Common use of Termination of Certain Covenants Clause in Contracts

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.

Appears in 6 contracts

Samples: Indenture (Avis Budget Group, Inc.), Indenture (Avis Budget Group, Inc.), Indenture (Avis Budget Group, Inc.)

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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.

Appears in 3 contracts

Samples: Indenture (Avis Budget Group, Inc.), Indenture (Avis Budget Group, Inc.), Indenture (Avis Budget Group, Inc.)

Termination of Certain Covenants. (a) If, on any date following the Issue Datedate, 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.

Appears in 2 contracts

Samples: Indenture (Avis Budget Group, Inc.), Supplemental Indenture (Avis Budget Group, Inc.)

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.. 105

Appears in 1 contract

Samples: Indenture (Avis Budget Group, Inc.)

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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 3.2, 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.

Appears in 1 contract

Samples: Indenture (Avis Budget Group, Inc.)

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