Common use of Release of Subsidiary Guarantees Clause in Contracts

Release of Subsidiary Guarantees. Upon the sale or disposition of a Subsidiary Guarantor (or substantially all of its assets) pursuant to and in compliance with the terms of this Note and the Indenture, such Subsidiary Guarantor will be released from and relieved of its obligations under its Subsidiary Guarantee. Such release shall be conditional upon the delivery to the Holders of an Officers' Certificate and an Opinion of Counsel, each stating that such release of the Subsidiary Guarantee complies with the provisions of this Note and the Indenture and that all conditions precedent to such release of the Subsidiary Guarantee have been complied with.