Common use of Limitation of Applicability of Certain Covenants if Notes Rated Investment Grade Clause in Contracts

Limitation of Applicability of Certain Covenants if Notes Rated Investment Grade. (a) The obligations of the Company and its Restricted Subsidiaries to comply with the provisions of Sections 6.02, 6.04, 6.05, 6.06, 6.07, 6.08, 6.09(iv) and 6.11 hereof will terminate (such terminated covenants, the “Extinguished Covenants”) and cease to have any further effect from and after each date when the Notes issued under the Indenture are rated Investment Grade; provided, that if the Notes subsequently cease to be rated Investment Grade, then, from and after each such time as the Notes cease to be rated Investment Grade until such time as the Notes are again rated Investment Grade, the obligations of the Company and its Restricted Subsidiaries to comply with the Extinguished Covenants shall be reinstated.

Appears in 2 contracts

Samples: Tenth Supplemental Indenture (Standard Pacific Corp /De/), Supplemental Indenture (Standard Pacific Corp /De/)

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Limitation of Applicability of Certain Covenants if Notes Rated Investment Grade. (a) The obligations of Issuer, the Company and its Restricted Subsidiaries Subsidiaries’ obligations to comply with the provisions of the Indenture under this Article 4 (except for Sections 6.024.01, 6.044.02, 6.054.03, 6.064.04, 6.074.05, 6.084.08, 6.09(iv4.11 (subject to Section 6.03(b)), 4.12, 4.14 (other than clause (iii) of the first paragraph thereof), 4.15, 4.16, 4.17 and 6.11 hereof this Section 4.18, will terminate (such terminated covenants, the “Extinguished Covenants”) and cease to have any further effect from and after each the first date when the Notes issued under the Indenture are rated Investment Grade; provided, that if the Notes subsequently cease to be rated Investment Grade, then, from and after each such the time as the Notes cease to be rated Investment Grade until such time as the Notes are again rated Investment Grade, the obligations of Issuer’s, the Company Company’s and its Restricted Subsidiaries Subsidiaries’ obligation to comply with the Extinguished Covenants shall be reinstated.

Appears in 1 contract

Samples: Indenture (Hovnanian Enterprises Inc)

Limitation of Applicability of Certain Covenants if Notes Rated Investment Grade. (a) The obligations of Issuer, the Company and its Restricted Subsidiaries Subsidiaries’ obligations to comply with the provisions of the Indenture under this Article 4 (except for Sections 6.024.01, 6.044.02, 6.054.03, 6.064.04, 6.074.05, 6.084.08, 6.09(iv4.11 (subject to Section 6.03(b)), 4.12, 4.14 (other than clause (iii) of the first paragraph thereof), 4.15, 4.16, 4.17, 4.19 and 6.11 hereof this Section 4.18, will terminate (such terminated covenants, the “Extinguished Covenants”) and cease to have any further effect from and after each the first date when the Notes issued under the Indenture are rated Investment Grade; provided, that if the Notes subsequently cease to be rated Investment Grade, then, from and after each such the time as the Notes cease to be rated Investment Grade until such time as the Notes are again rated Investment Grade, the obligations of Issuer’s, the Company Company’s and its Restricted Subsidiaries Subsidiaries’ obligation to comply with the Extinguished Covenants shall be reinstated.

Appears in 1 contract

Samples: Indenture (Hovnanian Enterprises Inc)

Limitation of Applicability of Certain Covenants if Notes Rated Investment Grade. (a) The obligations of Issuer’s, the Company Company’s and its Restricted Subsidiaries Subsidiaries’ obligations to comply with the provisions of the Indenture under this Article 4 (except for Sections 6.024.01, 6.044.02, 6.054.03, 6.064.04, 6.074.05, 6.084.08, 6.09(iv4.11 (subject to Section 6.03(b)), 4.12, 4.14 (other than clause (iii) of the first paragraph thereof), 4.15, 4.16, 4.17 and 6.11 hereof this Section 4.18, will terminate (such terminated covenants, the “Extinguished Covenants”) and cease to have any further effect from and after each the first date when the Notes issued under the Indenture are rated Investment Grade; provided, that if the Notes subsequently cease to be rated Investment Grade, then, from and after each such the time as the Notes cease to be rated Investment Grade until such time as the Notes are again rated Investment Grade, the obligations of Issuer’s, the Company Company’s and its Restricted Subsidiaries Subsidiaries’ obligation to comply with the Extinguished Covenants shall be reinstated.

Appears in 1 contract

Samples: Indenture (Hovnanian Enterprises Inc)

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Limitation of Applicability of Certain Covenants if Notes Rated Investment Grade. (a) The obligations of the Company and its Restricted Subsidiaries to comply with the provisions of Sections 6.024.06, 6.044.08, 6.054.09, 6.064.10, 6.074.11, 6.084.12, 6.09(ivand 4.14 and paragraph (d) and 6.11 of Section 5.01 hereof will terminate (such terminated covenants, the “Extinguished Covenants”) and cease to have any further effect from and after each date when the Notes issued under the this Indenture are rated Investment Grade; provided, provided that if the Notes subsequently cease to be rated Investment Grade, then, from and after each such time as the Notes cease to be rated Investment Grade until such time as the Notes are again rated Investment Grade, the obligations of the Company and its Restricted Subsidiaries to comply with the Extinguished Covenants shall be reinstated.

Appears in 1 contract

Samples: Paying Agent (Standard Pacific Corp /De/)

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