Common use of Release of Guarantees of Subsidiaries Clause in Contracts

Release of Guarantees of Subsidiaries. If, with respect to any Subsidiary that is a Guarantor, all of the Company's and any Restricted Subsidiary's capital stock or other equity ownership interests in such Guarantor is Transferred in accordance with the requirements of Section 11.9, then the Company may elect to cause the withdrawal of the Guarantee of such Guarantor hereunder and under the Other Agreement. Such election shall be exercised by a Senior Financial Officer of the Company informing, in writing, each holder of Notes of such election, certifying in such writing that the requirements of this Section 10.7 have been satisfied, that no Default or Event of Default exists and that the investment grade rating of the Notes has been confirmed by any nationally recognized credit rating agency or the Securities Valuation Office of the National Association of Insurance Commissioners after giving effect to such withdrawal. Thereafter, the Guarantee of such Guarantor shall be null and void and without effect and such Guarantor shall no longer be, or be deemed to be, a party to this Agreement or any of the Other Agreement or to any other Financing Document to which it is a party, provided that, if the aforesaid requirements under this Section 10.7(b) shall not have been satisfied or any of the aforesaid certifications are not true, then the Guarantee of such Guarantor shall continue in full force and effect and such Guarantor shall continue to be a party hereto and to the Other Agreement and such other Financing Documents notwithstanding the delivery of such writing by the Company to each of the holders of Notes until all of such requirements shall have been satisfied.

Release of Guarantees of Subsidiaries. If, with respect to any Subsidiary that is a Guarantor, all of the Company's and any Restricted Subsidiary's capital stock or other equity ownership interests in such Guarantor is Transferred in accordance with the requirements of Section 11.9, then the Company may elect to cause the withdrawal of the Guarantee of such Guarantor hereunder and under the Other Agreement. Such election shall be exercised by a Senior Financial Officer of the Company informing, in writing, each holder of Notes of such election, certifying in such writing that the requirements of this Section 10.7 have been satisfied, that no Default or Event of Default exists and that the investment grade rating of the Notes has been confirmed by any nationally recognized credit rating agency or the Securities Valuation Office of the National Association of Insurance Commissioners after giving effect to such withdrawal. Thereafter, the Guarantee of such Guarantor shall be null and void and without effect and such Guarantor shall no longer be, or be deemed to be, a party to this Agreement or any of the Other Agreement or to any other Financing Document to which it is a party, provided that, if the aforesaid requirements under this Section 10.7(b10.7 (b) shall not have been satisfied or any of the aforesaid certifications are not true, then the Guarantee of such Guarantor shall continue in full force and effect and such Guarantor shall continue to be a party hereto and to the Other Agreement and such other Financing Documents notwithstanding the delivery of such writing by the Company to each of the holders of Notes until all of such requirements shall have been satisfied.