Common use of Termination of Covenants and Guarantees Clause in Contracts

Termination of Covenants and Guarantees. (a) Section 4.10 (other than the portions thereof relating to the limitation on the obligations of any Guarantor under its Guarantee of the Notes in accordance with Section 10.03 and the portions thereof relating to the release of any Guarantor from its Guarantee of the Notes in accordance with Section 10.05), Section 4.07, Section 4.08, clause (2) of Section 5.01(a) (other than with respect to the Parent Guarantor) and clause (2) of the first paragraph Section 5.01(b) (collectively, the “Terminated Covenants”) will automatically and permanently terminate and will be of no further force or effect, and the Parent Guarantor and its Subsidiaries will be automatically and permanently released from all of their obligations thereunder, on and after any date (the “Covenant Termination Date”) that (A) the Notes have achieved Investment Grade Status and (B) no Default or Event of Default has occurred and is continuing with respect to the Notes and thereafter any omission to comply with any of the Terminated Covenants (or the Guarantees (other than the Guarantee of the Parent Guarantor) of the Notes, which Guarantees also shall be automatically and permanently terminated and released as set forth in Section 4.05(b)) shall not constitute a breach, Default or Event of Default under the Notes or this Indenture.

Termination of Covenants and Guarantees. (a) Section 4.10 (other than the portions thereof relating to the limitation on the obligations of any each Guarantor under its Guarantee of the Notes and Article 10 of this Indenture as provided in accordance with Section 10.03 and the portions thereof relating to the termination and release of any each Guarantor from its Guarantee of the Notes and from all of its obligations under its Guarantee of the Notes and this Indenture as provided in accordance with Section 10.05), Section 4.07, Section 4.08, clause 4.07 and clauses (2) and (4) of Section 5.01(a) (other than with respect to the Parent Guarantor) and clause (2) of the first paragraph Section 5.01(b) (collectively, the “Terminated Covenants”) will automatically and permanently terminate and will be of no further force or effect, and the Parent Guarantor and its Subsidiaries Company will be automatically and permanently released from all of their its obligations thereunder, on and after any date (the “Covenant Termination Date”) that (A) (i) if there are two Applicable Rating Agencies on the Covenant Termination Date, the Notes have achieved an Investment Grade Status Rating from both Applicable Rating Agencies or (ii) if there are three Applicable Rating Agencies on the Covenant Termination Date, the Notes have an Investment Grade Rating from at least two of the Applicable Rating Agencies and (B) no Default or Event of Default has occurred and is continuing with respect to the Notes and thereafter any omission to comply with any of the Terminated Covenants (or the Guarantees (other than the Guarantee of the Parent Guarantor) Guarantees, if any, of the Notes, which Guarantees also shall be automatically and permanently terminated and released as set forth in Section 4.05(b)) shall not constitute a breach, Default or Event of Default under the Notes or this Indenture.

Termination of Covenants and Guarantees. (a) Section 4.10 (other than the portions thereof relating to the limitation on the obligations of any each Guarantor under its Guarantee of the Notes and Article 10 of this Indenture as provided in accordance with Section 10.03 and the portions thereof relating to the termination and release of any each Guarantor from its Guarantee of the Notes and from all of its obligations under its Guarantee of the Notes and this Indenture as provided in accordance with Section 10.05), Section 4.07, Section 4.08, clause 4.07 and clauses (2) and (4) of Section 5.01(a) (other than with respect to the Parent Guarantor) and clause (2) of the first paragraph Section 5.01(b) (collectively, the “Terminated Covenants”) will automatically and permanently terminate and will be of no further force or effect, and the Parent Guarantor and its Subsidiaries Company will be automatically and permanently released from all of their its obligations thereunder, on and after any date (the “Covenant Termination Date”) that (A) the Notes have achieved an Investment Grade Status Rating from both Rating Agencies and (B) no Default or Event of Default has occurred and is continuing with respect to the Notes and thereafter any omission to comply with any of the Terminated Covenants (or the Guarantees (other than the Guarantee of the Parent Guarantor) Guarantees, if any, of the Notes, which Guarantees also shall be automatically and permanently terminated and released as set forth in Section 4.05(b)) shall not constitute a breach, Default or Event of Default under the Notes or this Indenture.

Termination of Covenants and Guarantees. (a) Section 4.10 (other than the portions thereof relating to the limitation on the obligations of any Guarantor under its Guarantee of the Notes in accordance with Section 10.03 and the portions thereof relating to the release of any Guarantor from its Guarantee of the Notes in accordance with Section 10.05), Section 4.07, Section 4.08, clause 4.07 and clauses (2) and (4) of Section 5.01(a) (other than with respect to the Parent Guarantor) and clause (2) of the first paragraph Section 5.01(b) (collectively, the “Terminated Covenants”) will automatically and permanently terminate and will be of no further force or effect, and the Parent Guarantor and its Subsidiaries Company will be automatically and permanently released from all of their its obligations thereunder, on and after any date (the “Covenant Termination Date”) that (A) the Notes have achieved an Investment Grade Status Rating from both Rating Agencies and (B) no Default or Event of Default has occurred and is continuing with respect to the Notes and thereafter any omission to comply with any of the Terminated Covenants (or the Guarantees (other than the Guarantee of the Parent Guarantor) Guarantees, if any, of the Notes, which Guarantees also shall be automatically and permanently terminated and released as set forth in Section 4.05(b)) shall not constitute a breach, Default or Event of Default under the Notes or this Indenture.

Termination of Covenants and Guarantees. (ab) Section 4.10 (other than the portions thereof relating to the limitation on the obligations of any Guarantor under its Guarantee of the Notes in accordance with Section 10.03 and the portions thereof relating to the release of any Guarantor from its Guarantee of the Notes in accordance with Section 10.05), Section 4.07, Section 4.08, clause (2) of Section 5.01(a) (other than with respect to the Parent Guarantor) and clause (2) of the first paragraph Section 5.01(b) (collectively, the “Terminated Covenants”) will automatically and permanently terminate and will be of no further force or effect, and the Parent Guarantor and its Subsidiaries will be automatically and permanently released from all of their obligations thereunder, on and after any date (the “Covenant Termination Date”) that (A) the Notes have achieved Investment Grade Status and (B) no Default or Event of Default has occurred and is continuing with respect to the Notes and thereafter any omission to comply with any of the Terminated Covenants (or the Guarantees (other than the Guarantee of the Parent Guarantor) of the Notes, which Guarantees also shall be automatically and permanently terminated and released as set forth in Section 4.05(b)) shall not constitute a breach, Default or Event of Default under the Notes or this Indenture.