Extinguishment of Obligations. Notwithstanding anything to the contrary in this Indenture or any Indenture Supplement, all obligations of the Issuer hereunder or under any Indenture Supplement shall be deemed to be extinguished in the event that, at any time, the Issuer, the Guarantor and the Asset Entities have no assets (which shall include claims that may be asserted by the Issuer, the Guarantor and the Asset Entities with respect to contractual obligations of third parties to the Issuer, the Guarantor and the Asset Entities but which shall not include the proceeds of the issue of their shares in respect of the Closing Date). No further claims may be brought against any of the Issuer’s directors or officers or against their shareholders or members, as the case may be, for any such obligations, except in the case of fraud or actions taken in bad faith by such Persons.
Extinguishment of Obligations. Notwithstanding anything to the contrary in this Agreement, all obligations of the Guarantor hereunder shall be deemed to be extinguished in the event that, at any time, the Issuer, the Guarantor and the Asset Entities have no assets (which shall include claims that may be asserted by the Issuer, the Guarantor and the Asset Entities with respect to contractual obligations of third parties to the Issuer, the Guarantor and the Asset Entities). To the fullest extent permitted by applicable law, no further claims may be brought against any of the Guarantor’s directors or officers or against their shareholders, partners or members, as the case may be, for any such obligations.
Extinguishment of Obligations. Notwithstanding anything to the contrary in this Reinsurance Agreement, all obligations of and any claims against the Reinsurer hereunder shall be extinguished and shall not thereafter revive in the event that, at any time, the Collateral is exhausted (and there are no claims that may be asserted by the Reinsurer with respect to contractual obligations of third parties to the Reinsurer). The Ceding Insurer shall have no further claim thereafter against the Reinsurer, its directors, officers or shareholders for any shortfall in the Collateral. The Ceding Insurer shall only have recourse to the Collateral for satisfaction of the Reinsurer's obligations hereunder. The proceeds from the issuance of the Reinsurer's ordinary shares (US$5,000), an additional amount of US$1,500 and any proceeds earned thereon shall not form part of the assets available to satisfy the Reinsurer's obligations. The provisions of this Section 18.4 shall survive the termination of this Reinsurance Agreement.
Extinguishment of Obligations. Notwithstanding anything to the contrary herein, all obligations of and all claims against the Reinsurer hereunder shall be limited recourse obligations of the Reinsurer payable solely from the Collateral and any claims that may be asserted by the Reinsurer with respect to contractual obligations of third parties to the Reinsurer shall be extinguished and shall not thereafter revive in the event that, at any time, the Collateral and such third party claims are exhausted. The Cedant, by entering into this Agreement, agrees that no claim may be brought against the Reinsurer, its directors, officers or shareholders for any shortfall in the Reinsurer’s assets. The Cedant shall only have recourse to the Reinsurer’s assets for satisfaction of the Reinsurer’s obligations hereunder. The proceeds of issuance of the Reinsurer’s ordinary shares (US$5,000), an amount equal to US$1,500 entered into the same account as the proceeds of the issuance of the Reinsurer’s ordinary shares, and any proceeds earned thereon, shall not form part of the assets available to satisfy the Reinsurer’s obligations. The provisions of this paragraph shall survive the termination of this Agreement for any reason whatsoever.
Extinguishment of Obligations. Notwithstanding anything to the contrary in this Base Indenture or any Series Supplement, all obligations of the Obligors hereunder or under any Series Supplement shall be deemed to be extinguished in the event that, at any time, the Issuer, the Guarantor and the Asset Entities have no assets (which shall include claims that may be asserted by the Issuer, the Guarantor and the Asset Entities with respect to contractual obligations of third parties to the Issuer, the Guarantor and the Asset Entities but which shall not include the proceeds of the issue of their Equity Interests). No further claims may be brought against any of the Obligors’ directors or officers or against their shareholders or members, as the case may be, for any such obligations, except in the case of fraud or actions taken in bad faith by such Persons.
