Common use of SECTION 1303. Covenant Defeasance Clause in Contracts

SECTION 1303. Covenant Defeasance. Upon the Company’s exercise of its option, if any, to have this Section 1303 applied to any Securities or any series of Securities, or if this Section 1303 shall otherwise apply to any Securities or any series of Securities, (1) the Company and the Guarantors shall be released from their respective obligations under Section 801 and any covenants provided which were made a part of the terms of the Securities of such series in accordance with Section 301(18), Section 901(1) or Section 901(12) for the benefit of the Holders of such Securities and (2) the occurrence of any event specified in Section 501(4) and Section 501(8) shall be deemed not to be or result in an Event of Default, in each case with respect to such Securities and Guarantees as provided in this Section 1303 on and after the date the conditions set forth in Section 1304 are satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such Securities and Guarantees, each of the Company and the Guarantors may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such specified Section, whether directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any reference in any such Section to any other provision herein or in any other document, but the remainder of this Indenture and such Securities and Guarantees shall be unaffected thereby.

SECTION 1303. Covenant Defeasance. Upon the Company’s 's exercise of its option, option (if any, ) to have this Section 1303 applied to any Securities or any series of Securities, or if this Section 1303 shall otherwise apply to any Securities or any series of Securitiesas the case may be, (1a) the Company and the Guarantors shall be released from their respective its obligations under clause (c) of Section 801 801, Sections 1006 through 1008, inclusive, and any covenants provided which were made a part pursuant to clause (r) of the terms of the Securities of such series in accordance with Section 301(18), Section 901(1301 or clause (b) or (g) of Section 901(12) 901 for the benefit of the Holders of such Securities Securities, and (2b) the occurrence of any event specified in clause (d) of Section 501(4501 (with respect to any of clause (c) of Section 801, Sections 1006 through 1008, inclusive, and any such covenants provided pursuant to clause (r) of Section 501(8301 or clause (b) or (g) of Section 901 shall be deemed not to be or result in an Event of Default, and (c) the provisions of Article Fourteen shall cease to be effective, in each case with respect to such Securities and Guarantees as provided in this Section 1303 on and after the date the conditions set forth in Section 1304 are satisfied (hereinafter called “"Covenant Defeasance”"). For this purpose, such Covenant Defeasance means that, with respect to such Securities and GuaranteesSecurities, each of the Company and the Guarantors may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such specified SectionSection (to the extent so specified in the case of clause (d) of Section 501) or Article Fourteen, whether directly or indirectly by reason of any reference elsewhere herein to any such Section or Article or by reason of any reference in any such Section or Article to any other provision herein or in any other document, but the remainder of this Indenture and such Securities and Guarantees shall be unaffected thereby.

SECTION 1303. Covenant Defeasance. Upon the Company’s exercise of its option, option (if any, ) to have this Section 1303 applied to any Securities or any series of Securities, or if this Section 1303 shall otherwise apply to any Securities or any series of Securitiesas the case may be, (1) the Company and the Guarantors shall be released from their respective its obligations under Section 801 1004 and any covenants provided which were made a part of the terms of the Securities of such series in accordance with pursuant to Section 301(18), Section 901(1901(2), Section 901(6) or Section 901(12901(7) for the benefit of the Holders of such Securities and (2) the occurrence of any event specified in Section 501(4) (with respect to Section 1004 and any such covenants provided pursuant to Section 301(18), Section 901(2), Section 901(6) or Section 901(7) and Section 501(8) shall be deemed not to be or result in an Event of Default, in each case with respect to such Securities and Guarantees as provided in this Section 1303 on and after the date the conditions set forth in Section 1304 are satisfied (hereinafter called “Covenant Defeasance”)). For this purpose, such Covenant Defeasance means that, with respect to such Securities and GuaranteesSecurities, each of the Company and the Guarantors any Guarantor may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such specified SectionSection (to the extent so specified in the case of Section 501(4)), whether directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any reference in any such Section to any other provision herein or in any other document, but the remainder of this Indenture and such Securities and Guarantees thereof shall be unaffected thereby. If the Company exercises its Covenant Defeasance option, payment of the Securities may not be accelerated because of, and a default or Event of Default shall be deemed not to exist as a result of or to arise out of, an Event of Default with respect to the failure of the Company to comply with any covenants provided pursuant to Section 301(18), Section 901(2), Section 901(6) or Section 901(7). Upon the effectiveness of Covenant Defeasance with respect to any series of Securities, each Guarantor of the Securities of such series shall be automatically and unconditionally released and discharged from all of its obligations under its Guarantee of the Securities of such series and all of its other obligations under this Indenture in respect of the Securities of such series, without any action by the Company, any Guarantor or the Trustee and without the consent of the Holders of any Securities.

