Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture. (b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein. (c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 29 contracts
Samples: Supplemental Indenture (L 3 Communications Corp), Supplemental Indenture (L 3 Communications Holdings Inc), Supplemental Indenture (L 3 Communications Holdings Inc)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' ’ Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' ’ Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 14 contracts
Samples: Supplemental Indenture (L 3 Communications Holdings Inc), Supplemental Indenture (L 3 Communications Holdings Inc), Supplemental Indenture (L 3 Communications Holdings Inc)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock The Subsidiary Guarantee of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby Subsidiary Guarantor shall be released; provided that :
(i) in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance connection with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a any sale or other disposition of all or substantially all of the assets of that Subsidiary Guarantor (including by way of merger or consolidation), if the Issuer that directly or indirectly owns such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, Guarantor applies the Net Proceeds from of such sale or other disposition are treated disposition, in accordance with the applicable provisions of Section 4.10 of the Indenture;
(ii) in connection with the sale of all of the capital stock of a Subsidiary Guarantor, if the Issuer that directly or indirectly owns such Subsidiary Guarantor applies the Net Proceeds of that sale, in accordance with the applicable provisions of the Indenture;
(iii) in connection with any transaction which results in a Subsidiary Guarantor ceasing to be a Restricted Subsidiary of an Issuer, if the transaction is not in violation of the applicable provisions of the Indenture;
(iv) if an Issuer designates any Restricted Subsidiary of such Issuer that is a Subsidiary Guarantor as an Unrestricted Subsidiary, in accordance with the applicable provisions of the Indenture; or
(v) if a Subsidiary Guarantor has no outstanding Indebtedness after giving effect to such release other than pursuant to clause (2), (4), (5), (6) (with respect to Permitted Refinancing Indebtedness in respect of Indebtedness initially incurred under clause (2) or (5) only), (7), (10), (11), (12), (13), (14) or (15) of Section 4.09 of the Indenture or pursuant to clause (9) of Section 4.09 of the Indenture (with respect to Indebtedness incurred under any of the foregoing clauses) and an Officers’ Certificate certifying the foregoing is presented to the Trustee together with a request to release such Subsidiary Guarantor from its Subsidiary Guarantee. Upon delivery by the Company Issuers to the Trustee of an Officers' ’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, Issuers in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, limitation Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing any Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released Guarantor from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Any Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary Guarantor not released from its Obligations obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations obligations of any Guaranteeing Subsidiary Guarantor under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 Article 11 of the Indenture.
Appears in 10 contracts
Samples: Supplemental Indenture (Emergency Medical Services CORP), Supplemental Indenture (Emergency Medical Services L.P.), Supplemental Indenture (Emergency Medical Services CORP)
Releases. (a) Concurrently with The Guaranteeing Subsidiary will be released and relived of any sale of assets obligations under its Subsidiary Guarantee, the Indenture, the Notes and the Registration Rights Agreement (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that i) in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a any sale or other disposition of all or substantially all of the assets of the Guaranteeing Subsidiary (including by way of merger, consolidation or otherwise) to a Person that is not (either before or after giving effect to such Guaranteeing Subsidiarytransaction) shall be released from and relieved a Subsidiary of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset SaleIssuer, the Net Proceeds from such (ii) a sale or other disposition are treated in accordance with the provisions of Section 4.10 all of the IndentureCapital Stock of the Guaranteeing Subsidiary, in each case, to a Person that is not (either before or after giving effect to such transactions) a Subsidiary of the Issuer, (iii) upon Legal Defeasance or Covenant Defeasance of the Notes pursuant to Article Eight of the Indenture or (iv) if the Guaranteeing Subsidiary is released from its guarantees under all Credit Facilities of the Issuer or another Guarantor (including as a result of such Credit Facilities ceasing to be outstanding). Upon delivery by the Company Issuer to the Trustee of an Officers' ’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 Indenture with respect to the release of the Indenturesuch Guaranteeing Subsidiary have been satisfied, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released any Guarantor from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary Guarantor not released from its Obligations obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations obligations of any Guaranteeing Subsidiary Guarantor under the Indenture as provided hereinin Article 10 of the Indenture.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Nothing contained in the Indenture or in accordance with, and subject to, Section 4.18 any of the IndentureNotes shall prevent any consolidation or merger of a Guarantor with or into an Issuer (in which case such Guarantor shall no longer be a Guarantor) or another Guarantor or shall prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an entirety to an Issuer or another Guarantor.
Appears in 10 contracts
Samples: Supplemental Indenture (CoreCivic, Inc.), Supplemental Indenture (CoreCivic, Inc.), Supplemental Indenture (CoreCivic, Inc.)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in In the event of an Asset Salea sale (including by way of merger, the Net Proceeds from such sale amalgamation or other disposition are treated consolidation in accordance compliance with the provisions of Section 4.10 5.01 of the Indenture. If ) of all the assets sold in such sale or other disposition include all or substantially all capital stock of the assets of a Guaranteeing Subsidiary to a Person that is not (either before or all of after giving effect to such transaction) the Capital Stock of Company or a Guaranteeing Subsidiary, Restricted Subsidiary then the Guaranteeing Subsidiary (in the event of a sale or other disposition disposition, by way of merger, consolidation or otherwise, of all of the Capital Stock capital stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall will be released from and relieved of its Obligations any obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant heretoGuarantee; provided provided, that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance complies with the provisions of Section 4.10 of the Indenture. Further, if the Company redesignates any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary in accordance with Section 4.17 of the Indenture then the Guaranteeing Subsidiary will be released and relieved of any obligations under this Subsidiary Guarantee. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, limitation Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guarantee.
(b) The Guaranteeing Subsidiary is not released from its obligations under its this Subsidiary Guarantee, it Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such the Guaranteeing Subsidiary under the Indenture as provided in this Supplemental IndentureArticle 10 thereof.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 9 contracts
Samples: Supplemental Indenture (Ainsworth Lumber Co LTD), Supplemental Indenture (Ainsworth Lumber Co LTD), Supplemental Indenture (Ainsworth Lumber Co LTD)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 7 contracts
Samples: Supplemental Indenture (L 3 Communications Corp), Supplemental Indenture (L 3 Communications Holdings Inc), Supplemental Indenture (L 3 Communications Holdings Inc)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 7 contracts
Samples: Supplemental Indenture (L 3 Communications Holdings Inc), Supplemental Indenture (L 3 Communications Holdings Inc), Supplemental Indenture (L 3 Communications Holdings Inc)
Releases. (a) Concurrently If, in connection with any sale of assets (including, if applicable, all the exercise of the Controlling Collateral Agent’s remedies in respect of the Shared Collateral provided for in Section 3.1, or, during the continuance any matured “event of default” under the Working Capital Stock Facility Documents, in connection with a Disposition in lieu of a Guaranteeing Subsidiary)foreclosure or other exercise of remedies on any of Shared Collateral by any Obligor at the written direction, or with the approval, of the Controlling Collateral Agent or the Controlling Collateral Agent for itself or on behalf of any of the Controlling Secured Parties, the Controlling Collateral Agent releases any of its Liens on any part of the Shared Collateral, then all Liens, if any, Liens on such Shared Collateral in favor of the Trustee in the assets sold thereby any Secured Party (other than any such Liens on Proceeds, which shall continue notwithstanding such release) shall be automatically, unconditionally and simultaneously released; , provided that in the event Proceeds of an Asset Sale, such Shared Collateral are applied to repay the Net Proceeds from such sale or other disposition are treated Obligations in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture4.1.
(b) Upon the designation If in connection with any sale, lease, exchange, transfer or other disposition of any Shared Collateral (collectively, a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with “Disposition”) permitted under the terms of each of the IndentureWorking Capital Facility Documents, the Notes Documents and the Pari Passu Indebtedness Documents (other than in connection with the exercise of the Controlling Collateral Agent’s remedies or any other Enforcement Action in respect of the Shared Collateral provided for in Section 3.1), the Controlling Collateral Agent, for itself or on behalf of any of the Controlling Secured Parties, releases its Liens on any of the Shared Collateral, other than in connection with, or in anticipation of, the Discharge of Working Capital Facility Obligations, then the Existing Notes Liens, the Interim Notes Liens and the Pari Passu Liens on such Guaranteeing Subsidiary Shared Collateral shall be automatically, unconditionally and simultaneously released; provided, that the Existing Notes Liens and Interim Notes Liens upon the Shared Collateral securing the Notes Obligations shall not be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by if the Company Disposition is subject to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions Section 6.01 of the Interim Notes Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary If (i) the Required Working Capital Facility Lenders, the Required Noteholders under the Notes Documents and the Required Pari Passu Lenders under the Pari Passu Indebtedness Documents consent to a release of any or all of the Shared Collateral, and (ii) the Company delivers an Officers’ Certificate to the Working Capital Facility Collateral Agent, the Notes Collateral Agent and the Pari Passu Collateral Agent certifying that all such necessary consents have been obtained, the Working Capital Facility Collateral Agent, for itself and for the benefit of the Working Capital Facility Lenders, the Notes Collateral Agent, for itself and for the benefit of the Noteholders, and the Pari Passu Collateral Agent, for itself and for the benefit of the Pari Passu Lenders, shall unconditionally and simultaneously release their Liens on such Shared Collateral.
(d) If the guarantee of the Notes Indebtedness by a Guarantor is released in accordance with the Notes Documents, the Liens on the Shared Collateral securing such guarantee of such Guarantor shall be automatically, unconditionally and simultaneously released.
(e) If the guarantee of the Working Capital Facility Indebtedness by a Guarantor is released and relieved of its obligations under this Supplemental Indenture in accordance withwith the Working Capital Facility Documents, the Working Capital Facility Liens on the Shared Collateral of such Guarantor shall be automatically, unconditionally and subject to, Section 4.18 simultaneously released.
(f) If the guarantee of the IndenturePari Passu Indebtedness by a Guarantor is released in accordance with the Pari Passu Indebtedness Documents, the Pari Passu Liens on the Shared Collateral of such Guarantor shall be automatically, unconditionally and simultaneously released. provided, that, in each case, the Controlling Collateral Agent and each Trustee have received all documentation, if any, that may be required by the Trust Indenture Act in connection therewith. In connection with any release of Collateral as provided for above, the Controlling Collateral Agent will promptly execute any release documentation with respect thereto reasonably requested by the Company.
(g) Each of the Authorized Representatives hereby irrevocably constitutes and appoints the Controlling Collateral Agent and any officer or agent of the Controlling Collateral Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Authorized Representative, or in the Controlling Collateral Agent’s name, from time to time in the Controlling Collateral Agent’s discretion, for the purpose of carrying out the terms of this Section 5.1, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the purposes of this Section 5.1, including, without limitation, any financing statement amendments, endorsements or other instruments or transfer or release. This power is coupled with an interest and shall be irrevocable.
Appears in 7 contracts
Samples: Intercreditor Agreement (FiberTower CORP), Omnibus Intercreditor Agreement (FiberTower CORP), Indenture (FiberTower CORP)
Releases. (a) Concurrently If in connection with the exercise of any sale of assets (including, if applicable, all of the Capital Stock US Revolving Credit Collateral Agent’s remedies in respect of a Guaranteeing Subsidiary)any Revolving Credit Primary Collateral as provided for in Section 3.1, all the US Revolving Credit Collateral Agent, for itself and/or on behalf of any of the Revolving Credit Claimholders, releases any of its Liens on any part of the Revolving Credit Primary Collateral, then the Liens, if any, in favor of the Trustee Notes Collateral Agent, for itself and/or for the benefit of the Notes Claimholders, on the Revolving Credit Primary Collateral sold or disposed of in the assets sold thereby connection with such exercise, shall be automatically, unconditionally and simultaneously released; provided that in the event . The Notes Collateral Agent, for itself and/or on behalf of an Asset Saleany such Notes Claimholders, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) promptly shall be released from execute and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. Upon delivery by the Company deliver to the Trustee of an Officers' Certificate to the effect that US Revolving Credit Collateral Agent or such sale or Grantor such termination statements, releases and other disposition was made by the Company or the Guaranteeing Subsidiary, documents as the case US Revolving Credit Collateral Agent or such Grantor may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order request to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of effectively confirm such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenturerelease.
(b) Upon the designation If in connection with any sale, lease, exchange, transfer or other disposition of any Revolving Credit Primary Collateral (collectively, a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with “Disposition”) permitted under the terms of the IndentureRevolving Credit Documents (including voluntary Dispositions of Revolving Credit Primary Collateral by the respective Grantors after a Revolving Credit Default) (other than in connection with the exercise of any of the US Revolving Credit Collateral Agent’s rights and remedies in respect of the Revolving Credit Primary Collateral as provided for in Sections 3.1), the US Revolving Credit Collateral Agent, for itself and/or on behalf of any of the Revolving Credit Claimholders, releases any of its Liens on any part of the Revolving Credit Primary Collateral, in each case, other than (A) in connection with the Discharge of Revolving Credit Obligations or (B) after the occurrence and during the continuance of a Notes Default if, all of the net proceeds received in connection with such Guaranteeing Subsidiary Disposition are not applied to the Revolving Credit Obligations, then, in each case, the Liens, if any, of the Notes Collateral Agent, for itself and/or for the benefit of the Notes Claimholders, on such Revolving Credit Primary Collateral shall be released automatically, unconditionally and relieved simultaneously released. The Notes Collateral Agent for itself and/or on behalf of its Obligations under its Subsidiary Guarantee any such Notes Claimholders promptly shall execute and this Supplemental Indenturedeliver to the US Revolving Credit Collateral Agent or such Grantor such termination statements, releases and other documents as the US Revolving Credit Collateral Agent or such Grantor may request to effectively confirm such release. Upon delivery The Notes Collateral Agent, for itself and/or on behalf of any such Notes Claimholders, hereby agrees to consent to any request by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect US Revolving Credit Collateral Agent that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and Collateral Agent, for the other Obligations itself and/or on behalf of any Guaranteeing Subsidiary such Notes Claimholders, releases its security interest in connection with a Disposition under the Indenture as provided hereinthis Section 5.1(b).
(c) Each Guaranteeing Subsidiary Until the Discharge of Revolving Credit Obligations shall be released occur, the Notes Collateral Agent, for itself and/or on behalf of the Notes Claimholders, hereby irrevocably constitutes and relieved appoints the US Revolving Credit Collateral Agent and any of its obligations under this Supplemental Indenture officers or agents, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in accordance with, the place and subject to, Section 4.18 stead of the IndentureNotes Collateral Agent or such Notes Claimholder, whether in the US Revolving Credit Collateral Agent’s name or, at the option of the US Revolving Credit Collateral Agent, in the Notes Collateral Agent’s or any Notes Claimholder’s own name, from time to time in the US Revolving Credit Collateral Agent’s discretion, for the purpose of carrying out the terms of this Section 5.1, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary to accomplish the purposes of this Section 5.1, including any endorsements or other instruments of transfer or release.
Appears in 6 contracts
Samples: Credit Agreement (Edgen Group Inc.), Intercreditor Agreement (Edgen Group Inc.), Indenture (Edgen Group Inc.)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in In the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a any sale or other disposition of all or substantially all of the assets of any Guarantor, by way of merger, consolidation or otherwise, to a Person that is not (either before or after giving effect to such Guaranteeing transaction) the Company or a Restricted Subsidiary) shall , then the corporation acquiring the property will be released from and relieved of its Obligations any obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the Note Guarantee;
(b) In the event of an Asset Saleany sale or other disposition of Capital Stock of any Guarantor to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary, and such Guarantor ceases to be a Restricted Subsidiary as a result of the sale or other disposition, then such Guarantor will be released and relieved of any obligations under its Note Guarantee; provided, in both cases, that the Net Proceeds from of such sale or other disposition are treated applied in accordance with the applicable provisions of this Indenture, including without limitation Section 4.10 of the Indenturehereof. Upon delivery by the Company to the Trustee of an Officers' ’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, limitation Section 4.10 of the Indenturehereof, the Trustee shall will execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released any Guarantor from its obligations under its Subsidiary Note Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(bc) Upon the designation of any Restricted Subsidiary that is a Guaranteeing Subsidiary Guarantor as an Unrestricted Subsidiary in accordance with the terms of the this Indenture, such Guaranteeing Subsidiary shall Guarantor will be released and relieved of its Obligations any obligations under its Subsidiary Guarantee and this Supplemental Indenture. Note Guarantee.
(d) Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company Legal Defeasance or Covenant Defeasance in accordance with the provisions Article 8 hereof or satisfaction and discharge of the Indenturethis Indenture in accordance with Article 11 hereof, including without limitation Section 4.07 each Guarantor will be released and relieved of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence obligations under its Note Guarantee.
(e) Upon the release of such Guaranteeing Subsidiary from its Obligations the Guarantor’s guarantee under all applicable Triggering Indebtedness, each Guarantor will be released and relieved of any obligations under its Subsidiary Note Guarantee. Any Guaranteeing Subsidiary Guarantor not released from its Obligations obligations under its Subsidiary Note Guarantee shall as provided in this Section 10.05 will remain liable for the full amount of principal of of, premium on, if any, and interest on and Additional Interest, if any, on, the Notes and for the other Obligations obligations of any Guaranteeing Subsidiary Guarantor under the this Indenture as provided hereinin this Article 10.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 5 contracts
Samples: Indenture (Endo International PLC), Indenture (Endo International PLC), Indenture (Endo International PLC)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' ’ Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' ’ Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 5 contracts
Samples: Supplemental Indenture (L 3 Communications Holdings Inc), Supplemental Indenture (L 3 Communications Holdings Inc), Supplemental Indenture (L 3 Communications Holdings Inc)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the IndentureIndenture (it being understood that only such portion of the Net Proceeds as is required to be applied on or before the date of such sale or other disposition in accordance with the terms of the Indenture needs to be applied in accordance therewith at such time). If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the IndentureIndenture (it being understood that only such portion of the Net Proceeds as is required to be applied on or before the date of such sale or other disposition in accordance with the terms of the Indenture needs to be applied in accordance therewith at such time). Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the IndentureIndenture or upon the release of a Guarantor from its Guarantees of, and all pledges and security interests granted in connection with, all other Indebtedness of the Company or any of their Restricted Subsidiaries, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 5 contracts
Samples: Supplemental Indenture (L 3 Communications Holdings Inc), Supplemental Indenture (L 3 Communications Corp), Supplemental Indenture (L 3 Communications Corp)
Releases. (a) Concurrently If, in connection with any sale of assets (including, if applicable, all the exercise of the Controlling Collateral Agent’s remedies in respect of the Shared Collateral provided for in Section 3.1, or, during the continuance any matured “event of default” under the Working Capital Stock Facility Documents, in connection with a Disposition in lieu of a Guaranteeing Subsidiary)foreclosure or other exercise of remedies on any of Shared Collateral by any Obligor at the written direction, or with the approval, of the Controlling Collateral Agent or the Controlling Collateral Agent for itself or on behalf of any of the Controlling Secured Parties, the Controlling Collateral Agent releases any of its Liens on any part of the Shared Collateral, then all Liens, if any, Liens on such Shared Collateral in favor of the Trustee in the assets sold thereby any Secured Party (other than any such Liens on Proceeds, which shall continue notwithstanding such release) shall be automatically, unconditionally and simultaneously released; , provided that in the event Proceeds of an Asset Sale, such Shared Collateral are applied to repay the Net Proceeds from such sale or other disposition are treated Obligations in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture4.1.
(b) Upon the designation If in connection with any sale, lease, exchange, transfer or other disposition of any Shared Collateral (collectively, a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with “Disposition”) permitted under the terms of each of the IndentureWorking Capital Facility Documents, the Notes Documents and the Pari Passu Indebtedness Documents (other than in connection with the exercise of the Controlling Collateral Agent’s remedies or any other Enforcement Action in respect of the Shared Collateral provided for in Section 3.1), the Controlling Collateral Agent, for itself or on behalf of any of the Controlling Secured Parties, releases its Liens on any of the Shared Collateral, other than in connection with, or in anticipation of, the Discharge of Working Capital Facility Obligations, then the Existing Notes Liens, the Interim Notes Liens and the Pari Passu Liens on such Guaranteeing Subsidiary Shared Collateral shall be released automatically, unconditionally and relieved of its Obligations under its Subsidiary Guarantee simultaneously released; provided, that the Existing Notes Liens and this Supplemental Indenture. Upon delivery by Interim Notes Liens upon the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on Shared Collateral securing the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall not be released and relieved of its obligations under this Supplemental Indenture in accordance with, and if the Disposition is subject to, to Section 4.18 of the Indenture6.
Appears in 5 contracts
Samples: Indenture (FiberTower CORP), Indenture (FiberTower CORP), Indenture (FiberTower CORP)
Releases. (a) Concurrently If, at any time any Grantor or any First-Lien Secured Party delivers notice to the Designated Junior-Lien Collateral Agent with respect to any sale of assets specified Shared Collateral (includingincluding for such purpose, if applicable, all in the case of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets equity interests in any Subsidiary, any Shared Collateral held by such Subsidiary or any direct or indirect Subsidiary thereof) that:
(i) such specified Shared Collateral has been or is being sold, transferred or otherwise disposed of in connection with a Disposition by the owner of such Guaranteeing SubsidiaryShared Collateral in a transaction permitted under the First-Lien Debt Documents; or
(ii) shall the First-Liens thereon have been or are being released in connection with a Subsidiary that is released from its guarantee under the First-Lien Debt Documents; or
(iii) the First-Liens thereon have been or are being otherwise released as permitted by the First-Lien Debt Documents or by the Applicable First-Lien Collateral Agent on behalf of the First-Lien Secured Parties (unless, in the case of clause (ii) or (iii) of this Section 5.1(a) such release occurs in connection with, and after giving effect to, a Discharge of First-Lien Obligations, which discharge is not in connection with a foreclosure of, or other exercise of remedies with respect to, Shared Collateral by the First-Lien Secured Parties (such discharge not in connection with any such foreclosure or exercise of remedies or a sale or other disposition generating sufficient proceeds to cause the Discharge of First-Lien Obligations, a “Payment Discharge”)), then the Junior-Lien upon such Shared Collateral will automatically be released from and relieved of its discharged as and when, but only to the extent, such Liens on such Shared Collateral securing First-Lien Obligations under this Supplemental Indenture are released and its Subsidiary Guarantee made pursuant hereto; discharged (provided that in the event case of an Asset Salea Payment Discharge, the Net Proceeds from such sale Liens on any Shared Collateral disposed of in connection with the satisfaction in whole or other disposition are treated in part of First-Lien Obligations shall be automatically released but any proceeds thereof not used for purposes of the Discharge of First-Lien Obligations or otherwise in accordance with the provisions of Junior- Lien Debt Documents shall be subject to Junior-Liens and shall be applied pursuant to Section 4.10 of the Indenture4.1). Upon delivery to the Designated Junior-Lien Collateral Agent of a notice from the Applicable First-Lien Collateral Agent stating that any such release of Liens securing or supporting the First-Lien Obligations has become effective (or shall become effective upon the Designated Junior-Lien Collateral Agent’s release), the Designated Junior-Lien Collateral Agent will promptly, at the Company’s expense, execute and deliver such instruments, releases, termination statements or other documents confirming such release on customary terms, which instruments, releases and termination statements shall be substantially identical to the comparable instruments, releases and termination statements executed by the Company to the Trustee of an Officers' Certificate to the effect that Applicable First- Lien Collateral Agent in connection with such sale or other disposition was made release (and shall be prepared by the Company or the Guaranteeing Subsidiary, as Applicable First-Lien Collateral Agent). In the case may be, of the sale of capital stock of a Subsidiary or any other transaction resulting in the release of such Subsidiary’s guarantee under the First-Lien Debt Documents in accordance with the provisions Credit Agreement, the guarantee in favor of the Indenture and this Supplemental IndentureJunior-Lien Secured Parties, including without limitationif any, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing made by such Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall will automatically be released and relieved of its Obligations under its Subsidiary Guarantee discharged as and this Supplemental Indenture. Upon delivery by the Company when, but only to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indentureextent, the Trustee shall execute any documents reasonably required in order to evidence the release guarantee by such Subsidiary of such Guaranteeing Subsidiary from its First-Lien Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be is released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenturedischarged.
Appears in 5 contracts
Samples: Indenture (Sabre Corp), Indenture (Sabre Corp), Indenture (Sabre Corp)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition (including by way of merger or consolidation) include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' ’ Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest (including Contingent Interest and Additional Interest, if any) on the Notes CODES and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Excluded Subsidiary in accordance with the terms of the IndentureIndenture and the indentures governing the Outstanding Senior Subordinated Notes as the same are in effect on the date of the Indenture (whether or not those indentures are subsequently amended, waived, modified or terminated or expire and whether or not any of those notes continue to be outstanding), such Guaranteeing Subsidiary shall be released and relieved of all of its Obligations obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' ’ Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the IndentureIndenture and the indentures governing , including without limitation Section 4.07 the Outstanding Senior Subordinated Notes as the same are in effect on the date of the IndentureIndenture (whether or not those indentures are subsequently amended, waived, modified or terminated or expire and whether or not any of those notes continue to be outstanding), the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes CODES and for the other Obligations obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary Upon any Guarantor being released from its guarantees of, and all pledges and security interests granted in connection with, Indebtedness of the Company or any of its Subsidiaries (other than a Foreign Subsidiary), such Guarantor shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 5 contracts
Samples: Supplemental Indenture (L 3 Communications Holdings Inc), Supplemental Indenture (L 3 Communications Holdings Inc), Supplemental Indenture (L 3 Communications Holdings Inc)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing SubsidiaryGuarantor), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary Guarantor or all of the Capital Stock of a Guaranteeing SubsidiaryGuarantor, then the Guaranteeing Subsidiary Guarantor (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing SubsidiaryGuarantor) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing SubsidiaryGuarantor) shall be released from and relieved of its Obligations obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing SubsidiaryGuarantor, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary Guarantor from its Obligations obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary Guarantor is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest (including Contingent Interest, if any) and Additional Amounts, if any, on the Notes Securities and for the other obligations of such Guaranteeing Subsidiary Guarantor under the Indenture as provided in this Supplemental Indentureherein.
