Common use of Permitted Event Clause in Contracts

Permitted Event. The exclusion of a Guarantor (other than MCRC) or any other Subsidiary or Operating Subsidiary as a Credit Party by the Borrower solely for the purposes of the proceedings of a bankruptcy filed by or against such Person and involving for all creditors of such bankruptcy a total Indebtedness which is in an amount permitted within §12.1(f)(i) cumulatively with any other then pending Permitted Event or other matter affecting §12.1(f)(i). For purposes of a Permitted Event, the term “bankruptcy” shall include all actions or proceedings described in §12.1(g) or §12.1(h). The Borrower may exercise the provisions of §12.1 (last paragraph) for Permitted Event(s) provided such exercise shall not allow for a breach of the limitation on Permitted Events relating to §12.1(f)(i) or otherwise cause a Default or Event of Default.

Permitted Event. The exclusion of a Guarantor (other than MCRC) or any other Subsidiary or Operating Subsidiary as a Credit Party by the Borrower solely for the purposes of the proceedings of a bankruptcy filed by or against such Person and involving for all creditors of such bankruptcy a total Indebtedness which is in an amount permitted within §Section 12.1(f)(i) cumulatively with any other then pending Permitted Event or other matter affecting §Section 12.1(f)(i). For purposes of a Permitted Event, the term “"bankruptcy” " shall include all actions or proceedings described in §Section 12.1(g) or §Section 12.1(h). The Borrower may exercise the provisions of §Section 12.1 (last paragraph) for Permitted Event(s) provided such exercise shall not allow for a breach of the limitation on Permitted Events relating to §Section 12.1(f)(i) or otherwise cause a Default or Event of Default. PERMITTED LIENS. Liens, security interests and other encumbrances permitted by Section 8.2.