Common use of Release of Subsidiary Guarantees Clause in Contracts

Release of Subsidiary Guarantees. A Subsidiary Guarantee by a Subsidiary Guarantor shall be automatically released: (1) upon the sale or other disposition (including by way of consolidation or merger) of the Capital Stock of such Subsidiary Guarantor, as a result of which such Subsidiary Guarantor ceases to be a Subsidiary of the Company; (2) at such time as such Subsidiary Guarantor no longer is a borrower under or Guarantees obligations under any Debt Facility of the Company or any Subsidiary Guarantor that resulted in the issuance of the Subsidiary Guarantee; (3) upon the defeasance of the Notes, as provided under Section 8.01 hereof; (4) upon the discharge of this Indenture, as provided under Section 11.01 hereof; or (5) as described under Article IX hereof. In the event that any released Subsidiary Guarantor (in the case of clause (2) above) thereafter borrows money or Guarantees obligations under any Debt Facility of the Company or any Subsidiary Guarantor, such former Subsidiary Guarantor will again provide a Subsidiary Guarantee in accordance with Section 4.09 hereof.

Release of Subsidiary Guarantees. A Subsidiary Guarantee by (and any Subsidiary Guarantee provided pursuant to Section 4.15) shall be automatically and unconditionally released and the Subsidiary Guarantor that granted such Subsidiary Guarantee shall be automatically and unconditionally released from its obligations and liabilities thereunder and hereunder: (a) upon any sale or disposition of (i) Capital Stock of a Subsidiary Guarantor shall be automatically released:following which such Subsidiary Guarantor is no longer a Restricted Subsidiary or, (ii) all or substantially all of the properties and assets of a Subsidiary Guarantor to a Person that is not (either before or after giving effect to such transaction) the Parent Guarantor or a Restricted Subsidiary that does not violate Section 4.09; (1b) upon in the sale or other disposition (including by way of consolidation or merger) event that all of the Capital Stock of such Subsidiary Guarantor, as a result Guarantor is sold or otherwise disposed of which pursuant to an enforcement of the security over the Capital Stock of such Subsidiary Guarantor ceases to be a Subsidiary in accordance with the terms of the CompanyIntercreditor Agreement and any Additional Intercreditor Agreement; (2c) at such time as upon the designation of such Subsidiary Guarantor no longer is a borrower under or Guarantees obligations under any Debt Facility of the Company or any Subsidiary Guarantor that resulted in the issuance of the Subsidiary Guaranteeas an Unrestricted Subsidiary; (3d) upon the legal defeasance of the Notes, as provided under Section 8.01 hereof8.02, covenant defeasance under Section 8.03 or upon satisfaction and discharge under Section 8.05; (4e) upon in the discharge of this Indenture, as provided under circumstances set forth in Section 11.01 hereof5.01(d); orand (5f) as described under in Article IX hereofNine. In the event that any released Each Subsidiary Guarantor (in agrees and each Holder by accepting a Note agrees, that the case provisions of clause (2Section 10.03(b) above) thereafter borrows money or Guarantees obligations under any are for the benefit of and enforceable by the Holders of Senior Debt Facility of the Company or any such Subsidiary Guarantor, such former Subsidiary Guarantor will again provide a Subsidiary Guarantee in accordance with Section 4.09 hereof.

Release of Subsidiary Guarantees. A Subsidiary Guarantor’s Guarantee by (and any Subsidiary Guarantee provided pursuant to Section 4.15) shall be automatically and unconditionally released and the Subsidiary Guarantor that granted such Subsidiary Guarantee shall be automatically and unconditionally released from its obligations and liabilities thereunder and hereunder: (a) upon any sale or disposition of (i) Capital Stock of a Subsidiary Guarantor shall be automatically released:following which such Subsidiary Guarantor is no longer a Restricted Subsidiary or, (ii) all or substantially all of the properties and assets of a Subsidiary Guarantor to a Person that is not (either before or after giving effect to such transaction) the Parent Guarantor or a Restricted Subsidiary that does not violate Section 4.09; (1b) upon in the sale or other disposition (including by way of consolidation or merger) event that all of the Capital Stock of such Subsidiary Guarantor, as a result Guarantor is sold or otherwise disposed of which pursuant to an enforcement of the security over the Capital Stock of such Subsidiary Guarantor ceases to be a Subsidiary under the applicable Security Document(s) in accordance with the terms of the CompanyIntercreditor Agreement and any Additional Intercreditor Agreement; (2c) at such time as upon the designation of such Subsidiary Guarantor no longer is a borrower under or Guarantees obligations under any Debt Facility of the Company or any Subsidiary Guarantor that resulted in the issuance of the Subsidiary Guaranteeas an Unrestricted Subsidiary; (3d) upon the legal defeasance of the Notes, as provided under Section 8.01 hereof8.02, covenant defeasance under Section 8.03 or upon satisfaction and discharge under Section 8.05; (4e) upon in the discharge of this Indenture, as provided under circumstances set forth in Section 11.01 hereof5.01(d); orand (5f) as described under in Article IX hereof. In the event that any released Subsidiary Guarantor (in the case of clause (2) above) thereafter borrows money or Guarantees obligations under any Debt Facility of the Company or any Subsidiary Guarantor, such former Subsidiary Guarantor will again provide a Subsidiary Guarantee in accordance with Section 4.09 hereofNine.