(b) Upon the designation of a Guaranteeing Subsidiary Guarantor as an Unrestricted Excluded Subsidiary in accordance with the terms of the IndentureIndenture and the indentures governing the Outstanding Senior Subordinated Notes as the same are in effect on the date hereof (whether or not those indentures are subsequently amended, waived, modified or terminated or expire and whether or not any of those Securities continue to be outstanding), such Guaranteeing Subsidiary Guarantor shall be released and relieved of its Obligations obligations under its Subsidiary Guarantee the Indenture and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary Guarantor as an Unrestricted Excluded Subsidiary was made by the Company in accordance with the provisions of the IndentureIndenture and the indentures governing the Outstanding Senior Subordinated Notes as the same are in effect on the date hereof (whether or not those indentures are subsequently amended, including without limitation Section 4.07 waived, modified, terminated or expire and whether or not any of the Indenturethose Securities continue to be outstanding), the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary Guarantor from its Obligations obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary Guarantor not released from its Obligations obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes Securities and for the other Obligations obligations of any Guaranteeing Subsidiary Guarantor under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 5 contracts
Samples: Supplemental Indenture (L 3 Communications Corp), Supplemental Indenture (L 3 Communications Holdings Inc), Supplemental Indenture (L 3 Communications Holdings Inc)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing SubsidiaryGuarantor), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary Guarantor or all of the Capital Stock of a Guaranteeing SubsidiaryGuarantor, then the Guaranteeing Subsidiary Guarantor (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing SubsidiaryGuarantor) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing SubsidiaryGuarantor) shall be released from and relieved of its Obligations obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing SubsidiaryGuarantor, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary Guarantor from its Obligations obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary Guarantor is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary Guarantor under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary Guarantor as an Unrestricted Excluded Subsidiary in accordance with the terms of the IndentureIndenture and the indentures governing the Outstanding Senior Subordinated Notes as the same are in effect on the date hereof (whether or not those indentures are subsequently amended, waived, modified or terminated or expire and whether or not any of those notes continue to be outstanding), such Guaranteeing Subsidiary Guarantor shall be released and relieved of its Obligations obligations under its Subsidiary Guarantee the Indenture and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary Guarantor as an Unrestricted Excluded Subsidiary was made by the Company in accordance with the provisions of the IndentureIndenture and the indentures governing the Outstanding Senior Subordinated Notes as the same are in effect on the date hereof (whether or not those indentures are subsequently amended, including without limitation Section 4.07 waived, modified, terminated or expired and whether or not any of the Indenturethose notes continue to be outstanding), the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary Guarantor from its Obligations obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary Guarantor not released from its Obligations obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations obligations of any Guaranteeing Subsidiary Guarantor under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 4 contracts
Samples: Supplemental Indenture (L 3 Communications Holdings Inc), Supplemental Indenture (L 3 Communications Corp), Supplemental Indenture (L 3 Communications Holdings Inc)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a the Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a the Guaranteeing Subsidiary or all of the Capital Stock of a the Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Supplemental Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the this Supplemental Indenture, also including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations obligations of any Guaranteeing Subsidiary under the Indenture as provided hereinin Article 10.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 4 contracts
Samples: Indenture (L 3 Communications Holdings Inc), Indenture (Southern California Microwave Inc), Indenture (L 3 Communications Corp)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the IndentureIndenture (it being understood that only such portion of the Net Proceeds as is required to be applied on or before the date of such sale or other disposition in accordance with the terms of the Indenture needs to be applied in accordance therewith at such time). If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the IndentureIndenture (it being understood that only such portion of the Net Proceeds as is required to be applied on or before the date of such sale or other disposition in accordance with the terms of the Indenture needs to be applied in accordance therewith at such time). Upon delivery by the Company to the Trustee of an Officers' ’ Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the IndentureIndenture or upon the release of a Guarantor from its Guarantees of, and all pledges and security interests granted in connection with, all other Indebtedness of the Company or any of their Restricted Subsidiaries, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' ’ Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 4 contracts
Samples: Supplemental Indenture (L 3 Communications Holdings Inc), Supplemental Indenture (L 3 Communications Holdings Inc), Supplemental Indenture (L 3 Communications Corp)
Releases. (a) Concurrently The Subsidiary Guarantee of a Guarantor of a Series of Notes shall be released automatically:
(1) in connection with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of that Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such Guaranteeing Subsidiarytransaction) shall be released from and relieved the Company or a Subsidiary of its Obligations under this Supplemental Indenture and its the Company;
(2) in connection with any sale or other disposition of Capital Stock of that Guarantor to a Person that is not (either before or after giving effect to such transaction) the Company or a Subsidiary Guarantee made pursuant hereto; provided that in of the event of an Asset SaleCompany, the Net Proceeds from if following such sale or other disposition are treated in accordance with the provisions of Section 4.10 disposition, that Guarantor is not a direct or indirect Subsidiary of the Company;
(3) upon defeasance or satisfaction and discharge of such Series of Notes as provided in Sections 8.01, 8.02, 8.03, 8.04 and 11.01 hereof;
(4) upon the dissolution of a Guarantor that is permitted under this Supplemental Indenture. ; or
(5) otherwise with respect to the Guarantee of any Guarantor:
(A) upon the prior consent of Holders of at least a majority in aggregate principal amount of the applicable Series of Notes then outstanding;
(B) if the Company has Indebtedness outstanding under the Credit Agreement at that time, upon the consent of the requisite lenders under the Credit Agreement to the release of such Guarantor’s Guarantee of all Obligations under the Credit Agreement, or, if there is no Indebtedness of the Company outstanding under the Credit Agreement at that time, upon the requisite consent of the holders of all other Indebtedness for borrowed money of the Company that is guaranteed by such Guarantor at that time outstanding to the release of such Guarantor’s Guarantee of all Obligations with respect to all other Indebtedness for borrowed money that is guaranteed by such Guarantor at that time outstanding; or
(C) if the Company has Indebtedness outstanding under the Credit Agreement at that time, upon the release of such Guarantor’s Guarantee of all Obligations of the Company under the Credit Agreement, or, if there is no Indebtedness of the Company outstanding under the Credit Agreement at that time, upon the release of such Guarantor’s Guarantee of all Obligations with respect to all other Indebtedness for borrowed money of the Company at that time outstanding.
(b) The Subsidiary Guarantee of a Guarantor shall be released with respect to the Notes automatically upon Legal Defeasance, Covenant Defeasance or satisfaction and discharge of this Supplemental Indenture pursuant to Articles 8 and 11 hereof.
(c) Upon delivery by the Company to the Trustee of an Officers' Officer’s Certificate and an Opinion of Counsel to the effect that such sale the action or other disposition event giving rise to the applicable release has occurred or was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, Indenture the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary any Guarantor from its Obligations obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is Guarantee.
(d) Any Guarantor not released from its obligations under its Subsidiary Guarantee, it shall Guarantee as provided in this Section 10.05 will remain liable for the full amount of principal of of, premium, if any, and interest on on, the Notes and for the other obligations of such Guaranteeing Subsidiary any Guarantor under the Indenture as provided in this Supplemental IndentureArticle 10.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 3 contracts
Samples: Supplemental Indenture (NRG Energy, Inc.), Supplemental Indenture (NRG Energy, Inc.), Supplemental Indenture (NRG Energy, Inc.)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition (including by way of merger or consolidation) include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest (including Contingent Interest and Additional Interest, if any) on the Notes CODES and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Excluded Subsidiary in accordance with the terms of the IndentureIndenture and the indentures governing the Outstanding Senior Subordinated Notes as the same are in effect on the date of the Indenture (whether or not those indentures are subsequently amended, waived, modified or terminated or expire and whether or not any of those notes continue to be outstanding), such Guaranteeing Subsidiary shall be released and relieved of all of its Obligations obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the IndentureIndenture and the indentures governing , including without limitation Section 4.07 the Outstanding Senior Subordinated Notes as the same are in effect on the date of the IndentureIndenture (whether or not those indentures are subsequently amended, waived, modified or terminated or expire and whether or not any of those notes continue to be outstanding), the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes CODES and for the other Obligations obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary Upon any Guarantor being released from its guarantees of, and all pledges and security interests granted in connection with, Indebtedness of the Company or any of its Subsidiaries (other than a Foreign Subsidiary), such Guarantor shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 3 contracts
Samples: Supplemental Indenture (L 3 Communications Corp), Supplemental Indenture (L 3 Communications Corp), Supplemental Indenture (L 3 Communications Holdings Inc)
Releases. (a) Concurrently with If, at any sale of assets time any Pledgor or any First Lien Obligations Secured Party delivers notice to the Applicable Second Lien Agent or the relevant Second Lien Obligations Representatives that any specified Common Collateral (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include including all or substantially all of the assets equity interests of a Guaranteeing Subsidiary Pledgor or all any of its subsidiaries, which shall include for such purpose, in the case of the Capital Stock sale of equity interests in any such subsidiary) held by such subsidiary (or any direct or indirect subsidiary thereof) is Disposed of (other than to another Pledgor),
(i) by the owner of such Common Collateral in a transaction not prohibited under the First Lien Credit Facility, any applicable Other First Lien Obligations Documents, the Second Lien Credit Agreement and any applicable Other Second Lien Obligations Documents; or
(ii) during the existence of any Event of Default under (and as defined in) the First Lien Credit Facility or any applicable Other First Lien Obligations Documents in connection with any enforcement action, exercise of rights or remedies or to the extent that the Applicable First Lien Agent has consented to such Disposition; then (whether or not any Insolvency or Liquidation Proceeding is pending at the time) the Liens securing the Second Lien Obligations upon such Common Collateral will automatically be released and discharged as and upon, but only to the extent, such Liens on such Common Collateral securing the First Lien Obligations are released and discharged. Upon delivery to the Applicable Second Lien Agent and each Second Lien Obligations Representative (if different from the Applicable Second Lien Agent) of a Guaranteeing Subsidiarynotice from the Applicable First Lien Agent, then the Guaranteeing Subsidiary relevant First Lien Obligations Representatives or the Company, which notice states that any release of Liens securing or supporting any First Lien Obligations has become effective (or shall become effective upon the release by the Applicable Second Lien Agent or other relevant Second Lien Obligations Secured Parties), whether in the event of connection with a sale of such assets by the relevant Pledgor pursuant to the preceding clauses or otherwise, the Applicable Second Lien Agent or such other Second Lien Obligations Secured Parties, as the case may be, shall promptly execute and deliver such instruments, releases, termination statements or other disposition documents or instruments confirming such release on customary terms or otherwise reasonably satisfactory to the Applicable First Lien Agent and the Company, it being understood that all reasonable and documented out-of-pocket expenses incurred by any Second Lien Obligations Secured Parties (and their respective representatives) in connection with the execution and delivery of all such release documents or instruments shall be borne by the Pledgors. In the case of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition Disposition of all or substantially all of the assets capital stock of a Pledgor or any of its subsidiaries, the guarantee in favor of the Second Lien Obligations Secured Parties, if any, made by such Guaranteeing Subsidiary) shall Pledgor or such subsidiary will automatically be released from and relieved of its Obligations under this Supplemental Indenture discharged as and its Subsidiary Guarantee made pursuant hereto; provided that in upon, but only to the event of an Asset Saleextent, the Net Proceeds from guarantee by such sale Pledgor or other disposition are treated in accordance with the provisions of Section 4.10 such subsidiary of the Indenture. Upon delivery First Lien Obligations is released and discharged if (A) such Disposition is not prohibited by the Company terms of the First Lien Obligations Documents and the Second Lien Obligations Documents or (B) such Disposition is made during the existence of any Event of Default under (and as defined in) the First Lien Credit Facility or any applicable Other First Lien Obligations Documents in connection with any enforcement action, exercise of rights or remedies or to the Trustee of an Officers' Certificate extent that the Applicable First Lien Agent has consented to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental IndentureDisposition.
(b) Upon Each of the designation Applicable Second Lien Agent and each Second Lien Obligations Representative for itself and on behalf of a Guaranteeing Subsidiary the applicable Second Lien Obligations Secured Parties hereby irrevocably constitutes and appoints (which appointment is coupled with an interest) the Company, the Applicable First Lien Agent and any officer or agent of the Company or the Applicable First Lien Agent, with full power of substitution, as an Unrestricted Subsidiary its true and lawful attorney-in-fact with full irrevocable power and authority in accordance with the place and stead of the Applicable Second Lien Agent or such Second Lien Obligations Representative, or in the Company’s or the Applicable First Lien Agent’s own name, from time to time in the Company’s or such First Lien Obligations Representative’s discretion, for the purpose of carrying out the terms of this Section 5.1, to take any and all appropriate action and to execute any and all documents and instruments that may be necessary or desirable to accomplish the Indenture, such Guaranteeing Subsidiary shall be released and relieved purposes of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the IndentureSection 5.1, including without limitation Section 4.07 any termination statements, endorsements or other instruments of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided hereintransfer or release.
(c) Each Guaranteeing Subsidiary Unless and until the Discharge of First Lien Obligations has occurred, each of the Applicable Second Lien Agent and each Second Lien Obligations Representative, for itself and on behalf of the applicable Second Lien Obligations Secured Parties, hereby consents to the application, whether prior to or after a default, of proceeds of Common Collateral or other collateral to the repayment of First Lien Obligations pursuant to the applicable First Lien Obligations Documents; provided, that nothing in this Section 5.1(c) shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 construed to prevent or impair the rights of the IndentureSecond Lien Obligations Representatives or the other Second Lien Obligations Secured Parties to receive proceeds in connection with the Second Lien Obligations not otherwise in contravention of this Agreement.
Appears in 3 contracts
Samples: Intercreditor Agreement, First Lien/Second Lien Intercreditor Agreement (ADT, Inc.), First Lien/Second Lien Intercreditor Agreement (ADT, Inc.)
Releases. (a) Concurrently with The Guarantee of any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby Subsidiary shall be released; provided that in the event of an Asset Saleautomatically and unconditionally released and discharged, the Net Proceeds from and no further action by such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Issuer or the Trustee is required for the release of such Guaranteeing Subsidiary Subsidiary’s Guarantee, upon:
(in the event i) any sale, exchange, disposition or transfer (by merger, amalgamation, consolidation or otherwise) of a sale or other disposition of all of (x) the Capital Stock of such Guaranteeing Subsidiary, after which the applicable Guaranteeing Subsidiary is no longer a Restricted Subsidiary, (y) all the assets of such Guarantor or (z) if such Guarantor is not at such time a guarantor of the Person acquiring the property (in the event of a sale or other disposition of Senior Secured Credit Facilities, all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee , in each case if such sale, exchange, disposition or transfer is made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance compliance with the applicable provisions of Section 4.10 this Indenture;
(ii) the release or discharge of the Indenture. Upon delivery guarantee by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary of Indebtedness under the Indenture Senior Secured Credit Facilities, or such other guarantee that resulted in the creation of such Guarantee, except a discharge or release by or as provided a result of payment under such guarantee (it being understood that a release subject to a contingent reinstatement is still a release, and that if any such Guarantee is so reinstated, such Guarantee shall also be reinstated to the extent that such Guaranteeing Subsidiary would then be required to provide a Guarantee pursuant to Section 4.15 in this Supplemental the Indenture.);
(biii) Upon the designation of any Restricted Subsidiary that is a Guaranteeing Subsidiary as an Unrestricted Subsidiary in compliance with the applicable provisions of the Indenture; or
(iv) the exercise by the Issuer of its Legal Defeasance option or Covenant Defeasance option in accordance with Article 8 of the Indenture or the discharge of the Issuer’s obligations under this Indenture in accordance with the terms of the Indenture, ; and
(b) such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company delivering to the Trustee of an Officers' Officer’s Certificate and an Opinion of Counsel Counsel, each stating that all conditions precedent provided for in this Indenture relating to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided hereintransaction have been complied with.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 3 contracts
Samples: Supplemental Indenture (Campbell Alliance Group Inc), Supplemental Indenture (Campbell Alliance Group Inc), Supplemental Indenture (Campbell Alliance Group Inc)
Releases. (a) Concurrently If, in connection with any sale of assets (including, if applicable, all the exercise of the Controlling Collateral Agent’s remedies in respect of the Shared Collateral provided for in Section 3.1, or, during the continuance any matured “event of default” under the Working Capital Stock Facility Documents, in connection with a Disposition in lieu of a Guaranteeing Subsidiary)foreclosure or other exercise of remedies on any of Shared Collateral by any Obligor at the written direction, or with the approval, of the Controlling Collateral Agent or the Controlling Collateral Agent for itself or on behalf of any of the Controlling Secured Parties, the Controlling Collateral Agent releases any of its Liens on any part of the Shared Collateral, then all Liens, if any, Liens on such Shared Collateral in favor of the Trustee in the assets sold thereby any Secured Party (other than any such Liens on Proceeds, which shall continue notwithstanding such release) shall be automatically, unconditionally and simultaneously released; , provided that in the event Proceeds of an Asset Sale, such Shared Collateral are applied to repay the Net Proceeds from such sale or other disposition are treated Obligations in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture4.1.
(b) Upon the designation If in connection with any sale, lease, exchange, transfer or other disposition of any Shared Collateral (collectively, a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with “Disposition”) permitted under the terms of each of the IndentureWorking Capital Facility Documents, the Notes Documents and the Pari Passu Indebtedness Documents (other than in connection with the exercise of the Controlling Collateral Agent’s remedies or any other Enforcement Action in respect of the Shared Collateral provided for in Section 3.1), the Controlling Collateral Agent, for itself or on behalf of any of the Controlling Secured Parties, releases its Liens on any of the Shared Collateral, other than in connection with, or in anticipation of, the Discharge of Working Capital Facility Obligations, then the Existing Notes Liens, the Interim Notes Liens and the Pari Passu Liens on such Guaranteeing Subsidiary Shared Collateral shall be released automatically, unconditionally and relieved of its Obligations under its Subsidiary Guarantee simultaneously released; provided, that the Existing Notes Liens and this Supplemental Indenture. Upon delivery by Interim Notes Liens upon the Company to Shared Collateral securing the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.Notes
Appears in 3 contracts
Samples: Indenture (FiberTower CORP), Indenture (FiberTower CORP), Supplemental Indenture (FiberTower CORP)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations Obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations Obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 3 contracts
Samples: Indenture (L-3 Communications Cincinnati Electronics CORP), Indenture (Microdyne Corp), Indenture (Eer Systems Inc)
Releases. (a) Concurrently Any Guarantor shall be released and relieved of any obligations under its Note Guarantee, (i) in connection with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of that Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such Guaranteeing Subsidiarytransaction) or a Restricted Subsidiary of the Person acquiring Company, if the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved Capital Stock of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance Guarantor complies with the provisions of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, including the Trustee shall execute any documents reasonably required in order to evidence the release application of the Guaranteeing Net Proceeds therefrom; (ii) in connection with the merger or consolidation of AHS Albuquerque Regional Medical Center, LLC, AHS West Mesa Hospital, LLC, AHS Albuquerque Rehabilitation Hospital, LLC, AHS Northeast Heights Hospital, LLC, AHS Albuquerque Physician Group, LLC and Mesilla Valley Hospital with, or into, Xxxxxxxx Health Systems, Inc., if (A) the surviving Person is an HMO Subsidiary and is prohibited from its Obligations providing a full and unconditional Guarantee of the Notes; (B) no such Subsidiary Guarantor has outstanding at the time of such consolidation or merger any indebtedness other than Indebtedness that it would otherwise be permitted to incur at such time as a Restricted Subsidiary that is not a Subsidiary Guarantor under this Supplemental Indenture Section 4.08 of the Indenture; and its (C) the Company complies with Section 4.12 of the Indenture; or (iii) if the Company designated such Subsidiary Guarantee made pursuant hereto. If Guarantor as an Unrestricted Subsidiary in accordance with the Guaranteeing Subsidiary is Indenture.
(b) Any Guarantor not released from its obligations under its Subsidiary Guarantee, it Note Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary any Guarantor under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 Article 10 of the Indenture.
Appears in 2 contracts
Samples: Third Supplemental Indenture (Ardent Health Services LLC), Second Supplemental Indenture (Ardent Health Services LLC)
Releases. The Guarantee of any Guarantor, and the Collateral Trustee’s Lien on the Collateral of such Guarantor, will be automatically released:
(a) Concurrently in connection with any sale Disposition of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary Guarantor (including by way of merger or all consolidation) to such Person that is not the Company or a Guarantor if the Disposition does not violate Section 4.10 and the other provisions of this Indenture;
(b) upon the Capital Stock liquidation or dissolution of a Guaranteeing Subsidiary, then such Guarantor following the Guaranteeing Subsidiary (in the event of a sale or other disposition transfer of all of its assets to the Capital Stock Company or another Guarantor as permitted hereunder. If the Guarantee of such Guaranteeing Subsidiary) any Guarantor or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved a Guarantor or the Capital Stock of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that any Guarantor are sold or disposed of in the event of an Asset Salemanner described in clauses (a) or (b) above, and such Guarantor (or as the context may require, Collateral) is released, the Net Proceeds from such sale or other disposition are treated in accordance with Company shall deliver to the provisions of Section 4.10 Trustee and Collateral Trustee an Officers’ Certificate stating and certifying the identity of the released Guarantor (any/or the applicable Collateral), the basis for release in reasonable detail and that such release complies with this Indenture. Upon delivery by the Company to the Trustee and Collateral Trustee of an Officers' ’ Certificate and an Opinion of Counsel to the effect that the conditions of any of clauses (a) or (b) of this Section 13.05 have been met with respect to a Guarantor (or such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, Collateral) in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall and Collateral Trustee, as applicable, will execute any documents reasonably required requested that are necessary or advisable in order to evidence the release of the Guaranteeing Subsidiary such Guarantor from its Obligations obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant heretoand/or the applicable Note Security Documents. If the Guaranteeing Subsidiary is Any Guarantor not released from its obligations under its Subsidiary Guarantee, it shall Guarantee as provided in this Section 13.05 will remain liable for the full amount of principal of and interest and premium, if any, on the Notes and for the other obligations (including the Note Obligations) of such Guaranteeing Subsidiary any Guarantor under the this Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence Article 13 notwithstanding the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the any other Obligations of any Guaranteeing Subsidiary under the Indenture as provided hereinGuarantor.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 2 contracts
Samples: Indenture (Electra Battery Materials Corp), Indenture (Electra Battery Materials Corp)
Releases. (a) Concurrently If in connection with any sale of assets (including, if applicable, all Enforcement Action by the First Lien Collateral Agent or any other exercise of the Capital Stock First Lien Collateral Agent’s remedies in respect of a Guaranteeing Subsidiary)the Collateral, all in each case prior to the Discharge of First Lien Obligations, the First Lien Collateral Agent, for itself or on behalf of any other First Lien Claimholder, releases any of its Liens on any part of the Collateral or releases any Guarantor Subsidiary from its obligations under its guaranty of the First Lien Obligations, then the Liens, if any, in favor of the Trustee in Second Lien Collateral Agents, each for itself or for the assets sold thereby benefit of the applicable Second Lien Claimholders, on such Collateral, and the obligations of such Guarantor Subsidiary under its guaranty of the Second Lien Obligations, shall be released; provided that automatically released to the same extent as the Liens of the First Lien Collateral Agent so long as the proceeds are applied in accordance with Section 4.1 hereof. If in connection with any Enforcement Action or other exercise of rights and remedies by the event First Lien Collateral Agent, in each case prior to the Discharge of an Asset SaleFirst Lien Obligations, the Net Proceeds from equity interests of any Person are foreclosed upon or otherwise disposed of and the First Lien Collateral Agent releases its Lien on the property or assets of such sale Person then the Liens of Second Lien Collateral Agents with respect to the property or assets of such Person will be automatically released to the same extent as the Liens of the First Lien Collateral Agent. The Second Lien Collateral Agents, each for itself or on behalf of any such applicable Second Lien Claimholders, promptly shall, acting at the direction of a majority in interest of the applicable Second Lien Claimholders and at the Company’s expense, execute and deliver to the First Lien Collateral Agent or such Guarantor Subsidiary such termination statements, releases and other documents as the First Lien Collateral Agent or such Guarantor Subsidiary may reasonably request to effectively confirm the foregoing releases.
(b) If in connection with any sale, lease, exchange, transfer or other disposition are treated in accordance with of any Collateral by any Grantor (collectively, a “Disposition”) permitted under the provisions of Section 4.10 terms of the Indenture. If First Lien Loan Documents and the assets sold terms of the Second Lien Documents (other than in such sale connection with an Enforcement Action or other disposition include all or substantially all exercise of the assets First Lien Collateral Agent’s remedies in respect of the Collateral which shall be governed by Section 5.1(a)), the First Lien Collateral Agent, for itself or on behalf of any other First Lien Claimholder, releases any of its Liens on any part of the Collateral, or releases any Guarantor Subsidiary from its obligations under its guaranty of the First Lien Obligations, in each case other than in connection with, or following, the Discharge of First Lien Obligations, then the Liens, if any, of the Second Lien Collateral Agents, each for itself and for the benefit of the other applicable Second Lien Claimholders, on such Collateral, and the obligations of such Guarantor Subsidiary under its guaranty of the Second Lien Obligations, shall be automatically, unconditionally and simultaneously released. The Second Lien Collateral Agents, each for itself or on behalf of each other applicable Second Lien Claimholder, shall promptly, acting at the direction of a Guaranteeing Subsidiary or all majority in interest of the Capital Stock applicable Second Lien Claimholders and at the Company’s expense, execute and deliver to the First Lien Collateral Agent or such Guarantor Subsidiary such termination statements, releases and other documents as the First Lien Collateral Agent or such Guarantor Subsidiary may reasonably request to effectively confirm such release.
(c) Until the Discharge of a Guaranteeing First Lien Obligations occurs, the Second Lien Collateral Agents, each on behalf of itself and each other applicable Second Lien Claimholder, hereby irrevocably constitutes and appoints the First Lien Collateral Agent and any officer or agent of the First Lien Collateral Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Second Lien Collateral Agent and such Second Lien Claimholder or in the First Lien Collateral Agent’s own name, from time to time in the First Lien Collateral Agent’s discretion, for the purpose of carrying out the terms of this Section 5.1, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary to accomplish the purposes of this Section 5.1, including any endorsements or other instruments of transfer or release. This power is coupled with an interest and is irrevocable until the Discharge of First Lien Obligations.
(d) Until the Discharge of First Lien Obligations occurs, to the extent that the First Lien Collateral Agent or any First Lien Claimholder (i) has released any Lien on Collateral or any Guarantor Subsidiary from its obligation under its guarantee and any such Liens or guarantee are later reinstated or (ii) obtains any new Liens or additional guarantees from any Guarantor Subsidiary, then the Guaranteeing Subsidiary Second Lien Collateral Agents, each for itself and for the other applicable Second Lien Claimholders, shall automatically be deemed to have been granted a Lien on any such Collateral (in except to the event extent such Lien represents a Second Lien Declined Lien with respect to the Second Lien Debt represented by the applicable Second Lien Collateral Agent), subject to the lien subordination provisions of a sale or other disposition of all of this Agreement, and the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) Second Lien Collateral Agents shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of granted an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiaryadditional guarantee, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee each applicable Grantor shall execute any documents documentation reasonably required in order requested by either Second Lien Collateral Agent to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of any such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenturegrant.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 2 contracts
Samples: Omnibus Amendment to Transaction Documents (Karyopharm Therapeutics Inc.), Indenture (Karyopharm Therapeutics Inc.)
Releases. (a) Concurrently If in connection with any sale of assets (including, if applicable, all the exercise of the Capital Stock First Lien Collateral Agent’s remedies in respect of a Guaranteeing Subsidiary)the Collateral, all the First Lien Collateral Agent, for itself or on behalf of any of the First Lien Claimholders, releases any of its Liens on any part of the Collateral or releases any Guarantor from its obligations under its guaranty of the First Lien Obligations, then the Liens, if any, in favor of the Trustee in Subordinated Collateral Trustee, for itself or for the assets sold thereby benefit of the Subordinated Lien Claimholders, on such Collateral, and the obligations of such Guarantor under its guaranty of the Subordinated Lien Obligations, shall be automatically, unconditionally and simultaneously released; provided that . The Subordinated Collateral Trustee, for itself or on behalf of any such Subordinated Lien Claimholders, promptly shall execute and deliver to the First Lien Collateral Agent or such Guarantor such termination statements, releases and other documents as the First Lien Collateral Agent or such Guarantor may request to effectively confirm such release.
(b) If in the event of an Asset Saleconnection with any sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiarylease, then the Guaranteeing Subsidiary (in the event of a sale exchange, transfer or other disposition of all any Collateral by any Grantor (collectively, a “Disposition”) permitted under the terms of the Capital Stock First Lien Documents and not expressly prohibited under the terms of the Subordinated Lien Documents (other than in connection with the exercise of the First Lien Collateral Agent’s remedies in respect of the Collateral which shall be governed by Section 5.1(a) above), the First Lien Collateral Agent, for itself or on behalf of any of the First Lien Claimholders, releases any of its Liens on any part of the Collateral, or releases any Guarantor from its obligations under its guaranty of the First Lien Obligations, in each case other than (A) in connection with the Discharge of First Lien Obligations and (B) after the occurrence and during the continuance of any “Event of Default” under a Subordinated Lien Document, then the Liens, if any, of the Subordinated Collateral Trustee, for itself or for the benefit of the Subordinated Lien Claimholders, on such Collateral, and the obligations of such Guaranteeing SubsidiaryGuarantor under its guaranty of the Subordinated Lien Obligations, shall be automatically, unconditionally and simultaneously released. The Subordinated Collateral Trustee, for itself or on behalf of any such Subordinated Lien Claimholders, promptly shall execute and deliver to the First Lien Collateral Agent or such Guarantor such termination statements, releases and other documents as the First Lien Collateral Agent or such Guarantor may request to effectively confirm such release.
(c) Until the Discharge of First Lien Obligations occurs, the Subordinated Collateral Trustee, for itself and on behalf of the Subordinated Lien Claimholders, hereby irrevocably constitutes and appoints the First Lien Collateral Agent and any officer or agent of the First Lien Collateral Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of the Subordinated Collateral Trustee or such holder or in the First Lien Collateral Agent’s own name, from time to time in the First Lien Collateral Agent’s discretion, for the purpose of carrying out the terms of this Section 5.1, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary to accomplish the purposes of this Section 5.1, including any endorsements or other instruments of transfer or release.
