Reversion Event. (a) If on any date following the occurrence of a Release Event (such date, the “Reversion Date”) any two of the three Rating Agencies withdraw their Investment Grade rating of the senior, unsecured, non-credit enhanced, long-term debt securities of the Issuer or downgrade such rating below Investment Grade, then the Issuer and the Guarantors shall secure the Notes with the Collateral within 60 days after the Reversion Date (a “Reversion Event”) in accordance with Section 11.07 and will thereafter again be subject to Section 4.07(a) hereof.
(b) Notwithstanding that obligations to secure the Notes with the Collateral may be reinstated following a Reversion Event and that Section 4.07(a) shall apply after the Reversion Date, no Default, Event of Default or breach of any kind related to any obligations to secure the Notes with the Collateral during the Release Period and the obligations under Section 4.07(a) during the Release Period will be deemed to exist under this Indenture, the Notes or the Subsidiary Guarantees with respect to such obligations, and none of the Issuer or any of the Guarantors shall bear any liability for any actions taken or events occurring during the Release Period, or any actions taken at any time pursuant to any contractual obligation arising during any Release Period, in each case as a result of a failure to comply with such obligations during the Release Period (or upon termination of the Release Period or after that time based solely on any action taken or event that occurred during the Release Period); provided that all Liens incurred during the Release Period will be classified to have been incurred or issued pursuant to clause (2) of the definition of “Permitted Liens”.
(c) The Issuer shall send written notice to the Trustee upon the commencement of any Release Period or the occurrence of any Reversion Date; provided that the failure to so notify the Trustee shall not be a Default under this Indenture. The Trustee shall have no duty to (i) monitor the ratings of the Notes, (ii) ascertain whether a Release Event or Reversion Event has occurred, or (iii) notify the Holders of any of the foregoing.
Reversion Event. If a conversion event occurs, then in addition to the winding-up effects listed below, if (i) the circumstances that caused the event of the reversion do not heal XX.XXX within 90 days of the notice ag and (ii) AG, so elect by written notice XX.XXX, u tu XX.XXX license (I licensed for group 2B trademarks) is shut down at the end of 12 (12) months after the proclamation of the election of the AG.
Reversion Event. If there is a Reversion Event, then, in addition to the termination effects set forth below, if (i) the circumstances that caused the Reversion Event are not cured by AG.CXX xxxhin 90 days of notice from AG and (ii) AG so elects by written notice to AG.CXX, xxen all licenses granted to AG.CXX hereunder (other than the license to the Group 2B Trademarks) will terminate at the end of twelve (12) months after the notice of election from AG.
Reversion Event. Unless the Company has been earlier liquidated or been dissolved and if none of the Bloom Shares have been sold or no action has been taken to commence such sale despite the best efforts of the Company, the Class B Membership Interests will automatically be exchanged for an equal number of Class A Membership Interests on the date that is 40 Business Days after the date the Class B Membership Interests are issued (as extended to the extent necessary if additional approvals or filings need to be completed) after the date of the Conversion Event contemplated by clause (v) below (the “Reversion Date”), except for causes beyond the control of any party to this Agreement including the suspension of trading of the Bloom Shares, in which event the days during which such causes are ongoing shall not be counted towards the Reversion Date (such exchange, the “Reversion Event”). As a result therefor, Schedule A will be adjusted accordingly.
Reversion Event. (a) If on any date following the occurrence of a Release Event (such date, the “Reversion Date”) any two of the three Rating Agencies withdraw their Investment Grade rating of the senior, unsecured, non-credit enhanced, long-term debt securities of the Issuer or downgrade such rating below Investment Grade, then the Issuer and the Guarantors shall secure the Notes with the Collateral within 60 days after the Reversion Date (a “Reversion Event”) in accordance with Section 11.07 and will thereafter again be subject to Section 4.07(a) hereof.
(b) Notwithstanding that obligations to secure the Notes with the Collateral may be reinstated following a Reversion Event and that Section 4.07(a) shall apply after the Reversion Date, no Default, Event of Default or breach of any kind related to any obligations to secure the Notes with the Collateral during the Release Period and the obligations under Section 4.07(a) during the Release Period will be deemed to exist under this Indenture, the Notes or the Subsidiary Guarantees with respect to such obligations, and none of the Issuer or any of the Guarantors shall bear any liability for any actions taken or events occurring during the Release Period, or any actions taken at any time pursuant to any contractual obligation arising during any Release Period, in each case as a result of a failure to comply with such obligations during the Release Period (or upon termination of the Release Period or after that time based solely on any action taken or event that occurred during the Release Period); provided that all Liens incurred during the Release Period will be classified to have been incurred or issued pursuant to clause (2) of the definition of “Permitted Liens”.
(c) The Trustee shall have no duty to (i) monitor the ratings of the Notes, (ii) ascertain whether a Release Event or Reversion Event has occurred, or (iii) notify the Holders of any of the foregoing.
