Security Release Date definition
Security Release Date is defined in Section 9.16(g).
Security Release Date has the meaning given to it in Clause 8.8.
Security Release Date means the date upon which the Borrower has delivered a notice to the Administrative Agent (which notice may not be sent prior to March 31, 2022) certifying that the following has occurred: (i) if such notice is delivered prior to April 1, 2023, the Borrower shall have demonstrated compliance (in its regular quarterly and/or annual reporting delivered pursuant to Section 9.1 and/or Section 9.2 hereof) with the Financial Covenants (without giving effect to the modifications imposed during the Ratio Adjustment Period) for two consecutive fiscal quarters following the end of the Covenant Relief Period, (ii) no Default or Event of Default shall have occurred and be continuing and (iii) the Liens securing the Existing Term Loan have been released or shall be released substantially simultaneously with the release of all Liens securing the Obligations.
Examples of Security Release Date in a sentence
Within 60 days of the date of this Agreement the Seller shall procure that the Project Company shall, until the Security Release Date, maintain insurances on and in relation to its business and assets against those risks and to the extent as is usual for companies incorporated in Namibia and carrying on the same or substantially similar business.
More Definitions of Security Release Date
Security Release Date means, notwithstanding the prior occurrence of any Security Release Date earlier than April 12, 2000, the earlier to occur of (i) completion of the Subordinated Debt Transaction and (ii) delivery by the Borrower of a certificate, signed by a Responsible Officer, to the effect that during two consecutive fiscal quarters the Debt/EBITDA Ratio has been below 2.50, provided, however, that in no event shall the Security Release Date occur prior to March 1, 2001."
Security Release Date means the date on which:
Security Release Date means the date which is two years following the date on which the Company receives from Employee a completed notice in the form attached hereto as Exhibit B, provided that Employee continues to be employed by Employer until such date. Employee's election of a Security Release Date shall be irrevocable.
Security Release Date means the earlier to occur of (i) completion of the Subordinated Debt Transaction and (ii) delivery by the Borrower of a certificate, signed by a Responsible Officer, to the effect that during two consecutive fiscal quarters the Debt/EBITDA Ratio has been below 2.50.
Security Release Date means the date upon which Hyatt, in its discretion, has delivered a notice in writing to the Administrative Agent certifying the following: (i) the Bridge Facility Termination Date has occurred, no Secured Refinancing Facility is outstanding and equal and ratable Liens securing the Credit Party Obligations are not required pursuant to Section 6.1 and (ii) no Default or Event of Default has occurred and is existing or will be existing at the time of such release. Notwithstanding the foregoing, (a) if the Bridge Facility Termination Date occurs prior to the end of the Covenant Relief Period, the Security Release Date shall not be deemed to have occurred unless (A) all loans (if any) outstanding under the Bridge Facility have been repaid in full solely with the proceeds of unsecured Indebtedness incurred by Hyatt and/or its Subsidiaries after the Second Amendment Effective Date, (B) such unsecured Indebtedness has a maturity date which is no earlier than the date which is two years following the Maturity Date and (C) the aggregate net cash proceeds received by Hyatt and its Subsidiaries from such unsecured Indebtedness is not less than $300,000,000 and (b) if the Security Release Date is deemed not to have occurred as a result of the foregoing clause (a) then, if the conditions in clause (i) and (ii) are satisfied at such time, the Security Release Date shall be deemed to have occurred after the end of the Covenant Relief Period on the date that the Credit Parties have demonstrated compliance with the Financial Covenants in the compliance certificate delivered for the immediately prior fiscal quarter pursuant to Section 5.2(a).
Security Release Date means the date upon which Hyatt, in its discretion, has delivered a notice in writing to the Administrative Agent certifying the following: (i) the Bridge Facility Termination Date has occurred, no Secured Refinancing Facility is outstanding and equal and ratable Liens securing the Credit Party Obligations are not required pursuant to Section 6.1 and (ii) no Default or Event of Default has occurred and is existing or will be existing at the time of such release. Notwithstanding the foregoing, (a) if the Bridge Facility Termination Date occurs prior to the end of the Covenant Relief Period, the Security Release Date shall not be deemed to have occurred unless (A) all loans (if any) outstanding under the Bridge Facility have been repaid in full solely with the proceeds of unsecured Indebtedness incurred by Hyatt and/or its Subsidiaries after the Second Amendment Effective Date,
Security Release Date shall have the meaning provided in Section 13.17(a).