(d) Until the Discharge of First Lien Obligations occurs, to the extent that the First Lien Collateral Agent or the Person acquiring First Lien Claimholders (i) have released any Lien on Collateral or any Guarantor from its obligation under its guaranty and any such Liens or guaranty are later reinstated or (ii) obtain any new liens or additional guarantees from any Guarantor, then the property (in Subordinated Collateral Trustee, for itself and for the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) Subordinated Lien Claimholders, shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in granted a Lien on any such Collateral, subject to the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the lien subordination provisions of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of this Agreement, and an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiaryadditional guaranty, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 2 contracts
Samples: First and Subordinated Lien Intercreditor Agreement (CVR Energy Inc), Credit and Guaranty Agreement (CVR Energy Inc)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with Notwithstanding the provisions of Section 4.10 4 hereof, the Subsidiary Guarantor will be released automatically and relieved of any obligations under its Subsidiary Guarantee:
(i) upon the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing SubsidiarySubsidiary Guarantor (including by way of merger or consolidation) shall be released from and relieved to a Person that is not (either before or after giving effect to such transaction) the Company or an Affiliate of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset SaleCompany, if the Net Proceeds from such sale or other disposition are treated complies with Sections 3.08 and 4.10 of the Indenture and the Subsidiary Guarantor either no longer has an Indebtedness (other than the Subsidiary Guarantee) after compliance with such Sections or it would be permitted at the time of such release to incur all of its then outstanding Indebtedness in accordance compliance with Section 4.09 of the provisions Indenture,
(ii) upon the sale of Section all of the Capital Stock of the Subsidiary Guarantor to a Person that is not (either before or after giving effect to such transaction) an Affiliate of the Company, if the sale complies with Sections 3.08 and 4.10 of the Indenture. Upon delivery by ;
(iii) upon the Company to legal defeasance of the Trustee Notes as described in Article 8 of an Officers' Certificate to the effect that such sale or other disposition was made by Indenture;
(iv) upon (a) the merger of the Subsidiary Guarantor into the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing another Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
Guarantor; (b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms dissolution of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by Guarantor into the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing or another Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
Guarantor; or (c) Each Guaranteeing the transfer of all or substantially all of the assets of the Subsidiary shall Guarantor to the Company or another Subsidiary Guarantor; or
(v) at the option of the Company, if at any time the Subsidiary Guarantor has no Indebtedness outstanding other than the Subsidiary Guarantee or, assuming it ceased to be released and relieved a Subsidiary Guarantor but continued to be a Restricted Subsidiary of the Company following such release, it would be permitted at the time of such release to incur all of its obligations under this Supplemental Indenture then outstanding Indebtedness in accordance with, and subject to, compliance with Section 4.18 of the Indenture.4.09
Appears in 2 contracts
Samples: Indenture (Medco Health Solutions Inc), Indenture (Medco Health Solutions Inc)
Releases. Each Guarantee by a Subsidiary Guarantor will provide by its terms that it will be automatically and unconditionally released and discharged under its Guarantee upon:
(a) Concurrently with any sale sale, exchange or transfer (by merger, amalgamation, consolidation or otherwise) of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of i) the Capital Stock of such Guaranteeing SubsidiarySubsidiary Guarantor, after which the applicable Subsidiary Guarantor is no longer a Restricted Subsidiary or (ii) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations under Subsidiary Guarantor, in each case if such sale, exchange or transfer is made in compliance with this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the applicable provisions of Section 4.10 of the this Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.;
(b) Upon the release or discharge by such Subsidiary Guarantor of Indebtedness under (i) the Senior Credit Facilities, except a discharge or release in connection with the repayment in full and termination of commitments under the Senior Credit Facilities without being replaced with another Senior Credit Facility or (ii) in the case of a Guarantee made by a Subsidiary Guarantor (each, an “Other Guarantee”) as a result of its guarantee of Additional First Lien Obligations, Junior Lien Obligations, or capital markets debt securities of the Company or a Guarantor pursuant to Section 4.17 hereof, the relevant Additional First Lien Obligations, Junior Lien Obligations, or capital markets debt securities, except, in the case of clause (i) or (ii), a discharge or release by or as a result of payment by such Subsidiary Guarantor under the Indebtedness specified in such clause (i) or (ii) (it being understood that a release subject to a contingent reinstatement is still a release, and if any such Indebtedness of such Subsidiary Guarantor under the Senior Credit Facilities or any Other Guarantee is so reinstated, such Guarantee shall also be reinstated);
(c) the designation of any Restricted Subsidiary that is a Guaranteeing Subsidiary Guarantor as an Unrestricted Subsidiary in accordance with the terms of this Indenture; or
(d) the Indenture, such Guaranteeing Subsidiary shall be released and relieved exercise by the Company of its Obligations legal defeasance option or covenant defeasance option as described under its Subsidiary Guarantee Article 8 hereof or the satisfaction and discharge of the Company’s obligations under this Supplemental Indenture. Upon Indenture in accordance with Article 12 hereof; and
(2) delivery by the Company to the Trustee of an Officers' Officer’s Certificate and an Opinion of Counsel Counsel, each stating that all conditions precedent provided for in this Indenture relating to such transaction have been complied with. The Guarantee by Holdings will be automatically and unconditionally released and discharged upon (1) the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made exercise by the Company of its legal defeasance option or covenant defeasance option as described under Article 8 hereof or the satisfaction and discharge of the Company’s obligations under this Indenture in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, Article 12 hereof and (2) Holdings delivering to the Trustee shall execute any documents reasonably required an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for in order this Indenture relating to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guaranteetransaction have been complied with. Any Guaranteeing Subsidiary Guarantor not released from its Obligations obligations under its Subsidiary Guarantee shall as provided in this Section 11.05 will remain liable for the full amount of principal of of, premium on, if any, and interest on interest, if any, on, the Notes and for the other Obligations obligations of any Guaranteeing Subsidiary Guarantor under the this Indenture as provided hereinin this Article 11.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 2 contracts
Samples: Indenture (Sabre Corp), Indenture (Sabre Corp)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock The Note Guarantee of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall Subsidiary Guarantor will be released; provided that in the event of an Asset Sale, the Net Proceeds and such Subsidiary Guarantor will be released from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition and relieved of all of the Capital Stock of such Guaranteeing Subsidiaryits obligations under its Note Guarantee and this Indenture:
(1) in connection with any sale, disposition or the Person acquiring the property (in the event of a sale or other disposition transfer of all or substantially all of the assets of that Subsidiary Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such Guaranteeing Subsidiarytransaction) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset SaleParent, the Net Proceeds from such sale Issuer or other a Restricted Subsidiary of Parent, if the sale, disposition are treated in accordance with or transfer does not violate the provisions first paragraph of Section 4.10 4.10;
(2) in connection with any sale, disposition or transfer of all of the Indenture. Upon delivery by the Company Capital Stock of that Subsidiary Guarantor to the Trustee of an Officers' Certificate a Person that is not (either before or after giving effect to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenturetransaction) Parent, the Trustee shall execute any documents reasonably required in order to evidence Issuer or a Restricted Subsidiary of Parent, if the release sale, disposition or transfer does not violate the first paragraph of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.Section 4.10;
(b3) Upon if the designation of Issuer designates any Restricted Subsidiary that is a Guaranteeing Subsidiary as Guarantor to be an Unrestricted Subsidiary in accordance with the terms applicable provisions of the this Indenture, ;
(4) upon Legal Defeasance in accordance with Article 8 hereof or satisfaction and discharge of this Indenture in accordance with Article 12 hereof; or
(5) at such Guaranteeing time as such Subsidiary shall be released and relieved of its Obligations under its Guarantor does not have any Indebtedness outstanding that would have required such Subsidiary Guarantor to enter into a Note Guarantee and this Supplemental Indenturepursuant to Section 4.19. Upon delivery by the Company Issuer to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation a release of such Guaranteeing a Subsidiary as an Unrestricted Subsidiary was made by the Company Guarantor in accordance with the provisions of the Indenture, including without limitation this Section 4.07 of the 11.05 is authorized or permitted by this Indenture, the Trustee shall will, upon the request and at the expense of the Issuer, execute any 105 documents reasonably required requested by the Issuer in order to evidence the release of such Guaranteeing Subsidiary Guarantor from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under its Note Guarantee and this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 2 contracts
Samples: Indenture (Swift Transportation Co Inc), Indenture (Swift Transportation Co Inc)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in In the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a any sale or other disposition of all or substantially all of the assets of any Guarantor, by way of merger, consolidation or otherwise, to a Person that is not (either before or after giving effect to such Guaranteeing Subsidiarytransaction) shall the Company or a Restricted Subsidiary of the Company, then the corporation acquiring the property will be released from and relieved of its Obligations any obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the Note Guarantee;
(b) In the event of an Asset Saleany sale or other disposition of Capital Stock of any Guarantor to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary of the Company and such Guarantor ceases to be a Restricted Subsidiary of the Company as a result of the sale or other disposition, then such Guarantor will be released and relieved of any obligations under its Note Guarantee; provided, in both cases, that the Net Proceeds from of such sale or other disposition are treated applied in accordance with the applicable provisions of this Indenture, including without limitation Section 4.10 of the Indenturehereof. Upon delivery by the Company to the Trustee of an Officers' ’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, limitation Section 4.10 of the Indenturehereof, the Trustee shall will execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released any Guarantor from its obligations under its Subsidiary Note Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(bc) Upon the designation of any Restricted Subsidiary that is a Guaranteeing Subsidiary Guarantor as an Unrestricted Subsidiary in accordance with the terms of the this Indenture, such Guaranteeing Subsidiary shall Guarantor will be released and relieved of its Obligations any obligations under its Subsidiary Guarantee and this Supplemental Indenture. Note Guarantee.
(d) Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company Legal Defeasance or Covenant Defeasance in accordance with the provisions Article 8 hereof or satisfaction and discharge of the Indenturethis Indenture in accordance with Article 11 hereof, including without limitation Section 4.07 each Guarantor will be released and relieved of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations obligations under its Subsidiary Note Guarantee.
(e) If a Guarantor ceases to be a Significant Restricted Subsidiary, such Guarantor will be released and relieved of any obligations under its Note Guarantee, but if and only if at that time such Guarantor is not a Guarantor under any Credit Facility. Any Guaranteeing Subsidiary Guarantor not released from its Obligations obligations under its Subsidiary Note Guarantee shall as provided in this Section 10.05 will remain liable for the full amount of principal of of, premium on, if any, interest and interest on Special Interest, if any, on, the Notes and for the other Obligations obligations of any Guaranteeing Subsidiary Guarantor under the this Indenture as provided hereinin this Article 10.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 2 contracts
Samples: Indenture (Isle of Capri Casinos Inc), Indenture (Isle of Capri Casinos Inc)
Releases. (a) Concurrently with If, at any time any Grantor or the holder of any ABL Priority Claim delivers notice to the Term Loan Agents that any specified ABL Priority Collateral is sold, transferred or otherwise disposed of (including for such purpose, in the case of the sale of assets equity interests in any Subsidiary, any ABL Priority Collateral held by such Subsidiary or any direct or indirect Subsidiary thereof):
(includingi) by the owner of such ABL Priority Collateral in a transaction permitted under the ABL Credit Agreement, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, Term Loan Credit Agreement and each other ABL Loan Document (if any) and Term Loan Document (if any); or
(ii) during the existence of any Event of Default under (and as defined in) the ABL Credit Agreement by the owner of such ABL Priority Collateral (to the extent the ABL Agent has consented to such sale, transfer or disposition) or by the ABL Agent in connection with the Exercise of Any Secured Creditor Remedies; then (whether or not any Insolvency or Liquidation Proceeding is pending at the time) the Liens in favor of the Trustee Term Loan Lenders upon such ABL Priority Collateral will automatically be released and discharged as and when, but only to the extent, such Liens on such ABL Priority Collateral securing ABL Claims are released and discharged. Upon delivery to each Term Loan Agent of a notice from the ABL Agent stating that any release of Liens by the ABL Agent securing or supporting the ABL Claims on any ABL Priority Collateral has become effective (or shall become effective upon each Term Loan Agent’s release), each Term Loan Agent will promptly execute, file and deliver such instruments, releases, termination statements or other documents (including UCC-3 termination statements, mortgage releases and termination of USPTO and copyright filings) confirming such release on customary terms at the expense of the Company. Each Term Loan Agent, for itself and on behalf of each applicable Term Loan Lender, hereby irrevocably constitutes and appoints the ABL Agent and any officer or agent of the ABL Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the assets sold thereby shall place and stead of such Term Loan Agent or such Term Loan Lender or in the ABL Agent’s own name, from time to time in the ABL Agent’s discretion, for the purpose of carrying out the terms of this Section 5.1(a), to take any and all appropriate action and to execute any and all documents and instruments and make any filings that may be releasednecessary or desirable to accomplish the purposes of this Section 5.1(a), including filing any termination statements, endorsements or other instruments of transfer or release; provided that in the event ABL Agent shall not exercise such power of an Asset Sale, attorney unless the Net Proceeds from such sale or other disposition are treated in accordance Term Loan Agents have failed to comply with their obligations under this Section 5.1 within two Business Days after demand by the provisions of Section 4.10 ABL Agent. In the case of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets capital stock of a Grantor or any of its Subsidiaries, the guarantee in favor of the Term Loan Lenders, if any, made by such Guaranteeing Subsidiary) shall Grantor or Subsidiary will automatically be released from and relieved of its Obligations under this Supplemental Indenture discharged as and its Subsidiary Guarantee made pursuant hereto; provided that in when, but only to the event of an Asset Saleextent, the Net Proceeds from guarantee by such sale Grantor or other disposition are treated in accordance with the provisions Subsidiary of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture ABL Priority Claims is released and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenturedischarged.
(b) Upon Subject to Section 5.6, if, at any time any Grantor or the designation holder of any Term Loan Claim delivers notice to the ABL Agent that any specified Term Loan Priority Collateral (including all or substantially all of the equity interests of a Guaranteeing Grantor or any of its Subsidiaries) (including for such purpose, in the case of the sale of equity interests in any Subsidiary, any Term Loan Priority Collateral held by such Subsidiary or any direct or indirect Subsidiary thereof) is sold, transferred or otherwise disposed of:
(i) by the owner of such Term Loan Priority Collateral in a transaction permitted under the Term Loan Credit Agreement, the ABL Credit Agreement and each other Term Loan Document (if any) and ABL Loan Document (if any); or
(ii) during the existence of any Event of Default under (and as an Unrestricted defined in) the Term Loan Credit Agreement (or any other Credit Agreement governing Future Senior Term Indebtedness) by the owner of such Term Loan Priority Collateral (to the extent the applicable Term Loan Agents have consented to such sale, transfer or disposition or by a Term Loan Agent in connection with the Exercise of Any Secured Creditor Remedies; then (whether or not any Insolvency or Liquidation Proceeding is pending at the time) the Liens in favor of the ABL Lenders upon such Term Loan Priority Collateral will automatically be released and discharged as and when, but only to the extent, such Liens on such Term Loan Priority Collateral securing Term Loan Claims are released and discharged. Upon delivery to the ABL Agent of a notice from the applicable Term Loan Agent stating that any release of Liens by the Term Loan Agents securing or supporting the Term Loan Claims on any Term Loan Priority Collateral has become effective (or shall become effective upon the ABL Agent’s release), the ABL Agent will promptly execute, file and deliver such instruments, releases, termination statements or other documents (including UCC-3 termination statements, mortgage releases and termination of USPTO and copyright filings) confirming such release on customary terms at the expense of the Company. In the case of the sale of all or substantially all of the capital stock of a Grantor or any of its Subsidiaries, the guarantee in favor of the ABL Lenders, if any, made by such Grantor or Subsidiary will automatically be released and discharged as and when, but only to the extent, the guarantee by such Grantor or Subsidiary of Term Loan Claims is released and discharged. The ABL Agent, for itself and on behalf of each applicable ABL Lender, hereby irrevocably constitutes and appoints each Term Loan Agent and any officer or agent of such Term Loan Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in accordance with the place and stead of the ABL Agent or such ABL Lender or in the Term Loan Agent’s own name, from time to time in the Term Loan Agent’s discretion, for the purpose of carrying out the terms of this Section 5.1(b), to take any and all appropriate action and to execute any and all documents and instruments and make any filings that may be necessary or desirable to accomplish the Indenturepurposes of this Section 5.1(b), including filing any termination statements, endorsements or other instruments of transfer or release; provided that the applicable Term Loan Agent shall not exercise such Guaranteeing Subsidiary shall be released and relieved power of its Obligations attorney unless the ABL Agent has failed to comply with their obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery Section 5.1 within two Business Days after demand by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided hereinapplicable Term Loan Agent.
(c) Each Guaranteeing Subsidiary Unless and until the Discharge of ABL Priority Claims has occurred, each Term Loan Agent, for itself and on behalf of each applicable Term Loan Lender, hereby consents to the application, whether prior to or after a default, of proceeds of ABL Priority Collateral to the repayment of ABL Priority Claims pursuant to the ABL Credit Agreement; provided that nothing in this Section 5.1(c) shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 construed to prevent or impair the rights of the IndentureTerm Loan Agents or the Term Loan Lenders to receive proceeds in connection with the Term Loan Claims not otherwise in contravention of this Agreement.
(d) Unless and until the Discharge of Term Loan Claims has occurred, the ABL Agent, for itself and on behalf of each applicable ABL Lender, hereby consents to the application, whether prior to or after a default, of proceeds of Term Loan Priority Collateral to the repayment of Term Loan Claims pursuant to the Term Loan Credit Agreements; provided that nothing in this Section 5.1(d) shall be construed to prevent or impair the rights of the ABL Agent or the ABL Lenders to receive proceeds in connection with the ABL Claims not otherwise in contravention of this Agreement.
Appears in 2 contracts
Samples: Intercreditor Agreement (CPG Newco LLC), Intercreditor Agreement (CPG Newco LLC)
Releases. (a) Concurrently with any sale This Agreement and the security interest of assets the Foreign Facility Secured Parties in the Collateral provided hereunder shall terminate upon the Full Payment of the Obligations (includingother than contingent obligations for indemnification, if applicableexpense reimbursement, tax gross-up or yield protection in each case as to which no claim has been asserted or is reasonably expected to be asserted), at which time the Agent shall execute and deliver to the Grantors or the Grantors’ designee, at the Grantors’ expense, all of Uniform Commercial Code termination statements and similar documents which the Capital Stock of a Guaranteeing Subsidiary)Grantors shall reasonably request from time to time to evidence such termination; provided, all Lienshowever, if any, in favor of that that Agent shall not be obligated to execute or deliver such termination statements or similar documents with respect to any U.S. Facility Obligor until the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition Full Payment of all of the Capital Stock Foreign Facility Obligations and of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets U.S. Facility Obligations (in each case other than contingent obligations for indemnification, expense reimbursement, tax gross-up or yield protection in each case as to which no claim has been asserted or is reasonably expected to be asserted). Any execution and delivery of such Guaranteeing Subsidiarytermination statements or documents pursuant to this Section 9.24(a) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale without recourse to or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. Upon delivery warranty by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental IndentureAgent.
(b) Upon A Guarantor shall automatically be released from its obligations hereunder and the designation security interest of the Foreign Facility Secured Parties in the Collateral of such Guarantor shall be automatically released in the event that all the Equity Interests of such Guarantor shall be sold, transferred or otherwise disposed of to a person that is not an Affiliate of a Guaranteeing Subsidiary as an Unrestricted Subsidiary Borrower in accordance with the terms of the IndentureCredit Agreement; provided that the Required Lenders (or, if required by the terms of the Credit Agreement, such Guaranteeing Subsidiary greater percentage of the Lenders specified in the Credit Agreement) shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery have consented to such sale, transfer or other disposition (to the extent required by the Company to Credit Agreement) and the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation terms of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by consent did not provide otherwise. The security interest of the Company Foreign Facility Secured Parties in any Collateral that is sold, transferred or otherwise disposed of in accordance with this Agreement, the provisions Credit Agreement and the other Loan Documents (including pursuant to a waiver or amendment of the Indentureterms thereof) shall automatically terminate and be released, including without limitation Section 4.07 and such Collateral shall be sold free and clear of the Indenturesecurity interest created hereby. In connection with any of the foregoing, the Trustee Agent shall execute and deliver to the Grantors or the Grantors’ designee, at the Grantors’ expense, all Uniform Commercial Code termination statements and similar documents (including any such documents as may be reasonably required necessary in order connection with the entry into by any Grantor of a Specified Vendor Receivables Financing) that the Grantors shall reasonably request from time to time to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guaranteetermination. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount execution and delivery of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(ctermination statements or documents pursuant to this Section 9.24(b) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of without recourse to or warranty by the IndentureAgent.
Appears in 2 contracts
Samples: Foreign Facility Guarantee and Collateral Agreement, Foreign Facility Guarantee and Collateral Agreement (Horizon Global Corp)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in In the event of a sale or other disposition of all of the Capital Stock assets of any Senior Subordinated Note Guarantor, by way of merger, consolidation or otherwise, or a sale or other disposition of all to the capital stock of any Senior Subordinated Note Guarantor, then such Senior Subordinated Note Guarantor (in the event of a sale or other disposition, by way of merger, consolidation or otherwise, of all of the capital stock of such Guaranteeing SubsidiarySenior Subordinated Note Guarantor) or the Person corporation acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing SubsidiarySenior Subordinated Note Guarantor) shall will be released from and relieved of any obligations under its Obligations under this Supplemental Indenture and its Subordinated Subsidiary Guarantee made pursuant heretoGuarantee; provided that in the event of an Asset Sale, the Net Proceeds from of such sale or other disposition are treated applied in accordance with the applicable provisions of the Senior Subordinated Note Indenture, including without limitation Section 4.10 of the Senior Subordinated Note Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Senior Subordinated Note Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary sale or other disposition was made by the Company in accordance with the provisions of the Senior Subordinated Note Indenture, including without limitation Section 4.07 4.10 of the Senior Subordinated Note Indenture, the Senior Subordinated Note Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary any Senior Subordinated Note Guarantor from its Obligations obligations under its Subordinated Subsidiary Guarantee. .
(b) Any Guaranteeing Subsidiary Senior Subordinated Note Guarantor not released from its Obligations obligations under its Subordinated Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Senior Subordinated Notes and for the other Obligations obligations of any Guaranteeing Subsidiary Senior Subordinated Note Guarantor under the Senior Subordinated Note Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 Article 11 of the Senior Subordinated Note Indenture.
Appears in 2 contracts
Samples: Senior Subordinated Note Indenture (P&l Coal Holdings Corp), Senior Subordinated Note Indenture (P&l Coal Holdings Corp)
Releases. The Note Guarantee of a Guarantor will be automatically released:
(a1) Concurrently in connection with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of a Subsidiary Guarantor, by way of merger, consolidation or otherwise, to a Person that is not (either before or after giving effect to such Guaranteeing Subsidiarytransaction) shall be released from and relieved Solera or a Subsidiary of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that Solera;
(2) in the event of an Asset Sale, the Net Proceeds from such connection with any sale or other disposition are treated in accordance with of Capital Stock of a Subsidiary Guarantor to a Person that is not (either before or after giving effect to such transaction) Solera or a Subsidiary of Solera, if the provisions Subsidiary Guarantor ceases to be a Subsidiary of Section 4.10 Solera as a result of the Indenture. Upon delivery sale or other disposition;
(3) upon Legal Defeasance or Covenant Defeasance as provided under Article 8 hereof or satisfaction and discharge of this Indenture as provided under Article 11 hereof;
(4) in the case of a Subsidiary Guarantor that becomes an Excluded Subsidiary, upon receipt by the Company to the Trustee of an Officers' Officer’s Certificate to the effect certifying that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary Guarantor has become an Excluded Subsidiary, as the case may be, in accordance with the provisions ;
(5) all Note Guarantees of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture Guarantors during a Suspension Period as provided in this Supplemental Indenture.Section 4.12 hereof; or
(b6) Upon in the designation case of any Subsidiary Guarantor which was required to provide a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with Note Guarantee after the terms issue date of the IndentureNotes as provided by Section 4.07 hereof, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions release or discharge of the Indenture, including without limitation Section 4.07 Guarantee by such Subsidiary of all Indebtedness of the IndentureIssuer or any Subsidiary or the repayment of all the Indebtedness, the Trustee shall execute any documents reasonably required in order each case, which resulted in an obligation to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary provide a Note Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 2 contracts
Samples: Indenture (Solera Holdings, Inc), Indenture (Solera Holdings, Inc)
Releases. (a) Concurrently with If, at any time any Grantor or the holder of any ABL Priority Claim delivers notice to the Term Loan/Cash Flow Revolver Agent that any specified ABL Facility First Priority Collateral is sold, transferred or otherwise disposed of (including for such purpose, in the case of the sale of assets equity interests in any Subsidiary, any ABL Facility First Priority Collateral held by such Subsidiary or any direct or indirect Subsidiary thereof):
(includingi) by the owner of such ABL Facility First Priority Collateral in a transaction permitted under the ABL Credit Agreement, if applicablethe Term Loan/Cash Flow Revolver Agreement and each other ABL Loan Document and Term Loan/Cash Flow Revolver Loan Document; or
(ii) during the existence of any Event of Default under (and as defined in) the ABL Credit Agreement to the extent the ABL Agent has consented to such sale, all of transfer or disposition; then (whether or not any Insolvency or Liquidation Proceeding is pending at the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, time) the Liens in favor of the Trustee Term Loan/Cash Flow Revolver Lenders upon such ABL Facility First Priority Collateral will automatically be released and discharged as and when, but only to the extent, such Liens on such ABL Facility First Priority Collateral securing ABL Priority Claims are released and discharged. Upon delivery to the Term Loan/Cash Flow Revolver Agent of a notice from the ABL Agent stating that any release of Liens securing or supporting the ABL Priority Claims on any ABL Facility First Priority Collateral has become effective (or shall become effective upon the Term Loan/Cash Flow Revolver Agent’s release), the Term Loan/Cash Flow Revolver Agent will promptly execute and deliver such instruments, releases, termination statements or other documents confirming such release on customary terms at the expense of the Borrower. The Term Loan/Cash Flow Revolver Agent, for itself and on behalf of each Term Loan/Cash Flow Revolver Lender, hereby irrevocably constitutes and appoints the ABL Agent and any officer or agent of the ABL Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the assets sold thereby shall be released; provided that place and stead of the Term Loan/Cash Flow Revolver Agent or such Term Loan/Cash Flow Revolver Lender or in the event ABL Agent’s own name, from time to time in the ABL Agent’s discretion, for the purpose of an Asset Salecarrying out the terms of this Section 5.1(a), to take any and all appropriate action and to execute any and all documents and instruments that may be necessary or desirable to accomplish the Net Proceeds from such sale purposes of this Section 5.1(a), including any termination statements, endorsements or other disposition are treated in accordance with instruments of transfer or release.
(b) If, at any time any Grantor or the provisions holder of Section 4.10 of any Term Loan/Cash Flow Revolver Priority Claim delivers notice to the Indenture. If the assets sold in such sale or other disposition include ABL Agent that any specified Term/Cash Flow Revolver Facility First Priority Collateral (including all or substantially all of the assets equity interests of a Guaranteeing Grantor or any of its Subsidiaries) (including for such purpose, in the case of the sale of equity interests in any Subsidiary, any Term/Cash Flow Revolver Facility First Priority Collateral held by such Subsidiary or all any direct or indirect Subsidiary thereof) is sold, transferred or otherwise disposed of:
(i) by the owner of such Term/Cash Flow Revolver Facility First Priority Collateral in a transaction permitted under the Term Loan/Cash Flow Revolver Agreement, the ABL Credit Agreement and each other Term Loan/Cash Flow Revolver Loan Document and ABL Loan Document; or
(ii) during the existence of any Event of Default under (and as defined in) the Term Loan/Cash Flow Revolver Agreement to the extent the Term Loan/Cash Flow Revolver Agent has consented to such sale, transfer or disposition; then (whether or not any Insolvency or Liquidation Proceeding is pending at the time) the Liens in favor of the Capital Stock ABL Lenders upon such Term/Cash Flow Revolver Facility First Priority Collateral will automatically be released and discharged as and when, but only to the extent, such Liens on such Term/Cash Flow Revolver Facility First Priority Collateral securing Term Loan/Cash Flow Revolver Priority Claims are released and discharged. Upon delivery to the ABL Agent of a Guaranteeing Subsidiarynotice from the Term Loan/Cash Flow Revolver Agent stating that any release of Liens securing or supporting the Term Loan/Cash Flow Revolver Priority Claims on any Term/Cash Flow Revolver Facility First Priority Collateral has become effective (or shall become effective upon the ABL Agent’s release), then the Guaranteeing Subsidiary (in the event of a sale ABL Agent will promptly execute and deliver such instruments, releases, termination statements or other disposition of all documents confirming such release on customary terms at the expense of the Capital Stock Borrower. In the case of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets capital stock of a Grantor or any of its Subsidiaries, the guarantee in favor of the ABL Lenders, if any, made by such Grantor or Subsidiary will automatically be released and discharged (i) as and when, but only to the extent, the guarantee by such Grantor or Subsidiary of Term Loan/Cash Flow Revolver Claims is released and discharged and (ii) subject to payment of proceeds from the sale of such Guaranteeing Subsidiary) shall be released from capital stock to the ABL Agent to the extent provided in Section 4.5. The ABL Agent, for itself and relieved on behalf of each applicable ABL Lender, hereby irrevocably constitutes and appoints the Term Loan/Cash Flow Revolver Agent and any officer or agent of the Term Loan/Cash Flow Revolver Agent, with full power of substitution, as its Obligations under this Supplemental Indenture true and its Subsidiary Guarantee made pursuant hereto; provided that lawful attorney-in-fact with full irrevocable power and authority in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 place and stead of the Indenture. Upon delivery by ABL Agent or such ABL Lender or in the Company Term Loan/Cash Flow Revolver Agent’s own name, from time to time in the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing SubsidiaryTerm Loan/Cash Flow Revolver Agent’s discretion, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount purpose of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with carrying out the terms of this Section 5.1(b), to take any and all appropriate action and to execute any and all documents and instruments that may be necessary or desirable to accomplish the Indenture, such Guaranteeing Subsidiary shall be released and relieved purposes of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the IndentureSection 5.1(b), including without limitation Section 4.07 any termination statements, endorsements or other instruments of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided hereintransfer or release.