Release of Subsidiary Guarantees. A Subsidiary Guarantee by a Subsidiary Guarantor shall be automatically released: (1) upon the sale or other disposition (including by way of consolidation or merger) of the Capital Stock of such Subsidiary Guarantor, as a result of which such Subsidiary Guarantor ceases to be a Subsidiary of the Company; (2) at such time as such Subsidiary Guarantor no longer is a borrower under or Guarantees obligations under any Debt Facility of the Company or any Subsidiary Guarantor that resulted in the issuance of the Subsidiary Guarantee; (3) upon the defeasance of the Notes, as provided under Section 8.01 hereof; (4) upon the discharge of this Indenture, as provided under Section 11.01 hereof; or (5) as described under Article IX hereof; and provided that clause (2) above shall not apply with respect to any Subsidiary Guarantee provided on the Issue Date prior to the Senior Credit Facilities Commitment Termination Event. In the event that any released Subsidiary Guarantor (in the case of clause (2) above) thereafter borrows money or Guarantees obligations under any Debt Facility of the Company or any Subsidiary Guarantor, such former Subsidiary Guarantor will again provide a Subsidiary Guarantee in accordance with Section 4.09 hereof.

Release of Subsidiary Guarantees. A Notwithstanding the provisions of Section 10.02, Subsidiary Guarantee by a Guarantees shall be subject to termination and discharge under the circumstances described in this Section 10.03. Any Subsidiary Guarantor shall automatically and unconditionally be automatically releasedreleased from all obligations under its Subsidiary Guarantee, and such Subsidiary Guarantee shall thereupon terminate and be discharged and of no further force or effect: (1i) upon the sale concurrently with any direct or indirect sale, transfer or other disposition (including by way of merger, consolidation or mergerotherwise) of the Capital Stock of such Subsidiary GuarantorGuarantor or any interest therein in accordance with the terms of Section 4.06 by the Company or a Restricted Subsidiary, as a result of following which such Subsidiary Guarantor ceases to be is no longer a Restricted Subsidiary of the Company; (2ii) at such any time as that such Subsidiary Guarantor no longer is released from all of its obligations (including any Guarantee) in respect of any Indebtedness under the Senior Term Facility (and any Refinancing Indebtedness in respect thereof) and any capital market Indebtedness (it being understood that a borrower under or Guarantees obligations under release subject to contingent reinstatement is still a release, and that if any Debt Facility of such obligation is so reinstated, such Subsidiary Guarantee shall also be reinstated to the Company or any extent that such Subsidiary Guarantor that resulted in the issuance of the Subsidiary Guarantee; (3) upon the defeasance of the Notes, as provided under Section 8.01 hereof; (4) upon the discharge of this Indenture, as provided under Section 11.01 hereof; or (5) as described under Article IX hereof. In the event that any released Subsidiary Guarantor (in the case of clause (2) above) thereafter borrows money or Guarantees obligations under any Debt Facility of the Company or any Subsidiary Guarantor, such former Subsidiary Guarantor will again would then be required to provide a Subsidiary Guarantee in accordance with pursuant to Section 4.09 hereof.4.10);

Release of Subsidiary Guarantees. A (a) The Subsidiary Guarantee by of a Subsidiary Guarantor shall will be automatically released: (1) upon in connection with any sale or other disposition of a majority of the Capital Stock of a Subsidiary Guarantor to a Person that is not (either before or after giving effect to such transaction) a Restricted Subsidiary of the Company, if the sale or other disposition complies with Section 4.11; (2) in connection with any sale or disposition of all or substantially all of the assets of that Subsidiary Guarantor (including by way of consolidation merger or mergerconsolidation) of the Capital Stock of to a Person that is not (either before or after giving effect to such Subsidiary Guarantor, as transaction) a result of which such Subsidiary Guarantor ceases to be a Restricted Subsidiary of the Company; (2) at such time as such , if the sale or other disposition of all or substantially all of the assets of that Subsidiary Guarantor no longer is a borrower under or Guarantees obligations under any Debt Facility of the Company or any Subsidiary Guarantor that resulted in the issuance of the Subsidiary Guaranteecomplies with Section 4.11; (3) upon in connection with the defeasance release or discharge of the NotesGuarantee which resulted in the creation of such Subsidiary Guarantee pursuant to this Section 4.21 (including any deemed release upon payment in full of all obligations under such Indebtedness), except a discharge or release by, or as provided a result of, a payment under Section 8.01 hereofsuch Guarantee; (4) upon in connection with the discharge release of this Indenture, such Subsidiary Guarantor from its Guarantee under the Credit Agreement; (5) if the Company properly designates any Restricted Subsidiary that is a Subsidiary Guarantor as provided under an Unrestricted Subsidiary pursuant to Section 11.01 hereof4.17; or (56) as described under Article IX hereof. In in connection with the event that any released Subsidiary Guarantor (in the case liquidation, dissolution or winding up of clause (2) above) thereafter borrows money or Guarantees obligations under any Debt Facility of the Company or any a Subsidiary Guarantor, such former Subsidiary Guarantor will again provide a Subsidiary Guarantee in accordance with Section 4.09 hereof.