Suspension of Certain Covenants. (a) If, on any date following the date of this Indenture, the Notes have a rating of Investment Grade from both of the Rating Agencies and no Default has occurred and is continuing (a “Suspension Event”), then, beginning on that day and continuing until such time, if any, at which the Notes cease to have a rating of Investment Grade from either of the Rating Agencies, the following provisions of this Indenture will be suspended: (1) Section 4.05; (2) Section 4.06; (3) Section 4.08; (4) Section 4.09; (5) Section 4.10; (6) Section 4.11; and (7) Section 4.13. (b) During any period that the foregoing covenants have been suspended, the Board of Directors may not designate any Restricted Subsidiary as an Unrestricted Subsidiary pursuant to Section 4.17 or the definition of “Unrestricted Subsidiary.” (c) Such covenants will be reinstituted and apply according to their terms as of and from the first day on which a Suspension Event ceases to be in effect. Such covenants will not, however, be of any effect with regard to actions of the Company or any Restricted Subsidiary properly taken in compliance with the provisions of this Indenture during the continuance of the Suspension Event, and following reinstatement the calculations under the covenant summarized under Section 4.06 will be made as if such covenant had been in effect since the date of this Indenture except that no Default will be deemed to have occurred solely by reason of a Restricted Payment made while that covenant was suspended.
Appears in 4 contracts
Samples: Indenture (Xinyuan Real Estate Co., Ltd.), Indenture (Xinyuan Real Estate Co., Ltd.), Indenture (Xinyuan Real Estate Co., Ltd.)
Suspension of Certain Covenants. (a) If, on any date following the date of this Indenture, the Notes have a rating of Investment Grade from both of the Rating Agencies and no Default has occurred and is continuing (a “Suspension Event”), then, beginning on that day and continuing until such time, if any, at which the Notes cease to have a rating of Investment Grade from either of the Rating Agencies, the following provisions of this Indenture will be suspended:
(1) Section 4.05;
(2) Section 4.06;
(3) Section 4.08;
(4) Section 4.09;
(5) Section 4.10;
(6) Section 4.11; and;
(7) Section 4.13; and
(8) Section 4.15.
(b) During any period that the foregoing covenants have been suspended, the Board of Directors may not designate any Restricted Subsidiary as an Unrestricted Subsidiary pursuant to Section 4.17 or the definition of “Unrestricted Subsidiary.”
(c) Such covenants will be reinstituted and apply according to their terms as of and from the first day on which a Suspension Event ceases to be in effect. Such covenants will not, however, be of any effect with regard to actions of the Company or any Restricted Subsidiary properly taken in compliance with the provisions of this Indenture during the continuance of the Suspension Event, and following reinstatement the calculations under the covenant summarized under Section 4.06 will be made as if such covenant had been in effect since the date of this Indenture except that no Default will be deemed to have occurred solely by reason of a Restricted Payment made while that covenant was suspended.
Appears in 2 contracts
Samples: Indenture (Xinyuan Real Estate Co., Ltd.), Indenture (Xinyuan Real Estate Co., Ltd.)
Suspension of Certain Covenants. (a) If, on any date following the date of this IndentureIssue Date, the Notes have a rating of Investment Grade from both of the two Rating Agencies and no Default has occurred and is continuing (a “Suspension Event”), then, beginning on that day (which the Company shall promptly notify the Trustee and Holders of) and continuing until such time, if any, at which the Notes cease to have a rating of Investment Grade from either of the Rating AgenciesAgencies (which date shall be promptly notified by the Company to the Trustee and Holders), the following provisions of this Indenture the following sections will be suspended:
(1) : Section 4.05;
(2) 3.8, Section 4.06;
(3) 3.9, Section 4.08;
(4) 3.10, Section 4.09;
(5) 3.11, Section 4.10;
(6) 3.12, Section 4.11; and
(7) 3.14, Section 4.133.16, and Section 3.20.
(b) During any period that the foregoing covenants have been suspended, the Board of Directors may not designate any of the Restricted Subsidiary Subsidiaries as an Unrestricted Subsidiary Subsidiaries pursuant to the covenant summarized under Section 4.17 3.13 or the definition of “Unrestricted Subsidiary.”
(c) Such covenants will be reinstituted and apply according to their terms as of and from the first day on which a Suspension Event ceases to be in effect. Such covenants will not, however, be of any effect with regard to actions of the Company or any Restricted Subsidiary properly taken in compliance with the provisions of this Indenture during the continuance of the Suspension Event, and following reinstatement the calculations under the covenant summarized under Section 4.06 3.9 will be made as if such covenant had been in effect since the date of this Indenture except that no Default will be deemed to have occurred solely by reason of a Restricted Payment made while that covenant was suspended.
