Common use of Release of Subsidiary Guarantees Clause in Contracts

Release of Subsidiary Guarantees. A Guarantee as to any Guarantor shall terminate and be of no further force or effect and such Guarantor shall be deemed to be released from all obligations under this Article Fourteen (1) at such time as such Guarantor ceases to have outstanding or Guarantee any Specified Indebtedness; (2) upon the Company’s exercise of its Defeasance option or Covenant Defeasance option in accordance with Article Thirteen or the Company’s obligations under this Indenture being discharged in accordance with the terms of this Indenture; or (3) as specified in a supplemental indenture to this Indenture. The Guarantor shall deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for in this Indenture relating to such release have been complied with. At the written request of the Company, the Trustee shall execute and deliver any documents reasonably required in order to evidence such release, discharge and termination in respect of the applicable Guarantee.

Release of Subsidiary Guarantees. A With respect to an applicable series of Securities, a Guarantee as to any Guarantor shall terminate and be of no further force or effect and such Guarantor shall be deemed to be released from all obligations under this Article Fourteen: (1) at such time as such Guarantor ceases to have outstanding or Guarantee any Specified Indebtedness; (2) upon the Company’s exercise of its Defeasance option or Covenant Defeasance option with respect to an applicable series of Securities in accordance with Article Thirteen or Thirteen; (3) upon the discharge of the Company’s obligations under this Indenture being discharged in accordance with the terms respect to an applicable series of this IndentureSecurities pursuant to Article Four; or (34) as specified in a supplemental indenture to this Indenture. The Guarantor shall deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for in this Indenture relating to such release have been complied with. At the written request of the Company, the Trustee shall execute and deliver any documents reasonably required in order to evidence such release, discharge and termination in respect of the applicable Guarantee.