Common use of Deemed Substitution Clause in Contracts

Deemed Substitution. Upon the execution of the Issuer Substitution Documents as referred to in Section 10.01(a), the Substituted Debtor shall be deemed to be named in the Securities as the principal debtor in place of the Issuer (or of any previous substitute under these provisions) and the Securities shall thereupon be deemed to be amended to give effect to the substitution. Except as set forth in this Article 10, the execution of the Issuer Substitution Documents shall operate to release the Issuer (or such previous substitute as aforesaid) from all its obligations in respect of the Securities and its obligation to indemnify the Trustee under the indenture. Upon the execution of the Issuer Substitution Documents as referred to in Section 10.01(a), the Issuer and the Substituted Debtor will not be subject to the provisions of Section 4.27.

Deemed Substitution. Upon the execution of the Issuer Substitution Documents as referred to in Section 10.01(a10.01 (a), the Substituted Debtor shall be deemed to be named in the Securities as the principal debtor in place of the Issuer (or of any previous substitute under these provisions) and the Securities shall thereupon be deemed to be amended to give effect to the substitution. Except as set forth in this Article 10, the execution of the Issuer Substitution Documents shall operate to release the Issuer (or such previous substitute as aforesaid) from all its obligations in respect of the Securities and its obligation to indemnify the Trustee under the indenture. Upon the execution of the Issuer Substitution Documents as referred to in Section 10.01(a10.01 (a), the Issuer and the Substituted Debtor will not be subject to the provisions of Section 4.27.