Neiman Marcus 2010 Annual Report Download - page 143

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Section 2.03 Subrogation. The Guarantor shall be subrogated to all rights of Holders against the Company in respect of
any amounts paid by the Guarantor pursuant to the provisions of Section 2.01 of this First Supplemental Indenture; provided, however,
that, if a Default or Event of Default has occurred and is continuing, the Guarantor shall not be entitled to enforce or receive any
payments arising out of, or based upon, such right of subrogation until all amounts then due and payable by the Company under the
Indenture or the 2028 Debentures shall have been paid in full.
Section 2.04 Reinstatement. The Guarantor hereby agrees that the Guarantee provided for in Section 2.01 of this First
Supplemental Indenture shall continue to be effective or be reinstated, as the case may be, if at any time, payment, or any part thereof,
of any obligations or interest thereon is rescinded or must otherwise be restored by a Holder to the Company upon the bankruptcy or
insolvency of the Company or the Guarantor.
Section 2.05 Release. The Guarantee shall automatically and unconditionally be released and discharged, and no further
action by the Guarantor, the Company or the Trustee is required for the release of the Guarantee, upon exercise by the Company of its
defeasance of the Notes under Section 403(a) or (b) the Base Indenture or if the Company's obligations under this Indenture are
discharged in accordance with Section 401 of the Base Indenture.
ARTICLE THREE
MISCELLANEOUS
Section 3.01 Effect of This First Supplemental Indenture. This First Supplemental Indenture supplements the Original
Indenture and shall be a part, and subject to all the terms, thereof. The Original Indenture, as supplemented and amended by this First
Supplemental Indenture, is in all respects ratified and confirmed, and the Original Indenture and this First Supplemental Indenture
shall be read, taken and construed as one and the same instrument. All provisions included in this First Supplemental Indenture
supersede any conflicting provisions included in the Original Indenture unless not permitted by law.
Section 3.02 Governing Law. This First Supplemental Indenture shall be governed by, and construed in accordance with
and governed by the laws of the State of New York, without regard to conflicts of laws principles thereof.
Section 3.03 Effect of Headings. The section headings herein are for convenience only and shall not affect the
construction of this First Supplemental Indenture.
Section 3.04 Counterparts. The parties may sign multiple counterparts of this First Supplemental Indenture. Each
signed counterpart shall be deemed an original, but all of them together represent one and the same agreement.
Section 3.05 Trustee. The Trustee makes no representations as to the validity or sufficiency of this First Supplemental
Indenture; the recitals and statements herein are deemed to be those of the Company and Guarantor and not of the Trustee.
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