Guarantor Release Event definition

Guarantor Release Event means, with respect to any Subsidiary Guarantor, that (i) such Subsidiary Guarantor ceases to guaranty any Material Indebtedness of the Borrower or (ii) such Indebtedness of the Borrower ceases to qualify as Material Indebtedness.
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Guarantor Release Event means with respect to the Spinoff Guarantor, receipt by the Company of an amount in cash or Cash Equivalents equal to not less than 3.0x the Consolidated EBITDA of the Spinoff Guarantor during the Four Quarter Period ending on or prior to the date of receipt by the Company of such funds, for which financial statements are available, in the form of (i) a repayment of Investments, (ii) an equity contribution or (iii) a combination of amounts permitted by clauses (i) and (ii) above, and the concurrent release of the Spinoff Guarantor's Guarantee of the Notes; provided, that the Spinoff Guarantor's Guarantee of the Notes shall not be released unless and until the Company and its Restricted Subsidiaries shall have been released from any guarantees of Indebtedness of the Spinoff Guarantor; provided further, that to the extent the Company receives any such cash or Cash Equivalents as described above, the Company shall apply such cash or Cash Equivalents to (i) repay Indebtedness under the Credit Agreement (including a permanent reduction in the committed amounts therefor in the case of any revolving credit facility so repaid) or (ii) repurchase, redeem or otherwise retire Notes.
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Guarantor Release Event shall have the meaning specified in Section 13.07(a).
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Examples of Guarantor Release Event in a sentence

  • The Issuer will give notice to the Noteholders and the Trustee in accordance with Condition 18 (Notices) by not later than 14 days following the first day on which it becomes aware of the occurrence of a Subsidiary Guarantor Release Event, which notice shall specify the procedure for exercise by holders of their rights to require redemption of the Notes pursuant to this Condition 7(d)(Redemption for Release of Subsidiary Guarantor).

  • Upon the occurrence of the Xxxxx Guarantor Release Event, Xxxxx Guarantor shall be deemed released automatically from all liability under this Guaranty and the Environmental Indemnity first accruing after such release and all references to “Guarantor” in this Guaranty and the other Loan Documents shall be solely a reference to REIT Guarantor, and Xxxxx Guarantor shall have no further obligations hereunder or under the other Loan Documents.

  • For the avoidance of doubt, this Section 13.04 shall not apply in the case of a Guarantor Release Event.

  • At any time following the release of a Subsidiary Guarantor pursuant to Condition 3(iv) (a “Subsidiary Guarantor Release Event”), the holder of any Note will have the right, at such Noteholder’s option, to require the Issuer to redeem all or part of that Noteholder’s Notes on the Interest Payment Date falling immediately after such Subsidiary Guarantor Release Event at 101 per cent.

  • Following a Subsidiary Guarantor Release Event, subject tofulfilment of the requirements of Condition 7(d) of the Terms and Conditions of the Notes, a Noteholder will have the right, at such Noteholder’s option, to require the Issuer to redeem all or part of that Noteholder’s Notes at 101% of their principal amount, together with accrued interest.

Related to Guarantor Release Event

  • Release Event has the meaning set forth in Section 6(b).

  • Debtor Release means the release given on behalf of the Debtors and their Estates to the Released Parties as set forth in Article VIII.D of the Plan.

  • Collateral Release Date shall have the meaning provided in Section 10.15(d).

  • Guarantor Event of Default means the occurrence of any “Event of Default” under and as defined in the Performance Guaranty.

  • Collateral Release Period means each period commencing with the occurrence of a Collateral Release Event and continuing until the occurrence of the next Collateral Reinstatement Event, if any, immediately following such Collateral Release Event.

  • Major Release means a major update or upgrade to the Software, which includes significant enhancements and/or a major redesign of the Software, identified by Bosch by a change to the first digit in the release number (e.g. change from version 2.0 to 3.0).

