Common use of Release of Subsidiary Guarantees Clause in Contracts

Release of Subsidiary Guarantees. A Subsidiary Guarantor’s Guarantee (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 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; (b) in the event that all of the Capital Stock of such Subsidiary Guarantor is sold or otherwise disposed of pursuant to an enforcement of the security over the Capital Stock of such Subsidiary Guarantor in accordance with the terms of the Intercreditor Agreement and any Additional Intercreditor Agreement; (c) upon the designation of such Subsidiary Guarantor as an Unrestricted Subsidiary; (d) upon legal defeasance under Section 8.02, covenant defeasance under Section 8.03 or upon satisfaction and discharge under Section 8.05; (e) in the circumstances set forth in Section 5.01(d); and (f) as described in Article Nine. Each Subsidiary Guarantor agrees and each Holder by accepting a Note agrees, that the provisions of Section 10.03(b) are for the benefit of and enforceable by the Holders of Senior Debt of such Subsidiary Guarantor.

Release of Subsidiary Guarantees. A Subsidiary Guarantor’s Guarantee (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 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; (b) ; in the event that all of the Capital Stock of such Subsidiary Guarantor is sold or otherwise disposed of pursuant to an enforcement of the security over the Capital Stock of such Subsidiary Guarantor under the applicable Security Document(s) in accordance with the terms of the Intercreditor Agreement and any Additional Intercreditor Agreement; (c) ; upon the designation of such Subsidiary Guarantor as an Unrestricted Subsidiary; (d) ; upon legal defeasance under Section 8.02, covenant defeasance under Section 8.03 or upon satisfaction and discharge under Section 8.05; (e) ; in the circumstances set forth in Section 5.01(d); and (f) and as described in Article Nine. Each Subsidiary Guarantor agrees and each Holder by accepting a Note agrees, that the provisions of Section 10.03(b) are for the benefit of and enforceable by the Holders of Senior Debt of such Subsidiary Guarantor.

Release of Subsidiary Guarantees. A Subsidiary Guarantor’s Guarantee (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 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 Guarantor, a Restricted Subsidiary or any Affiliate of the Parent Guarantor and that does not violate Section 4.09; (b) in the event that all of the Capital Stock of such Subsidiary Guarantor is sold or otherwise disposed of pursuant to an enforcement of the security over the Capital Stock of such Subsidiary Guarantor under the applicable Security Document(s) in accordance with the terms of the Intercreditor Agreement and any Additional Intercreditor Agreement; (c) upon the designation of such Subsidiary Guarantor as an Unrestricted Subsidiary; (d) upon legal defeasance under Section 8.02, covenant defeasance under Section 8.03 or upon satisfaction and discharge under Section 8.05; (e) in the circumstances set forth in Section 5.01(d); and (f) as described in Article Nine. Each Subsidiary Guarantor agrees and each Holder by accepting a Note agrees, that the provisions of Section 10.03(b) are for the benefit of and enforceable by the Holders of Senior Debt of such Subsidiary Guarantor.

Release of Subsidiary Guarantees. A Subsidiary Guarantor’s Guarantee (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 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 Guarantor, a Restricted Subsidiary or any Affiliate of the Parent Guarantor and that does not violate Section 4.09; (b) in the event that all of the Capital Stock of such Subsidiary Guarantor is sold or otherwise disposed of pursuant to an enforcement of the security over the Capital Stock of such Subsidiary Guarantor in accordance with the terms of the Intercreditor Agreement and any Additional Intercreditor Agreement; (c) upon the designation of such Subsidiary Guarantor as an Unrestricted Subsidiary; (d) upon legal defeasance under Section 8.02, covenant defeasance under Section 8.03 or upon satisfaction and discharge under Section 8.05; (e) in the circumstances set forth in Section 5.01(d); and (f) as described in Article Nine. Each Subsidiary Guarantor agrees and each Holder by accepting a Note agrees, that the provisions of Section 10.03(b) are for the benefit of and enforceable by the Holders of Senior Debt of such Subsidiary Guarantor.

