Termination of Certain Covenants. The covenants set forth in Sections 2.5, 2.6, 2.7, 2.8, 2.9 and 2.10 shall terminate and be of no further force or effect upon the consummation of (i) a Qualified Public Offering or (ii) a Liquidation Event.
Termination of Certain Covenants. The covenants set forth in this Section 2 shall terminate and be of no further force or effect upon the earlier of: (i) the consummation of the sale of securities pursuant to a Qualifying IPO; or (ii) the first date upon which none of the Registrable Securities are outstanding.
Termination of Certain Covenants. The covenants set forth in Section 2 shall terminate and be of no further force or effect upon the consummation of the sale of securities pursuant to a bona fide, firmly underwritten public offering of shares of common stock, registered under the Act, resulting in proceeds to the Company of at least $25,000,000.
Termination of Certain Covenants. The covenants set forth in Section 8 shall terminate and be of no further force and effect upon the date on which the Company’s obligations under the Registration Rights Agreement to register and maintain the effectiveness of any registration covering the Registrable Securities (as such term is defined in the Registration Rights Agreement) shall terminate, unless such covenant is required to satisfied at such earlier date.
Termination of Certain Covenants. (a) If, on any date following the Issue Date, the Notes have achieved Investment Grade Status; and (ii) no Default or Event of Default has occurred and is continuing under this Indenture, then, beginning on that day, the Company and its Restricted Subsidiaries will permanently no longer be subject to Sections 3.3, 3.5 and clause (3) of Section 4.1(a) (collectively, the “Terminated Covenants”). Following the achievement of Investment Grade Status, notwithstanding that the Notes may cease to have such Investment Grade Status or a Default or Event of Default may occur, the Terminated Covenants will be inapplicable to the parties to this Indenture and have no further force and effect.
(b) The Trustee shall have no duty to monitor the ratings of the Notes, shall not be deemed to have any knowledge of the ratings of the Notes and shall have no duty to notify Holders if the Notes achieve Investment Grade Status, and shall assume the Terminated Covenants are in effect until it is notified in writing that the Notes have achieved Investment Grade Status.
Termination of Certain Covenants. (a) Each of the covenants set forth in this Section 2 (other than the covenants set forth in Section 2.4) shall terminate as to each Holder and be of no further force or effect (i) immediately prior to the consummation of a Qualified IPO, or (ii) upon termination of this Agreement, as provided in Section 3.
(b) The covenants set forth in Sections 2.1 and 2.2 shall terminate as to each Holder and be of no further force or effect when the Company first becomes subject to the periodic reporting requirements of Sections 13 or 15(d) of the Exchange Act, if this occurs earlier than the events described in Section 2.9(a).
Termination of Certain Covenants. The covenants set forth in Sections 2.1, 2.2, 2.3, 2.4, 2.5, 2.6, 2.7 and 2.8 shall terminate and be of no further force or effect when the sale of securities pursuant to a registration statement filed by the Company under the Act in connection with the firm commitment underwritten offering of its securities to the general public is consummated or when the Company first becomes subject to the periodic reporting requirements of Sections 12(g) or 15(d) of the 1934 Act, whichever event shall first occur.
Termination of Certain Covenants. The covenants set forth in this Section 4 other than Section 4.7 shall terminate and be of no further force or effect upon the consummation of a Qualified Public Offering or upon the consummation of a transaction or series of related transactions which are deemed to be a Liquidation Event (as defined in the Company’s Amended and Restated Certificate of Incorporation, as may be amended and/or restated from time to time).
Termination of Certain Covenants. In the event that the ratings assigned to the Senior Notes by Standard & Poor’s Credit Market Services, a division of the XxXxxx-Xxxx Companies (or successor thereto) and Xxxxx’x Investors Service, Inc. (or successor thereto) are equal to or higher than BBB- and Baa3, or the equivalents thereof, respectively (the “Investment Grade Ratings”), and notwithstanding that the Senior Notes may later cease to have an Investment Grade Rating, the Company and its Subsidiaries will not be subject to its obligations under Sections 1007, 1008, 1009, 1010, 1013 and 1015 and clauses (iii) and (iv) of Section 801, provided that no Default or Event of Default has occurred and is continuing.
Termination of Certain Covenants. The obligations of the Company under Sections 6.1, 6.2 and 6.3 of this Agreement shall terminate and shall be of no further force and effect upon completion of an initial public offering by the Company.