  • Guarantor Payment Date means (a) prior to the delivery of a Guarantor Default Notice, the date falling on the 10th day of February, May, August and November of each year or, if such day is not a Business Day, the immediately following Business Day, provided that the fist Guarantor Payment Date will be 10 February 2014; and (b) following the delivery of a Guarantor Default Notice, any day on which any payment is required to be made by the Representative of the Covered Bondholders in accordance with the Post-Enforcement Priority of Payments, the relevant Final Terms and the Intercreditor Agreement.

  • Release Amount has the meaning set forth in Section 4.3(f).

  • Minor Release means an incremental release of Software that provides maintenance fixes and additional Software functions. Cisco designates Minor releases as a change in the tenths digit of the Software version number [x.(x).x].

  • Subordination Period means the period commencing on the Closing Date and ending on the first to occur of the following dates:

  • Guarantee Event of Default means a default by the Guarantor on any of its payment or other obligations under this Guarantee.

  • Excess Cash Flow Application Date as defined in Section 2.12(c).

  • Guarantor Subordinated Obligation means, with respect to a Subsidiary Guarantor, any Indebtedness of such Subsidiary Guarantor (whether outstanding on the Issue Date or thereafter Incurred) which is expressly subordinate in right of payment to the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee pursuant to a written agreement.

  • Release Property has the meaning set forth in Section 2.5.

  • Guarantor Payment as defined in Section 5.11.3.

  • Threatened Release means a substantial likelihood of a Release which requires action to prevent or mitigate damage to the soil, surface waters, groundwaters, land, stream sediments, surface or subsurface strata, ambient air or any other environmental medium comprising or surrounding any Property which may result from such Release.

  • Guarantor Subordinated Obligations means, with respect to a Subsidiary Guarantor, any Indebtedness of such Subsidiary Guarantor (whether outstanding on the Issue Date or thereafter Incurred) that is expressly subordinated in right of payment to the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee pursuant to a written agreement.

  • Escrow Release Date has the meaning set forth in Section 9.6.

  • Covenant Trigger Event shall occur at any time that Availability is less than the greater of (a) $12.5 million and (b) 10% of the Line Cap then in effect. Once commenced, a Covenant Trigger Event shall be deemed to be continuing until such time as Availability equals or exceeds the greater of (i) $12.5 million and (ii) 10% of the Line Cap then in effect for 30 consecutive days.

  • Guaranteed Substantial Completion Date or “Guaranteed Substantial Completion Dates” has the meaning set forth in Section 5.3B.

  • Guarantor Default means a default by the Guarantor under its obligations pursuant to Article IX of the Note Purchase Agreement which is existing and continuing.

  • Guarantor Senior Debt shall include the principal of, premium, if any, and interest on all Obligations of every nature of such Subsidiary Guarantor from time to time owed to the lenders under the Partnership Credit Facility, including, without limitation, principal of and interest on, and all fees, indemnities and expenses payable by such Subsidiary Guarantor under, the Partnership Credit Facility, and (y) in the case of amounts owing by such Subsidiary Guarantor under the Partnership Credit Facility and guarantees of Designated Senior Indebtedness, "Guarantor Senior Debt" shall include interest accruing thereon subsequent to the occurrence of any Event of Default specified in clause (h) or (i) of Section 6.01 relating to such Subsidiary Guarantor, whether or not the claim for such interest is allowed under any applicable Bankruptcy Law. Notwithstanding the foregoing, "Guarantor Senior Indebtedness" shall not include (i) Indebtedness evidenced by the Notes or the Guarantees, (ii) Indebtedness that is expressly subordinate or junior in right of payment to any other Indebtedness of such Subsidiary Guarantor, (iii) any liability for federal, state, local or other taxes owed or owing by such Subsidiary Guarantor, (iv) Indebtedness of such Subsidiary Guarantor to the Partnership or a Subsidiary of the Partnership or any other Affiliate of the Partnership, (v) any trade payables of such Subsidiary Guarantor, and (vi) any Indebtedness which is incurred by such Subsidiary Guarantor in violation of this Indenture.

  • Subordination Event means any one of the following events:

  • Lease Event of Default shall have the meaning specified in Section 17.1 of the Lease.