(c) Each Guaranteeing Subsidiary Unless and until the Discharge of ABL Priority Claims has occurred, the Term Loan/Cash Flow Revolver Agent, for itself and on behalf of each Term Loan/Cash Flow Revolver Lender, hereby consents to the application, whether prior to or after a default, of proceeds of ABL Facility First Priority Collateral to the repayment of ABL Priority Claims pursuant to the ABL Loan Documents; provided that nothing in this Section 5.1(c) shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 construed to prevent or impair the rights of the IndentureTerm Loan/Cash Flow Revolver Agent or the Term Loan/Cash Flow Revolver Lenders to receive proceeds in connection with the Term Loan/Cash Flow Revolver Claims not otherwise in contravention of this Agreement.
(d) Unless and until the Discharge of Term Priority Claims has occurred, the ABL Agent, for itself and on behalf of each ABL Lender, hereby consents to the application, whether prior to or after a default, of proceeds of Term/Cash Flow Revolver Facility First Priority Collateral to the repayment of Term Loan/Cash Flow Revolver Priority Claims pursuant to the Term Loan/Cash Flow Revolver Loan Documents; provided that nothing in this Section 5.1(d) shall be construed to prevent or impair the rights of the ABL Agent or the ABL Lenders to receive proceeds in connection with the ABL Claims not otherwise in contravention of this Agreement.
Appears in 2 contracts
Samples: Credit Agreement (Quorum Health Corp), Abl Credit Agreement (Quorum Health Corp)
Releases. The Guarantee of the Guaranteeing Subsidiary shall be automatically and unconditionally released and discharged, and no further action by the Guaranteeing Subsidiary, the Issuer or the Trustee is required for the release of the Guaranteeing Subsidiary’s Guarantee, upon (a) Concurrently with receipt by the Trustee of a notification from the Issuer that such Guarantee be released and (b) the occurrence of any sale of assets the following:
(includinga) any direct or indirect sale, if applicableexchange, all disposition or other transfer (including by merger, consolidation or otherwise) of the Capital Stock of a the Guaranteeing Subsidiary), all Liensafter which the Guaranteeing Subsidiary is no longer a Restricted Subsidiary, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee which sale, exchange, disposition or other transfer is made pursuant hereto. If in a manner not in violation of the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for applicable provisions of the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.;
(b) Upon the release or discharge of the guarantee by the Guaranteeing Subsidiary of the Senior Credit Facilities or the guarantee which resulted in the creation of such Guarantee, in each case except a release or discharge by or as a result of payment under such guarantee;
(c) designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations provisions set forth under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, Indenture and the Trustee shall execute any documents reasonably required in order to evidence definition of “Unrestricted Subsidiary”;
(d) the release Issuer’s exercise of such Guaranteeing Subsidiary from its Obligations legal defeasance option or covenant defeasance option as described under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for Article VIII of the full amount of principal of and interest on Indenture or the Notes and for the other Obligations of any Guaranteeing Subsidiary Issuer’s obligations under the Indenture as provided herein.being discharged in a manner not in violation of Article XI; or
(ce) Each Guaranteeing Subsidiary shall the occurrence of a Covenant Suspension Event as described in Section 4.15 of the Indenture; provided that such Guarantee will be released and relieved of its obligations under this Supplemental Indenture reinstated upon the applicable Reversion Date in accordance with, and subject to, with Section 4.18 4.15(c) of the Indenture.
Appears in 2 contracts
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in In the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a any sale or other disposition of all or substantially all of the assets of any Guarantor, by way of merger, consolidation or otherwise, to a Person that is not (either before or after giving effect to such Guaranteeing Subsidiarytransaction) shall the Company or a Restricted Subsidiary of the Company, then the corporation acquiring the property will be released from and relieved of its Obligations any obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the Note Guarantee;
(b) In the event of an Asset Saleany sale or other disposition of Capital Stock of any Guarantor to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary of the Company and such Guarantor ceases to be a Restricted Subsidiary of the Company as a result of the sale or other disposition, then such Guarantor will be released and relieved of any obligations under its Note Guarantee; provided, in both cases, that the Net Proceeds from of such sale or other disposition are treated applied in accordance with the applicable provisions of this Indenture, including without limitation Section 4.10 of the Indenturehereof. Upon delivery by the Company to the Trustee of an Officers' ’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, limitation Section 4.10 of the Indenturehereof, the Trustee shall will execute any documents reasonably required requested by the Company in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released any Guarantor from its obligations under its Subsidiary Note Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(bc) Upon the designation of any Restricted Subsidiary that is a Guaranteeing Subsidiary Guarantor as an Unrestricted Subsidiary in accordance with the terms of the this Indenture, such Guaranteeing Subsidiary shall Guarantor will be released and relieved of its Obligations any obligations under its Subsidiary Guarantee and this Supplemental Indenture. Note Guarantee.
(d) Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company Legal Defeasance or Covenant Defeasance in accordance with the provisions Article 8 hereof or satisfaction and discharge of the Indenturethis Indenture in accordance with Article 13 hereof, including without limitation Section 4.07 each Guarantor will be released and relieved of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations obligations under its Subsidiary Note Guarantee. Any Guaranteeing Subsidiary Guarantor not released from its Obligations obligations under its Subsidiary Note Guarantee shall as provided in this Section 12.05 will remain liable for the full amount of principal of of, premium on, if any, and interest on interest, if any, on, the Notes and for the other Obligations obligations of any Guaranteeing Subsidiary Guarantor under the this Indenture as provided hereinin this Article 12.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 2 contracts
Samples: Indenture (WHX Corp), Indenture (Handy & Harman Ltd.)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock Equity Interests of a Guaranteeing Subsidiaryany Subsidiary Guarantor), all Liens, if any, any Liens in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of 4.07 hereof. The Guarantee or the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets obligations under Section 11.04 hereof of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary Guarantor will be released (i) in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a connection with any sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved Subsidiary Guarantor (including by way of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in merger or consolidation), if the event of an Asset Sale, Partnership applies the Net Proceeds from such of that sale or other disposition are treated in accordance with Section 4.07 hereof; or (ii) in connection with the provisions sale or other disposition of Section 4.10 all of the IndentureEquity Interests of a Subsidiary Guarantor, if the Partnership applies the Net Proceeds of that sale in accordance with Section 4.07 hereof; or (iii) if the Partnership designates any Restricted Subsidiary that is a Subsidiary Guarantor as an Unrestricted Subsidiary; or (iv) at such time as such Subsidiary Guarantor ceases to guarantee any other Indebtedness of the Partnership. Upon delivery by the Company Partnership to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, Partnership in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, limitation Section 4.10 4.07 hereof or such Guarantee is to be released pursuant to the provisions of the Indentureimmediately preceding sentence, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing any Subsidiary Guarantor from its Obligations obligations under this Supplemental Indenture and its Guarantees. Any Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is Guarantor not released from its obligations under its Subsidiary Guarantee, it Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing any Subsidiary Guarantor under the this Indenture as provided in this Supplemental IndentureArticle 11.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 2 contracts
Samples: Indenture (Gulfterra Energy Partners L P), Indenture (El Paso Energy Partners Deepwater LLC)
Releases. (a) Concurrently If in connection with the exercise of the First Lien Collateral Agent’s remedies in respect of the Collateral provided for in Section 3.1, the First Lien Collateral Agent, for itself or on behalf of any of the First Lien Claimholders, releases any of its Liens on any part of the Collateral or releases any Grantor from its obligations under its guaranty of the First Lien Obligations in connection with the sale of assets (includingthe stock, if applicableor substantially all the assets, all of such Grantor, then the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in Second Lien Collateral Agent, for itself or for the assets sold thereby benefit of the Second Lien Claimholders, on such Collateral, and the obligations of such Grantor under its guaranty of the Second Lien Obligations, shall be automatically, unconditionally and simultaneously released; provided that . The Second Lien Collateral Agent, for itself or on behalf of any such Second Lien Claimholders, promptly shall execute and deliver to the First Lien Collateral Agent or such Grantor such termination statements, releases and other documents as the First Lien Collateral Agent or such Grantor may request to effectively confirm such release.
(b) If in the event of an Asset Saleconnection with any sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiarylease, then the Guaranteeing Subsidiary (in the event of a sale exchange, transfer or other disposition of all any Collateral (collectively, a “Disposition”) permitted under the terms of both the First Lien Loan Documents and the Second Lien Loan Documents (other than in connection with the exercise of the Capital Stock First Lien Collateral Agent’s remedies in respect of such Guaranteeing Subsidiary) the Collateral provided for in Section 3.1), the First Lien Collateral Agent, for itself or on behalf of any of the Person acquiring First Lien Claimholders, releases any of its Liens on any part of the property (Collateral, or releases any Grantor from its obligations under its guaranty of the First Lien Obligations in connection with the event sale of a sale or other disposition of all the stock, or substantially all the assets, of such Grantor, in each case other than (A) in connection with the Discharge of First Lien Obligations and (B) after the occurrence and during the continuance of any Event of Default under the Second Lien Credit Agreement, then the Liens, if any, of the assets Second Lien Collateral Agent, for itself or for the benefit of the Second Lien Claimholders, on such Collateral, and the obligations of such Guaranteeing Subsidiary) Grantor under its guaranty of the Second Lien Obligations, shall be released from automatically, unconditionally and relieved simultaneously released. The Second Lien Collateral Agent, for itself or on behalf of any such Second Lien Claimholders, promptly shall execute and deliver to the First Lien Collateral Agent or such Grantor such termination statements, releases and other documents as the First Lien Collateral Agent or such Grantor may request to effectively confirm such release.
(c) Until the Discharge of First Lien Obligations occurs, the Second Lien Collateral Agent, for itself and on behalf of the Second Lien Claimholders, hereby irrevocably constitutes and appoints the First Lien Collateral Agent and any officer or agent of the First Lien Collateral Agent, with full power of substitution, as its Obligations under this Supplemental Indenture true and its Subsidiary Guarantee made pursuant hereto; provided that lawful attorney-in-fact with full irrevocable power and authority in the event place and stead of an Asset Salethe Second Lien Collateral Agent or such holder or in the First Lien Collateral Agent’s own name, from time to time in the Net Proceeds from such sale First Lien Collateral Agent’s discretion, for the purpose of carrying out the terms of this Section 5.1, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary to accomplish the purposes of this Section 5.1, including any endorsements or other disposition instruments of transfer or release.
(d) Until the Discharge of First Lien Obligations occurs, to the extent that the First Lien Collateral Agent or the First Lien Claimholders (i) have released any Lien on Collateral or any Grantor from its obligation under its guaranty and any such Liens or guaranty are treated in accordance with later reinstated or (ii) obtain any new liens or additional guarantees from any Grantor, then the Second Lien Collateral Agent, for itself and for the Second Lien Claimholders, shall be granted a Lien on any such Collateral, subject to the lien subordination provisions of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of this Agreement, and an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiaryadditional guaranty, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(e) In the event that the principal amount of funded First Lien Obligations plus the aggregate face amount of letters of credit, if any, issued under the First Lien Credit Agreement and not reimbursed plus the aggregate principal amount of unfunded revolving commitments under the First Lien Credit Agreement (collectively, the “First Lien Obligations Amount”), at any date of determination no longer constitute at least 15% of the sum of (i) the First Lien Obligations Amount and (ii) the principal amount of funded Second Lien Obligations (collectively, the “Second Lien Obligations Amount”), then any agreement provided for in Section 5.1 (a) and (b) Upon above (except for releases given in connection with a Disposition permitted under the designation First Lien Loan Documents and the Second Lien Loan Documents) shall require the consent of a Guaranteeing Subsidiary as an Unrestricted Subsidiary First Lien Claimholders and Second Lien Claimholders representing in accordance with the terms aggregate more than 50% of the Indenture, such Guaranteeing Subsidiary shall be released sum of (i) the First Lien Obligations Amount and relieved of its (ii) the Second Lien Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided hereinAmount.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 2 contracts
Samples: First Lien Credit and Guaranty Agreement (Arizona Chemical Ltd.), Second Lien Credit and Guaranty Agreement (Arizona Chemical Ltd.)
Releases. (a) Concurrently with If, at any time any Grantor or the holder of any ABL Claim delivers notice to the Term/Note Agents that any specified ABL Priority Collateral is sold, transferred or otherwise disposed of (including for such purpose, in the case of the sale of assets Equity Interests in any Subsidiary, any ABL Priority Collateral held by such Subsidiary or any direct or indirect Subsidiary thereof):
(including, if applicable, all i) by the owner of such ABL Priority Collateral in a transaction permitted under each of the Capital Stock of a Guaranteeing Subsidiary), all Liens, Financing Documents and not prohibited under any other ABL Loan Document (if any) or any other Term/Note Document (if any); or
(ii) during the existence of any Event of Default under (and as defined in) the ABL Credit Agreement (or any other definitive documentation governing Future ABL Indebtedness) by the owner of such ABL Priority Collateral (to the extent the applicable ABL Agents have consented to such sale, transfer or disposition) or by an ABL Agent in connection with the Exercise of Any Secured Creditor Remedies; then (whether or not any Insolvency or Liquidation Proceeding is pending at the time) the Liens in favor of the Trustee Term/Note Holders upon such ABL Priority Collateral will automatically be released and discharged as and when, but only to the extent, such Liens on such ABL Priority Collateral securing ABL Claims are released and discharged. Upon delivery to each Term/Note Agent of a notice from the applicable ABL Agent stating that any release of Liens by the ABL Agents securing or supporting the ABL Claims on any ABL Priority Collateral has become effective (or shall become effective upon each Term/Note Agent’s release), each applicable Term/Note Agent will promptly execute and deliver, and authorize the filing of, such instruments, releases, termination statements or other documents (including UCC-3 termination statements, mortgage releases and termination of USPTO and Copyright filings) in all relevant jurisdictions confirming such release on customary terms at the request and expense of the Company. Each Term/Note Agent, for itself and on behalf of each applicable Term/Note Holder, hereby irrevocably constitutes and appoints each ABL Agent and any officer or agent of such ABL Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the assets sold thereby shall place and stead of such Term/Note Agent or such Term/Note Holder or in such ABL Agent’s own name, from time to time in such ABL Agent’s determination, for the purpose of carrying out the terms of this Section 5.1(a), to take any and all appropriate action and to execute any and all documents and instruments that may be releasednecessary or desirable to accomplish the purposes of this Section 5.1(a), including authorizing the filing of any termination statements, endorsements or other instruments of transfer or release; provided that in the event applicable ABL Agent shall not exercise such power of an Asset Saleattorney unless the Term/Note Agents have failed to comply with their obligations under this Section 5.1 within two Business Days after demand by the applicable ABL Agent.
(b) Subject to Section 5.6, if, at any time any Grantor or the Net Proceeds from such sale or other disposition are treated in accordance with holder of any Term/Note Claim delivers notice to the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include ABL Agents that any specified Term/Note Priority Collateral (including all or substantially all of the assets Equity Interests of a Guaranteeing Grantor or any of its Subsidiaries) (including for such purpose, in the case of the sale of Equity Interests in any Subsidiary, any Term/Note Priority Collateral held by such Subsidiary or all any direct or indirect Subsidiary thereof) is sold, transferred or otherwise disposed of:
(i) by the owner of such Term/Note Priority Collateral in a transaction permitted under each of the Capital Stock Financing Documents and the Indenture and not prohibited under any other Term/Note Document (if any) and ABL Loan Document (if any); or
(ii) during the existence of any Event of Default under (and as defined in) the Term/Note Financing Documents by the owner of such Term/Note Priority Collateral (to the extent the applicable Term/Note Agents have consented to such sale, transfer or disposition) or by a Term/Note Agent in connection with the Exercise of Any Secured Creditor Remedies; then (whether or not any Insolvency or Liquidation Proceeding is pending at the time) the Liens in favor of the ABL Lenders upon such Term/Note Priority Collateral will automatically be released and discharged as and when, but only to the extent, such Liens on such Term/Note Priority Collateral securing Term/Note Claims are released and discharged. Upon delivery to each ABL Agent of a Guaranteeing Subsidiarynotice from the applicable Term/Note Agent stating that any release of Liens by the Term/Note Agents securing or supporting the Term/Note Claims on any Term/Note Priority Collateral has become effective (or shall become effective upon each ABL Agent’s release), then each ABL Agent will promptly execute and deliver, and authorize the Guaranteeing Subsidiary filing of, such instruments, releases, termination statements or other documents (including UCC-3 termination statements, mortgage releases and termination of USPTO and Copyright filings) in all relevant jurisdictions confirming such release on customary terms at the request and expense of the Company. Each ABL Agent, for itself and on behalf of each applicable ABL Lender, hereby irrevocably constitutes and appoints each Term/Note Agent and any officer or agent of such Term/Note Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the event place and stead of a sale such ABL Agent or such ABL Lender or in such Term/Note Agent’s own name, from time to time in such Term/Note Agent’s determination, for the purpose of carrying out the terms of this Section 5.1(b), to take any and all appropriate action and to execute any and all documents and instruments that may be necessary or desirable to accomplish the purposes of this Section 5.1(b), including authorizing the filing of any termination statements, endorsements or other disposition instruments of all of the Capital Stock of such Guaranteeing Subsidiary) transfer or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant heretorelease; provided that in the event applicable Term/Note Agent shall not exercise such power of an Asset Sale, attorney unless the Net Proceeds from such sale or other disposition are treated in accordance ABL Agents have failed to comply with the provisions of their obligations under this Section 4.10 of the Indenture. Upon delivery 5.1 within two Business Days after demand by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided hereinapplicable Term/Note Agent.
(c) Each Guaranteeing Subsidiary Unless and until the Discharge of ABL Claims has occurred, each Term/Note Agent, for itself and on behalf of each applicable Term/Note Holder, hereby consents to the application, whether prior to or after a default, of proceeds of ABL Priority Collateral to the repayment of ABL Claims pursuant to the ABL Credit Agreement; provided that nothing in this Section 5.1(c) shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 construed to prevent or impair the rights of the IndentureTerm/Note Agents or the Term/Note Holders to receive proceeds in connection with the Term/Note Claims not otherwise in contravention of this Agreement.
(d) Unless and until the Discharge of Term/Note Claims has occurred, each ABL Agent, for itself and on behalf of each applicable ABL Lender, hereby consents to the application, whether prior to or after a default, of proceeds of Term/Note Priority Collateral to the repayment of Term/Note Claims pursuant to the Term/Note Financing Documents; provided that nothing in this Section 5.1(d) shall be construed to prevent or impair the rights of the ABL Agents or the ABL Lenders to receive proceeds in connection with the ABL Claims not otherwise in contravention of this Agreement.
Appears in 2 contracts
Samples: Abl Credit Agreement (Pyxus International, Inc.), Abl/Term Loan/Notes Intercreditor Agreement (Pyxus International, Inc.)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in In the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a any sale or other disposition of all or substantially all of the assets of any Guarantor, by way of merger, consolidation or otherwise, to a Person that is not (either before or after giving effect to such Guaranteeing transaction) the Company or a Restricted Subsidiary) shall , then the corporation acquiring the property will be released from and relieved of its Obligations any obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the Note Guarantee;
(b) In the event of an Asset Saleany sale or other disposition of Capital Stock of any Guarantor to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary, and such Guarantor ceases to be a Restricted Subsidiary as a result of the sale or other disposition, then such Guarantor will be released and relieved of any obligations under its Note Guarantee; provided, in both cases, that the Net Proceeds from of such sale or other disposition are treated applied in accordance with the applicable provisions of this Indenture, including without limitation Section 4.10 of the Indenturehereof. Upon delivery by the Company to the Trustee of an Officers' ’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, limitation Section 4.10 of the Indenturehereof, the Trustee shall will execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released any Guarantor from its obligations under its Subsidiary Note Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(bc) Upon the designation of any Restricted Subsidiary that is a Guaranteeing Subsidiary Guarantor as an Unrestricted Subsidiary in accordance with the terms of the this Indenture, such Guaranteeing Subsidiary shall Guarantor will be released and relieved of its Obligations any obligations under its Subsidiary Guarantee and this Supplemental Indenture. Note Guarantee.
(d) Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company Legal Defeasance or Covenant Defeasance in accordance with the provisions Article 8 hereof or satisfaction and discharge of the Indenturethis Indenture in accordance with Article 11 hereof, including without limitation Section 4.07 each Guarantor will be released and relieved of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence obligations under its Note Guarantee.
(e) Upon the release of such Guaranteeing Subsidiary from its Obligations the Guarantor’s guarantee under all applicable Triggering Indebtedness, each Guarantor will be released and relieved of any obligations under its Subsidiary Note Guarantee. Any Guaranteeing Subsidiary Guarantor not released from its Obligations obligations under its Subsidiary Note Guarantee shall as provided in this Section 10.05 will remain liable for the full amount of principal of of, premium on, if any, and interest on on, the Notes and for the other Obligations obligations of any Guaranteeing Subsidiary Guarantor under the this Indenture as provided hereinin this Article 10.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 2 contracts
Samples: Indenture (Endo International PLC), Indenture (Endo International PLC)
Releases. (a) Concurrently The Note Guarantee of a Guarantor and the Orion Limited Guaranty shall be released automatically and all security interests granted by that Guarantor or granted in such Guarantor's Capital Stock to the Collateral Trustee shall be released with respect to the Note Obligations:
(1) in connection with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the assets or Capital Stock of that Guarantor or Orion Power Holdings, Inc. (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such Guaranteeing Subsidiarytransaction) the Company or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all Restricted Subsidiary of the assets of such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset SaleCompany, if the Net Proceeds from such of the sale or other disposition are treated applied in accordance with the applicable provisions of this Indenture, including without limitation, Section 4.10 hereof, and the Collateral Trust Agreement without limiting any other rights of the Company hereunder;
(2) if the Company designates Orion Power Holdings, Inc. or any Restricted Subsidiary that is a Guarantor to be an Unrestricted Subsidiary in accordance with the applicable provisions of this Indenture. ;
(3) upon Legal Defeasance, Covenant Defeasance or satisfaction and discharge of the Indenture pursuant to Article 13 hereof;
(4) upon a dissolution of that Guarantor or Orion Power Holdings, Inc. that is permitted under Section 4.14 hereof; or
(5) upon written request of the Company, if that Guarantor or Orion Power Holdings, Inc. has been or will be concurrently released from its guarantee of all other Indebtedness of the Company; provided that all Liens on the Excluded Securities issued by such Guarantor or Orion Power Holdings, Inc. securing any such Indebtedness have been or are concurrently released.
(b) Upon delivery by the Company to the Trustee of an Officers' Officer's Certificate and an Opinion of Counsel to the effect that such sale the action or other disposition event giving rise to the applicable release has occurred or was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the this Indenture and this Supplemental Indenturethe Collateral Trust Agreement, including without limitation, Section 4.10 of the Indentureas applicable, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary any Guarantor from its Obligations obligations under this Supplemental Indenture and its Subsidiary Note Guarantee made pursuant hereto. If or Orion Power Holdings, Inc. from its obligations under the Guaranteeing Subsidiary is Orion Limited Guaranty, as applicable;
(c) Any Guarantor not released from its obligations under its Subsidiary Guarantee, it shall Note Guarantee will remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary any Guarantor under the this Indenture as provided in this Supplemental IndentureArticle 12.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 2 contracts
Samples: Indenture (Reliant Energy Solutions LLC), Indenture (Reliant Energy Solutions LLC)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in In the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a any sale or other disposition of all or substantially all of the assets of any Guarantor, by way of merger, consolidation or otherwise, to a Person that is not (either before or after giving effect to such Guaranteeing Subsidiarytransaction) shall the Company or a Restricted Subsidiary of the Company, then the corporation acquiring the property will be released from and relieved of its Obligations any obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the Note Guarantee;
(b) In the event of an Asset Saleany sale or other disposition of Capital Stock of any Guarantor to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary of the Company, and such Guarantor ceases to be a Restricted Subsidiary of the Company as a result of the sale or other disposition, then such Guarantor will be released and relieved of any obligations under its Note Guarantee; provided, in both cases, that the Net Proceeds from of such sale or other disposition are treated applied in accordance with the applicable provisions of this Indenture, including without limitation Section 4.10 of the Indenturehereof. Upon delivery by the Company to the Trustee of an Officers' ’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, limitation Section 4.10 of the Indenturehereof, the Trustee shall will execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released any Guarantor from its obligations under its Subsidiary Note Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(bc) Upon the designation of any Restricted Subsidiary that is a Guaranteeing Subsidiary Guarantor as an Unrestricted Subsidiary in accordance with the terms of the this Indenture, such Guaranteeing Subsidiary shall Guarantor will be released and relieved of its Obligations any obligations under its Subsidiary Guarantee and this Supplemental Indenture. Note Guarantee.
(d) Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company Legal Defeasance or Covenant Defeasance in accordance with the provisions Article 8 hereof or satisfaction and discharge of the Indenturethis Indenture in accordance with Article 11 hereof, including without limitation Section 4.07 each Guarantor will be released and relieved of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence obligations under its Note Guarantee.
(e) Upon the release of such Guaranteeing Subsidiary from its Obligations the Guarantor’s guarantee under all applicable Triggering Indebtedness, each Guarantor will be released and relieved of any obligations under its Subsidiary Note Guarantee. Any Guaranteeing Subsidiary Guarantor not released from its Obligations obligations under its Subsidiary Note Guarantee shall as provided in this Section 10.05 will remain liable for the full amount of principal of of, premium on, if any, and interest on and Additional Interest, if any, on, the Notes and for the other Obligations obligations of any Guaranteeing Subsidiary Guarantor under the this Indenture as provided hereinin this Article 10.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 2 contracts
Samples: Indenture (Endo Pharmaceuticals Holdings Inc), Indenture (Endo Pharmaceuticals Holdings Inc)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' " Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' " Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 2 contracts
Samples: Supplemental Indenture (L 3 Communications Corp), Supplemental Indenture (L 3 Communications Corp)
Releases. Notwithstanding Section 3 above, if:
(ai) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of Subsidiary Guarantor ceases to be a Guaranteeing Subsidiary), all Liens, if any, Restricted Subsidiary in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance compliance with the applicable provisions of Section 4.10 of the Indenture. If ;
(ii) the assets sold in such sale or other disposition include Securities are defeased and discharged pursuant to Section 1502 of the Indenture; or
(iii) all or substantially all of the assets of a Guaranteeing the Subsidiary Guarantor or all of the Capital Stock of the Subsidiary Guarantor are sold (including by issuance, amalgamation, merger, consolidation or otherwise) by the Company or any Restricted Subsidiary in a Guaranteeing Subsidiarytransaction constituting an Asset Disposition and in which the Net Available Proceeds from such Assets Disposition are applied in accordance with requirements of Section 1013 of the Indenture, then and, in each case of (i), (ii) or (iii), upon delivery by the Guaranteeing Subsidiary (Company of an Officers' Certificate and an Opinion of Counsel stating that all conditions precedent contained in the event of a sale or other disposition of all Indenture provided for relating to the release of the Capital Stock Subsidiary Guarantor from its obligations under the Subsidiary Guarantee and Article Twelve of such Guaranteeing Subsidiary) the Indenture have been complied with, the Subsidiary Guarantor or the Person acquiring the property such assets (in the event of a sale or other disposition of all or substantially all of the assets or Capital Stock of such Guaranteeing SubsidiarySubsidiary Guarantor) shall be released from and relieved discharged of its Obligations obligations under this Supplemental Indenture and its the Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions and under Article Twelve of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 any action on the part of the IndentureTrustee or any Holder, and the Trustee shall execute any documents reasonably required in order to evidence acknowledge the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released Guarantor from its obligations under its the Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest Guarantee endorsed on the Notes Securities and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 Article Twelve of the Indenture.
Appears in 2 contracts
Samples: Supplemental Indenture (Ainsworth Lumber Co LTD), Fifth Supplemental Indenture (Ainsworth Lumber Co LTD)
Releases. (a) Concurrently The Company shall have the right to optionally prepay Revolving Loans in whole at any time and in part at any time so long as no Default, Early Amortization Event or Event of Default has occurred and is continuing or will result therefrom. In connection with any sale of assets (including, if applicable, all of the Capital Stock of such prepayment or a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Permitted Asset Sale, the Net Proceeds from such sale Company may request a Release in connection therewith (i) at any time but only in connection with a Whole Loan Sale, Securitization Transaction or a Permitted Asset Sale described in clauses (a) and (b) of the definition thereof or (ii) with respect to any other disposition are treated Permitted Asset Sale, only after the occurrence of the first anniversary of the Closing Date, in each case subject to the terms of this Section 2.6. The Company may request a Release described in clause (i) or (ii) above on any Business Day (a “Release Date”) by delivering to the Administrative Agent and the Collateral Agent by not later than 3:00 p.m. New York City time at least two (2) Business Days prior to the requested Release Date, written notice substantially in the form of Exhibit I (a “Release Notice”) (which Release Notice the Administrative Agent shall promptly make available to the Lenders in accordance with its customary practice). In connection with (A) any prepayment made on or after the provisions of Section 4.10 first anniversary of the Indenture. If the assets sold Closing Date, or (B) any Release described in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary clause (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiaryi) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiaryii) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee above made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of this Section 2.6, the IndentureCompany may elect to reduce the Revolving Commitments, pro rata based on each Lender’s Pro Rata Share (each such Guaranteeing Subsidiary election, a “Commitment Reduction” and each such amount, a “Commitment Reduction Amount”) and such Commitment Reduction shall be released effective upon the date of such prepayment or the related Release on the Release Date, as applicable. Each Release Notice shall be irrevocable and relieved effective upon receipt; provided further that if such Release Notice is delivered more than two Business Days prior to the requested Release Date, it shall be revocable, without penalty, through the close of its Obligations under its Subsidiary Guarantee and this Supplemental Indenturebusiness on the Business Day preceding such second prior Business Day. Upon delivery by By not later than 3:00 p.m. New York City time at least one Business Day prior to the requested Release Date, the Company shall deliver to the Trustee Administrative Agent and the Collateral Agent, a written notice substantially in the form of an Officers' Certificate and an Opinion of Counsel Exhibit J (a “Release Letter”) (which document the Administrative Agent shall promptly make available to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company Lenders in accordance with its customary practice), confirming the provisions Release Date and setting forth certain information related to the distribution of the Indenturefunds on such Release Date and, including without limitation Section 4.07 of the Indentureif applicable, the Trustee shall execute Release of certain Receivables. Company will select no more than a pro rata share (by Outstanding Principal Balance) of Delinquent Receivables for any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided hereinRelease.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 2 contracts
Samples: Credit Agreement (Enova International, Inc.), Credit Agreement (Enova International, Inc.)