SECTION 1303. Covenant Defeasance. Upon the Company’s exercise of its option, the option (if any, ) to have this Section 1303 applied to any Securities or any series of Securities, or if this Section 1303 shall otherwise apply to any Securities or any series of Securitiesas the case may be, (1) the Company and the Guarantors Guarantor shall be released from their respective obligations under Sections 801, 1006, 1009, 1010, 1011 and 1013 and any other Sections or covenants applicable to such Securities that are determined pursuant to Section 801 301 to be subject to this provision), and any covenants provided which were made a part of the terms of the Securities of such series in accordance with pursuant to Section 301(18301(s), Section 901(1901(b) or Section 901(12901(g) for the benefit of the Holders of such Securities Securities, and (2) the occurrence of any event specified in Section 501(4501(d) (with respect to Sections 801, 1006, 1009, 1010, 1011 and 1013 and any other Sections or covenants applicable to such Securities that are determined pursuant to Section 301 to be subject to this provision, and any such covenants provided pursuant to Sections 301(s), 901(b) or 901(g)) and Section 501(8501(g) shall be deemed not to be or result in an Event of Default, in each case with respect to such Securities and Guarantees as provided in this Section 1303 on and after the date the conditions set forth in Section 1304 are satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such Securities and GuaranteesSecurities, each of the Company and the Guarantors Guarantor may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such specified SectionSection (to the extent so specified in the case of Section 501(d)), whether directly or indirectly by reason of any reference elsewhere herein to any such Section or Article or by reason of any reference in any such Section or Article to any other provision herein or in any other document, but the remainder of this Indenture and such Securities and Guarantees shall be unaffected thereby.

SECTION 1303. Covenant Defeasance. Upon the Company’s exercise of its option, option (if any, ) to have this Section 1303 applied to any Securities or any series of Securities, or if this Section 1303 shall otherwise apply to any Securities or any series of Securitiesas the case may be, (1) the Company and the Guarantors shall be released from their respective its obligations under Section 801 1004 and any covenants provided which were made a part of the terms of the Securities of such series in accordance with pursuant to Section 301(18), Section 901(1901(2), 901(6) or Section 901(12901(7) for the benefit of the Holders of such Securities and (2) the occurrence of any event specified in Section Sections 501(4) (with respect to Section 1004 and any such covenants provided pursuant to Section 301(18), 901(2), 901(6) or 901(7)) and 501(8) shall be deemed not to be or result in an Event of Default, and (3) the provisions of Article XV [if applicable, insert — (and the provisions of the last paragraph of Section 1401)] shall cease to be effective, in each case with respect to such Securities and Guarantees as provided in this Section 1303 on and after the date the conditions set forth in Section 1304 are satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such Securities and GuaranteesSecurities, each of the Company [if applicable, insert — and the Guarantors any Guarantor] may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such specified SectionSection (to the extent so specified in the case of Section 501(4)) or Article XV [if applicable, insert — or the last paragraph of Section 1401], whether directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any reference in any such Section to any other provision herein or in any other document, but the remainder of this Indenture and such Securities [if applicable, insert — and Guarantees any Guarantees] thereof shall be unaffected thereby.

