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.

  • Each Lender and each L/C Issuer 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.

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

  • 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.