Releases. A Subsidiary Guarantee of a Subsidiary Guarantor shall be automatically and unconditionally released and discharged upon:
(a) Concurrently with any sale of assets (includingsale, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale transfer or other disposition of all or substantially all of the assets of such Guaranteeing SubsidiarySubsidiary Guarantor (including by way of merger or consolidation) shall be released from and relieved to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset SaleCompany, if the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of does not violate Section 4.10 of the this Indenture. Upon delivery ;
(b) any sale, transfer or other disposition of Capital Stock of such Subsidiary Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary of the Company, if after such sale, transfer or disposition, the Subsidiary Guarantor would cease to be a Restricted Subsidiary and the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made does not violate Section 4.10 of this Indenture;
(c) the exercise by the Company of its Legal Defeasance option or its Covenant Defeasance option or the Guaranteeing Subsidiary, as the case may besatisfaction and discharge of this Indenture, in accordance with each case as provided under Article VIII;
(d) the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations proper designation of such Guaranteeing Subsidiary under Guarantor by the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary Company as an Unrestricted Subsidiary in accordance with the terms of this Indenture; or
(e) the IndentureSubsidiary Guarantor ceasing to guarantee any Debt of the Company or a Subsidiary Guarantor under, such Guaranteeing Subsidiary shall or be released a borrower under, the Revolving Credit Facility and relieved no Event of its Obligations under its Subsidiary Guarantee Default has occurred and this Supplemental Indentureis continuing. Upon delivery by the Company to the Trustee of an Officers' ’ Certificate and an Opinion of Counsel to the effect that such designation all conditions precedent to the release of such Guaranteeing a Subsidiary as an Unrestricted Guarantor’s Subsidiary was made by the Company Guarantee set forth in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenturethis Indenture have been satisfied, the Trustee shall execute any documents reasonably required requested by the Company in writing in order to evidence the release of such Guaranteeing any Subsidiary Guarantor from its Obligations obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary Guarantor not released from its Obligations obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations obligations of any Guaranteeing Subsidiary Guarantor under the this Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under in this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.Article X.
Appears in 2 contracts
Samples: Indenture (Group 1 Automotive Inc), Indenture (Group 1 Automotive Inc)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition (including by way of merger or consolidation) include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest (including Contingent Interest and Additional Interest, if any) on the Notes CODES and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Excluded Subsidiary in accordance with the terms of the IndentureIndenture and the indentures governing the Outstanding Senior Subordinated Notes as the same are in effect on the date of the Indenture (whether or not those indentures are subsequently amended, waived, modified or terminated or expire and whether or not any of those notes continue to be outstanding), such Guaranteeing Subsidiary shall be released and relieved of all of its Obligations obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the IndentureIndenture and the indentures governing, including without limitation Section 4.07 the Outstanding Senior Subordinated Notes as the same are in effect on the date of the IndentureIndenture (whether or not those indentures are subsequently amended, waived, modified or terminated or expire and whether or not any of those notes continue to be outstanding), the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes CODES and for the other Obligations obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary Upon any Guarantor being released from its guarantees of, and all pledges and security interests granted in connection with, Indebtedness of the Company or any of its Subsidiaries (other than a Foreign Subsidiary), such Guarantor shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 2 contracts
Samples: Supplemental Indenture (L 3 Communications Holdings Inc), Supplemental Indenture (L 3 Communications Holdings Inc)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock The Note Guarantee of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall Subsidiary Guarantor will be released; provided that in the event of an Asset Sale, the Net Proceeds and such Subsidiary Guarantor will be released from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition and relieved of all of the Capital Stock of such Guaranteeing Subsidiaryits obligations under its Note Guarantee and this Indenture:
(1) in connection with any sale, disposition or the Person acquiring the property (in the event of a sale or other disposition transfer of all or substantially all of the assets of that Subsidiary Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such Guaranteeing Subsidiarytransaction) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset SaleParent, the Net Proceeds from such sale Issuer or other a Restricted Subsidiary of Parent, if the sale, disposition are treated in accordance with or transfer does not violate the provisions first paragraph of Section 4.10 4.10;
(2) in connection with any sale, disposition or transfer of all of the Indenture. Upon delivery by the Company Capital Stock of that Subsidiary Guarantor to the Trustee of an Officers' Certificate a Person that is not (either before or after giving effect to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenturetransaction) Parent, the Trustee shall execute any documents reasonably required in order to evidence Issuer or a Restricted Subsidiary of Parent, if the release sale, disposition or transfer does not violate the first paragraph of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.Section 4.10;
(b3) Upon if the designation of Issuer designates any Restricted Subsidiary that is a Guaranteeing Subsidiary as Guarantor to be an Unrestricted Subsidiary in accordance with the terms applicable provisions of the this Indenture, ;
(4) upon Legal Defeasance in accordance with Article 8 hereof or satisfaction and discharge of this Indenture in accordance with Article 12 hereof; or
(5) at such Guaranteeing time as such Subsidiary shall be released and relieved of its Obligations under its Guarantor does not have any Indebtedness outstanding that would have required such Subsidiary Guarantor to enter into a Note Guarantee and this Supplemental Indenturepursuant to Section 4.19. Upon delivery by the Company Issuer to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation a release of such Guaranteeing a Subsidiary as an Unrestricted Subsidiary was made by the Company Guarantor in accordance with the provisions of the Indenture, including without limitation this Section 4.07 of the 11.05 is authorized or permitted by this Indenture, the Trustee shall will, upon the request and at the expense of the Issuer, execute any documents reasonably required requested by the Issuer in order to evidence the release of such Guaranteeing Subsidiary Guarantor from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under its Note Guarantee and this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 2 contracts
Samples: Indenture (Swift Transportation Co Inc), Indenture (Swift Transportation Co Inc)
Releases. (a) Concurrently The Subsidiary Guarantee of a Subsidiary Guarantor will be released automatically:
(1) in connection with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing SubsidiarySubsidiary Guarantor (including by way of merger or consolidation) shall be released from and relieved to a Person that is not (either before or after giving effect to such transaction) the Company or an Affiliate of its Obligations under this Supplemental Indenture and its the Company;
(2) in connection with any sale or other disposition of Capital Stock of such Subsidiary Guarantee made pursuant hereto; provided Guarantor to a Person that in is not (either before or after giving effect to such transaction) the event Company or an Affiliate of an Asset Salethe Company, the Net Proceeds from if following such sale or other disposition are treated in accordance with the provisions of Section 4.10 disposition, such Subsidiary Guarantor is not a direct or indirect Subsidiary of the Indenture. Company;
(3) upon the release, discharge or termination of such Subsidiary Guarantor’s guarantee of all obligations of the Company under the Credit Agreement;
(4) if such Subsidiary Guarantor has become a guarantor of any Additional Indebtedness, upon the release, discharge or termination of such Subsidiary Guarantor’s guarantee of all obligations of the Company under such Additional Indebtedness; or
(5) upon defeasance or satisfaction and discharge of the Notes as provided in Article 8 and Article 11 hereof.
(b) Upon delivery by the Company to the Trustee of an Officers' Officer’s Certificate to the effect that such sale the action or other disposition was made event giving rise to a release has occurred as specified above, the Trustee shall, upon receipt by it of the documents described in Section 12.02 hereof, execute any documents reasonably requested by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing any Subsidiary Guarantor from its Obligations obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Guarantee.
(c) Any Subsidiary is Guarantor not released from its obligations under its Subsidiary Guarantee, it shall Guarantee as provided in this Section 10.04 will remain liable for the full amount of principal of and interest and premium, if any, on the Notes and for the other obligations of such Guaranteeing any Subsidiary Guarantor under the this Indenture as provided in this Supplemental IndentureArticle 10.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 2 contracts
Releases. (a) Concurrently The Company shall have the right to optionally prepay Revolving Loans in whole at any time and in part at any time so long as no Default, Early Amortization Event or Event of Default has occurred and is continuing or will result therefrom. In connection with any sale of assets (including, if applicable, all of the Capital Stock of such prepayment or a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Permitted Asset Sale, the Net Proceeds from such sale Company may request a Release in connection therewith (i) at any time but only in connection with a Whole Loan Sale, Securitization Transaction or a Permitted Asset Sale described in clauses (a) and (b) of the definition thereof or (ii) with respect to any other disposition are treated Permitted Asset Sale, only after the occurrence of the first anniversary of the Closing Date, in each case subject to the terms of this Section 2.6. The Company may request a Release described in clause (i) or (ii) above on any Business Day (a “Release Date”) by delivering to the Administrative Agent and the Collateral Agent by not later than 3:00 p.m. New York City time at least two (2) Business Days prior to the requested Release Date, written notice substantially in the form of Exhibit I (a “Release Notice”) (which Release Notice the Administrative Agent shall promptly make available to the Lenders in accordance with its customary practice). In connection with (A) any prepayment made on or after the provisions of Section 4.10 first anniversary of the Indenture. If the assets sold Closing Date, or (B) any Release described in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary clause (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiaryi) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiaryii) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee above made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of this Section 2.6, the IndentureCompany may elect to reduce the Revolving Commitments, pro rata based on each Lender’s Pro Rata Share (each such Guaranteeing Subsidiary election, a “Commitment Reduction” and each such amount, a “Commitment Reduction Amount”) and such Commitment Reduction shall be released effective upon the date of such prepayment or the related Release on the Release Date, as applicable. Each Release Notice shall be irrevocable and relieved effective upon receipt; provided further that if such Release Notice is delivered more than two Business Days prior to the requested Release Date, it shall be revocable, without penalty, through the close of its Obligations under its Subsidiary Guarantee and this Supplemental Indenturebusiness on the Business Day preceding such second prior Business Day. Upon delivery by By not later than 3:00 p.m. New York City time at least one Business Day prior to the requested Release Date, the Company shall deliver to the Trustee Administrative Agent and the Collateral Agent, a written notice substantially in the form of an Officers' Certificate and an Opinion of Counsel Exhibit J (a “Release Letter”) (which document the Administrative Agent shall promptly make available to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company Lenders in accordance with its customary practice), confirming the provisions Release Date and setting forth certain information related to the distribution of the Indenturefunds on such Release Date and, including without limitation Section 4.07 of the Indentureif applicable, the Trustee shall execute any documents reasonably required in order to evidence the release Release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided hereincertain Receivables.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 2 contracts
Samples: Credit Agreement (Enova International, Inc.), Credit Agreement (Enova International, Inc.)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock Equity Interests of a Guaranteeing Subsidiaryany Subsidiary Guarantor), all Liens, if any, any Liens in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of 4.07 hereof. The Guarantee or the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets obligations under Section 11.04 hereof of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary Guarantor will be released (i) in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a connection with any sale or other disposition of all or substantially all of the assets 103 of such Guaranteeing Subsidiary) shall be released from and relieved Subsidiary Guarantor (including by way of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in merger or consolidation), if the event of an Asset Sale, Partnership applies the Net Proceeds from such of that sale or other disposition are treated in accordance with Section 4.07 hereof; or (ii) in connection with the provisions sale or other disposition of Section 4.10 all of the IndentureEquity Interests of a Subsidiary Guarantor, if the Partnership applies the Net Proceeds of that sale in accordance with Section 4.07 hereof; or (iii) if the Partnership designates any Restricted Subsidiary that is a Subsidiary Guarantor as an Unrestricted Subsidiary; or (iv) at such time as such Subsidiary Guarantor ceases to guarantee any other Indebtedness of the Partnership. Upon delivery by the Company Partnership to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, Partnership in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, limitation Section 4.10 4.07 hereof or such Guarantee is to be released pursuant to the provisions of the Indentureimmediately preceding sentence, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing any Subsidiary Guarantor from its Obligations obligations under this Supplemental Indenture and its Guarantees. Any Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is Guarantor not released from its obligations under its Subsidiary Guarantee, it Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing any Subsidiary Guarantor under the this Indenture as provided in this Supplemental IndentureArticle 11.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 2 contracts
Samples: Indenture (El Paso Energy Partners Lp), Indenture (First Reserve Gas LLC)
Releases. (a) Concurrently with In the event that any sale Subsidiary Guarantor ceases to provide a Guarantee or be a direct obligor of assets obligations outstanding under the Credit Agreement, such Subsidiary Guarantor will be automatically released and relieved of any obligations under its Note Guarantee.
(including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in b) In the event of an Asset Sale, the Net Proceeds from such any sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of any Subsidiary Guarantor, by way of merger, consolidation or otherwise, or a Guaranteeing Subsidiary sale or all other disposition of the Capital Stock of any Subsidiary Guarantor, in each case to a Guaranteeing SubsidiaryPerson that is not (either before or after giving effect to such transactions) Parent or a Restricted Subsidiary of Parent, then the Guaranteeing such Subsidiary Guarantor (in the event of a sale or other disposition disposition, by way of merger, consolidation or otherwise, of all of the Capital Stock of such Guaranteeing SubsidiarySubsidiary Guarantor) or the Person corporation acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing SubsidiarySubsidiary Guarantor) shall will be automatically released from and relieved of any obligations under its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant heretoNote Guarantee; provided that in the event of an Asset Sale, the Net Proceeds from of such sale or other disposition are treated applied in accordance with the applicable provisions of this Indenture, including without limitation Section 4.10 of the Indenturehereof. Upon delivery by the Company Parent to the Trustee of an Officers' ’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, Parent in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, limitation Section 4.10 of the Indenturehereof, the Trustee shall will execute any documents reasonably required in order to evidence the release of the Guaranteeing any Subsidiary Guarantor from its Obligations obligations under its Note Guarantee.
(c) Upon designation of any Subsidiary Guarantor as an Unrestricted Subsidiary in accordance with the terms of this Supplemental Indenture, such Subsidiary Guarantor will be automatically released and relieved of any obligations under its Note Guarantee.
(d) Upon Legal Defeasance or Covenant Defeasance in accordance with Article 8 hereof or satisfaction and discharge of this Indenture in accordance with Article 11 hereof, each Guarantor will be automatically released and relieved of any obligations under its Note Guarantee. Any Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is Guarantor not released from its obligations under its Subsidiary Guarantee, it shall Note Guarantee as provided in this Section 10.05 will remain liable for the full amount of principal of and interest (including Special Interest, if any) and premium, if any, on the Notes and for the other obligations of such Guaranteeing Subsidiary any Guarantor under the this Indenture as provided in this Supplemental IndentureArticle 10.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 2 contracts
Samples: Indenture (United Air Lines Inc), Indenture (United Air Lines Inc)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in In the event of an Asset Sale, the Net Proceeds from such any sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of any Guarantor, by way of merger, consolidation or otherwise, or a Guaranteeing Subsidiary sale or other disposition of all of the Capital Stock capital stock of any Guarantor, in each case to a Guaranteeing SubsidiaryPerson that is not (either before or after giving effect to such transaction) a Subsidiary of the Company, then the Guaranteeing Subsidiary such Guarantor (in the event of a sale or other disposition disposition, by way of merger, consolidation or otherwise, of all of the Capital Stock capital stock of such Guaranteeing SubsidiaryGuarantor) or the Person corporation acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing SubsidiaryGuarantor) shall will be released from and relieved of any obligations under its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant heretoNote Guarantee; provided PROVIDED that in the event of an Asset Sale, the Net Proceeds from of such sale or other disposition are treated applied in accordance with the applicable provisions of the Indenture, including without limitation Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary sale or other disposition was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 4.10 of the Indenture, the Trustee shall execute any documents reasonably required requested by the Company in order to evidence the release of such Guaranteeing Subsidiary any Guarantor from its Obligations obligations under its Note Guarantee.
(b) In the event that the Company designates any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary, then such Guarantor will be released and relieved from any obligations under its Note Guarantee; PROVIDED that such designation is in accordance with the applicable provisions of this Indenture, including without limitation Section 4.07 and Section 4.10 hereof. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation was made by the Company in accordance with the terms of this Indenture, including without limitation Section 4.07 and Section 4.10 hereof, the Trustee will execute any documents reasonably requested by the Company in order to evidence the release of any Guarantor from its obligations under its Notes Guarantee.
(c) Any Guaranteeing Subsidiary Guarantor not released from its Obligations obligations under its Subsidiary Note Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations obligations of any Guaranteeing Subsidiary Guarantor under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 Article 12 of the Indenture.
Appears in 2 contracts
Samples: Indenture (Apcoa Standard Parking Inc /De/), Indenture (Ap Holdings Inc)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock Equity Interests of a Guaranteeing Subsidiaryany Subsidiary Guarantor), all Liens, if any, any Liens in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture4.07 hereof. If the assets sold in such sale or The Guarantee and all other disposition include all or substantially all of the assets obligations under this Indenture of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary Guarantor will be released: (i) in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a connection with any sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) the Issuer or a Restricted Subsidiary) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in , if the event of an Asset Sale, Company applies the Net Proceeds from such of that sale or other disposition are treated in accordance with the provisions Section 4.07 hereof; or (ii) in connection with any sale or other disposition of Section 4.10 all of the Equity Interests of a Subsidiary Guarantor to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary, if the Company applies the Net Proceeds of that sale in accordance with Section 4.07 hereof; (iii) in connection with the release or discharge of the Guarantee that resulted in the creation of such Guarantee pursuant to Section 4.13 hereof or a release or discharge of all guarantees by such Subsidiary Guarantor of other Indebtedness, except a release or discharge by or as a result of payment under such Guarantee; or (iv) if the Company designates any Restricted Subsidiary that is a Subsidiary Guarantor as an Unrestricted Subsidiary in accordance with this Indenture; (v) at such time as such Subsidiary Guarantor ceases to guarantee any other Indebtedness of the Company or any other Subsidiary of the Company; or (vi) upon Legal Defeasance or Covenant Defeasance pursuant to Article 8 hereof or upon satisfaction and discharge of this Indenture pursuant to Article 11 hereof, provided that it is then no longer an obligor with respect to any Indebtedness under any Credit Facility. Upon delivery by the Company to the Trustee of an Officers' ’ Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, limitation Section 4.10 4.07 hereof or such Guarantee is to be released pursuant to the provisions of the Indentureimmediately preceding sentence, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing any Subsidiary Guarantor from all of its Obligations obligations under its Guarantee and this Supplemental Indenture and its Indenture. Any Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is Guarantor not released from its obligations under its Subsidiary Guarantee, it Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing any Subsidiary Guarantor under the this Indenture as provided in this Supplemental IndentureArticle 10.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 2 contracts
Samples: Second Supplemental Indenture (Penn Virginia Resource Partners L P), First Supplemental Indenture (Penn Virginia Resource Partners L P)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in In the event of a sale or other disposition of all of the' assets of any Senior Subordinated Note Guarantor, by way of merger, consolidation or other-wise, or a sale or other disposition of all to the Capital Stock capital stock of any Senior Subordinated Note Guarantor, then such Senior Subordinated Note Guarantor (in the event of a sale or other disposition, by way of merger, consolidation or otherwise, of all of the capital stock of such Guaranteeing SubsidiarySenior Subordinated Note Guarantor) or the Person corporation acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing SubsidiarySenior Subordinated Note Guarantor) shall will be released from and relieved of any obligations under its Obligations under this Supplemental Indenture and its Subordinated Subsidiary Guarantee made pursuant heretoGuarantee; provided that in the event of an Asset Sale, the Net Proceeds from of such sale or other disposition are treated applied in accordance with the applicable provisions of the Senior Subordinated Note Indenture, including without limitation Section 4.10 of the Senior Subordinated Note Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Senior Subordinated Note Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary sale or other disposition was made by the Company in accordance with the provisions of the Senior Subordinated Note Indenture, including without limitation Section 4.07 4. 10 of the Senior Subordinated Note Indenture, the Senior Subordinated Note Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary any Senior Subordinated Note Guarantor from its Obligations obligations under its Subordinated Subsidiary Guarantee. .
(b) Any Guaranteeing Subsidiary Senior Subordinated Note Guarantor not released from its Obligations obligations under its Subordinated Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Senior Subordinated Notes and for the other Obligations obligations of any Guaranteeing Subsidiary Senior Subordinated Note Guarantor under the Senior Subordinated Note Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 Article I of the Senior Subordinated Note Indenture.
Appears in 2 contracts
Samples: Fourth Supplemental Senior Subordinated Note Indenture (Affinity Mining Co), Fourth Supplemental Senior Subordinated Note Indenture (Peabody Energy Corp)
Releases. The Note Guarantee or the obligations under Section 10.04 hereof of a Guarantor that is a Restricted Subsidiary will be released:
(a) Concurrently in connection with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved that Subsidiary Guarantor (including by way of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in merger, amalgamation, arrangement, winding-up, consolidation or liquidation), if the event of an Asset Sale, Company applies the Net Proceeds from such of that sale or other disposition are treated in accordance with Section 4.07 hereof to the provisions extent required thereby;
(b) in connection with any sale, transfer or other disposition of Section 4.10 all of the IndentureCapital Stock of a Subsidiary Guarantor following which such Subsidiary Guarantor is no longer a Subsidiary, if the Company applies the Net Proceeds thereof in accordance with Section 4.07 hereof to the extent required thereby;
(c) so long as no Event of Default has occurred and is continuing, if such Subsidiary Guarantor would constitute an Excluded Subsidiary under clause (c) or (d) of the definition of “Excluded Subsidiary,” upon the delivery of an Officers’ Certificate to the Trustee certifying that such Subsidiary Guarantor is an Excluded Subsidiary under such clause; or
(d) upon a Legal Defeasance or Covenant Defeasance or upon satisfaction and a discharge of this Indenture in accordance with Article 11. Upon delivery by the Company to the Trustee of an Officers' ’ Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, limitation Section 4.10 of the Indenture4.07 hereof, the Trustee shall at the written request of the Company execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary any Guarantor from its Obligations obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant heretoNote Guarantees. If the Guaranteeing Subsidiary is Any Guarantor not released from its obligations under its Subsidiary Guarantee, it Note Guarantee shall remain liable for the full amount of principal of of, premium and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary any Guarantor under the this Indenture as provided in this Supplemental IndentureArticle 10.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 2 contracts
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing SubsidiaryGuarantor), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the this Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary Guarantor or all of the Capital Stock of a Guaranteeing SubsidiaryGuarantor, then the Guaranteeing Subsidiary Guarantor (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing SubsidiaryGuarantor) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing SubsidiaryGuarantor) shall be released from and relieved of its Obligations obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 77 of the this Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing SubsidiaryGuarantor, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including including, without limitation, Section 4.10 of the this Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary Guarantor from its Obligations obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary Guarantor is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest and Additional Amounts, if any, on the Notes and for the other obligations of such Guaranteeing Subsidiary Guarantor under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary Guarantors as an Unrestricted Subsidiary in accordance with the terms of the this Indenture, such Guaranteeing Subsidiary Guarantor shall be released and relieved of its Obligations obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary Guarantor as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the this Indenture, including without limitation Section 4.07 of the Indenturehereof, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary Guarantor from its Obligations obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary Guarantor not released from its Obligations obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations obligations of any Guaranteeing Subsidiary Guarantor under the this Indenture as provided hereinin this Article 10.
(c) Each Guaranteeing Subsidiary Guarantor shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenturehereof.
Appears in 2 contracts
Samples: Indenture (Eer Systems Inc), Indenture (Microdyne Corp)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with Notwithstanding the provisions of Section 4.10 10.04 hereof, a Subsidiary Guarantor will be released automatically and relieved of any obligations under its Subsidiary Guarantee:
(1) upon the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing SubsidiarySubsidiary Guarantor (including by way of merger or consolidation) shall be released from and relieved to a Person that is not (either before or after giving effect to such transaction) the Company or an Affiliate of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset SaleCompany, if the Net Proceeds from such sale or other disposition are treated complies with Sections 3.08 and 4.10 hereof and the Subsidiary Guarantor either no longer has any Indebtedness (other than its Subsidiary Guarantee) after compliance with such Sections or it would be permitted at the time of such release to incur all of its then outstanding Indebtedness in accordance compliance with Section 4.09 hereof;
(2) upon the provisions sale of Section 4.10 all of the Indenture. Capital Stock of such Subsidiary Guarantor to a Person that is not (either before or after giving effect to such transaction) an Affiliate of the Company, if the sale complies with Sections 3.08 and 4.10 hereof;
(3) upon the legal defeasance of the Notes as described in Article 8 hereof; or
(4) upon (i) the merger of such Subsidiary Guarantor into the Company or another Subsidiary Guarantor; (ii) the dissolution of the Subsidiary Guarantor into the Company or another Subsidiary Guarantor; or (iii) the transfer of all or substantially all of the assets of such Subsidiary Guarantor to the Company or another Subsidiary Guarantor; or
(5) at the option of the Company, if at any time the Subsidiary Guarantor has no Indebtedness outstanding other than its Subsidiary Guarantee or, assuming it ceased to be a Subsidiary Guarantor but continued to be a Restricted Subsidiary of the Company following such release, it would be permitted at the time of such release to incur all of its then outstanding Indebtedness in compliance with Section 4.09 hereof.
(b) Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made and, if requested by the Company or the Guaranteeing SubsidiaryTrustee, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation one of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company events described in Section 10.05(a) hereof has occurred in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenturethis Indenture with respect to any Subsidiary Guarantor, the Trustee shall will execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary Guarantor from its Obligations obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 2 contracts
Samples: Indenture (Medco Health Solutions Inc), Indenture (Medco Health Solutions Inc)
Releases. (a) Concurrently with If, at any time any Grantor or the holder of any ABL Claim delivers notice to the Term Loan Agents that any specified ABL Priority Collateral is sold, transferred or otherwise disposed of (including for such purpose, in the case of the sale of assets Equity Interests in any Subsidiary, any ABL Priority Collateral held by such Subsidiary or any direct or indirect Subsidiary thereof):
(including, if applicable, all i) by the owner of such ABL Priority Collateral in a transaction permitted under the Capital Stock of a Guaranteeing Subsidiary), all Liens, ABL Credit Agreement and the Term Loan Credit Agreement and not prohibited under any other ABL Loan Document (if any) and Term Loan Document (if any); or
(ii) during the existence of any Event of Default under (and as defined in) the ABL Credit Agreement by the owner of such ABL Priority Collateral (to the extent the ABL Agent has consented to such sale, transfer or disposition) or by the ABL Agent in connection with the Exercise of Any Secured Creditor Remedies; then (whether or not any Insolvency or Liquidation Proceeding is pending at the time) the Liens in favor of the Trustee Term Loan Lenders upon such ABL Priority Collateral will automatically be released and discharged as and when, but only to the extent, such Liens on such ABL Priority Collateral securing ABL Claims are released and discharged. Upon delivery to each Term Loan Agent of a notice from the ABL Agent stating that any release of Liens by the ABL Agent securing or supporting the ABL Claims on any ABL Priority Collateral has become effective (or shall become effective upon each Term Loan Agent’s release), each Term Loan Agent will promptly execute, file and deliver such instruments, releases, termination statements or other documents (including UCC-3 termination statements, mortgage releases and termination of USPTO and copyright filings) confirming such release on customary terms at the expense of the Company. Each Term Loan Agent, for itself and on behalf of each applicable Term Loan Lender, hereby irrevocably constitutes and appoints the ABL Agent and any officer or agent of the ABL Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the assets sold thereby shall place and stead of such Term Loan Agent or such Term Loan Lender or in the ABL Agent’s own name, from time to time in the ABL Agent’s discretion, for the purpose of carrying out the terms of this Section 5.1(a), to take any and all appropriate action and to execute any and all documents and instruments and make filings that may be releasednecessary or desirable to accomplish the purposes of this Section 5.1(a), including filing any termination statements, endorsements or other instruments of transfer or release; provided that in the event ABL Agent shall not exercise such power of attorney unless the Term Loan Agents have failed to comply with their obligations under this Section 5.1 within two Business Days after demand by the ABL Agent. This power is coupled with an Asset Saleinterest and is irrevocable.