SECTION 1303. Covenant Defeasance. Upon the Company’s exercise of its option, option (if any, ) to have this Section 1303 applied to any Securities or any series of Securities, or if this Section 1303 shall otherwise apply to any Securities or any series of Securities, (1) the Company and the Guarantors Guarantor shall be released from their respective obligations under Section 801 Sections 801, 802, 1005 and 1006 (and any covenants provided which were covenant made a part of the terms of the Securities of such series in accordance with Section 301(18), Section 901(1) or Section 901(12) for the benefit of the Holders of applicable to such Securities or the Guarantees endorsed thereon pursuant to Section 301) and (2) the occurrence of any an event specified in Section 501(4) (with respect to any of Section 801, 802, 1005 or 1006 or any such covenant) (and any other Event of Default applicable to such Securities that are determined pursuant to Section 501(8301 to be subject to this provision) shall not be deemed not to be or result in an Event of Default, in each case Default with respect to the Outstanding Securities of such Securities and series, or the Guarantees as provided in this Section 1303 endorsed thereon, on and after the date the conditions set forth in Section 1304 below are satisfied (hereinafter called hereinafter, “Covenant Defeasancecovenant defeasance”), and such Securities shall thereafter be deemed not to be “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the consequences of any thereof) in connection with Sections 801, 802, 1005 and 1006 (and any other covenant made applicable to such Security pursuant to Section 301) and any such Events of Default, but shall continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, such Covenant Defeasance covenant defeasance means that, with respect to the Outstanding Securities of such Securities and Guaranteesseries, each of the Company and the Guarantors Guarantor may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such specified Section, Section or such other covenant whether directly or indirectly by reason of any reference elsewhere herein to any such Section or such other covenant or by reason of any reference in any such Section or such other covenant to any other provision herein or in any other document, but the remainder of this Indenture and such Securities and the Guarantees endorsed thereon shall be unaffected thereby. Notwithstanding the defeasance of the obligations of the Company and the Guarantor under Sections 801 or 802, any successor to the Company or the Guarantor shall be required to assume its obligations under Section 607 as a condition to such succession.

SECTION 1303. Covenant Defeasance. Upon the Company’s 's exercise of its option, option (if any, ) to have this Section 1303 applied to any Securities or any series of Securities, or if this Section 1303 shall otherwise apply to any Securities or any series of Securitiesas the case may be, (1) the Company and the Guarantors shall be released from their respective its obligations under Section 801 801(3), Sections 1006 through 1007, inclusive, and any covenants provided which were made a part of the terms of the Securities of such series in accordance with pursuant to Section 301(18), Section 901(1901(2) or Section 901(12901(7) for the benefit of the Holders of such Securities and Outstanding Securities, (2) the occurrence of any event specified in Sections 507(e) (with respect to any of Section 501(4801(3), Sections 1006 through 1007, inclusive, and any such covenants provided pursuant to Section 301(18), 901(2) or 901(7)), 507(f) and Section 501(8501(3) shall be deemed not to be or result in a Default or an Event of DefaultDefault and (3) the provisions of Article Fourteen shall cease to be effective, in each case with respect to such Securities and Guarantees as provided in this Section 1303 on and after the date the conditions set forth in Section 1304 are satisfied (hereinafter called “"Covenant Defeasance”"). For this purpose, such Covenant Defeasance means that, with respect to such Securities and GuaranteesSecurities, each of the Company and the Guarantors may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such specified SectionSection (to the extent so specified in the case of Section 507(e)) or Article Fourteen, whether directly or indirectly by reason of any reference elsewhere herein to any such Section or Article or by reason of any reference in any such Section or Article to any other provision herein or in any other document, but the remainder of this Indenture and such Securities and Guarantees shall be unaffected thereby.

SECTION 1303. Covenant Defeasance. Upon the Company’s exercise of its option, option (if any, ) to have this Section 1303 applied to any Securities or any series of Securities, or if this Section 1303 shall otherwise apply to any Securities or any series of Securitiesas the case may be, (1) the Company and the Guarantors shall be released from their respective its obligations under Section 801 801(3), Sections 1005 through 1008, inclusive, and any covenants provided which were made a part of the terms of the Securities of such series in accordance with pursuant to Section 301(18301(19), Section 901(1901(2) or Section 901(12901(7) for the benefit of the Holders of such Securities Securities, and (2) the occurrence of any event specified in Section Sections 501(4) (with respect to any of Section 801(3), Sections 1006 through 1008, inclusive, and any such covenants provided pursuant to Section 501(8301(19), 901(2) or 901(7)) shall be deemed not to be or result in an Event of DefaultDefault and (3) the provisions of Article Thirteen shall cease to be effective, in each case with respect to such Securities and Subsidiary Guarantees as provided in this Section 1303 on and after the date the conditions set forth in Section 1304 are satisfied (hereinafter herein called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such Securities and GuaranteesSecurities, each of the Company and the Guarantors Subsidiary Guarantors, as applicable, may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such specified SectionSection (to the extent so specified in the case of Section 501(4)) or Article Thirteen, whether directly or indirectly by reason of any reference elsewhere herein to any such Section or Article or by reason of any reference in any such Section or Article to any other provision herein or in any other document, but the remainder of this Indenture and such Securities and Guarantees shall be unaffected thereby.