DEFEASANCE AND COVENANT DEFEASANCE Clause Samples

DEFEASANCE AND COVENANT DEFEASANCE. (a) The Company may, at its option evidenced by a resolution of its board of directors (or a duly constituted committee thereof) set forth in an Officer's Certificate, at any time, elect to have either Section 11.02(b) or 11.02(c) be applied to all outstanding Equipment Notes upon compliance with the conditions set forth below in Section 11.02(d). (b) Upon the Company's exercise under Section 11.02(a) of the option applicable to this Section 11.02(b), each of the Company and the Guarantor shall be deemed to have been discharged from its obligations with respect to all outstanding Equipment Notes (including the Guarantee) on the date the conditions set forth in Section 11.02(d) are satisfied (hereinafter, "defeasance"). For this purpose, such defeasance means that the Company and the Guarantor shall be deemed to have paid and discharged the entire indebtedness represented by the outstanding Equipment Notes (including the Guarantee), which shall thereafter be deemed to be "outstanding" only for the purposes of Section 11.02(e) and the other Sections of this Indenture referred to in (i) and (ii) below, and to have satisfied all its other obligations under such Equipment Notes, the Guarantee and this Indenture (and the Trustee, on demand and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder: (i) the rights of Holders of outstanding Equipment Notes to receive, solely from the trust fund described in Section 11.02(d), payments in respect of the principal of and premium and interest on, such Equipment Notes when such payments are due, (ii) the Company's obligations with respect to such Equipment Notes under Sections 2.03, 2.04, 2.05 and 2.06, (iii) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (iv) this Section 11.02.

DEFEASANCE AND COVENANT DEFEASANCE. SECTION 1301. Company's Option to Effect Defeasance or Covenant Defeasance..63 SECTION 1302. Defeasance and Discharge......................................63

DEFEASANCE AND COVENANT DEFEASANCE. SECTION 1401. APPLICABILITY OF ARTICLE;

DEFEASANCE AND COVENANT DEFEASANCE. The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Company on this Note and (b) certain restrictive covenants and the related Defaults and Events of Default, upon compliance by the Company with certain conditions set forth therein, which provisions apply to this Note.

DEFEASANCE AND COVENANT DEFEASANCE. Unless, pursuant to Section 301, either or both of (i) defeasance of the Securities of or within a series under clause (2) of this Section 402 or (ii) covenant defeasance of the Securities of or within a series under clause (3) of this Section 402 shall not be applicable with respect to the Securities of such series, then such provisions, together with the other provisions of this Section 402 (with such modifications thereto as may be specified pursuant to Section 301 with respect to any Securities), shall be applicable to such Securities and any Coupons appertaining thereto, and the Company may at its option by Board Resolution, at any time, with respect to the Securities of or within such series and any Coupons appertaining thereto, elect to have Section 402(2) or Section 402(3) be applied to such Outstanding Securities and any Coupons appertaining thereto upon compliance with the conditions set forth below in this Section 402. Unless otherwise specified pursuant to Section 301 with respect to the Securities of any series, defeasance under clause (2) of this Section 402 and covenant defeasance under clause (3) of this Section 402 may be effected only with respect to all, and not less than all, of the Outstanding Securities of any series. To the extent that the terms of any Security or Coupon appertaining thereto established in or pursuant to this Indenture permit the Company or any Holder thereof to extend the date on which any payment of principal of, or premium, if any, or interest, if any, on, or Additional Amounts, if any, with respect to such Security or Coupon is due and payable, then unless otherwise provided pursuant to Section 301, the right to extend such date shall terminate upon defeasance or covenant defeasance, as the case may be.

DEFEASANCE AND COVENANT DEFEASANCE. The Indenture contains provisions for defeasance of the entire indebtedness on this Note and for defeasance of certain covenants in the Indenture upon compliance by the Company with certain conditions set forth in the Indenture.

DEFEASANCE AND COVENANT DEFEASANCE. Applicability of Article;

DEFEASANCE AND COVENANT DEFEASANCE. SECTION 1401. Applicability of Article; Company's Option to Effect Defeasance or Covenant Defeasance. If, pursuant to Section 301, provision is made for either or both of (a) defeasance of the Securities of or within a series under Section 1402 or (b) covenant defeasance of the Securities of or within a series under Section 1403, then the provisions of such Section or Sections, as the case may be, together with the other provisions of this Article (with such modifications thereto as may be specified pursuant to Section 301 with respect to any Securities), shall be applicable to such Securities and any coupons appertaining thereto, and the Company may at its option by Board Resolution, at any time, with respect to such Securities and any coupons appertaining thereto, elect to have Section 1402 (if applicable) or Section 1403 (if applicable) be applied to such Outstanding Securities and any coupons appertaining thereto upon compliance with the conditions set forth below in this Article.

DEFEASANCE AND COVENANT DEFEASANCE. SECTION 1401. Company's Option to Effect Defeasance or Covenant Defeasance. Except as otherwise specified as contemplated by Section 301 for Securities of any series, the provisions of this Article Fourteen shall apply to each series of Securities, and the Company may, at its option, effect defeasance of the Securities of or within a series under Section 1402, or covenant defeasance of or within a series under Section 1403 in accordance with the terms of such Securities and in accordance with this Article.