Common use of Substitution of the Guarantor Clause in Contracts

Substitution of the Guarantor. Another entity may be substituted for the Guarantor if: (i) such entity (the “Substitute Guarantor”) is a corporation, company, partnership, or trust organized and existing under the laws of the United States of America, any state thereof or the District of Columbia, (ii) such Substitute Guarantor expressly assumes all of the obligations of the Guarantor under this Guarantee by an instrument substantially similar to this Guarantee; and (iii) immediately after giving effect to such substitution, the Notes are rated Investment Grade by one or both of the Rating Agencies. Upon any such substitution pursuant to this Section 2.2, the Guarantor shall be immediately and automatically discharged and released from all obligations under this Guarantee without any further action.

Substitution of the Guarantor. Another entity may be substituted for the Guarantor if: (i) such entity (the “Substitute Guarantor”) is a corporation, company, partnership, or trust organized and existing under the laws of the United States of America, any state thereof or the District of Columbia, (ii) such Substitute Guarantor expressly assumes all of the obligations of the Guarantor under this Guarantee by an instrument substantially similar to this Guarantee; and (iii) immediately after giving effect to such substitution, the Notes Debentures are rated Investment Grade by one or both of the Rating Agencies. Upon any such substitution pursuant to this Section 2.2, the Guarantor shall be immediately and automatically discharged and released from all obligations under this Guarantee without any further action.