Common use of Substitution of Obligor Clause in Contracts

Substitution of Obligor. (a) The Obligors may at any time, without the consent of any Holders, arrange for and cause the substitution of the Guarantor (including any successor Guarantor pursuant to ‎Section 5.01) for the Issuer as the principal obligor in respect of each or any 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 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 as fully as if the Guarantor had been named in this Indenture and on the Securities of such 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. (b) Upon the substitution of the Guarantor for the Issuer in accordance with this ‎Section 5.03, the Guarantor shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if the Guarantor had been named as the Issuer herein, and thereafter (1) the Issuer prior to such substitution shall be relieved of all obligations and covenants under this Indenture and the Securities, (2) the Guarantor shall be relieved of all obligations with respect to the Guarantee under ‎Article 11, and (3) the Events of Default specified in ‎Section 6.01(c),‎ Section 6.01(d) and Section 6.01(e) shall be inapplicable to any event or occurrence specified therein affecting the Issuer prior to such substitution but not the Guarantor and the Event of Default specified in Section 6.01(f) shall be inapplicable, in each case, with respect to each Series of Securities then outstanding to which such substitution applied.

Substitution of Obligor. (a) The Obligors 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 5.01Section 801) for the Issuer as the principal obligor in respect of each or any Series 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, in form reasonably satisfactory to the Trustee, hereto 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. (b) Upon the substitution of the Issuer by the Guarantor for the Issuer in accordance with this ‎Section 5.03Section 803, the Guarantor shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if the Guarantor had been named as the Issuer herein, and thereafter thereafter (1i) the Issuer prior to such substitution shall be relieved of all obligations and covenants under this Indenture and the Securities, Securities and (2ii) the Guarantor shall be relieved of all obligations with respect to the Guarantee under ‎Article 11Article Sixteen and shall assume, and (3) without limitation, all obligations of the Events of Default specified in ‎Section 6.01(c),‎ Section 6.01(d) and Section 6.01(e) shall be inapplicable to any event or occurrence specified therein affecting the Issuer prior to such substitution but not the Guarantor and the Event of Default specified in Section 6.01(f) shall be inapplicable, in each case, with respect to each Series of Securities then outstanding to which such substitution appliedIssuer.

Substitution of Obligor. (a) The Obligors 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 5.01Section 801) for the Issuer as the principal obligor in respect of each or any Series 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, in form reasonably satisfactory to the Trustee, hereto 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. (b) Upon the substitution of the Issuer by the Guarantor for the Issuer in accordance with this ‎Section 5.03Section 803, the Guarantor shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if the Guarantor had been named as the Issuer herein, and thereafter thereafter (1i) the Issuer prior to such substitution shall be relieved of all obligations and covenants under this Indenture and the Securities, Securities and (2ii) the Guarantor shall be relieved released of all obligations with respect to the Guarantee under ‎Article 11Article Sixteen and shall assume, and (3) without limitation, all obligations of the Events of Default specified in ‎Section 6.01(c),‎ Section 6.01(d) and Section 6.01(e) shall be inapplicable to any event or occurrence specified therein affecting the Issuer prior to such substitution but not the Guarantor and the Event of Default specified in Section 6.01(f) shall be inapplicable, in each case, with respect to each Series of Securities then outstanding to which such substitution appliedIssuer.

Substitution of Obligor. (a) The Obligors 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 5.01Section 6.04) for the Issuer as the principal obligor in respect of each or any Series 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 Parent Guarantor executing an indenture supplemental hereto, in form reasonably satisfactory to the Trustee, hereto 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 Parent 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. (b) Upon the substitution of the Issuer by the Parent Guarantor for the Issuer in accordance with this ‎Section 5.03Section 6.05, the Parent Guarantor shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if the Parent Guarantor had been named as the Issuer herein, and thereafter thereafter (1i) the Issuer prior to such substitution shall be relieved of all obligations and covenants under this Indenture and the Securities, Securities and (2ii) the Parent Guarantor shall be relieved of all obligations with respect to the Guarantee under ‎Article 11, and (3) the Events of Default specified in ‎Section 6.01(c),‎ Section 6.01(d) and Section 6.01(e) shall be inapplicable to any event or occurrence specified therein affecting the Issuer prior to such substitution but not the Guarantor and the Event of Default specified in Section 6.01(f) shall be inapplicable, in each case, with respect to each Series of Securities then outstanding to which such substitution appliedArticle XV.