor executing an indenture supplemental hereto in which it agrees to be bound by the terms of this Indenture and the Securities of such series as fully as if the Guarantor had been named in this Indenture and on the Securities of such series in place of the Issuer.

Substitution of Obligor. (a) The Issuer and the Guarantor Obligors may at any time, without the consent of any Holders, arrange for and cause the substitution of the Issuer as the principal obligor by the Guarantor (including any successor Guarantor pursuant to Section 801‎Section 5.01) for the Issuer as the principal obligor in respect of each series or any Series of Securities then Outstandingoutstanding, if, immediately after giving effect to such substitution, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, has occurred and is continuing (other than a Default or Event of Default that would be cured by such substitution); provided that such substitution shall be conditioned upon the Guarantor executing an indenture supplemental hereto hereto, in form reasonably satisfactory to the Trustee, in which it agrees to be bound by the terms of this Indenture and the Securities of such series Series as fully as if the Guarantor had been named in this Indenture and on the Securities of such series Series in place of the Issuer. For the avoidance of doubt, subject to the conditions in this Section 5.03(a), nothing in the Indenture or any supplemental indenture hereto shall prevent the substitution of the Guarantor for the Issuer.

Substitution of Obligor. (a) The Issuer and the Parent Guarantor may at any time, without the consent of any Holders, arrange for and cause the substitution of the Issuer as the principal obligor by the Parent Guarantor (including any successor Parent Guarantor pursuant to Section 8016.04) in respect of each series of Securities then Outstanding, if, immediately after giving effect to such substitution, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, has occurred and is continuing (other than a Default or Event of Default that would be cured by such substitution); provided that such substitution shall be conditioned upon the Parent Guarantor executing an indenture supplemental hereto in which it agrees to be bound by the terms of this Indenture and the Securities of such series as fully as if the Parent Guarantor had been named in this Indenture and on the Securities of such series in place of the Issuer.