Interest Reserve Release Event means, with respect to any Series of Notes, an event allowing funds to be released from the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable, identified as an Interest Reserve Release Event with respect to such Series of Notes pursuant to the applicable Series Supplement.
Interest Reserve Release Event means, as of any date of determination, and with respect to each Series of Senior Notes or Senior Subordinated Notes Outstanding, as applicable, any reduction in (i) the Class A-1 Notes Maximum Principal Amount or (ii) the Outstanding Principal Amount of such Series of Notes, disregarding any Series of Class A-1 Notes.
Interest Reserve Release Event means, as of any Quarterly Calculation Date and with respect to the Senior Notes or Senior Subordinated Notes Outstanding, as applicable, the determination by the Manager, in accordance with the Managing Standard, that as of the immediately following Quarterly Payment Date (A) the aggregate amounts on deposit in the Senior Notes Interest Reserve Accounts or the Senior Subordinated Notes Interest Reserve Accounts, as applicable will be greater than (B) the excess of (i) the Senior Notes Interest Reserve Amount or the Senior Subordinated Notes Interest Reserve Amount, as applicable over (ii) the amount available under any Interest Reserve Letter of Credit relating to the Senior Notes or the Senior Subordinated Notes, as applicable.
Examples of Interest Reserve Release Event in a sentence
Upon receipt from Borrower of an officer’s certificate stating that an Interest Reserve Release Event has occurred, Lender shall instruct the Account Bank to release all amounts in the Interest Reserve Account at Borrower’s direction.
More Definitions of Interest Reserve Release Event
Interest Reserve Release Event means either (i) Net Sales for any calendar quarter of the Licensed Product exceed $20,000,000 as determined by Lender based upon the quarterly sales reports provided pursuant to Section 7.5.4 of the License Agreement or (ii) January 15, 2022.
Interest Reserve Release Event means, as of any Quarterly Calculation Date or the date of any optional prepayment of Notes, and with respect to the Senior Notes or Senior Subordinated Notes Outstanding, as applicable, the determination by the Manager, in accordance with the Managing Standard, that as of the immediately following Quarterly Payment Date or such date of optional prepayment, as the case may be (A) the amount on deposit in the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable will be greater than (B) the excess of (i) the Senior Notes Interest Reserve Amount or the Senior Subordinated Notes Interest Reserve Amount, as applicable over (ii) the amount available under any Interest Reserve Letter of Credit relating to the Senior Notes or the Senior Subordinated Notes, as applicable.
Interest Reserve Release Event means, as of any date of determination, and with respect to each Series of Senior Notes or Senior Subordinated Notes Outstanding, as applicable, any reduction in (i) the Class A‑1 Notes Maximum Principal Amount or (ii) the Outstanding Principal Amount of such Series of Notes that are not a Series of Class A-1 Notes.
Interest Reserve Release Event means, as of any Quarterly Calculation Date or the date of any optional prepayment of Notes, and with respect to the Senior Notes or Senior Subordinated Notes Outstanding, as applicable, the determination by the Manager, in accordance with the Managing Standard, that as of the immediately following Quarterly Payment Date or the date of such date of optional prepayment, as the case may be (A) the amount on deposit in the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable will be greater than (B) the excess of (i) the Senior Notes Interest Reserve Amount or the Senior Subordinated Notes Interest Reserve Amount, as applicable over (ii) the amount available under any Interest Reserve Letter of Credit relating to the Senior Notes or the Senior Subordinated Notes, as applicable.
Interest Reserve Release Event means, as of any date of determination and with respect to the Senior Notes or Senior Subordinated Notes Outstanding, as applicable, the determination by the Manager, in accordance with the Managing Standard, that as of the immediately following Weekly Allocation Date (A) the amount on deposit in the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable will be greater than (B) the excess of (i) the Senior Notes Interest Reserve Amount or the Senior Subordinated Notes Interest Reserve Amount, as applicable over (ii) the amount available under any Interest Reserve Letter of Credit relating to the Senior Notes or the Senior Subordinated Notes, as applicable.
Interest Reserve Release Event means, as of any date of determination, and with respect to each Series of Senior Notes or Senior Subordinated Notes Outstanding, as applicable, any reduction in (i) the Class A-1 Notes Maximum Principal Amount or (ii) the Outstanding Principal Amount of such Series of Notes, disregarding any Series of Class A-1 Notes. “Interim Allocation Date” means the fourth Business Day immediately following the last day of each Interim Collection Period. “Interim Collection Period” means each period commencing (i) at 12:00 a.m. (Eastern time) on and including the 14th day of each calendar month and ending at 11:59:59 p.m. (Eastern time) on and including the 23rd day of such calendar month, (ii) at 12:00 a.m. (Eastern time) on and including the 24th day of each calendar month and ending at 11:59:59 p.m. (Eastern time) on and including the 13th day of the following calendar month. “Interim Manager’s Certificate” has the meaning specified in Section 4.1(a) of the Base Indenture. “Interim Successor Manager” means, upon the resignation or termination of the Manager pursuant to the terms of the Management Agreement and prior to the appointment of any successor to the Manager by the Control Party (acting at the direction of the Controlling Class Representative), the Back-Up Manager. “International Franchise Stores” means all Stores that are located outside of the United States. “International Franchisor” means Planet Fitness International Franchise, LLC and its successors and assigns. “International Franchisor IP License” means the International Franchisor IP License, dated as of the Initial Closing Date, by and between the Franchisor, as licensor, and the International Franchisor, as licensee, as amended, supplemented or otherwise modified from time to time. “International IP License Fees” means the licensing fees paid by International Franchisor to the Franchisor pursuant to the International Franchise IP License. “Investment Income” means the investment income earned on a specified account during a specified period, in each case net of all losses and expenses allocable thereto. “Investments” means, with respect to any Person(s), all investments by such Person(s) in other Persons in the form of loans (including guarantees), advances or capital contributions (excluding accounts receivable, trade credit and advances to customers and commission, travel, moving and other similar advances to officers, directors, employees and consultants of such
Interest Reserve Release Event means, unless modified in any Series Supplement with respect to any applicable Series of Notes, as of any Quarterly Calculation Date or the date of any optional prepayment of Notes, and with respect to the Senior Notes or Senior Subordinated Notes Outstanding, as applicable, the determination by the Manager, in accordance with the Managing Standard, that as of the immediately following Quarterly Payment Date or such date of optional prepayment, as the case may be (A) the amount on deposit in the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable will be greater than (B) the excess of (i) the Senior Notes Interest Reserve Amount or the Senior Subordinated Notes Interest Reserve Amount, as applicable over (ii) the amount available under any Interest Reserve Letter of Credit relating to the Senior Notes or the Senior Subordinated Notes, as applicable.