Common use of Release of the Subsidiary Guarantor Clause in Contracts

Release of the Subsidiary Guarantor. The Subsidiary Guarantor shall be automatically and unconditionally released and discharged from its obligations under this Guarantee (i) upon any sale, exchange or transfer, to any Person not an Affiliate of the Guarantor, of all of the Guarantor's and each Restricted Subsidiary's Capital Stock in, or all or substantially all the assets of, the Subsidiary Guarantor (which sale, exchange or transfer is not prohibited by the Indenture) or (ii) at any time, so long as in the case of this clause (ii) Standard & Poor's Corporation, or any successor, is notified by the Issuer of the proposed termination of the Guarantee of the Subsidiary Guarantor and advises the Issuer that such termination would not result in a downgrade of the rating on the Securities or placement of the Securities on creditwatch with negative implications.

Release of the Subsidiary Guarantor. The Subsidiary Guarantor shall be automatically and unconditionally released and discharged from its obligations under this Guarantee (i) upon any sale, exchange or transfer, to any Person not an Affiliate of the Guarantor, of all of the Guarantor's and each Restricted Subsidiary's Capital Stock in, or all or substantially all the assets of, the Subsidiary Guarantor (which sale, exchange or transfer is not prohibited by the Indenture) or (ii) at any time, so long as in the case of this clause (ii) Standard & Poor's Corporation, or any successor, is notified by the Issuer of the proposed termination of the Guarantee of the Subsidiary Guarantor and advises the Issuer that such termination would not result in a downgrade of the rating on the Securities Notes or placement of the Securities Notes on creditwatch with negative implications.