Common use of Automatic Amendments Clause in Contracts

Automatic Amendments. (i) So long as Standard & Poor's' and Moody's Investors Service, Inc.'s ratings for th▇ ▇▇▇▇▇ny's long-term senior unsecured debt are at least BBB- and Baa3, respectively (and, if such ratings are BBB- and Baa3, respectively, they are not the subject of a credit watch with negative outlook), the covenants contained in Sections 6G, 6H, 6I and 6J shall, automatically and without further action by the Company (except as set forth below) or the Holders, be amended to reflect (a) any amendments or new provisions that make the terms of any corresponding covenants contained in the Citibank Agreements, or in any credit agreement that replaces either or both of the Citibank Agreements in its or their entirety, less restrictive and (b) the elimination in whole or in part of such covenants in the Citibank Agreements or any such replacement agreement. Any such automatic amendment to this Agreement shall be effective as of the date of, and upon delivery by the Company to the Holders of an executed copy of, any amendment or agreement referenced in clause (a) or (b) above. As promptly as practicable, but in no event more than 10 Business Days, following receipt by the Holders of a written request by the Company together with a true and correct copy of any such amendment or agreement and a proposed draft of the corresponding amendment to this Agreement, the Required Holders and the Company shall execute a written amendment to this Agreement (in form and substance reasonably acceptable to the Required Holders and the Company) incorporating the terms of any such automatic amendment effective as of the date of such automatic amendment. (ii) Until Standard & Poor's' and Moody's Investors Service, Inc.'s ratings for th▇ ▇▇▇▇▇ny's long-term senior unsecured debt are at least BBB and Baa2, respectively (and, if such ratings are BBB and Baa2, respectively, they are not the subject of a credit watch with negative outlook), in the event any of the financial covenants set forth in Section 5.03 of each of the Citibank Agreements as of December 31, 2002 is amended in any manner to make such financial covenant more restrictive, such financial covenant shall, automatically and without further action by the Company or the Holders, be included as a new covenant in this Agreement as of the date of such amendment. As promptly as practicable, but in no event more than 10 Business Days, following receipt by the Holders of a written request by the Company together with a true and correct copy of any such amendment to the Citibank Agreements and a proposed draft of the corresponding amendment to this Agreement, the Required Holders and the Company shall execute a written amendment to this Agreement (in form and substance reasonably acceptable to the Required Holders and the Company) incorporating such new financial covenant herein effective as of the date of such automatic amendment." (b) Paragraph 5 of the Agreement is amended by adding to the end thereof a new subsection 5I to read as follows"