Project Release Event definition
Project Release Event means, with respect to a Project Company, the earlier to occur of (a) the indefeasible payment or satisfaction in full in cash of all the Obligations and (b) the occurrence of a Permitted Peaker Buyout with respect to such Project Company and/or its Project. A Project Release Event with respect to the Rockford II Project Company shall be deemed also to be a Project Release Event with respect to the Rockford II Equipment Company.
Examples of Project Release Event in a sentence
The Guaranty of a Project Company shall terminate in its entirety upon the occurrence of a Project Release Event with respect to such Project Company.
Upon the occurrence of a Project Release Event with respect to any Project Company, all of such Project Company's obligations (including its Guaranty) hereunder and under the other Financing Documents shall terminate and the Project Company Collateral of such Project Company shall no longer be subject to the Lien of the Collateral Documents.
A Project Release Event with respect to the Rockford II Project Company shall be deemed also to be a Project Release Event with respect to the Rockford II Equipment Company.