Appears in 1 contract
Samples: Indenture (LDK Solar Co., Ltd.)
Suspension of Certain Covenants. (a) If, on any date following the date of this Indenture, the Notes have a rating of Investment Grade from both of the Rating Agencies and no Default has occurred and is continuing (a “Suspension Event”), then, beginning on that day and continuing until such time, if any, at which the Notes cease to have a rating of Investment Grade from either of the Rating Agencies, the following provisions of this Indenture will be suspended:
(1) Section 4.05;
(2) Section 4.06;
(3) Section 4.08;
(4) Section 4.09;
(5) Section 4.10;
(6) Section 4.11; and
(7) Section 4.13.
(b) During any period that the foregoing covenants have been suspended, the Board of Directors may not designate any Restricted Subsidiary as an Unrestricted Subsidiary pursuant to Section 4.17 or the definition of “Unrestricted Subsidiary.”
(c) Such covenants will be reinstituted and apply according to their terms as of and from the first day on which a Suspension Event ceases to be in effect. Such covenants will not, however, be of any effect with regard to actions of the Company or any Restricted Subsidiary properly taken in compliance with the provisions of this Indenture during the continuance of the Suspension Event, and following reinstatement the calculations under the covenant summarized under Section 4.06 will be made as if such covenant had been in effect since the date of this Indenture except that no Default will be deemed to have occurred solely by reason of a Restricted Payment made while that covenant was suspended.
ARTICLE 5 Consolidation, Merger and Sale of Assets
Appears in 1 contract
Suspension of Certain Covenants. (a) If, If on any date following the date of this Indenture, the Notes have a rating of Investment Grade from both of the Rating Agencies and no Default has occurred and is continuing (a “Suspension Event”), then, beginning on that day and continuing until such time, if any, at which the Notes cease to have a rating of Investment Grade from either of the Rating Agencies, the following provisions of this Indenture will shall be suspended:
(1) Section 4.05;,
(2) Section 4.06;,
(3) Section 4.08;,
(4) Section 4.09;
(5) Section 4.10;,
(6) Section 4.11; and,
(7) Section 4.13, and
(8) Section 4.15.
(ba) During any period that the foregoing covenants have been suspended, the Board of Directors may not designate any Restricted Subsidiary as an Unrestricted Subsidiary pursuant to Section 4.17 4.18 or the definition of “Unrestricted Subsidiary.”
(cb) Such All covenants will suspended pursuant to Section 4.23(a) above shall be reinstituted and apply according to their terms as of and from the first day on which a Suspension Event ceases to be in effect. Such covenants will shall not, however, be of any effect with regard to actions of the Company or any Restricted Subsidiary properly taken in compliance with the provisions of this Indenture during the continuance of the Suspension Event, and following the reinstatement of the covenants (1) the calculations under the covenant summarized under Section 4.06 will shall be made as if such the covenant thereunder had been in effect since the date of this Indenture except that no Default will shall be deemed to have occurred solely by reason of a Restricted Payment made while that covenant was suspendedsuspended and (2) all Indebtedness Incurred during the Suspension Period will be classified to have been incurred or issued pursuant to Section 4.05(b)(ii). Upon any reinstatement of the covenants, the amount of Excess Proceeds shall be reset at zero.
Appears in 1 contract
Samples: Indenture (eHi Car Services LTD)
Suspension of Certain Covenants. (a) If, If on any date following the date of this Indenture, the Notes have a rating of Investment Grade from both of the Rating Agencies and no Default has occurred and is continuing (a “Suspension Event”), then, beginning on that day and continuing until such time, if any, at which the Notes cease to have a rating of Investment Grade from either of the Rating Agencies, the following provisions of this Indenture will shall be suspended:
(1) Section 4.05;,
(2) Section 4.06;,
(3) Section 4.08;,
(4) Section 4.09;
(5) Section 4.10;,
(6) Section 4.11; and,
(7) Section 4.13, and
(8) Section 4.15.
(b) During any period that the foregoing covenants have been suspended, the Board of Directors may not designate any Restricted Subsidiary as an Unrestricted Subsidiary pursuant to Section 4.17 4.18 or the definition of “Unrestricted Subsidiary.”