Release of Subsidiary Guarantees. A Subsidiary Guarantor’s Guarantee (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 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; (b) in the event that all of the Capital Stock of such Subsidiary Guarantor is sold or otherwise disposed of pursuant to an enforcement of the security over the Capital Stock of such Subsidiary Guarantor in accordance with the terms of the Intercreditor Agreement and any Additional Intercreditor Agreement; (c) upon the designation of such Subsidiary Guarantor as an Unrestricted Subsidiary; (d) upon legal defeasance under Section 8.02, covenant defeasance under Section 8.03 or upon satisfaction and discharge under Section 8.05; (e) in the circumstances set forth in Section 5.01(d5.01(e); and (f) as described in Article Nine. Each Subsidiary Guarantor agrees and each Holder by accepting a Note agrees, that the provisions of Section 10.03(b) are for the benefit of and enforceable by the Holders of Senior Debt of such Subsidiary Guarantor.

Release of Subsidiary Guarantees. A Subsidiary Guarantor’s Guarantee (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 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; (b) in the event that all of the Capital Stock of such Subsidiary Guarantor is sold or otherwise disposed of pursuant to an enforcement of the security over the Capital Stock of such Subsidiary Guarantor under the applicable Security Document(s) in accordance with the terms of the Intercreditor Agreement and any Additional Intercreditor Agreement; (c) upon the designation of such Subsidiary Guarantor as an Unrestricted Subsidiary;; ​ ​ (d) upon legal defeasance under Section 8.02, covenant defeasance under Section 8.03 or upon satisfaction and discharge under Section 8.05; (e) in the circumstances set forth in Section 5.01(d); and (f) as described in Article Nine. Each Subsidiary Guarantor agrees and each Holder by accepting a Note agrees, that the provisions of Section 10.03(b) are for the benefit of and enforceable by the Holders of Senior Debt of such Subsidiary Guarantor.

Release of Subsidiary Guarantees. A Subsidiary Guarantor’s Guarantee (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 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; (b) in the event that all of the Capital Stock of such Subsidiary Guarantor is sold or otherwise disposed of pursuant to an enforcement of the security over the Capital Stock of such ​ Subsidiary Guarantor under the applicable Security Document(s) in accordance with the terms of the Intercreditor Agreement and any Additional Intercreditor Agreement; (c) upon the designation of such Subsidiary Guarantor as an Unrestricted Subsidiary; (d) upon legal defeasance under Section 8.02, covenant defeasance under Section 8.03 or upon satisfaction and discharge under Section 8.05; (e) in the circumstances set forth in Section 5.01(d); and (f) as described in Article Nine. Each Subsidiary Guarantor agrees and each Holder by accepting a Note agrees, that the provisions of Section 10.03(b) are for the benefit of and enforceable by the Holders of Senior Debt of such Subsidiary Guarantor.

Release of Subsidiary Guarantees. A Subsidiary Guarantor’s Guarantee (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 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 Guarantor, a Restricted Subsidiary or any Affiliate of the Parent Guarantor that does not violate Section 4.09; (b) in the event that all of the Capital Stock of such Subsidiary Guarantor is sold or otherwise disposed of pursuant to an enforcement of the security over the Capital Stock of such Subsidiary Guarantor in accordance with the terms of the Intercreditor Agreement and any Additional Intercreditor Agreement; (c) upon the designation of such Subsidiary Guarantor as an Unrestricted Subsidiary; (d) upon legal defeasance under Section 8.02, covenant defeasance under Section 8.03 or upon satisfaction and discharge under Section 8.05; (e) in the circumstances set forth in Section 5.01(d); and (f) as described in Article Nine. Each Subsidiary Guarantor agrees and each Holder by accepting a Note agrees, that the provisions of this Section 10.03(b) 10.03 are for the benefit of and enforceable by the Holders of Senior Debt of such Subsidiary Guarantor.

Release of Subsidiary Guarantees. A Subsidiary Guarantor’s Guarantee (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 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; (b) ; in the event that all of the Capital Stock of such Subsidiary Guarantor is sold or otherwise disposed of pursuant to an enforcement of the security over the Capital Stock of such Subsidiary Guarantor in accordance with the terms of the Intercreditor Agreement and any Additional Intercreditor Agreement; (c) ; upon the designation of such Subsidiary Guarantor as an Unrestricted Subsidiary; (d) ; upon legal defeasance under Section 8.02, covenant defeasance under Section 8.03 or upon satisfaction and discharge under Section 8.05; (e) ; in the circumstances set forth in Section 5.01(d); and (f) and as described in Article Nine. Each Subsidiary Guarantor agrees and each Holder by accepting a Note agrees, that the provisions of Section 10.03(b) are for the benefit of and enforceable by the Holders of Senior Debt of such Subsidiary Guarantor.