Exemption Condition definition

Exemption Condition means, at any time with respect to any Subsidiary of the Borrower that is not a Guarantor, such Subsidiary is not a borrower or guarantor of, and does not have a payment obligation in respect of, Indebtedness for borrowed money that constitutes Recourse Indebtedness (other than Indebtedness permitted under Section 7.02(b)).
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Exemption Condition means, at any time with respect to any Subsidiary of the Company that is not a Guarantor, such Subsidiary is not a borrower or guarantor of, and does not have a payment obligation in respect of, Indebtedness for borrowed money that constitutes Recourse Indebtedness (other than Indebtedness permitted under Section 10.5(b)).
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Examples of Exemption Condition in a sentence

  • Each of the Lenders irrevocably authorizes the Administrative Agent, at its option and in its discretion, to release any Guarantor that is a Subsidiary of the Borrower from its obligations under the Guaranty Agreement if such Person (i) ceases to be a Subsidiary as a result of a transaction permitted hereunder, or (ii) becomes an Excluded Subsidiary or satisfies the Exemption Condition as a result of a transaction permitted hereunder and in accordance with the terms hereof.

  • In order to ascertain whether building regulation requirements in Europe are more favourable to concrete, (i.e. making its use easier or rendering other forms of construction less viable) a brief survey of building regulations has been made.

  • The capitalization of the Exempt Capital Gain into the share capital of Dogus does not constitute a breach of the Exemption Condition.

  • Replicated across England and Wales, the Exemption Condition 8 proposal would, at the stroke of a legislative pen, decimate the future availability of burial plots.

  • However, under the proposal indicated as Exemption Condition 8, which states that a grave plot must be not less than 5m2 in area, the Godalming Joint Burial Committee would stand to lose at least 36% of its remaining adult burial spaces, 68% of spaces for children under the age of 12 and 98% of graves for babies and still-born.

  • Exemption Condition FSMAreferenceQuestion 192P (3)aPlease confirm that the company has not been identified as a resolution entity by the Bank of England.

  • Article Eleven Exemption Condition In any case of Force Majeure event which is unforeseeable, unavoidable or insurmountable, The Party Claiming Force Majeure shall inform the other Party promptly.

  • If Dogus breaches the Exemption Condition (the “Breach”), BBVA shall only be responsible for (a) 50% of the principal amount of the Stamp Tax arising from the Agreement; and (b) subject to paragraph 2 below, the default interest (including any pişmanlIk zammI, if applicable) arising as a result of the application of the Stamp Tax Law accruing during the period from December 26, 2014 to the date of actual payment of the Stamp Tax arising from the Agreement to the tax offices.

Related to Exemption Condition

  • Step Down Conditions As of any Distribution Date on which any decrease in any Senior Prepayment Percentage may apply, (i) the outstanding Principal Balance of all Mortgage Loans 60 days or more Delinquent (including Mortgage Loans in REO and foreclosure), averaged over the preceding six month period, as a percentage of the aggregate of the Class Certificate Principal Balances of the Classes of Subordinate Certificates on such Distribution Date, does not equal or exceed 50% and (ii) cumulative Realized Losses with respect to all of the Mortgage Loans do not exceed: · for any Distribution Date on or after the seventh anniversary until the eighth anniversary of the first Distribution Date, 30% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the eighth anniversary until the ninth anniversary of the first Distribution Date, 35% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the ninth anniversary until the tenth anniversary of the first Distribution Date, 40% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, · for any Distribution Date on or after the tenth anniversary until the eleventh anniversary of the first Distribution Date, 45% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date, and · for any Distribution Date on or after the eleventh anniversary of the first Distribution Date, 50% of the aggregate Certificate Principal Balance of the Subordinate Certificates as of the Closing Date.

  • Termination Conditions means, collectively, (a) the payment in full in cash of the Obligations (other than (i) contingent indemnification obligations not then due and (ii) Obligations under Secured Hedge Agreements and Secured Cash Management Agreements) and (b) the termination of the Commitments and the termination or expiration of all Letters of Credit under this Agreement (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized on terms reasonably acceptable to the applicable Issuing Bank, backstopped by a letter of credit reasonably satisfactory to the applicable Issuing Bank or deemed reissued under another agreement reasonably acceptable to the applicable Issuing Bank).

  • Litigation Conditions has the meaning set forth in Section 11.3.

  • Extension Conditions Defined in Section 3.06(a).

  • Unsafe condition as used in this clause means the actual or potential exposure of contractor or Government employees to a hazardous material as defined in Federal Standard No. 313, and any revisions thereto during the term of this contract, or any other material or working condition designated by the Contracting Officer's Technical Representative (COTR) as potentially hazardous and requiring safety controls.

  • Qualifying condition means a condition described in Section 26-61a-104.

  • Distribution Conditions means, with respect to any Restricted Payment or Restricted Junior Debt Prepayment, the following:

  • Minimum Tender Condition shall have the meaning provided in Section 2.15(b).

  • Minimum Extension Condition has the meaning specified in Section 2.15(b).

  • Change in condition means a change in physical condition of the employee as well as any change

  • Eligibility Conditions means the eligibility conditions specified in the Act and the Rules including all the eligibilityconditions listed in Clause [5] of the Tender Document.

  • Minimum Condition has the meaning set forth in Annex I.

  • Rating Condition has the meaning specified in Section 2.06(c)(ii).

  • Redemption Conditions means, with respect to any payment of cash in respect of the principal amount of any Permitted Convertible Debt, satisfaction of each of the following events: (a) no Default or Event of Default shall exist or result therefrom, and (b) both immediately before and at all times after such redemption, Borrower’s Qualified Cash shall be no less than the sum of 150% of the outstanding Secured Obligations plus the Qualified Cash A/P Amount.

  • Maximum Tender Condition has the meaning specified in Section 2.17(b).

  • Offer Conditions has the meaning set forth in Section 1.01(b).

  • Exemption Period means the period beginning on the first day of the property tax year after the property tax year in which an applicable portion of Economic Development Property is placed in service and ending on the Termination Date. In case there are Phases of the Project, the Exemption Period applies to each year’s investment made during the Investment Period.

  • Acute condition means that the individual is medically unstable. Such an individual requires frequent monitoring by medical professionals, such as physicians and registered nurses, in order to maintain his or her health status.

  • Release Condition means the following:

  • Business Condition means the financial condition, business, assets, liabilities and operations of a Person.

  • Obstetric condition means a condition that is listed under Group T4 (Obstetrics) in the Medicare Benefits Schedule.

  • Nonconforming zoning condition means a physical improvement on a property that does not conform with current zoning standards.

  • Review Conditions means (i) the Delinquency Percentage for any Payment Date exceeds the Delinquency Trigger for that Payment Date and (ii) the Noteholders or Note Owners, as applicable, have voted, pursuant to Section 2.03(d) of the Receivables Purchase Agreement, to direct an Asset Representations Review of the Subject Receivables.

  • Extension Minimum Condition means a condition to consummating any Extension that a minimum amount (to be determined and specified in the relevant Extension Request, in the Borrower’s sole discretion) of any or all applicable Classes be submitted for Extension.

  • LC Conditions has the meaning given to such term in Section 2.9.

  • Acceptance Condition means the acceptance condition to any Offer;