(c) Such All covenants will suspended pursuant to Section 4.23(a) above shall be reinstituted and apply according to their terms as of and from the first day on which a Suspension Event ceases to be in effect. Such covenants will shall not, however, be of any effect with regard to actions of the Company or any Restricted Subsidiary properly taken in compliance with the provisions of this Indenture during the continuance of the Suspension Event, and following the reinstatement of the covenants (1) the calculations under the covenant summarized under Section 4.06 will shall be made as if such the covenant thereunder had been in effect since the date of this Indenture Indenture, except that no Default will shall be deemed to have occurred solely by reason of a Restricted Payment made while that covenant was suspendedsuspended and (2) all Indebtedness Incurred during the Suspension Period will be classified to have been incurred or issued pursuant to Section 4.05(b)(ii). Upon any reinstatement of the covenants, the amount of Excess Proceeds shall be reset at zero.
Appears in 1 contract
Samples: Indenture (eHi Car Services LTD)
Suspension of Certain Covenants. (a) If, If on any date following the date of this IndentureOriginal Issue Date, the Notes have a rating of Investment Grade from both of the Rating Agencies and no Default or Event of Default has occurred and is continuing (a “Suspension Event”), then, beginning on that day and continuing until such time, if any, at which the Notes cease to have a rating of Investment Grade from either of the Rating Agencies, the following provisions of this Indenture summarized under the following captions will be suspended:
(1) Section 4.054.07;
(2) Section 4.064.08;
(3) Section 4.08;4.11
(4) Section 4.09;
(5) Section 4.10;
(6) Section 4.11; and4.13;
(7) Section 4.13.4.20;
(8) Section 4.21;
(9) clause (4) of Section 5.01(a); and
(10) Section 4.17
(b) During any period that the foregoing covenants have been suspended, the Board of Directors may not designate any Restricted Subsidiary as an Unrestricted Subsidiary pursuant to Section 4.17 or the definition of “Unrestricted Subsidiary.”
(c) Such covenants will be reinstituted reinstated and apply according to their terms as of and from the first day on which a Suspension Event ceases to be in effecteffect (the “Reinstatement Date” and the period of time between the Suspension Event and the Reinstatement Date, the “Suspension Period”). Such covenants will not, however, be of any effect with regard to actions of the Company or any other Restricted Subsidiary properly taken in compliance with the provisions of this Indenture during the continuance of the Suspension Event, and following reinstatement reinstatement:
(1) the calculations under the covenant summarized under Section 4.06 4.07 will be made as if such covenant had been in effect since the date of this Indenture Original Issue Date except that no Default will be deemed to have occurred solely by reason of a Restricted Payment made while that covenant was suspended; and
(2) all Indebtedness Incurred during the Suspension Period will be classified to have been incurred pursuant to clause (b)(2) of Section 4.09.
Appears in 1 contract
Samples: Indenture (Azure Power Global LTD)
Suspension of Certain Covenants. (a) If, on If at any date following time after the date of this Indenture, Issue Date that (i) the Notes have a rating of Investment Grade from both Ratings by each of S&P and Xxxxx’x (or, if either (or both) of S&P and Xxxxx’x have been substituted in accordance with the definition of “Rating Agencies”, by each of the then applicable Rating Agencies Agencies) and (ii) no Default has occurred and is continuing hereunder, the Company and the Guarantors will not be subject to the covenants in Sections 4.06, 4.07, 4.10, 4.12, 4.13, 4.17 and 5.01(a)(iii)(3) (a the “Suspension EventSuspended Covenants”), then, beginning on that day and continuing until such time, if any, at which the Notes cease to have a rating of Investment Grade from either of the Rating Agencies, the following provisions of this Indenture will be suspended:
(1) Section 4.05;
(2) Section 4.06;
(3) Section 4.08;
(4) Section 4.09;
(5) Section 4.10;
(6) Section 4.11; and
(7) Section 4.13.
(b) During In the event that the Company and the Guarantors are not subject to the Suspended Covenants for any period that of time as a result of Section 4.20(a), and on any subsequent date (the foregoing covenants have been suspended“Reversion Date”) the condition set forth in clause (i) of Section 4.20(a) is no longer satisfied, then the Board of Directors may not designate any Restricted Subsidiary as an Unrestricted Subsidiary pursuant Company and the Guarantors will thereafter again be subject to Section 4.17 or the definition of “Unrestricted SubsidiarySuspended Covenant with respect to future events.”
