Common use of Release of the Guarantor Clause in Contracts

Release of the Guarantor. Concurrently with the discharge of the Securities under Section 1101, the Legal Defeasance of the Securities under Section 802 or the Covenant Defeasance of the Securities under Section 803, the Guarantor shall be released from all their obligations under its Guarantee under this Indenture. So long as no Default exists or upon the occurrence of the following events, with notice or lapse of time or both, would exist, the Guarantee and any Liens securing the Guarantee shall be automatically and unconditionally released and discharged upon: any sale, exchange, transfer to any Person that is not an Affiliate of the Company of all of the Company’s Capital Stock in the Guarantor, which transaction is otherwise in compliance with this Indenture.