Major Obligation definition
Major Obligation has the meaning given to that term in Clause 4.4 (Certain Funds Period).
Major Obligation means any of the following undertakings as set out in Clause 20 (General undertakings):
(A) Compliance with Acquisition Agreement, Tender Offer Documents and applicable laws relevant in the context of the Acquisition (Clause 20.2 (a));
(B) Negative pledge (Clause 20.3);
(C) Disposals (Clause 20.4);
(D) Merger (Clause 20.5); and
(E) Change of business (Clause 20.6).
Major Obligation means, in respect of any Transaction Obligor, any of the undertakings of that Transaction Obligor set out in (i) Clause 20.3 (Negative Pledge), (ii) Clause 20.4 (Further Indebtedness), (iii) Clause 20.5 (Disposals),
Examples of Major Obligation in a sentence
At any time following an Event of Default relating to a breach of a Major Obligation or an Acceleration Event, the Subordinated Creditor must, if requested by the Security Agent, to the extent legally permissible, release and discharge any Subordinated Debt specified by the Security Agent, by way of share contribution (Sw. aktieägartillskott), forgiveness of liabilities, or in any other way deemed appropriate by the Security Agent.