(b) Subject to Section 5.6, if, at any time any Grantor or the Net Proceeds from such sale or other disposition are treated in accordance with holder of any Term Loan Claim delivers notice to the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include ABL Agent that any specified Term Loan Priority Collateral (including all or substantially all of the assets Equity Interests of a Guaranteeing Grantor or any of its Subsidiaries) (including for such purpose, in the case of the sale of Equity Interests in any Subsidiary, any Term Loan Priority Collateral held by such Subsidiary or all any direct or indirect Subsidiary thereof) is sold, transferred or otherwise disposed of:
(i) by the owner of such Term Loan Priority Collateral in a transaction permitted under the Term Loan Credit Agreement and the ABL Credit Agreement and not prohibited under any other Term Loan Document (if any) and ABL Loan Document (if any); or
(ii) during the existence of any Event of Default under (and as defined in) the Term Loan Credit Agreement (or any other Credit Agreement governing Future Term Indebtedness) by the owner of such Term Loan Priority Collateral (to the extent the applicable Term Loan Agents have consented to such sale, transfer or disposition) or by a Term Loan Agent in connection with the Exercise of Any Secured Creditor Remedies; then (whether or not any Insolvency or Liquidation Proceeding is pending at the time) the Liens in favor of the Capital Stock ABL Lenders upon such Term Loan Priority Collateral will automatically be released and discharged as and when, but only to the extent, such Liens on such Term Loan Priority Collateral securing Term Loan Claims are released and discharged. Upon delivery to the ABL Agent of a Guaranteeing Subsidiarynotice from the applicable Term Loan Agent stating that any release of Liens by the Term Loan Agents securing or supporting the Term Loan Claims on any Term Loan Priority Collateral has become effective (or shall become effective upon the ABL Agent’s release), then the Guaranteeing Subsidiary ABL Agent will promptly execute, file and deliver such instruments, releases, termination statements or other documents (including UCC-3 termination statements, mortgage releases and termination of USPTO and copyright filings) confirming such release on customary terms at the expense of the Company. The ABL Agent, for itself and on behalf of each applicable ABL Lender, hereby irrevocably constitutes and appoints each Term Loan Agent and any officer or agent of such Term Loan Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the event place and stead of a sale the ABL Agent or such ABL Lender or in such Term Loan Agent’s own name, from time to time in such Term Loan Agent’s discretion, for the purpose of carrying out the terms of this Section 5.1(b), to take any and all appropriate action and to execute any and all documents and instruments and make any filings that may be necessary or desirable to accomplish the purposes of this Section 5.1(b), including filing any termination statements, endorsements or other disposition instruments of all of the Capital Stock of such Guaranteeing Subsidiary) transfer or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant heretorelease; provided that in the event applicable Term Loan Agent shall not exercise such power of an Asset Sale, attorney unless the Net Proceeds from such sale or other disposition are treated in accordance ABL Agent has failed to comply with the provisions of their obligations under this Section 4.10 of the Indenture. Upon delivery 5.1 within two Business Days after demand by the Company to the Trustee of applicable Term Loan Agent. This power is coupled with an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture interest and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided hereinirrevocable.
(c) Each Guaranteeing Subsidiary Unless and until the Discharge of ABL Claims has occurred, each Term Loan Agent, for itself and on behalf of each applicable Term Loan Lender, hereby consents to the application, whether prior to or after a default, of proceeds of ABL Priority Collateral to the repayment of ABL Claims pursuant to the ABL Credit Agreement; provided that nothing in this Section 5.1(c) shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 construed to prevent or impair the rights of the IndentureTerm Loan Agents or the Term Loan Lenders to receive proceeds in connection with the Term Loan Claims not otherwise in contravention of this Agreement.
(d) Unless and until the Discharge of Term Loan Claims has occurred, the ABL Agent, for itself and on behalf of each applicable ABL Lender, hereby consents to the application, whether prior to or after a default, of proceeds of Term Loan Priority Collateral to the repayment of Term Loan Claims pursuant to the Term Loan Credit Agreement; provided that nothing in this Section 5.1(d) shall be construed to prevent or impair the rights of the ABL Agent or the ABL Lenders to receive proceeds in connection with the ABL Claims not otherwise in contravention of this Agreement.
Appears in 2 contracts
Samples: Intercreditor Agreement (PET Acquisition LLC), Intercreditor Agreement (PET Acquisition LLC)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in In the event of a sale or other disposition of all of the Capital Stock assets of any Senior Subordinated Note Guarantor, by way of merger, consolidation or otherwise, or a sale or other disposition of all to the capital stock of any Senior Subordinated Note Guarantor, then such Senior Subordinated Note Guarantor (in the event of a sale or other disposition, by way of merger, consolidation or otherwise, of all of the capital stock of such Guaranteeing SubsidiarySenior Subordinated Note Guarantor) or the Person corporation acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing SubsidiarySenior Subordinated Note Guarantor) shall will be released from and relieved of any obligations under its Obligations under this Supplemental Indenture and its Subordinated Subsidiary Guarantee made pursuant heretoGuarantee; provided that in the event of an Asset Sale, the Net Proceeds from of such sale or other disposition are treated applied in accordance with the applicable provisions of the Senior Subordinated Note Indenture, including without limitation Section 4.10 of the Senior Subordinated Note Indenture. Upon delivery by the Company to the Senior Subordinated Note Trustee of an Officers' Officer's Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Senior Subordinated Note Indenture, including without limitation, limitation Section 4.10 of the Senior Subordinated Note Indenture, the Senior Subordinated Note Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary any Senior Subordinated Note Guarantor from its Obligations obligations under this Supplemental Indenture and its Subordinated Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is Guarantee.
(b) Any Senior Subordinated Note Guarantor not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subordinated Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Senior Subordinated Notes and for the other Obligations obligations of any Guaranteeing Subsidiary Senior Subordinated Note Guarantor under the Senior Subordinated Note Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 Article 11 of the Senior Subordinated Note Indenture.
Appears in 2 contracts
Samples: Senior Subordinated Note Indenture (Peabody Energy Corp), Senior Subordinated Note Indenture (Peabody Energy Corp)
Releases. (a) Concurrently with any sale The Guarantee of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be automatically and unconditionally released from and relieved of its Obligations under this Supplemental Indenture discharged, and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. Upon delivery no further action by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, Issuer or the Trustee shall execute any documents reasonably is required in order to evidence for the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If Subsidiary’s Guarantee, upon:
(i) any sale, exchange, disposition or transfer (by merger, amalgamation, consolidation or otherwise) of (x) the Capital Stock of the Guaranteeing Subsidiary, after which the the Guaranteeing Subsidiary is no longer a Restricted Subsidiary, (y) all the assets of such Guarantor or (z) if such Guarantor is not released from its obligations at such time a guarantor of the Senior Secured Credit Facilities, all or substantially all the assets of the Guaranteeing Subsidiary, in each case if such sale, exchange, disposition or transfer is made in compliance with the applicable provisions of this Indenture;
(ii) the release or discharge of the guarantee by the Guaranteeing Subsidiary of Indebtedness under its Subsidiary the Senior Secured Credit Facilities, or such other guarantee that resulted in the creation of such Guarantee, except a discharge or release by or as a result of payment under such guarantee (it being understood that a release subject to a contingent reinstatement is still a release, and that if any such Guarantee is so reinstated, such Guarantee shall remain liable for also be reinstated to the full amount of principal of and interest on extent that the Notes and for the other obligations of such Guaranteeing Subsidiary under would then be required to provide a Guarantee pursuant to Section 4.15 in the Indenture as provided in this Supplemental Indenture.);
(biii) Upon the designation of any Restricted Subsidiary that is a Guaranteeing Subsidiary as an Unrestricted Subsidiary in compliance with the applicable provisions of the Indenture; or
(iv) the exercise by the Issuer of its Legal Defeasance option or Covenant Defeasance option in accordance with Article 8 of the Indenture or the discharge of the Issuer’s obligations under this Indenture in accordance with the terms of the Indenture, such ; and
(b) the Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company delivering to the Trustee of an Officers' Officer’s Certificate and an Opinion of Counsel Counsel, each stating that all conditions precedent provided for in this Indenture relating to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided hereintransaction have been complied with.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 2 contracts
Samples: Seventh Supplemental Indenture (Campbell Alliance Group Inc), Eighth Supplemental Indenture (Campbell Alliance Group Inc)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in In the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a any sale or other disposition of all or substantially all of the assets of any Subsidiary Guarantor, by way of merger, consolidation or otherwise, to a Person that is not (either before or after giving effect to such Guaranteeing Subsidiarytransaction) shall Express or a Restricted Subsidiary of Express, then the Person acquiring the property will be released from and relieved of its Obligations any obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the Note Guarantee;
(b) In the event of an Asset Saleany sale or other disposition of Capital Stock of any Subsidiary Guarantor to a Person that is not (either before or after giving effect to such transaction) Express or a Restricted Subsidiary of Express and such Subsidiary Guarantor ceases to be a Restricted Subsidiary of Express as a result of the sale or other disposition, then such Subsidiary Guarantor will be released and relieved of any obligations under its Note Guarantee; provided, in both cases, that the Net Proceeds from of such sale or other disposition are treated applied in accordance with the applicable provisions of this Indenture, including without limitation Section 4.10 of the Indenturehereof. Upon delivery by the Company Issuers to the Trustee of an Officers' ’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, Issuers in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, limitation Section 4.10 of the Indenturehereof, the Trustee shall will execute any documents reasonably required in order to evidence the release of the Guaranteeing any Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released Guarantor from its obligations under its Subsidiary Note Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(bc) Upon the designation of any Restricted Subsidiary that is a Guaranteeing Subsidiary Guarantor as an Unrestricted Subsidiary in accordance with the terms of the this Indenture, such Guaranteeing Subsidiary shall Guarantor will be released and relieved of its Obligations any obligations under its Subsidiary Guarantee and this Supplemental Indenture. Note Guarantee.
(d) Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company Legal Defeasance or Covenant Defeasance in accordance with the provisions Article 8 hereof or satisfaction and discharge of the Indenturethis Indenture in accordance with Article 11 hereof, including without limitation Section 4.07 each Subsidiary Guarantor will be released and relieved of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations obligations under its Subsidiary Note Guarantee. Any Guaranteeing Subsidiary Guarantor not released from its Obligations obligations under its Subsidiary Note Guarantee shall as provided in this Section 10.05 will remain liable for the full amount of principal of of, premium on, if any, and interest on and Special Interest, if any, on, the Notes and for the other Obligations obligations of any Guaranteeing Subsidiary Guarantor under the this Indenture as provided hereinin this Article 10.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 1 contract
Samples: Indenture (Express Parent LLC)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock consolidation or merger of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale Subsidiary Notes Guarantor with or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by into the Company or another Subsidiary Notes Guarantor or any sale or conveyance of the Guaranteeing Subsidiary, property of a Subsidiary Notes Guarantor as an entirety or substantially as an entirety to the case may beCompany or another Subsidiary Notes Guarantor, in accordance with the provisions of the Indenture each case as permitted by Section 1307, and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel Counsel, each to the effect that (i) such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary consolidation, merger, sale or conveyance was or shall be made by the Company a Subsidiary Notes Guarantor in accordance with the provisions of the IndentureSection 1307, including without limitation Section 4.07 of the Indentureand (ii) all conditions precedent to such release have been satisfied, the Trustee shall promptly execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary Notes Guarantor from its Obligations obligations under its Subsidiary Notes Guarantee. Any Guaranteeing Subsidiary Notes Guarantor not released from its Obligations obligations under its Subsidiary Notes Guarantee under this Article Thirteen shall remain liable for the full amount of principal the Indenture Obligations under its Subsidiary Notes Guarantee.
(b) Concurrently with the Legal Defeasance of and interest on the Notes and for under Section 1202 hereof or the other Obligations Covenant Defeasance of any Guaranteeing the Notes under Section 1203 hereof, the Subsidiary Notes Guarantors shall be released from all of their obligations under the Indenture as provided hereintheir Subsidiary Notes Guarantees.
(c) Each Guaranteeing Upon (i) the sale, transfer or other disposition of all of the Capital Stock of a Subsidiary Notes Guarantor to a Person that is not an Affiliate of the Company, (ii) the sale, transfer or other disposition of all or substantially all of the assets of a Subsidiary Notes Guarantor to a Person that is not an Affiliate of the Company, or (iii) the designation of such Subsidiary Notes Guarantor as an Unrestricted Subsidiary, in any such case in compliance with the terms of this Indenture, then such Subsidiary Notes Guarantor shall be deemed automatically and unconditionally released and relieved discharged from all of its obligations under this Supplemental Indenture its Subsidiary Notes Guarantee without any further action on the part of the Trustee or any Holder of the Notes; provided that the Net Cash Proceeds of any such sale, transfer or other disposition are applied in accordance with, and subject to, with Section 4.18 of the Indenture.1012. 121 110 ARTICLE FOURTEEN
Appears in 1 contract
Samples: Indenture (Citadel License Inc)
Releases. The Guarantee of any Guarantor, and the Collateral Agent’s Lien on the Collateral of such Guarantor, will be automatically released:
(a) Concurrently in connection with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of a Guarantor (including by way of merger or consolidation) to such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided Person that in is not the event of an Asset Sale, Company or a Guarantor if the Net Proceeds from such sale or other disposition are treated in accordance with Disposition does not violate Section 4.11 and the other provisions of Section 4.10 this Indenture;
(b) upon the liquidation or dissolution of such Guarantor following the transfer of all of its assets to the Company or another Guarantor as permitted hereunder. If the Guarantee of any Guarantor or all or substantially all of the assets of a Guarantor or the Capital Stock of any Guarantor are sold or disposed of in the manner described in clauses (a) or (b) above, and such Guarantor (or as the context may require, Collateral) is released, the Company shall deliver to the Trustee and Collateral Agent an Officers’ Certificate stating and certifying the identity of the released Guarantor (any/or the applicable Collateral), the basis for release in reasonable detail and that such release complies with this Indenture. Upon delivery by the Company to the Trustee and Collateral Agent of an Officers' ’ Certificate and an Opinion of Counsel to the effect that the conditions of any of clauses (a) or (b) of this Section 13.05 have been met with respect to a Guarantor (or such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, Collateral) in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall and Collateral Agent, as applicable, will execute any documents reasonably required requested that are necessary or advisable in order to evidence the release of the Guaranteeing Subsidiary such Guarantor from its Obligations obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant heretoand/or the applicable Note Security Documents. If the Guaranteeing Subsidiary is Any Guarantor not released from its obligations under its Subsidiary Guarantee, it shall Guarantee as provided in this Section 13.05 will remain liable for the full amount of principal of and interest and premium, if any, on the Notes and for the other obligations (including the Note Obligations) of such Guaranteeing Subsidiary any Guarantor under the this Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence Article 13 notwithstanding the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the any other Obligations of any Guaranteeing Subsidiary under the Indenture as provided hereinGuarantor.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 1 contract
Samples: Indenture (Acorda Therapeutics Inc)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in In the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a any sale or other disposition of all or substantially all of the assets of any Guarantor, by way of merger, consolidation or otherwise, to a Person that is not (either before or after giving effect to such Guaranteeing transaction) the Company or a Restricted Subsidiary) shall , then the corporation acquiring the property will be released from and relieved of its Obligations any obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the Note Guarantee;
(b) In the event of an Asset Saleany sale or other disposition of Capital Stock of any Guarantor to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary, and such Guarantor ceases to be a Restricted Subsidiary as a result of the sale or other disposition, then such Guarantor will be released and relieved of any obligations under its Note Guarantee; provided, in both cases, that the Net Proceeds from of such sale or other disposition are treated applied in accordance with the applicable provisions of this Indenture, including without limitation Section 4.10 of the Indenturehereof. Upon delivery by the Company to the Trustee of an Officers' ’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, limitation Section 4.10 of the Indenturehereof, the Trustee shall will execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released any Guarantor from its obligations under its Subsidiary Note Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(bc) Upon designation by the designation Issuer of any Restricted Subsidiary that is a Guaranteeing Subsidiary Guarantor as an Unrestricted Subsidiary in accordance with the terms of the this Indenture, such Guaranteeing Subsidiary shall Guarantor will be released and relieved of its Obligations any obligations under its Subsidiary Guarantee and this Supplemental Indenture. Note Guarantee.
(d) Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company Legal Defeasance or Covenant Defeasance in accordance with the provisions Article 8 hereof or satisfaction and discharge of the Indenturethis Indenture in accordance with Article 11 hereof, including without limitation Section 4.07 each Guarantor will be released and relieved of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence obligations under its Note Guarantee.
(e) Upon the release of such Guaranteeing Subsidiary from its Obligations the Guarantor’s guarantee under all applicable Triggering Indebtedness, each Guarantor will be released and relieved of any obligations under its Subsidiary Note Guarantee. Any Guaranteeing Subsidiary Guarantor not released from its Obligations obligations under its Subsidiary Note Guarantee shall as provided in this Section 10.05 will remain liable for the full amount of principal of of, premium on, if any, and interest on on, the Notes and for the other Obligations obligations of any Guaranteeing Subsidiary Guarantor under the this Indenture as provided hereinin this Article 10.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 1 contract
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing SubsidiaryGuarantor), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary Guarantor or all of the Capital Stock of a Guaranteeing SubsidiaryGuarantor, then the Guaranteeing Subsidiary Guarantor (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing SubsidiaryGuarantor) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing SubsidiaryGuarantor) shall be released from and relieved of its Obligations obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' " Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing SubsidiaryGuarantor, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary Guarantor from its Obligations obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary Guarantor is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary Guarantor under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary Guarantor as an Unrestricted Excluded Subsidiary in accordance with the terms of the IndentureIndenture and the indentures governing the Outstanding Senior Subordinated Notes as the same are in effect on the date hereof (whether or not those indentures are subsequently amended, waived, modified or terminated or expire and whether or not any of those notes continue to be outstanding), such Guaranteeing Subsidiary Guarantor shall be released and relieved of its Obligations obligations under its Subsidiary Guarantee the Indenture and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' " Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary Guarantor as an Unrestricted Excluded Subsidiary was made by the Company in accordance with the provisions of the IndentureIndenture and the indentures governing the Outstanding Senior Subordinated Notes as the same are in effect on the date hereof (whether or not those indentures are subsequently amended, including without limitation Section 4.07 waived, modified, terminated or expired and whether or not any of the Indenturethose notes continue to be outstanding), the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary Guarantor from its Obligations obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary Guarantor not released from its Obligations obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations obligations of any Guaranteeing Subsidiary Guarantor under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 1 contract
Releases. (a) Concurrently The Subsidiary Guarantee of a Guarantor of a series of Notes shall be released automatically:
(1) in connection with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of that Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such Guaranteeing Subsidiarytransaction) shall be released from and relieved the Company or a Subsidiary of its Obligations under this Supplemental Indenture and its the Company;
(2) in connection with any sale or other disposition of Capital Stock of that Guarantor to a Person that is not (either before or after giving effect to such transaction) the Company or a Subsidiary Guarantee made pursuant hereto; provided that in of the event of an Asset SaleCompany, the Net Proceeds from if following such sale or other disposition are treated in accordance with the provisions of Section 4.10 disposition, that Guarantor is not a direct or indirect Subsidiary of the Company;
(3) upon defeasance or satisfaction and discharge of such series of Notes as provided in Sections 8.01 [Option to Effect Legal Defeasance or Covenant Defeasance], 8.02 [Legal Defeasance and Discharge], 8.03 [Covenant Defeasance], 8.04 [Conditions to Legal or Covenant Defeasance] and 11.01 [Satisfaction and Discharge] hereof;
(4) upon the dissolution of a Guarantor that is permitted under this Indenture. ; or
(5) otherwise with respect to the Guarantee of any Guarantor:
(A) upon the prior consent of Holders of at least a majority in aggregate principal amount of the applicable series of Notes then outstanding; or
(B) if the Company has Indebtedness outstanding under the Credit Agreement, upon the release of such Guarantor’s Guarantee of all obligations of the Company under the Credit Agreement, or, if there is no Indebtedness of the Company outstanding under the Credit Agreement at that time, upon the release of such Guarantor’s Guarantee of all obligations with respect to all other Indebtedness of the Company at that time outstanding.
(b) The Subsidiary Guarantee of a Guarantor shall be released with respect to the Notes automatically upon Legal Defeasance, Covenant Defeasance or satisfaction and discharge of this Indenture pursuant to Articles 8 [LEGAL DEFEASANCE AND COVENANT DEFEASANCE] and 11 [SATISFACTION AND DISCHARGE] hereof.
(c) Upon delivery by the Company to the Trustee of an Officers' ’ Certificate and an Opinion of Counsel to the effect that such sale the action or other disposition event giving rise to the applicable release has occurred or was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the this Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary any Guarantor from its Obligations obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is Guarantee.
(d) Any Guarantor not released from its obligations under its Subsidiary Guarantee, it Guarantee as provided in this Section 10.05 [Releases] shall remain liable for the full amount of principal of of, premium, if any, and interest on on, the Notes and for the other obligations of such Guaranteeing Subsidiary any Guarantor under the this Indenture as provided in this Supplemental IndentureArticle 10 [SUBSIDIARY GUARANTEES].
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 1 contract
Samples: Indenture (Aes Corp)
Releases. (a) Concurrently with If, at any sale time, any Grantor or the holder of assets any Senior Lender Claim delivers notice to the Trustee that any specified Common Collateral (including, if applicablewithout limitation, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets equity interests of a Guaranteeing Subsidiary Grantor or all any of its Subsidiaries) is sold, transferred or otherwise disposed of:
(i) by the owner of such Common Collateral, other than to another Grantor or to any subsidiary of the Capital Stock Company, in a transaction permitted under the Senior Credit Agreement and the Indenture; or
(ii) during the existence of any Event of Default under (and as defined in) the Senior Credit Agreement to the extent the Intercreditor Agent has consented to such sale, transfer or disposition; then (whether or not any Insolvency or Liquidation Proceeding is pending at the time) the Liens in favor of the Trustee upon such Collateral will automatically be released and discharged as and when, but only to the extent, such Liens on such Collateral securing Senior Lender Claims are released and discharged. At the sole discretion of the Intercreditor Agent, upon delivery to the Trustee of a Guaranteeing Subsidiarynotice from the Intercreditor Agent stating that any release of Liens securing or supporting the Senior Lender Claims has become effective (or shall become effective upon Trustee’s release) pursuant to the first sentence of this clause (a), then the Guaranteeing Subsidiary (in the event of a sale Trustee will promptly authorize or execute and deliver such instruments, releases, termination statements or other disposition of all documents provided to it confirming such release on customary terms. In the case of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets capital stock of a Grantor or any of its Subsidiaries, the guarantee in favor of the Noteholders, if any, made by such Guaranteeing Subsidiary) shall Grantor or Subsidiary will automatically be released from and relieved of its Obligations under this Supplemental Indenture discharged as and its Subsidiary Guarantee made pursuant hereto; provided that in when, but only to the event of an Asset Saleextent, the Net Proceeds from guarantee by such sale Grantor or other disposition are treated in accordance with the provisions Subsidiary of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture Senior Lender Claims is released and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenturedischarged.
(b) Upon The Trustee, for itself and on behalf of each Noteholder, hereby irrevocably constitutes and appoints the designation Intercreditor Agent and any officer or agent of a Guaranteeing Subsidiary the Intercreditor Agent, with full power of substitution, as an Unrestricted Subsidiary its true and lawful attorney-in-fact with full irrevocable power and authority in accordance with the place and stead of the Trustee or such holder or in the Intercreditor Agent’s own name, from time to time in the Intercreditor Agent’s discretion, for the purpose of carrying out the terms of this Section 5.1, to take any and all appropriate action and to execute any and all documents and instruments that may be necessary or desirable to accomplish the Indenture, such Guaranteeing Subsidiary shall be released and relieved purposes of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the IndentureSection 5.1, including without limitation Section 4.07 any termination statements, endorsements or other instruments of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided hereintransfer or release.
(c) Each Guaranteeing Subsidiary Unless and until the Discharge of Senior Lender Claims has occurred, the Trustee, for itself and on behalf of each Noteholder, hereby consents to the application, whether prior to or after a default, of Deposit Account Collateral or proceeds of Common Collateral to the repayment of Senior Lender Claims pursuant to the Senior Credit Agreement; provided that nothing in this Section 5.1(c) shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 construed to prevent or impair the rights of the IndentureTrustee or the Noteholders to receive proceeds in connection with the Noteholder Claims not otherwise in contravention of this Agreement.
Appears in 1 contract
Samples: Intercreditor Agreement (Securus Technologies, Inc.)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in In the event of an Asset Sale, the Net Proceeds from such any sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary any Guarantor, by way of merger, consolidation or all of the Capital Stock of a Guaranteeing Subsidiaryotherwise, then the Guaranteeing Subsidiary (in the event of or a sale or other disposition of all of the Capital Stock of any Guarantor, in each case to a Person that is not (either before or after giving effect to such Guaranteeing Subsidiarytransactions) the Company or a Restricted Subsidiary of the Company, then such Guarantor (in the event of a sale or other disposition, by way of merger, consolidation or otherwise, of all of the Capital Stock of such Guarantor) or the Person corporation acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing SubsidiaryGuarantor) shall will be released from and relieved of any obligations under its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant heretoNote Guarantee; provided that in the event of an Asset Sale, the Net Proceeds from of such sale or other disposition are treated applied in accordance with the applicable provisions of this Indenture, including without limitation Section 4.10 of hereof (subject to the Indentureconditions and limitations set forth in Section 4.10). Upon delivery by the Company to the Trustee of an Officers' ’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, limitation Section 4.10 of the Indenturehereof, the Trustee shall will execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary any Guarantor from its Obligations obligations under its Note Guarantee.
(b) Upon designation of any Guarantor as an Unrestricted Subsidiary in accordance with the terms of this Supplemental Indenture, such Guarantor will be released and relieved of any obligations under its Note Guarantee.
(c) Upon Legal Defeasance in accordance with Article 8 hereof or satisfaction and discharge of this Indenture in accordance with Article 11 hereof, each Guarantor will be released and relieved of any obligations under its Subsidiary Guarantee made pursuant heretoNote Guarantee. If the Guaranteeing Subsidiary is Any Guarantor not released from its obligations under its Subsidiary Guarantee, it shall Note Guarantee as provided in this Section 10.05 will remain liable for the full amount of principal of and interest and premium and Additional Interest, if any, on the Notes and for the other obligations of such Guaranteeing Subsidiary any Guarantor under the this Indenture as provided in this Supplemental IndentureArticle 10.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 1 contract
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in In the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a any sale or other disposition of all or substantially all of the assets of any Guarantor, by way of merger, consolidation or otherwise, to a Person that is not (either before or after giving effect to such Guaranteeing Subsidiarytransaction) shall the Company or a Restricted Subsidiary of the Company, then the corporation acquiring the property will be released from and relieved of its Obligations any obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the Note Guarantee;
(b) In the event of an Asset Saleany sale or other disposition of Capital Stock of any Guarantor to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary of the Company and such Guarantor ceases to be a Restricted Subsidiary of the Company as a result of the sale or other disposition, then such Guarantor will be released and relieved of any obligations under its Note Guarantee; provided, in both cases, that the Net Proceeds from of such sale or other disposition are treated applied in accordance with the applicable provisions of this Indenture, including without limitation Section 4.10 of the Indenturehereof. Upon delivery by the Company to the Trustee of an Officers' ’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, limitation Section 4.10 of the Indenturehereof, the Trustee shall will execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released any Guarantor from its obligations under its Subsidiary Note Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(bc) Upon the designation of any Restricted Subsidiary that is a Guaranteeing Subsidiary Guarantor as an Unrestricted Subsidiary in accordance with the terms of the this Indenture, such Guaranteeing Subsidiary shall Guarantor will be released and relieved of its Obligations any obligations under its Subsidiary Guarantee and this Supplemental Indenture. Note Guarantee.
