Soulte definition

Soulte means, in relation to any enforcement of any Notes Security Document occurring by way of Appropriation (including pursuant to a pacte commissoire or a foreclosure (attribution judiciaire) or any similar enforcement mechanism) or judicial foreclosure of any French Security Document, the amount by which the value of the Charged Property (as determined on the date of the relevant Appropriation by a valuation expert in accordance with the provisions of the relevant Notes Security Document) appropriated or foreclosed pursuant to that enforcement exceeds the amount of obligations secured by that security interest which is discharged as a result of that enforcement being carried out.

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Soulte means, in relation to any enforcement of any Security Document occurring by way of Appropriation (including pursuant to a pacte commissoire or a foreclosure (attribution judiciaire) or any similar enforcement mechanism) or judicial foreclosure of any French Security Document, the amount by which the value of the Charged Property (as determined on the date of the relevant Appropriation by a valuation expert in accordance with the provisions of the relevant Security Document) appropriated or foreclosed pursuant to that enforcement exceeds the amount of obligations secured by that security interest which is discharged as a result of that enforcement being carried out.

Soulte has the meaning ascribed to it in Section 6.4;

Examples of Soulte in a sentence

• In no circumstances shall the Collateral Trustee in its capacity as security agent or agent (as the case may be) be liable for the payment of any Soulte out of its own assets.

• For the avoidance of doubt, the obligations of each Notes Secured Party to pay its proportionate share of any Soulte are several (conjointes et non solidaires).

• Failure by a Notes Secured Party to pay its Soulte Portion under this Section 11.09 does not affect the obligations of any other Notes Secured Party to pay its Soulte Portion under this Section 11.09 and no Notes Secured Party is responsible for the obligations of any other Notes Secured Party under this Section 11.09(K).

• Failure by a Notes Secured Party to pay its Soulte Portion under this Section 11.08 does not affect the obligations of any other Notes Secured Party to pay its Soulte Portion under this Section 11.08 and no Notes Secured Party is responsible for the obligations of any other Notes Secured Party under this Section 11.08(K).

• Each Obligor agrees that the International Security Agent is under no obligation to pay the Soulte to them for so as long as it has not received the full amount of such Soulte by the Secured Party in accordance with clause (d) below.

• In the event that one or more Second Lien Secured Parties did not participate to the payment of the Soulte which was due and payable, those Second Lien Secured Parties shall immediately transfer their share in the foreclosed Collateral to the other Secured Parties which participated to the payment of the Soulte.

• For the avoidance of doubt, the obligations of each Secured Party to pay its proportionate share of any Soulte are several (conjointes et non solidaires).

More Definitions of Soulte

Soulte means, in relation to any Relevant Security Enforcement occurring by way of appropriation (including pursuant to a pacte commissoire or any similar enforcement mechanism) or judicial foreclosure of any French Law Security Document, the amount by which the value of the Charged Property appropriated or foreclosed pursuant to that Relevant Security Enforcement exceeds the amount of obligations secured by that French Law Security Document which is discharged as a result of that Relevant Security Enforcement being carried out.

Soulte means, in relation to any Enforcement Action occurring by way of Appropriation of Lien governed by French law, the amount by which the value of the Collateral appropriated, foreclosed or transferred pursuant to that Enforcement Action (as determined in accordance with the relevant Security Document or at law) exceeds the amount of the First Lien Obligations and/or the Second Lien Obligations secured by that Security Document which is discharged pursuant to the Appropriation.

Soulte means, in relation to any Relevant Security Enforcement occurring by way of appropriation (including pursuant to a pacte commissoire or any similar enforcement mechanism) or judicial foreclosure of any French Transaction Security Document, the amount by which the value of the Charged Property appropriated or foreclosed pursuant to that Relevant Security Enforcement (as determined in accordance with the relevant French Transaction Security Document) exceeds the amount of the Liabilities secured by that French Transaction Security Document immediately prior to such Relevant Security Enforcement and which are discharged as a result of that Relevant Security Enforcement being carried out.

Soulte means, in relation to the enforcement of any relevant French Collateral occurring by way of appropriation (including pursuant to a pacte commissoire or any similar enforcement mechanism) or judicial foreclosure of the French Securities Account Pledge Agreement, the amount by which the value of the pledged assets appropriated or foreclosed pursuant to that enforcement of the relevant French Collateral exceeds the amount of obligations secured by the French Securities Account Pledge Agreement which is discharged as a result of that enforcement of the relevant French Collateral being carried out. [***].

Soulte means, in relation to any Enforcement Action occurring by way of Foreclosure, the amount by which the value of the Collateral the subject of that Foreclosure (as determined in accordance with the relevant French Collateral Document) exceeds the amount of the relevant Senior Obligations or Revolving and Term Loan Obligations secured under the corresponding French Collateral Document immediately before such Foreclosure occurred. “Standstill Period” as defined in Section 3.1. “Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability company, association, joint venture or other business entity of which more than 50% of the total voting power of shares of stock or other ownership interests entitled (without regard to the occurrence of