Release of Covenants. (a) If on any date following the Issue Date:
(1) the Securities have been assigned an Investment Grade Rating by any two Rating Agencies; and
(2) no Default or Event of Default has occurred and is continuing (the occurrence of the events described in the foregoing clauses (1) and (2) being collectively referred to as a “Covenant Suspension Event”), the Company and its Restricted Subsidiaries shall not be subject to the following provisions of this Indenture (collectively referred to as the “Suspended Covenants”):
(A) Section 4.03;
(B) Section 4.04;
(C) Section 4.05;
(D) Section 4.06;
(E) Section 4.07;
(F) Section 4.10; and
(G) Section 5.01(a)(3);
(b) During any Suspension Period, the reference to 10% of the Company’s Consolidated Net Tangible Assets in clause (9) of “Permitted Liens” in Section 1.01 shall be replaced with 15% of the Company’s Consolidated Net Tangible Assets.
(c) In the event that the Company and its Restricted Subsidiaries are not subject to the Suspended Covenants for any period of time as a result of the foregoing, and on any subsequent date (the “Reversion Date”), the Securities cease to have an Investment Grade Rating from any two Rating Agencies, then the Company and its Restricted Subsidiaries shall thereafter again be subject to the Suspended Covenants. The period of time between the occurrence of a Covenant Suspension Event and the Reversion Date is referred to as the “Suspension Period.” Notwithstanding that the Suspended Covenants may be reinstated, no Default or Event of Default shall be deemed to have occurred as a result of a failure to comply with any of the Suspended Covenants during the Suspension Period (or upon termination of the Suspension Period or after that time based solely on events that occurred during the Suspension Period).
(d) On the Reversion Date, all Debt incurred during the Suspension Period shall be classified to have been incurred pursuant to Section 4.03(a) or one of clauses (1) through (15) of Section 4.03(b) (to the extent such Debt would be permitted to be incurred thereunder as of the Reversion Date and after giving effect to the Debt incurred prior to the Suspension Period and outstanding on the Reversion Date). To the extent such Debt would not be permitted to be incurred pursuant to Section 4.03 such Debt shall be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under Section 4.03(b)(7) The Issuer or the Company shall give the Trustee prompt written notifica...
Release of Covenants. Hirel hereby agrees that the operations of its Mac-in-Stock division consist solely of the sale of personal computers and accessories manufactured by Apple Computer Company ("Apple"), and that it is not engaged in the manufacture, sale or distribution of personal computers in Latin America, other than those manufactured by Apple. Accordingly, Hirel hereby agrees that it does not have, and shall not have, any cause or causes of action against Xxxxxx, UIS or Xxxxxxxxxx by virtue of any covenants against competition that may have previously been executed by Xxxxxxxxxx with Hirel, or pursuant to the Consulting Agreement. Hirel further acknowledges and agrees that Xxxxxxxxxx does not have any "confidential information," as such term is defined under the Employment Agreement, that does or could relate to the UIS business, and accordingly Hirel agrees that it has no cause or causes of action that may be brought against Xxxxxx or Xxxxxxxxxx as a result of the services to be provided by 2M to Xxxxxx under the 2M Consulting Agreement.
Release of Covenants. Upon the expiration of the Affordability Period and provided no Event of Default is existing and continuing, the City shall execute one or more releases to indicate such satisfactory performance and release by a written instrument in recordable form executed and acknowledged by the City.
Release of Covenants. If on any date following the Issue Date: (a) the Notes have been assigned an Investment Grade Rating by any two Rating Agencies; and (b) no Default or Event of Default shall have occurred and be continuing, then, beginning on that day and subject to the provisions of the following two paragraphs, the covenants specifically set forth in the following Sections will automatically, without any notice of any kind, be suspended (and the Company and the Restricted Subsidiaries will have no obligation or liability whatsoever with respect to such covenants): (1) Section 801(a)(iii) – Consolidation, Merger, Conveyance, Sale or Lease; 104 Section 1024. Anti-Money Laundering, Terrorism and Economic Sanctions
Release of Covenants. (a) If on any date following the Issue Date:
(i) (1) the Notes have been assigned an Investment Grade Rating by any two Rating Agencies; and
(ii) no Default shall have occurred and be continuing (each of (1)(a) and (1)(b) under this Section 11.01, a “Covenant Suspension Event”), then, beginning on that day and subject to the provisions of Section 11.01(b), the Suspended Covenants will automatically, without any notice of any kind, be suspended (and the Company and its Subsidiaries will have no obligation or liability whatsoever with respect to such covenants).
Release of Covenants. 35 6.16. REPRESENTATIONS................................................... 35 6.17. CERTIFICATE AS TO AGREEMENT FOR LEASE............................. 35 7. INTERPRETATION .................................................................. 36 SCHEDULE 1 Part I The demised premises....................................... 37 Part II Matters to which the demised premises is subject...................................................... 37 SCHEDULE 2 Easements and Rights Granted...................................... 38 SCHEDULE 3 Exceptions and Reservations....................................... 39 SCHEDULE 4 Provisions for Rent Review........................................ 40 THIS LEASE made the day of 1996 BETWEEN:-
Release of Covenants. 6.15.1. Upon a lawful assignment of the whole of the demised premises by the Tenant in accordance with Clause 3.30 the Tenant shall thereafter be released from any future obligation to observe or perform the covenants on the Tenant's part contained in this Lease
6.15.2. Upon a lawful assignment of its reversionary interest in the whole of the demised premises the Landlord shall thereafter be released from any future obligation to observe or perform the covenants on the Landlord's part contained in this Lease
Release of Covenants. Company and The JPM Company agree to automatically release Employee from the covenants set forth in paragraphs 6, 8, and 9 upon any material breach by JPM or Company under this agreement, which breach shall not have been cured by the Company or JPM within 30 days of the Company or JPM's receipt from the Employee of written notice specifying in reasonable detail the nature of Company's or JPM's breach; or Company or The JPM Company files for voluntary bankruptcy or reorganization; or upon involuntary bankruptcy petition against Company or JPM, unless dismissed within sixty (60) days of filing. 12.
Release of Covenants. Employee shall be released from the covenants contained in Sections 2, 5, and 6 upon the occurrence of any of the following events: (i) the Termination for Cause of Employee’s employment by the Company as defined in Section 1; (ii) a Change in Control as defined in Section 1; or (iii) any material breach by Company of its obligations to Employee arising under this Agreement or the Employment Agreement, including (a) any amendments or addenda related to either this Agreement or the Employment Agreement or (b) any future non-competition agreement or employment agreement, if said breach remains uncured for more than thirty (30) days after Employee gives Company written notice of breach specifying the nature of the breach.
Release of Covenants. Notwithstanding any other provision hereof, the Company's obligations and covenants under this Article IV shall be of no further force and effect upon the occurrence of any of the following: (A) the Debentures plus interest is either repaid or converted; (B) the Company has obtained financing of at least $5,000,000 from any third party on terms more favorable than the terms of this Agreement to acquire acreage and/or drill xxxxx directly or indirectly; or (C) the Company has met all of its obligations to make payments to acquire acreage, to drill xxxxx and pay cash calls for the drilling of xxxxx through September 1, 2004. Upon the satisfaction of one or more of the foregoing events, as certified in writing by the Company's Chief Executive Officer, the Agent agrees to execute such UCC-3 and other termination or release of lien documents as the Company shall request, within five Business Days of its receipt of the Company's request therefor.