(d) Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company Legal Defeasance or Covenant Defeasance in accordance with the provisions Article 8 hereof or satisfaction and discharge of the Indenturethis Indenture in accordance with Article 11 hereof, including without limitation Section 4.07 each Guarantor will be released and relieved of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations obligations under its Subsidiary Note Guarantee. Any Guaranteeing Subsidiary Guarantor not released from its Obligations obligations under its Subsidiary Note Guarantee shall as provided in this Section 10.05 will remain liable for the full amount of principal of of, premium on, if any, and interest on and Special Interest, if any, on, the Notes and for the other Obligations obligations of any Guaranteeing Subsidiary Guarantor under the this Indenture as provided hereinin this Article 10.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 1 contract
Releases. The Note Guarantee of a Guarantor will automatically and unconditionally be released and discharged with no further force and effect:
(a) Concurrently with any sale of assets (including, if applicable, all of in the Capital Stock case of a Guaranteeing Subsidiary)Subsidiary Guarantee, all Liens, if any, in favor of upon the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets Capital Stock of such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations under this Supplemental Indenture and its the relevant Subsidiary Guarantee made Guarantor pursuant hereto; to an Enforcement Sale as provided that for in the event Group Intercreditor Deed or as otherwise provided for under the Group Intercreditor Deed;
(b) in the case of an Asset Salea Subsidiary Guarantee, upon the Net Proceeds from such sale or other disposition are treated (including through merger or consolidation but other than pursuant to an Enforcement Sale) in accordance compliance with the provisions of Section 4.10 this Indenture of the Indenture. Upon delivery by Capital Stock of the Company to relevant Subsidiary Guarantor (whether directly or through the Trustee disposition of an Officers' Certificate to the effect that a parent thereof), following which such Subsidiary Guarantor is no longer a Restricted Subsidiary (other than a sale or other disposition was made by to the Issuer or any of the Restricted Subsidiaries);
(c) in the case of a Parent Guarantee, pursuant to an Enforcement Sale as provided for in the Group Intercreditor Deed or as otherwise provided for under the Group Intercreditor Deed;
(d) in the case of any Note Guarantee of a Released Entity, pursuant to the Post-Closing Reorganization; provided that (1) such Released Entity is also released or discharged from such Released Entity’s guarantee of Indebtedness of the Company or and the Guaranteeing Subsidiary, Subsidiary Guarantors under the Senior Credit Facility and any Pari Passu Lien Obligation and (2) the New Immediate Holdco provides a guarantee of the Notes on substantially the same terms as the Parent Guarantee provided by Virgin Media prior to the Post-Closing Reorganization;
(e) in the case may beof any Note Guarantee of a Parent that ceases to be a Parent of Virgin Media Communications;
(f) in the case of a Guarantor that is prohibited or restricted by applicable Law from guaranteeing the Notes;
(g) upon Legal Defeasance, in accordance with the provisions Covenant Defeasance or satisfaction and discharge of the Indenture Notes and this Supplemental IndentureIndenture as provided in Articles 8 or 12, including without limitationrespectively;
(h) with respect to an Additional Subsidiary Guarantee given pursuant to Section 4.15, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence upon the release of the Guaranteeing guarantee that gave rise to the requirement to issue such Additional Subsidiary Guarantee so long as no Event of Default would arise as a result and no other Indebtedness that would give rise to an obligation to give an Additional Subsidiary Guarantee is at that time guaranteed by the relevant Subsidiary Guarantor;
(i) with respect to Subsidiary Guarantors only, upon the release or discharge of such Subsidiary Guarantor from its Obligations guarantee of Indebtedness of the Company and the Subsidiary Guarantors under the Senior Credit Facility or any Pari Passu Lien Obligation (including by reason of the termination of the Senior Credit Facility or any Pari Passu Lien Obligation) and/or the guarantee that resulted in the obligation of such Subsidiary Guarantor to guarantee the Notes, if such Subsidiary Guarantor would not then otherwise be required to guarantee the Notes pursuant to this Supplemental Indenture (and its treating any guarantees of such Subsidiary Guarantee made pursuant hereto. If Guarantor that remain outstanding as Incurred at least 30 days prior to such release or discharge), except a discharge or release by or as a result of payment under such guarantee;
(j) with respect to any Additional Parent Guarantors only, upon the Guaranteeing Subsidiary is not released release or discharge of such Additional Parent Guarantor from its obligations guarantee of any Indebtedness of the Company and the Subsidiary Guarantors under its Subsidiary Guarantee, it shall remain liable for the full amount Senior Credit Facility or any Pari Passu Lien Obligation (including by reason of principal the termination of and interest on the Senior Credit Facility or any Pari Passu Lien Obligation) and/or if such Additional Parent Guarantor would not then otherwise be required to guarantee the Notes and for the other obligations pursuant to this Indenture, except a discharge or release by or as a result of payment under such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.guarantee;
(bk) Upon in the designation case of a Guaranteeing Subsidiary Guarantor, if such Subsidiary Guarantor is designated as an Unrestricted Subsidiary in accordance compliance with Section 4.07;
(l) as a result of a transaction permitted by, and in compliance with Section 5.01;
(m) as described under Article 9; or
(n) upon the terms full and final payment and performance of all Obligations of the IndentureIssuer and the Guarantors under this Indenture and the Notes. Notwithstanding any of the foregoing, such Guaranteeing Subsidiary in all circumstances a Note Guarantee shall only be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by if (1) the Company relevant Guarantor has delivered to the Trustee of an Officers' Officer’s Certificate and an Opinion of Counsel Counsel, each stating that all conditions precedent provided for in this Indenture relating to such transaction have been complied with and (2) such Guarantor is released from its guarantees of the effect that such designation Senior Credit Facility, the Existing Senior Secured Notes and the Existing Senior Notes, as applicable. The Trustee shall take all necessary actions, including the granting of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by releases or waivers under the Company Intercreditor Deeds, to effectuate any release in accordance with the provisions of the Indenturethese provisions, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order subject to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of customary protections and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided hereinindemnifications.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 1 contract
Samples: Indenture (Liberty Global PLC)
Releases. (a) Concurrently The Note Guarantee of a Guarantor and its other obligations under this Indenture will be automatically released in connection with any sale of assets (includingsale, if applicableassignment, all of the Capital Stock of a Guaranteeing Subsidiary)transfer, all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale conveyance or other disposition of all or substantially all of the properties or assets of any Guarantor, by way of merger or consolidation) to a Person that is not (either before or after giving effect to such Guaranteeing Subsidiarytransaction) shall CNX Midstream or a Restricted Subsidiary of CNX Midstream, if (for the avoidance of doubt, at the time thereof) the sale, assignment, transfer, conveyance or other disposition does not violate Section 4.10 of this Indenture.
(b) The Note Guarantee of a Guarantor and its other obligations under this Indenture will be automatically released in connection with any sale, assignment, transfer, conveyance or other disposition of Capital Stock of that Guarantor to a Person that is not (either before or after giving effect to such transaction) CNX Midstream or a Restricted Subsidiary of CNX Midstream, if the sale, assignment, transfer, conveyance or other disposition does not violate Section 4.10 of this Indenture.
(c) Upon designation of any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary in accordance with Section 4.16 hereof, the Note Guarantee of such Guarantor and its other obligations under this Indenture will be automatically released.
(d) The Note Guarantee of a Guarantor and its other obligations under this Indenture will be automatically released at such time as any Guarantor ceases to guarantee any other Indebtedness of an Issuer or another Guarantor under a Credit Facility, such Guarantor will be released from and relieved of any obligations under its Obligations Note Guarantee; provided that, if it is also a Domestic Subsidiary, it is then no longer an obligor with respect to any Indebtedness under any Credit Facility.
(e) The Note Guarantee of a Guarantor and its other obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale will be automatically released upon Legal Defeasance or other disposition are treated Covenant Defeasance in accordance with Article 8 hereof or satisfaction and discharge of this Indenture in accordance with Article 11 hereof.
(f) The Note Guarantee of a Guarantor and its other obligations under this Indenture will be automatically released upon the provisions first day on which the Notes then outstanding achieve an Investment Grade Rating.
(g) The release of a Guarantor from its Note Guarantee pursuant to this Section 4.10 10.05 shall also release such Guarantor from all of the its other obligations under this Indenture. .
(h) Upon delivery by the Company Issuers to the Trustee of an Officers' ’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions conditions to release of the Indenture any Guarantor from its obligations under its Note Guarantee and this Supplemental Indenture, including without limitation, Indenture specified in this Section 4.10 of the Indenture10.05 have been satisfied, the Trustee shall will execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is release.
(i) Any Guarantor not released from its obligations under its Subsidiary Guarantee, it shall Note Guarantee as provided in this Section 10.05 will remain liable for the full amount of principal of of, premium on, if any, and interest on on, the Notes and for the other obligations of such Guaranteeing Subsidiary any Guarantor under the this Indenture as provided in this Supplemental IndentureArticle 10.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 1 contract
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in In the event of an Asset Sale, the Net Proceeds from such any sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary any Guarantor, by way of merger, consolidation or all of the Capital Stock of a Guaranteeing Subsidiaryotherwise, then the Guaranteeing Subsidiary (in the event of or a sale or other disposition of all of the Capital Stock of any Guarantor, in each case to a Person that is not (either before or after giving effect to such Guaranteeing Subsidiarytransaction) a Subsidiary of the Company, then such Guarantor (in the event of a sale or other disposition, by way of merger, consolidation or otherwise, of all of the Capital Stock of such Guarantor) or the Person corporation acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing SubsidiaryGuarantor) shall be released from and relieved of its Obligations any obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant heretoGuarantee; provided that in the event of an Asset Sale, the Net Proceeds from of such sale or other disposition are treated applied in accordance with the applicable provisions of the Indenture, including without limitation Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' ’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, limitation Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released any Guarantor from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon If the designation of Company designates any Restricted Subsidiary that is a Guaranteeing Subsidiary Guarantor as an Unrestricted Subsidiary in accordance with the terms Section 4.18 of the Indenture, then such Guaranteeing Subsidiary Guarantor shall be released and relieved of its any Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation .
(c) Upon the release of a Guarantee by a Subsidiary under all then outstanding Credit Facilities and at any time after the termination of certain covenants as provided in Section 4.07 4.19 of the Indenture, the Trustee then such Guarantor shall execute be released and relieved of any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Guarantee in accordance with the provisions of the Indenture; provided, however, that in the event that any such Subsidiary thereafter Guarantees any Indebtedness of the Company under any Credit Facility (or if any released Guarantee under any Credit Facility is reinstated or renewed), then such Subsidiary shall Guarantee the Notes on the terms and conditions set forth in the Indenture.
(d) Any Guaranteeing Subsidiary Guarantor not released from its Obligations obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations obligations of any Guaranteeing Subsidiary Guarantor under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 Article 10 of the Indenture.
Appears in 1 contract
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock The Guarantee of a Guaranteeing Subsidiary), all Liens, if any, in favor Subsidiary Guarantor will be released:
(A) automatically without any further action on the part of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 any Holder of the Indenture. If the assets sold Notes, in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a connection with any sale or other disposition of all or substantially all of the assets of that Subsidiary Guarantor (including by way of merger, consolidation or otherwise) to a Person that is not (either before or after giving effect to such Guaranteeing Subsidiarytransaction) shall be released from and relieved a Subsidiary of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset SaleCompany, if the Net Proceeds from such sale or other disposition are treated complies with the applicable provisions of this Indenture relating to Asset Sales, including, without limitation Section 4.12 hereof; (B) automatically without any further action on the part of the Trustee or any Holder of the Notes, in accordance connection with any sale of Capital Stock of that Subsidiary Guarantor that causes such Subsidiary Guarantor to cease to be a Subsidiary to a Person that is not (either before or after giving effect to such transaction) a Subsidiary of the Company, if the sale complies with the provisions of this Indenture relating to Asset Sales, including, without limitation Section 4.10 4.12 hereof; and (C) automatically without any further action on the part of the Indenture. Upon Trustee or any Holder of the Notes, upon delivery by the Company to the Trustee of an Officers' ’ Certificate to the effect certifying that Subsidiary Guarantor shall no longer Guarantee (other than by virtue of such sale Subsidiary Guarantor’s Subsidiary Guarantee) any Indebtedness under a Credit Facility or any other disposition was made by Indebtedness for borrowed money of the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions any of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 its Restricted Subsidiaries of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.at least $15.0 million;
(bii) Upon if the designation of a Guaranteeing Company designates such Subsidiary Guarantor as an Unrestricted Subsidiary in accordance with the terms applicable provisions of the this Indenture, such Guaranteeing Subsidiary shall be released including, without limitation, Section 4.17 hereof; and
(iii) if the Company exercises its Legal Defeasance option or its Covenant Defeasance option as described in Sections 8.02 and relieved of its 8.03 hereof, or if the Company’s Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company Indenture are discharged in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Article 11 hereof.
(b) Any Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary Guarantor not released from its Obligations obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations obligations of any Guaranteeing Subsidiary Guarantor under the this Indenture as provided hereinin this Article 10.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 1 contract
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing SubsidiaryGuarantor), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the this Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary Guarantor or all of the Capital Stock of a Guaranteeing SubsidiaryGuarantor, then the Guaranteeing Subsidiary Guarantor (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing SubsidiaryGuarantor) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing SubsidiaryGuarantor) shall be released from and relieved of its Obligations obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the this Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing SubsidiaryGuarantor, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including including, without limitation, Section 4.10 of the this Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary Guarantor from its Obligations obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary Guarantor is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest and Additional Interest, if any, on the Notes and for the other obligations of such Guaranteeing Subsidiary Guarantor under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary Guarantors as an Unrestricted Subsidiary in accordance with the terms of the this Indenture, such Guaranteeing Subsidiary Guarantor shall be released and relieved of its Obligations obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary Guarantor as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the this Indenture, including without limitation Section 4.07 of the Indenturehereof, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary Guarantor from its Obligations obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary Guarantor not released from its Obligations obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations obligations of any Guaranteeing Subsidiary Guarantor under the this Indenture as provided hereinin this Article 10.
(c) Each Guaranteeing Subsidiary Guarantor shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenturehereof.
Appears in 1 contract
Samples: Indenture (L-3 Communications Cincinnati Electronics CORP)
Releases. (a1) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock capital stock of a any Guaranteeing Subsidiary), all Liens, if any, any Liens in favor of the Trustee in the assets sold thereby shall be released; provided provided, that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If Indenture if the assets sold in such sale or other disposition include all or substantially all of the assets of a any Guaranteeing Subsidiary or all of the Capital Stock capital stock of a any Guaranteeing Subsidiary, then the such Guaranteeing Subsidiary (in the event of a sale or other disposition of or all of the Capital Stock capital stock of such Guaranteeing Subsidiary) or the Person corporation acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such a Guaranteeing Subsidiary) shall be released from and relieved of its Obligations obligations under this Supplemental Indenture and its Subsidiary Note Guarantee made pursuant heretoor Section 11.03 of the Indenture, as the case may be; provided PROVIDED, that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, limitation Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the any Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Note Guarantee.
(2) Upon the release by all holders of Senior Indebtedness and Guarantor Senior Indebtedness of all guarantees issued by a Guaranteeing Subsidiary Guarantee, it shall remain liable for the full amount of principal of relating to such Senior Indebtedness and interest Guarantor Senior Indebtedness and all Liens on the Notes property and for the other obligations assets of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenturerelating to Senior Indebtedness and Guarantor Senior Indebtedness, then such Guaranteeing Subsidiary shall be released and relieved of its Obligations any obligations under its Subsidiary Guarantee and this Supplemental IndentureNote Guarantee. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation all holders of Senior Indebtedness and Guarantor Senior Indebtedness have released all guarantees issued by a Guaranteeing Subsidiary and all Liens on the property and assets of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenturerelating to such Senior Indebtedness and Guarantor Senior Indebtedness, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations obligations under its Subsidiary Note Guarantee. .
(3) Any Guaranteeing Subsidiary not released from its Obligations obligations under its Subsidiary Note Guarantee pursuant to either of paragraphs (a) or (b) of this Section 5 shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations obligations of any Guarantor or any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture or the Indenture, respectively, as provided in accordance with, and subject to, Section 4.18 Article XI of the Indenture or this Supplemental Indenture, respectively.
Appears in 1 contract
Samples: Supplemental Indenture (Inex Corp)
Releases. (a) Concurrently with The obligations of any sale of assets (including, if applicable, all Guarantor under its Note Guarantee will be automatically and unconditionally released and discharged when any of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of following occurs:
(1) upon the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with (including by way of consolidation or merger) of such Guarantor;
(2) upon the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing SubsidiaryGuarantor;
(3) shall be released upon the release of such Guarantor from its guarantee, if any, and relieved of all pledges and security, if any, granted by such Guarantor in connection with the Credit Facility;
(4) upon the designation of such Guarantor as an Unrestricted Subsidiary pursuant to the terms of this Indenture; or
(5) if the Company exercises its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale Legal Defeasance option or other disposition are treated Covenant Defeasance option in accordance with Article 8 hereof or if the provisions Company’s obligations under this Indenture are discharged in accordance with Article 11 hereof; in the case of clauses (1) and (2) of this Section 4.10 of the Indenture. Upon delivery by the Company 10.04, other than to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, an Affiliates and as the case may be, in accordance with the provisions of the Indenture and permitted by this Supplemental Indenture, including without limitation, and the Company must comply with Section 4.10 hereof in respect of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant heretosuch disposition. If the Guaranteeing Subsidiary is Any Guarantor not released from its obligations under its Subsidiary Guarantee, it shall Note Guarantee as provided in this Section 10.04 will remain liable for the full amount of principal of of, premium on, if any, and interest on interest, if any, on, the Notes and for the other obligations of such Guaranteeing Subsidiary any Guarantor under the this Indenture as provided in this Supplemental Indenture.
(b) Upon Article 10. At the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms request of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the IndentureCompany, the Trustee shall execute any documents reasonably required in order to evidence and deliver an appropriate instrument evidencing the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guaranteea Guarantor pursuant to this Section 10.04.
3. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee Except to the extent amended hereby, the Indenture and the Notes shall remain liable for the in full amount of principal of force and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided hereineffect.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.4. NEW YORK LAW TO GOVERN. THE INTERNAL LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 416251v6
Appears in 1 contract
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in In the event of an Asset Sale, the Net Proceeds from such any sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary any Guarantor, by way of merger, amalgamation, consolidation or all of the Capital Stock of a Guaranteeing Subsidiaryotherwise, then the Guaranteeing Subsidiary (in the event of or a sale or other disposition of all of the Capital Stock of any Guarantor, in each case to a Person that is not (either before or after giving effect to such Guaranteeing Subsidiarytransactions) the Company or a Restricted Subsidiary of the Company, then such Guarantor (in the event of a sale or other disposition, by way of merger, amalgamation, consolidation or otherwise, of all of the Capital Stock of such Guarantor) or the Person corporation acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing SubsidiaryGuarantor) shall will be released from and relieved of any obligations under its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant heretoNote Guarantee; provided PROVIDED that in the event of an Asset Sale, the Net Proceeds from of such sale or other disposition are treated applied in accordance with the applicable provisions of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, limitation Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenturehereof. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary sale or other disposition was made by the Company in accordance with the provisions of the this Indenture, including without limitation Section 4.07 of the Indenture4.10 hereof, the Trustee shall will execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary any Guarantor from its Obligations obligations under its Note Guarantee.
(b) Upon designation of any Guarantor as an Unrestricted Subsidiary in accordance with the terms of this Indenture, such Guarantor will be released and relieved of any obligations under its Note Guarantee.
(c) Upon Legal Defeasance in accordance with Article 8 hereof or satisfaction and discharge of this Indenture in accordance with Article 11 hereof, each Guarantor will be released and relieved of any obligations under its Note Guarantee. Any Guaranteeing Subsidiary Guarantor not released from its Obligations obligations under its Subsidiary Note Guarantee shall as provided in this Section 10.05 will remain liable for the full amount of principal of and interest and premium and Special Interest, if any, on the Notes and for the other Obligations obligations of any Guaranteeing Subsidiary Guarantor under the this Indenture as provided hereinin this Article 10.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 1 contract
Samples: Indenture (Riverside Forest Products Marketing LTD)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in In the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a any sale or other disposition of all or substantially all of the assets of any Guarantor, by way of merger, consolidation or otherwise, to a Person that is not (either before or after giving effect to such Guaranteeing Subsidiarytransaction) shall the Company or a Restricted Subsidiary of the Company, then the corporation acquiring the property will be released from and relieved of its Obligations any obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the Note Guarantee;
(b) In the event of an Asset Saleany sale or other disposition of Capital Stock of any Guarantor to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary of the Company and such Guarantor ceases to be a Restricted Subsidiary of the Company as a result of the sale or other disposition, then such Guarantor will be released and relieved of any obligations under its Note Guarantee; provided, in both cases, that the Net Proceeds from of such sale or other disposition are treated applied in accordance with the applicable provisions of this Indenture, including without limitation Section 4.10 of the Indenturehereof. Upon delivery by the Company to the Trustee of an Officers' ’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, limitation Section 4.10 of the Indenturehereof, the Trustee shall will execute any documents reasonably required requested by the Company in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released any Guarantor from its obligations under its Subsidiary Note Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(bc) Upon the designation of any Restricted Subsidiary that is a Guaranteeing Subsidiary Guarantor as an Unrestricted Subsidiary in accordance with the terms of the this Indenture, such Guaranteeing Subsidiary shall Guarantor will be released and relieved of its Obligations any obligations under its Subsidiary Guarantee and this Supplemental Indenture. Note Guarantee.
(d) Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company Legal Defeasance or Covenant Defeasance in accordance with the provisions Article 8 hereof or satisfaction and discharge of the Indenturethis Indenture in accordance with Article 12 hereof, including without limitation Section 4.07 each Guarantor will be released and relieved of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations obligations under its Subsidiary Note Guarantee. Any Guaranteeing Subsidiary Guarantor not released from its Obligations obligations under its Subsidiary Note Guarantee shall as provided in this Section 11.05 will remain liable for the full amount of principal of of, premium on, if any, interest and interest on Special Interest, if any, on, the Notes and for the other Obligations obligations of any Guaranteeing Subsidiary Guarantor under the this Indenture as provided hereinin this Article 11.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 1 contract
Releases. (a) Concurrently with any sale of assets (includingNotwithstanding Section 10.03, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such (a) a sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of any Subsidiary Guarantor, by way of merger, consolidation or otherwise, or a Guaranteeing Subsidiary sale or other disposition of all (or substantially all) of the Capital Stock of any Subsidiary Guarantor, or (b) a Guaranteeing designation of a Subsidiary Guarantor as an Unrestricted Subsidiary, which sale or other disposition or which designation otherwise complies with the terms of this Indenture, then the Guaranteeing such Subsidiary Guarantor (in the event of a sale or other disposition disposition, by way of such a merger, consolidation or otherwise, of all or substantially all of the Capital Stock of such Guaranteeing Subsidiary Guarantor or in the event of a designation of such Subsidiary Guarantor as an Unrestricted Subsidiary) or the Person corporation acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing SubsidiarySubsidiary Guarantor) shall be released from and relieved of its any Guarantee Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant heretoGuarantee; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated applied in accordance with the provisions of Section 4.10 of the Indenture4.08 hereof. Upon delivery by the Company to the Trustee of an Officers' Officer's Certificate and Opinion of Counsel, to the effect that such sale or other disposition or that such designation was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitationlimitation Sections 4.08 or 4.09 hereof, Section 4.10 of the Indentureas applicable, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing any such Subsidiary Guarantor from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary Guarantor not released from its Guarantee Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations obligations of any Guaranteeing Subsidiary Guarantor under the this Indenture as provided hereinin this Article 10.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 1 contract
Samples: Indenture (Medaphis Corp)
Releases. (a) Concurrently Any Guaranteeing Subsidiary will be released and relieved of any obligations under its Note Guarantee: (i) in connection with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing SubsidiarySubsidiary to a Person that is not (either before or after giving effect to such transaction) shall an Affiliate of the Company in compliance with Article Fourteen of the Indenture; or (ii) if such Guaranteeing Subsidiary consolidates with or merges with or into another Person other than the Company or another Guarantor in compliance with Article Fourteen of the Indenture, and such Guaranteeing Subsidiary is not the surviving Person, or (iii) if such Guaranteeing Subsidiary would not otherwise be released from required to provide a Note Guarantee pursuant to Section 1010(vi) of the Indenture, or (iv) upon legal defeasance of the Company’s and relieved all Guarantors’ obligations pursuant to Section 1302 of its Obligations under this Supplemental the Indenture or upon satisfaction and its Subsidiary Guarantee made discharge of the Indenture pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of to Section 4.10 401 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' ’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions one of the Indenture foregoing requirements has been satisfied and that the conditions to the release of a Guaranteeing Subsidiary under this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture5 have been satisfied, the Trustee shall execute any documents reasonably required in order to evidence the release of the any Guaranteeing Subsidiary from its Obligations obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Note Guarantee.
(b) Any Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it Note Guarantee shall remain liable for the full amount of principal of of, premium, if any, and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 Article Fourteen of the Indenture.
Appears in 1 contract
Samples: Second Supplemental Indenture (Precision Castparts Corp)
Releases. (a) Concurrently The Guaranteeing Subsidiary will be released and relieved of any obligations under its Note Guarantee: (i) in connection with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing SubsidiarySubsidiary to a Person that is not (either before or after giving effect to such transaction) shall be released from and relieved an Affiliate of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that the Company in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance compliance with the provisions of Section 4.10 Article Fourteen of the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that ; or (ii) if such sale Guaranteeing Subsidiary consolidates with or merges with or into another Person other disposition was made by than the Company or the Guaranteeing Subsidiary, as the case may be, another Guarantor in accordance compliance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 Article Fourteen of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the such Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guaranteethe surviving Person, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of or (iii) if such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(bwould not otherwise be required to provide a Note Guarantee pursuant to Section 1010(vi) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released or (iv) upon legal defeasance of the Company's and relieved all Guarantors' obligations pursuant to Section 1302 of its Obligations under its Subsidiary Guarantee the Indenture or upon satisfaction and this Supplemental discharge of the Indenture pursuant to Section 401 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation one of such the foregoing requirements has been satisfied and that the conditions to the release of the Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation under this Section 4.07 of the Indenture5 have been satisfied, the Trustee shall execute any documents reasonably required in order to evidence the release of such the Guaranteeing Subsidiary from its Obligations obligations under its Subsidiary Note Guarantee. Any .
(b) Until release from its obligations under its Note Guarantee, the Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of of, premium, if any, and interest on the Notes and for the other Obligations obligations of any such Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 Article Fourteen of the Indenture.
Appears in 1 contract
Samples: Fourth Supplemental Indenture (Precision Castparts Corp)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the IndentureIndenture (it being understood that only such portion of the Net Proceeds as is required to be applied on or before the date of such sale or other disposition in accordance with the terms of this Indenture needs to be applied in accordance therewith at such time). If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the IndentureIndenture (it being understood that only such portion of the Net Proceeds as is required to be applied on or before the date of such sale or other disposition in accordance with the terms of this Indenture needs to be applied in accordance therewith at such time). Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations Obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations Obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary Guarantor as an Unrestricted Subsidiary in accordance with the terms of the IndentureIndenture or upon the release of a Guarantor from its Guarantees of, and all pledges and security interests granted in connection with, all other Indebtedness of the Company or any of their Restricted Subsidiaries, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 4.13 of the Indenture.
