Common use of Discharge; Option to Effect Legal Defeasance or Covenant Defeasance Clause in Contracts

Discharge; Option to Effect Legal Defeasance or Covenant Defeasance. This Indenture shall cease to be of further effect (except that the Issuers' and the Subsidiary Guarantors' obligations under Section 7.7 and the Trustee's and the Paying Agent's obligations under Sections 8.6 and 8.7 shall survive) when all outstanding Notes theretofore authenticated and issued have been delivered (other than destroyed, lost or stolen Notes that have been replaced or paid) to the Trustee for cancellation and the Issuers or the Subsidiary Guarantors have paid all sums payable hereunder. In addition, the Issuers may elect at any time to have Section 8.2 or Section 8.3, at the Issuers' option, of this Indenture applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8.

Appears in 2 contracts

Samples: Indenture (Majestic Investor Capital Corp), Indenture (Majestic Star Casino LLC)

AutoNDA by SimpleDocs

Discharge; Option to Effect Legal Defeasance or Covenant Defeasance. This Indenture shall cease to be of further effect (except that the Issuers' Company's and the Subsidiary Guarantors' obligations under Section 7.7 and the Trustee's and the Paying Agent's obligations under Sections 8.6 and 8.7 shall survive) when all outstanding Notes Securities theretofore authenticated and issued have been delivered (other than destroyed, lost or stolen Notes Securities that have been replaced or paid) to the Trustee for cancellation and the Issuers Company or the Subsidiary Guarantors have paid all sums payable hereunder. In addition, the Issuers Company may elect at any time to have Section 8.2 or Section 8.3, at the Issuers' Company's option, of this Indenture applied to all outstanding Notes Securities upon compliance with the conditions set forth below in this Article 8VIII.

Appears in 1 contract

Samples: Financing Agreement (Big 5 Corp /Ca/)

AutoNDA by SimpleDocs

Discharge; Option to Effect Legal Defeasance or Covenant Defeasance. This Indenture shall cease to be of further effect (except that the Issuers' and the Subsidiary Guarantors' obligations under Section 7.7 and the Trustee's and the Paying Agent's obligations under Sections 8.6 and 8.7 shall survive) when all outstanding Notes theretofore authenticated and issued have been delivered (other than destroyed, lost or stolen Notes that have been replaced or paid) to the Trustee for cancellation and the Issuers or the Subsidiary Guarantors have paid all sums payable hereunder. In addition, the Issuers may elect at any time to have Section 8.2 or Section 8.3, at the Issuers' option, of this Indenture applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8VIII.

Appears in 1 contract

Samples: Majestic Star Casino LLC

Time is Money Join Law Insider Premium to draft better contracts faster.