Common use of Releases of Subsidiary Guarantees Clause in Contracts

Releases of Subsidiary Guarantees. The Issuer may designate any Subsidiary Guarantor, at any time and from time to time, to be released from its Subsidiary Guarantee if (i) no Event of Default has occurred and is continuing, and (ii) such designation and release will not cause the occurrence of an Event of Default. Any such designation shall be evidenced by a certified resolution of the Board of Directors delivered to the Trustee. Upon delivery of such certified resolution to the Trustee, such Subsidiary Guarantor shall be automatically and immediately released from all of its obligations under its Subsidiary Guarantee, this Indenture and the Securities. If requested by the Issuer, the Trustee will join with the Issuer and such Subsidiary Guarantor in executing and delivering a supplemental indenture evidencing the release of such Subsidiary Guarantor from all of its obligations under its Subsidiary Guarantee, this Indenture and the Securities.