Examples of Enforcement Sale in a sentence
The 2015 Notes Indenture provides that the obligations of any guarantor under the 2015 Notes Indenture will be “automatically and unconditionally released and discharged” upon, among other things, “a sale of all the Capital Stock of the applicable Guarantor (or any parent of such Guarantor) pursuant to an Enforcement Sale in accordance with the Intercreditor Agreement.” 2015 Notes Indenture, section 11.04.
In addition, if a majority in the aggregate amount of Claims in Class 3 and Class 4 together vote in favor of the Plan, the guarantees made by, and liens on account of the DIP Roll-Up Claims and Senior Secured Claims against, the Obligor Non-Debtors will be released pursuant to the terms of the Senior Secured Credit Agreement to the extent not otherwise extinguished by the Enforcement Sale or the Plan.
U.S. persons that effect the LBHBV Contribution and the Topco Contribution pursuant to section 351 exchanges generally would be subject to the gain recognition rules in section 367 of the Tax Code with respect to such exchanges (assuming, as the following discussion does, that the 80% test under section 7874 of the Tax Code will not apply to the transaction contemplated by the Plan and the Enforcement Sale to treat New Topco as a domestic corporation).
Upon an Enforcement Sale, all of the Debt will become immediately due and payable, unless otherwise stated in this Mortgage.
Mortgagor will ratify and confirm any Enforcement Sale, if requested by Mortgagee, by delivering all proper conveyances or other instruments to such Persons as may be designated in any such request.