Appears in 1 contract
Releases. The Note Subsidiary Guarantee of a Subsidiary Guarantor will be released:
(a1) Concurrently in connection with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of that Subsidiary Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such Guaranteeing Subsidiarytransaction) shall be released from and relieved PBFX or a Restricted Subsidiary of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in PBFX, if the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of does not violate Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such hereof;
(2) in connection with any sale or other disposition was made by of the Company Capital Stock of that Subsidiary Guarantor after which the applicable Subsidiary Guarantor is no longer a Subsidiary of PBFX, if the sale or the Guaranteeing Subsidiary, as the case may be, other disposition does not violate Section 4.10 hereof;
(3) if PBFX designates any Restricted Subsidiary that is a Subsidiary Guarantor to be an Unrestricted Subsidiary in accordance with Section 4.17 hereof;
(4) upon the provisions release or discharge of the Indenture and this Supplemental Indentureguarantee by such Subsidiary Guarantor with respect to the Indebtedness under the Credit Agreements or the guarantee that resulted in the creation of such Note Subsidiary Guarantee; provided, including without limitationhowever, Section 4.10 that if, at any time following such release, that Subsidiary Guarantor later guarantees Indebtedness of any Issuer under the IndentureCredit Agreements, the Trustee then such Subsidiary Guarantor shall execute any documents reasonably provide a Note Subsidiary Guarantee at such time if required in order to evidence accordance with Section 4.16 hereof;
(5) upon the release merger, amalgamation or consolidation of such Subsidiary Guarantor with and into an Issuer or another Subsidiary Guarantor that is the Guaranteeing surviving Person in such merger, amalgamation or consolidation, or upon the liquidation or dissolution of such Subsidiary from its Obligations under this Supplemental Indenture Guarantor;
(6) upon Legal Defeasance or Covenant Defeasance in accordance with Article 8 hereof or upon satisfaction and its discharge in accordance with Article 11 hereof; or
(7) in accordance with Article 9 hereof. Any Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is Guarantor not released from its obligations under its Note Subsidiary Guarantee, it shall Guarantee as provided in this Section 10.06 will remain liable for the full amount of principal of and interest and Special Interest, if any, and premium, if any, on the Notes and for the other obligations of such Guaranteeing any Subsidiary Guarantor under the this Indenture as provided in this Supplemental IndentureArticle 10.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 1 contract
Samples: Indenture (PBF Logistics LP)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' " Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 1 contract
Releases. (a) Concurrently with any sale The Guarantee of assets (includinga Guaranteeing Subsidiary shall be automatically and unconditionally released and discharged, if applicableand no further action by the Guaranteeing Subsidiary, all the Company or the Trustee is required for the release of the Guaranteeing Subsidiary’s Guarantee, in the event that:
(A) any sale, disposition or other transfer (including through merger or consolidation) of (x) Capital Stock of a the Guaranteeing Subsidiary), all Liens, if anyafter such sale, disposition or other transfer the Guaranteeing Subsidiary is no longer a Restricted Subsidiary, or (y) all or substantially all the assets of the Guaranteeing Subsidiary, provided that, in favor each case, such sale, disposition or other transfer is made in compliance with the provisions of the Trustee in Indenture;
(B) the assets sold thereby shall be released; provided that in Company designates the event of Guaranteeing Subsidiary as an Asset Sale, the Net Proceeds from such sale or other disposition are treated Unrestricted Subsidiary in accordance with the provisions of Section 4.10 the Indenture;
(C) the release or discharge of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then guarantee by the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock Indebtedness (other than the Senior Notes (to the extent the Senior Notes are outstanding)) of such Guaranteeing Subsidiary) the Company or any Restricted Subsidiary or the Person acquiring the property (in the event repayment of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that Indebtedness or Disqualified Stock, in each case, which resulted in the event of an Asset Sale, obligation to guarantee the Net Proceeds from such sale Notes;
(D) the Company exercises its legal defeasance option or other disposition its covenant defeasance option pursuant to Sections 8.2 or 8.3 or if its obligations under the Indenture are treated discharged in accordance with the provisions terms of Section 4.10 this Indenture; or
(E) the Guaranteeing Subsidiary is also a guarantor or borrower under the Credit Agreement as in effect on the Issue Date and, at the time of release of either of their Guarantee, (x) has been released from its guarantee of, and all pledges and security, if any, granted in connection with the Credit Agreement (which may be conditioned on the concurrent release hereunder), (y) is not an obligor under any Indebtedness (other than Indebtedness permitted to be incurred pursuant to clause (6), (7), (8), (9), (11), (16) or (19) of the Indenturedefinition of “Permitted Debt” and (z) does not guarantee any Indebtedness of the Company or any Restricted Subsidiaries (other than any guarantee that will be released upon the release of the Guarantee hereunder). Upon delivery by the Company Guaranteeing Subsidiary to the Trustee of an Officers' Officer’s Certificate and an Opinion of Counsel, to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, limitation Section 4.10 of the Indenture4.10, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary their Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 1 contract
Releases. (a) Concurrently with any sale The Guarantee of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be automatically and unconditionally released from and relieved of its Obligations under this Supplemental Indenture discharged, and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. Upon delivery no further action by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, Issuer or the Trustee shall execute any documents reasonably is required in order to evidence for the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If Subsidiary’s Guarantee, upon:
(i) any sale, exchange, disposition or transfer (by merger, amalgamation, consolidation or otherwise) of (x) the Capital Stock of the Guaranteeing Subsidiary, after which the Guaranteeing Subsidiary is no longer a Restricted Subsidiary, (y) all the assets of such Guarantor or (z) if such Guarantor is not released from its obligations at such time a guarantor of the Senior Secured Credit Facilities, all or substantially all the assets of the Guaranteeing Subsidiary, in each case if such sale, exchange, disposition or transfer is made in compliance with the applicable provisions of this Indenture;
(ii) the release or discharge of the guarantee by the Guaranteeing Subsidiary of Indebtedness under its Subsidiary the Senior Secured Credit Facilities, or such other guarantee that resulted in the creation of such Guarantee, except a discharge or release by or as a result of payment under such guarantee (it being understood that a release subject to a contingent reinstatement is still a release, and that if any such Guarantee is so reinstated, such Guarantee shall remain liable for also be reinstated to the full amount of principal of and interest on extent that the Notes and for the other obligations of such Guaranteeing Subsidiary under would then be required to provide a Guarantee pursuant to Section 4.15 in the Indenture as provided in this Supplemental Indenture.);
(biii) Upon the designation of any Restricted Subsidiary that is a Guaranteeing Subsidiary as an Unrestricted Subsidiary in compliance with the applicable provisions of the Indenture; or
(iv) the exercise by the Issuer of its Legal Defeasance option or Covenant Defeasance option in accordance with Article 8 of the Indenture or the discharge of the Issuer’s obligations under this Indenture in accordance with the terms of the Indenture, such ; and
(b) the Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company delivering to the Trustee of an Officers' Officer’s Certificate and an Opinion of Counsel Counsel, each stating that all conditions precedent provided for in this Indenture relating to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided hereintransaction have been complied with.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 1 contract
Samples: Tenth Supplemental Indenture (Campbell Alliance, Ltd.)
Releases. (a) Concurrently with Administrative Agent hereby irrevocably releases, and each Lender hereby consents to such release of, (i) the Released Pledgors from any sale and all obligations and liabilities of assets each such Released Pledgor to the Credit Parties and the Swap Counterparties under the Pledge Agreement and (including, if applicable, ii) all of its liens and security interests in the Capital Stock of a Guaranteeing Subsidiary), all LiensReleased Equity Interests and in the Released Assets, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Saleincluding, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, all liens or security interests in the Released Equity Interests and in the Released Assets, if any, securing obligations under the Credit Agreement or the Loan Documents. Other than described in this Section 4.10 5, Liens, security interests and other security rights of Administrative Agent under the IndenturePledge Agreement, the Trustee other Loan Documents, and the Swap Contracts shall execute not be impaired or released in any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indentureway.
(b) Upon Administrative Agent hereby irrevocably releases and discharges, and each Lender hereby consents to such release and discharge of, each Released Subsidiary Guarantor from any and all obligations and liabilities of each such Released Subsidiary Guarantor to the designation of a Guaranteeing Credit Parties under (and as defined in) the Subsidiary as an Unrestricted Subsidiary Guaranty. This release in accordance with no way reduces, limits, or otherwise alters the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company Guaranty with respect to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided hereinGuarantors party thereto.
(c) Each Guaranteeing Subsidiary shall be released Administrative Agent hereby irrevocably releases and relieved of its obligations under this Supplemental Indenture in accordance withdischarges, and subject toeach Lender hereby consents to such release and discharge of, Section 4.18 each Released Issuer from any and all obligations and liabilities of each such Released Issuer to the Credit Parties under (and as defined in) the Pledge Agreement. This release in no way reduces, limits, or otherwise alters the terms of the IndenturePledge Agreement with respect to the other Issuers party thereto.
Appears in 1 contract
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the IndentureIndenture (it being understood that only such portion of the Net Proceeds as is required to be applied on or before the date of such sale or other disposition in accordance with the terms of the Indenture needs to be applied in accordance therewith at such time). If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the IndentureIndenture (it being understood that only such portion of the Net Proceeds as is required to be applied on or before the date of such sale or other disposition in accordance with the terms of the Indenture needs to be applied in accordance therewith at such time). Upon delivery by the Company to the Trustee of an Officers' ’ Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the IndentureIndenture or upon the release of a Guarantor from its Guarantees of, and all pledges and security interests granted in connection with, all other Indebtedness of the Company or any of their Restricted Subsidiaries, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' ’ Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 4.13 of the Indenture.
Appears in 1 contract
Samples: Supplemental Indenture (L 3 Communications Holdings Inc)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in In the event of an Asset Sale, the Net Proceeds from such (i) a sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing any Subsidiary Guarantor, by way of merger, consolidation or all of the Capital Stock of a Guaranteeing Subsidiaryotherwise, then the Guaranteeing Subsidiary or (in the event of ii) a sale or other disposition of all of the Capital Stock of any Subsidiary Guarantor, in each case to a Person that is not (either before or after giving effect to such Guaranteeing Subsidiarytransactions) a Restricted Subsidiary of the Company, then such Subsidiary Guarantor (in the event of a sale or other disposition, by way of merger, consolidation or otherwise, of all of the Capital Stock of such Subsidiary Guarantor) or the Person corporation acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing SubsidiarySubsidiary Guarantor) shall will be released from and relieved of its Obligations any obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant heretoGuarantee; provided PROVIDED that in the event of an Asset Sale, the Net Proceeds from of such sale or other disposition are treated applied in accordance with the applicable provisions of this Indenture, including without limitation Section 4.10 of the Indenture. Upon delivery by In addition, in the event that the Company to the Trustee of properly designates any Restricted Subsidiary that is a Subsidiary Guarantor as an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Unrestricted Subsidiary, as the case may be, in accordance with the provisions such Subsidiary Guarantor will be released and relieved of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary sale or other disposition was made by the Company in accordance with the provisions of the this Indenture, including without limitation Section 4.07 Sections 3.09 and 4.10 of the Indenture, or notification by the Company that a Restricted Subsidiary was designated as an Unrestricted Subsidiary, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing any Subsidiary Guarantor from its Obligations obligations under its Subsidiary Guarantee. .
(b) Any Guaranteeing Subsidiary Guarantor not released from its Obligations obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations obligations of any Guaranteeing Subsidiary Guarantor under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 Article 11 of the Indenture.
Appears in 1 contract
Samples: Supplemental Indenture (Consolidated Container Co LLC)
Releases. (a) Concurrently with Each Subsidiary Guarantor will be released and relieved of any sale obligations under its Subsidiary Guarantee as set forth under Section 10.16(b) of assets (includingthis Indenture, if applicable, all of and the Capital Stock Subsidiary Guarantee of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall Subsidiary Guarantor will also be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary released immediately:
(in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiaryi) or the Person acquiring the property (in the event of a upon any sale or other disposition of all or substantially all of the properties or assets of such Guaranteeing Subsidiary Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary) shall be released from and relieved of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in , if the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated does not violate Section 10.11 of this Indenture;
(ii) upon any sale or other disposition of the Capital Stock of such Subsidiary Guarantor to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary, if the sale or other disposition does not violate Section 10.11 of this Indenture and such Subsidiary Guarantor no longer qualifies as a Subsidiary of the Company as a result of such disposition;
(iii) upon designation of such Subsidiary Guarantor as an Unrestricted Subsidiary in accordance with Section 10.15 of this Indenture;
(iv) upon Legal Defeasance or Covenant Defeasance in accordance with Article Thirteen of this Indenture or satisfaction and discharge of this Indenture in accordance with Article Four of this Indenture; or
(v) upon the provisions liquidation or dissolution of Section 4.10 such Subsidiary Guarantor, provided that no Default or Event of the Indenture. Default occurs as a result thereof or shall have occurred and is continuing.
(b) Upon delivery by the Company to the Trustee of an Officers' ’ Certificate and an Opinion of Counsel to the effect that all conditions precedent to the release of such sale or other disposition was made by the Company or the Guaranteeing SubsidiarySubsidiary Guarantee, as the case may be, set forth in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenturehave been satisfied, the Trustee shall will execute any documents reasonably required in order to evidence the release of the Guaranteeing any Subsidiary Guarantor from its Obligations obligations under this Supplemental Indenture and its such Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Guarantee.
(c) Any Subsidiary is Guarantor not released from its obligations under its Subsidiary Guarantee, it shall Guarantee as provided in this Section 14.5 will remain liable for the full amount of principal of and interest and premium, if any, on the Notes and for the other obligations of such Guaranteeing any Subsidiary Guarantor under the this Indenture as provided in this Supplemental IndentureArticle Fourteen.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 1 contract
Samples: Fourth Supplemental Indenture (Oasis Petroleum Inc.)
Releases. A Note Guarantee of a Guarantor will be automatically and unconditionally released and discharged without the consent of Holders of Notes and each Guarantor and its obligations under the Notes Guarantee will be released and discharged upon:
(a1) Concurrently with any sale the sale, exchange, disposition or other transfer (including through merger or consolidation) of assets (including, if applicable, all of x) the Capital Stock of such Guarantor to a Guaranteeing Subsidiary), all LiensPerson that is not (either before or after giving effect to such transaction) Parent or a Restricted Subsidiary of Parent, if anyafter such transaction the Guarantor is no longer a Restricted Subsidiary, or (y) all or substantially all the assets of such Guarantor if such sale, exchange, disposition or other transfer is made in favor compliance with this Indenture and such entity is not a borrower under any of the Trustee in ABL Credit Agreement or the assets sold thereby shall be released; provided that in Term Loan Credit Agreement or a guarantor of the event obligations of an Asset Salethe Company under the ABL Credit Agreement, the Net Proceeds from Term Loan Credit Agreement, the 2024 Notes Indenture, the 2026 Notes Indenture or this Indenture (or is contemporaneously released therefrom);
(2) the Company designating such sale or other disposition are treated Guarantor to be an Unrestricted Subsidiary in accordance with the provisions of Section 4.10 4.07 and Section 4.17 hereof and the definition of “Unrestricted Subsidiary;”
(3) in the case of any Restricted Subsidiary that after the Issue Date is required to guarantee the Notes pursuant to Section 4.16 hereof, the release or discharge of the Indenture. If the assets sold in guarantee by such sale or other disposition include all or substantially all Restricted Subsidiary of Indebtedness of the assets of a Guaranteeing Subsidiary Company or all the repayment of the Capital Stock Indebtedness, in each case, that resulted in the obligation to guarantee the Notes, except if a release or discharge is by or as a result of a Guaranteeing payment in connection with the enforcement of remedies under such other guarantee or Indebtedness;
(4) in the case of any Guarantor that becomes an Excluded Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale release or other disposition of all discharge of the Capital Stock guarantee by such Restricted Subsidiary of such Guaranteeing Subsidiary) Indebtedness of the Company or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all repayment of the assets Indebtedness, in each case, under the Senior Credit Agreements, the 2024 Notes Indenture and the 2026 Notes Indenture, except if a release or discharge is by or as a result of payment in connection with the enforcement of remedies under such Guaranteeing Subsidiaryother guarantee or Indebtedness; or
(5) shall be released from and relieved the Company’s exercise of its Legal Defeasance option or Covenant Defeasance option pursuant to Article 8 hereof or if the Company’s Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated discharged in accordance with the provisions of Section 4.10 of the IndentureArticle 11 hereof. Upon In connection with any release under clause (1) above, upon delivery by the Company to the Trustee of an Officers' Officer’s Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and does not violate this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall will execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary any Guarantor from its Obligations obligations under its Note Guarantee. The Net Proceeds of such sale or other disposition shall be applied, if required, in accordance with the applicable provisions of this Supplemental Indenture and its Subsidiary Guarantee made pursuant heretoIndenture. If Any release of a Guarantor under clause (3) or (5) above shall be evidenced to the Guaranteeing Subsidiary is Trustee by an Officer’s Certificate. Any Guarantor not released from its obligations under its Subsidiary Guarantee, it shall Note Guarantee as provided in this Section 10.05 will remain liable for the full amount of principal of of, premium on, if any, and interest on interest, if any, on, the Notes and for the other obligations of such Guaranteeing Subsidiary any Guarantor under the this Indenture as provided in this Supplemental IndentureArticle 10.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 1 contract
Samples: Indenture (Adient PLC)
Releases. The Subsidiary Guarantee of a Subsidiary Guarantor will be released:
(a1) Concurrently in connection with any sale consolidation or merger if the Subsidiary Guarantor or surviving Person shall cease to be a Subsidiary of assets (includingthe Company, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale consolidation or other disposition are treated in accordance merger complies with the provisions of Section 4.10 of the Indenture. If the assets sold 5.01 hereof;
(2) in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of the Capital Stock of such Guaranteeing Subsidiary) or the Person acquiring the property (in the event of a connection with any sale or other disposition of all or substantially all of the assets of that Subsidiary Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such Guaranteeing Subsidiarytransaction) shall be released from and relieved a Subsidiary of its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset SaleCompany, if the Net Proceeds from such sale or other disposition are treated complies with the provisions of Section 4.10 hereof;
(3) if the Subsidiary Guarantor is designated to be an Unrestricted Subsidiary in accordance with the provisions of Section 4.10 this Indenture;
(4) in connection with any (direct or indirect) sale of Capital Stock or other transaction that results in such Subsidiary Guarantor ceasing to be a Subsidiary of the Indenture. Upon delivery by Company, if the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance transaction complies with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 hereof;
(5) upon the release of such Subsidiary Guarantor from its liability in respect of all Indebtedness of the IndentureCompany and all other Subsidiary Guarantors (other than Immaterial Indebtedness of the Company or any other Subsidiary Guarantor and any other Indebtedness the Guarantee of which by such Subsidiary Guarantor is also released upon the release of such Subsidiary Guarantor from its liability in respect of all Indebtedness (other than Immaterial Indebtedness) of the Company and all other Subsidiary Guarantors);
(6) upon legal defeasance of the Notes in accordance with Article 8 hereof or satisfaction and discharge of this Indenture in accordance with Article 12 hereof, each Subsidiary Guarantor will be released and relieved of any obligations under its Subsidiary Guarantee; and
(7) with the consent of Holders of a majority in aggregate principal amount of Notes then outstanding in accordance with Article 9 hereof. Upon any such occurrence specified in this Section 11.06, the Trustee shall will execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary any Guarantor from its Obligations obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant heretoGuarantee. If the Guaranteeing Any Subsidiary is Guarantor not released from its obligations under its Subsidiary Guarantee, it shall Guarantee as provided in this Section 11.06 will remain liable for the full amount of principal of and interest and premium and Liquidated Damages, if any, on the Notes and for the other obligations of such Guaranteeing any Subsidiary Guarantor under the this Indenture as provided in this Supplemental IndentureArticle 11.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 1 contract
Samples: Indenture (Del Laboratories Inc)
Releases. Each Guarantee by a Subsidiary Guarantor will provide by its terms that it will be automatically and unconditionally released and discharged under its Guarantee upon:
(a) Concurrently with any sale sale, exchange or transfer (by merger, amalgamation, consolidation or otherwise) of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all of i) the Capital Stock of such Guaranteeing SubsidiarySubsidiary Guarantor, after which the applicable Subsidiary Guarantor is no longer a Restricted Subsidiary or (ii) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing Subsidiary) shall be released from and relieved of its Obligations under Subsidiary Guarantor, in each case if such sale, exchange or transfer is made in compliance with this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto; provided that in the event of an Asset Sale, the Net Proceeds from such sale or other disposition are treated in accordance with the applicable provisions of Section 4.10 of the this Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.;
(b) Upon the release or discharge by such Subsidiary Guarantor of Indebtedness under (i) the Senior Credit Facilities, except a discharge or release in connection with the repayment in full and termination of commitments under the Senior Credit Facilities without being replaced with another Senior Credit Facility or (ii) in the case of a Guarantee made by a Subsidiary Guarantor (each, an “Other Guarantee”) as a result of its guarantee of Additional First Lien Obligations, Junior Lien Obligations, or capital markets debt securities of the Company or a Guarantor pursuant to Section 4.17 hereof, the relevant Additional First Lien Obligations, Junior Lien Obligations, or capital markets debt securities, except, in the case of clause (i) or (ii), a discharge or release by or as a result of payment by such Subsidiary Guarantor under the Indebtedness specified in such clause (i) or (ii) (it being understood that a release subject to a contingent reinstatement is still a release, and if any such Indebtedness of such Subsidiary Guarantor under the Senior Credit Facilities or any Other Guarantee is so reinstated, such Guarantee shall also be reinstated);
(c) the designation of any Restricted Subsidiary that is a Guaranteeing Subsidiary Guarantor as an Unrestricted Subsidiary in accordance with the terms of this Indenture; or 141
(d) the Indenture, such Guaranteeing Subsidiary shall be released and relieved exercise by the Company of its Obligations legal defeasance option or covenant defeasance option as described under its Subsidiary Guarantee Article 8 hereof or the satisfaction and discharge of the Company’s obligations under this Supplemental Indenture. Upon Indenture in accordance with Article 12 hereof; and
(2) delivery by the Company to the Trustee of an Officers' Officer’s Certificate and an Opinion of Counsel Counsel, each stating that all conditions precedent provided for in this Indenture relating to such transaction have been complied with. The Guarantee by Holdings will be automatically and unconditionally released and discharged upon (1) the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made exercise by the Company of its legal defeasance option or covenant defeasance option as described under Article 8 hereof or the satisfaction and discharge of the Company’s obligations under this Indenture in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, Article 12 hereof and (2) Holdings delivering to the Trustee shall execute any documents reasonably required an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for in order this Indenture relating to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guaranteetransaction have been complied with. Any Guaranteeing Subsidiary Guarantor not released from its Obligations obligations under its Subsidiary Guarantee shall as provided in this Section 11.05 will remain liable for the full amount of principal of of, premium on, if any, and interest on interest, if any, on, the Notes and for the other Obligations obligations of any Guaranteeing Subsidiary Guarantor under the this Indenture as provided hereinin this Article 11.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 1 contract
Samples: Indenture (Sabre Corp)
Releases. (a) Concurrently with any sale of assets (including, if applicable, all of the Capital Stock of a Guaranteeing Subsidiary), all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in In the event of an Asset Sale, the Net Proceeds from such any sale or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale or other disposition include all or substantially all of the assets of a Guaranteeing any Subsidiary Guarantor, by way of merger, consolidation or all of the Capital Stock of a Guaranteeing Subsidiaryotherwise, then the Guaranteeing Subsidiary (in the event of or a sale or other disposition of all of the Capital Stock of any Subsidiary Guarantor, in each case to a Person that is not (either before or after giving effect to such Guaranteeing Subsidiarytransactions) the Company or a Restricted Subsidiary of the Company, then such Subsidiary Guarantor (in the event of a sale or other disposition, by way of merger, consolidation or otherwise, of all of the Capital Stock of such Subsidiary Guarantor) or the Person corporation acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Guaranteeing SubsidiarySubsidiary Guarantor) shall will be released from and relieved of any obligations under its Obligations under this Supplemental Indenture and its Subsidiary Guarantee made pursuant heretoNote Guarantee; provided that in the event of an Asset Sale, the Net Proceeds from of such sale or other disposition are treated applied in accordance with the applicable provisions of this Indenture, including without limitation Section 4.10 of the Indenturehereof. Upon delivery by the Company to the Trustee of an Officers' ’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, limitation Section 4.10 of the Indenturehereof, the Trustee shall will execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary any Guarantor from its Obligations obligations under its Note Guarantee.
(b) Upon designation of any Subsidiary Guarantor as an Unrestricted Subsidiary in accordance with the terms of this Supplemental Indenture, such Subsidiary Guarantor will be released and relieved of any obligations under its Note Guarantee.
(c) Upon Legal Defeasance in accordance with Article 8 hereof or satisfaction and discharge of this Indenture in accordance with Article 12 hereof, each Subsidiary Guarantor will be released and relieved of any obligations under its Note Guarantee.
(d) If any Subsidiary Guarantor shall not guarantee any Indebtedness under any Credit Facility (other than if such Subsidiary Guarantor no longer guarantees any Indebtedness under any Credit Facility as a result of payment under any guarantee of any such Indebtedness by any Subsidiary Guarantor), such Subsidiary Guarantor will be released and relieved of any obligations under its Note Guarantee; provided, that a Subsidiary Guarantor shall not be permitted to be released from its Guarantee made pursuant heretoif it is an obligor with respect to Indebtedness that would not, under Section 4.09 hereof, be permitted to be incurred by a Restricted Subsidiary that is not a Guarantor. If the Guaranteeing Subsidiary is Any Guarantor not released from its obligations under its Subsidiary Guarantee, it shall Note Guarantee as provided in this Section 11.05 will remain liable for the full amount of principal of and interest and premium and Special Interest, if any, on the Notes and for the other obligations of such Guaranteeing Subsidiary any Guarantor under the this Indenture as provided in this Supplemental IndentureArticle 11.
(b) Upon the designation of a Guaranteeing Subsidiary as an Unrestricted Subsidiary in accordance with the terms of the Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary Guarantee and this Supplemental Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate and an Opinion of Counsel to the effect that such designation of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.07 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other Obligations of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 of the Indenture.
Appears in 1 contract
Releases. (a) Concurrently with A Guarantee as to any sale of assets (includingSubsidiary Guarantor shall be automatically and unconditionally released and discharged, if applicable, all without further action required on the part of the Capital Stock of a Guaranteeing Subsidiary)Subsidiary Guarantor, all Liens, if any, in favor of the Trustee in the assets sold thereby shall be released; provided that in the event or any Holder of an Asset SaleNotes, the Net Proceeds from such sale upon:
(1) any direct or indirect sale, exchange, transfer or other disposition are treated in accordance with the provisions of Section 4.10 of the Indenture. If the assets sold in such sale (by merger, consolidation or other disposition include all or substantially all of the assets of a Guaranteeing Subsidiary or all of the Capital Stock of a Guaranteeing Subsidiary, then the Guaranteeing Subsidiary (in the event of a sale or other disposition of all otherwise) of the Capital Stock of such Guaranteeing Subsidiary Guarantor, after which the applicable Subsidiary Guarantor is no longer a Restricted Subsidiary, if such sale, exchange, transfer or other disposition is not in violation of the applicable terms of this Indenture;
(2) the release or discharge of the Person acquiring Indebtedness or guarantee of Indebtedness by such Subsidiary Guarantor of the property (Indebtedness that resulted in the event creation of such Guarantee except a sale release or discharge by or as a result of payment under such guarantee (it being understood that a release subject to a contingent reinstatement will constitute a release for the purposes of this provision); provided that at the time of such release or discharge, such Subsidiary Guarantor is not then a guarantor or an obligor in respect of any other third-party Indebtedness that would require it to provide a Guarantee of the Notes under this Indenture;
(3) the sale, exchange, transfer or other disposition of all or substantially all of the assets of such Guaranteeing SubsidiarySubsidiary Guarantor, in a transaction that is not in violation of the applicable terms of this Indenture, to any Person who is not (either before or after giving effect to such transaction) shall be released the Company or a Restricted Subsidiary (including the Issuer);
(4) the release or discharge of such Subsidiary Guarantor from its guarantee, and relieved of its Obligations all pledges and security, if any, granted by such Subsidiary Guarantor in connection with the Senior Secured Credit Facilities, except a release or discharge by or as a result of payment under such guarantee (it being understood that a release subject to a contingent reinstatement will constitute a release for the purposes of this Supplemental Indenture and its Subsidiary Guarantee made pursuant heretoprovision); provided that at the time of such release or discharge, such Subsidiary Guarantor is not then a guarantor or an obligor in the event respect of an Asset Sale, the Net Proceeds from such sale or any other disposition are treated in accordance with the provisions of Section 4.10 third-party Indebtedness that would require it to provide a Guarantee of the Indenture. Upon delivery by the Company to the Trustee of an Officers' Certificate to the effect that such sale or other disposition was made by the Company or the Guaranteeing Subsidiary, as the case may be, in accordance with the provisions of the Indenture and this Supplemental Indenture, including without limitation, Section 4.10 of the Indenture, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guaranteeing Subsidiary from its Obligations Notes under this Supplemental Indenture and its Subsidiary Guarantee made pursuant hereto. If the Guaranteeing Subsidiary is not released from its obligations under its Subsidiary Guarantee, it shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of such Guaranteeing Subsidiary under the Indenture as provided in this Supplemental Indenture.;
(b5) Upon the designation of any Restricted Subsidiary that is a Guaranteeing Subsidiary Guarantor as an Unrestricted Subsidiary in accordance with Section 4.05 and the definition of “Unrestricted Subsidiary”;
(6) the merger or consolidation of any Subsidiary Guarantor with and into the Issuer or another Guarantor or upon the liquidation of such Subsidiary Guarantor following the transfer of all of its assets to the Company or another Guarantor;
(7) the Issuer exercising its Legal Defeasance option or Covenant Defeasance option with respect to the Notes pursuant to Article VIII or the Issuer’s obligations under this Indenture being discharged with respect to the Notes in accordance with Article VIII; or
(8) the occurrence of the Suspension Date as described under Section 4.12; provided that such Guarantee will be reinstated, if required pursuant to the terms of the this Indenture, such Guaranteeing Subsidiary shall be released and relieved of its Obligations under its Subsidiary upon the Reversion Date.
(b) The Guarantee and this Supplemental Indenture. Upon delivery by the Company shall be automatically and unconditionally released and discharged, without further action required on the part of the Company, the Trustee or any Holder of Notes, upon the Issuer exercising its Legal Defeasance option or Covenant Defeasance option with respect to the Notes pursuant to Article VIII or the Issuer’s obligations under this Indenture being discharged with respect to the Notes in accordance with Article VIII. In the case of a release and discharge of any Guarantee, the Issuer shall deliver to the Trustee of an Officers' Officer’s Certificate and an Opinion of Counsel stating that all conditions precedent provided for in this Indenture relating to the effect that such designation release of such Guaranteeing Subsidiary as an Unrestricted Subsidiary was made by the Company in accordance with the provisions Guarantee shall have been complied with. Upon request of the Indenture, including without limitation Section 4.07 of Issuer or the Indentureapplicable Guarantor, the Trustee shall execute any documents reasonably required in order to evidence such release by a supplemental indenture or other instrument which may be executed by the release of such Guaranteeing Subsidiary from its Obligations under its Subsidiary Guarantee. Any Guaranteeing Subsidiary not released from its Obligations under its Subsidiary Guarantee shall remain liable for Trustee without the full amount of principal of and interest on the Notes and for the other Obligations consent of any Guaranteeing Subsidiary under the Indenture as provided herein.
(c) Each Guaranteeing Subsidiary shall be released and relieved of its obligations under this Supplemental Indenture in accordance with, and subject to, Section 4.18 Holder of the IndentureNotes.
Appears in 1 contract