Extinguishment of Obligations. Notwithstanding anything to the contrary in this Agreement, all obligations of the Co-Guarantor hereunder shall be deemed to be extinguished in the event that, at any time, the Issuer, the Co-Issuer, the Co-Guarantor, the Co-Guarantor and the Asset Entities have no assets (which shall include claims that may be asserted by the Issuer, the Co-Issuer, the Co-Guarantor, the Co-Guarantor and the Asset Entities with respect to contractual obligations of third parties to the Issuer, the Co-Issuer, the Co-Guarantor, the Co-Guarantor and the Asset Entities). No further claims may be brought against any of the Co-Guarantor’s directors or officers or against their shareholders or members, as the case may be, for any such obligations, except in the case of fraud or actions taken in bad faith by such Persons.
Extinguishment of Obligations. Each Senior Lender agrees to extinguish all obligations by the Company under the Agreement and Transaction Documents (the “Senior Debt Restructuring”), subject to the following conditions, which shall be satisfied by or before January 30, 2009 (the “Effective Date”):
(a) the payment to the Senior Lenders of $3,500,000;
(b) the issuance to the Senior Lenders of 5-year subordinated notes at the rate of 6% per annum, in the aggregate principal amount of $1,000,000 (the “New Subordinated Notes”), substantially in the form of Exhibit A attached hereto;
(c) the issuance of 9,000,000 restricted shares of the Company’s Common Stock to the Senior Lenders (the “Covered Securities”); and
(d) the conversion of all of the Subordinated Notes. For avoidance of doubt, upon satisfaction of the conditions set forth above by or before the Effective Date, all obligations of the Company under the Agreement, the Notes, the Guaranty, the Security Agreement, the Pledge Agreement, the Registration Rights Agreement, the Irrevocable Transfer Agent Instructions, the Warrants, together with any other Transaction Document entered into by the parties to the Agreement in connection with the transactions contemplated therein shall be extinguished.
Extinguishment of Obligations. Notwithstanding anything to the contrary in this Indenture or any Indenture Supplement, all obligations of the Issuers and the Guarantor hereunder or under any Indenture Supplement shall be deemed to be extinguished in the event that, at any time, the Issuers and the Guarantor have no assets (which shall include claims that may be asserted by the Issuers and the Guarantor with respect to contractual obligations of third parties to the Issuers and the Guarantor). No further claims may be brought against any of the Issuers’ directors or officers or against their shareholders or members, as the case may be, for any such obligations, except in the case of fraud or actions taken in bad faith by such Persons.
Extinguishment of Obligations. Notwithstanding anything to the contrary in this Base Indenture or any Indenture Supplement, all obligations of the Obligors hereunder or under any Indenture Supplement shall be deemed to be extinguished in the event that, at any time, the Co-Issuers, the Guarantors and the Asset Entities have no assets (which shall include claims that may be asserted by the Co-Issuers, the Guarantors and the Asset Entities with respect to contractual obligations of third parties to the Co-Issuers, the Guarantors and the Asset Entities but which shall not include the proceeds of the issue of their Equity Interests in respect of the Series 2021-1 Closing Date). No further claims may be brought against any of the Obligors’ directors or officers or against their shareholders or members, as the case may be, for any such obligations, except in the case of fraud or actions taken in bad faith by such Persons.
Extinguishment of Obligations. Notwithstanding anything to the contrary in this Base Indenture or any Indenture Supplement, all obligations of the Issuer hereunder or under any Indenture Supplement shall be deemed to be extinguished in the event that, at any time, the Issuer and the Guarantor have no assets (which shall include claims that may be asserted by the Issuer and the Guarantor with respect to contractual obligations of third parties to the Issuer and the Guarantor but which shall not include the proceeds of the issue of their Equity Interests in respect of the Initial Closing Date). No further claims may be brought against any of the Issuer’s directors or officers or against its shareholders or members, as the case may be, for any such obligations, except in the case of fraud or actions taken in bad faith by such Persons.
