Junior Discharge Date definition

Junior Discharge Date means the first date on which all liabilities (whether actual or contingent) owed to the Junior Finance Parties has finally been discharged and such Junior Finance Parties are under no further obligation to provide financial accommodation under the Finance Documents.

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Junior Discharge Date means the date on which all Junior Debt has been fully paid and discharged and all Commitments under (and as defined in) the Junior Facility Agreement are cancelled to the satisfaction of the Junior Agent acting reasonably, whether or not as the result of an enforcement, PROVIDED THAT the Junior Agent will disregard contingent risks and liabilities (such as the risk of clawback flowing from a preference or similar claim) for the purposes of determining whether the Junior Debt has been so paid or discharged except to the extent that the Junior Agent reasonably believes (after taking such legal advice as it considers appropriate) that there is a reasonable likelihood that those contingent risks and liabilities will become actual liabilities.

Junior Discharge Date means the date on which all of the Junior Secured Obligations have been satisfied, waived or terminated;

Examples of Junior Discharge Date in a sentence

The undertakings in this clause shall remain in force from the date of this Agreement until the later of the Senior Discharge Date and the Junior Discharge Date.
The funding of the relevant Debt Service Reserve Account shall continue in accordance with the Cash Waterfall until, in the case of the Senior DSRA, the Senior Discharge Date, and in the case of the Junior DSRA, the Junior Discharge Date.
The first-ranking charge as described in Section 2.1 shall be released upon the Senior Discharge Date and the second-ranking charge as described in Section 2.2 shall be released upon the Junior Discharge Date.
If at any time after the Junior Discharge Date any Junior Creditor receives any amount which it is (or would, but for the occurrence of the Junior Discharge Date, have been) obliged to apply in respect of the Junior Debt, it will forthwith pay such amount to the Security Trustee (or, if there is no Security Trustee, the Borrower) for application in accordance with the terms of this Agreement.
This power of attorney, being coupled with an interest, shall be IRREVOCABLE, shall survive the bankruptcy, dissolution or winding up of Pledgor, and shall terminate only upon the Junior Discharge Date.
Unless and save to the extent otherwise agreed by the Senior Agent and the Junior Agent if before the Senior Discharge Date, or by the Junior Agent if after the Senior Discharge Date but before the Junior Discharge Date, the Subordinated Investors will not under any circumstances be subrogated to any of the rights of the Senior Creditors, the Hedging Banks or Junior Creditors or any security arising under the Senior Finance Documents or Junior Finance Documents.
The Junior Agent will notify the Subordinated Investors promptly after it becomes aware of the occurrence of the Junior Discharge Date.
The Project Accounts will be maintained until the later of the Senior Discharge Date and the Junior Discharge Date.
The Security Trustee may refrain from enforcing the security conferred by the Security Documents unless and until instructed by the Majority Senior Creditors (if prior to the Senior Discharge Date) or, if permitted under Clause 14 (Permitted Junior Enforcement) or if after the Senior Discharge Date and before the Junior Discharge Date, the Majority Junior Creditors.
Upon the Junior Discharge Date, the Liens and security interests granted herein shall automatically terminate with respect to all Pledged Collateral and all obligations (other than those expressly stated to survive such termination, including contingent indemnification obligations) of the Security Agent and Pledgor hereunder shall terminate, all without delivery of any instrument or performance of any act by any party, and all rights to the Pledged Collateral shall revert to Pledgor.

More Definitions of Junior Discharge Date

Junior Discharge Date means the date on which all Secured Obligations have been unconditionally and irrevocably paid or discharged in accordance with the Note Deed, whether or not as the result of an enforcement of security, and the Company is under no obligation (either actual or contingent) under the Note Documents.

Junior Discharge Date means the date on which all Junior Debt has been unconditionally and irrevocably paid and discharged in full to the satisfaction of the Trustee, whether or not as a result of an enforcement, and all commitments of the Trustee under or in respect of the Junior Security Documents have been terminated.