(c) Such On each Reversion Date, all Debt Incurred during such time as the above referenced covenants are suspended (a “Suspension Period”) prior to such Reversion Date will be reinstituted and apply according to their terms as of and from the first day on which a Suspension Event ceases deemed to be in effectDebt Incurred pursuant to Section 4.06(b)(8). Such covenants will not, however, be For purposes of any effect with regard calculating the amount available to actions of the Company or any Restricted Subsidiary properly taken in compliance with the provisions of this Indenture during the continuance of the Suspension Event, and following reinstatement the calculations under the covenant summarized under Section 4.06 will be made as if Restricted Payments under Section 4.07(a)(3), calculations under such covenant shall be made as though such covenant had been in effect since during the date Suspension Period. Restricted Payments made during the Suspension Period not otherwise permitted under Section 4.07(b), or permitted under clauses (1), (10) and (13) of this Indenture except Section 4.07(b), will reduce the amount available to be made as Restricted Payments under Section 4.07(a)(3). For purposes of Section 4.12, on the Reversion Date, the amount of Excess Proceeds will be reset to the amount of Excess Proceeds in effect as of the first day of the Suspension Period ending on such Reversion Date. Notwithstanding that the Suspended Covenants may be reinstated, no Default will or Event of Default shall be deemed to have occurred solely by reason as a result of a Restricted Payment made while failure to comply with the Suspended Covenants during a Suspension Period (or on the Reversion Date after a Suspension Period based solely on events that covenant was suspendedoccurred during the Suspension Period).
Appears in 1 contract
Samples: Indenture (Harbinger Group Inc.)
Suspension of Certain Covenants. (a) If, If on any date following the date of this IndentureOriginal Issue Date, the Notes have a rating of Investment Grade from both of the Rating Agencies and no Default or Event of Default has occurred and is continuing (a “Suspension Event”), then, beginning on that day and continuing until such time, if any, at which the Notes cease to have a rating of Investment Grade from either of the Rating Agencies, the following provisions of this Indenture in the following Sections will be suspended:
(1) Section 4.05;4.10
(2) Section 4.064.07;
(3) Section 4.084.09;
(4) Section 4.094.21;
(5) Section 4.10;4.11
(6) Section 4.11; and4.08;
(7) Section 4.20;
(8) Section 4.13.;
(9) Section 4.17;
(b) During any period that the foregoing covenants have been suspended, the Board of Directors may not designate any Restricted Subsidiary as an Unrestricted Subsidiary pursuant to Section 4.17 or the definition of “Unrestricted Subsidiary.”
(c) Such covenants will be reinstituted reinstated and apply according to their terms as of and from the first day on which a Suspension Event ceases to be in effecteffect (the “Reinstatement Date” and the period of time between the Suspension Event and the Reinstatement Date, the “Suspension Period”). Such covenants will not, however, be of any effect with regard to actions of the Company or any other Restricted Subsidiary properly taken in compliance with the provisions of this Indenture during the continuance of the Suspension Event, and following reinstatement reinstatement, all Indebtedness Incurred during the calculations under continuance of the covenant summarized under Section 4.06 Suspension Event will be made as if such covenant had been in effect since the date of this Indenture except that no Default will be deemed classified to have occurred solely by reason been incurred pursuant to clause (a)(2) of a Restricted Payment made while that covenant was suspendedSection 4.09.
Appears in 1 contract
Samples: Indenture (Azure Power Global LTD)
Suspension of Certain Covenants. (a) If, If on any date following the date of this Indenture, the Notes have a rating of Investment Grade from both two of the three Rating Agencies and no Default has occurred and is continuing (a “Suspension Event”), then, beginning on that day and continuing until such time, if any, at which the Notes cease to have a rating of Investment Grade from either of the Rating Agencies, the following provisions of this Indenture will shall be suspended:
(1) Section 4.05;,
(2) Section 4.06;,
(3) Section 4.08;,
(4) Section 4.09;,
(5) Section 4.10;,
(6) Section 4.11; and4.15,
(7) Section 4.11,
(8) Section 4.14,
(9) Section 4.13, and
(10) Section 5.01(a)(iii) and (iv) and Section 5.01(b)(iii) and (iv).
(b) During any period that the foregoing covenants have been suspended, the Board of Directors may not designate any of the Restricted Subsidiary Subsidiaries as an Unrestricted Subsidiary Subsidiaries pursuant to Section 4.17 or the definition of “Unrestricted Subsidiary.”
(c) Such All covenants will suspended pursuant to Section 4.23(a) above shall be reinstituted and apply according to their terms as of and from the first day on which a Suspension Event ceases to be in effect. Such covenants will shall not, however, be of any effect with regard to actions of the Company or any Restricted Subsidiary properly taken in compliance with the provisions of this Indenture during the continuance of the Suspension Event, and following the reinstatement of the covenants the calculations under the covenant summarized under Section 4.06 will shall be made as if such the covenant thereunder had been in effect since the date of this Indenture except that no Default will shall be deemed to have occurred solely by reason of a Restricted Payment made while that covenant was suspended.
Appears in 1 contract