Substantial Liquidation definition
Substantial Liquidation means either (a) the Liquidation of substantially all of the Collateral, or (b) the sale or other disposition of substantially all of the Collateral by the Loan Parties.
Substantial Liquidation means the earliest to occur of (i) the termination of the Commitments following the occurrence of an Event of Default, (ii) the acceleration of the maturity of the Loans pursuant to Section 7.2 or (iii) the occurrence of any Event of Default under Section 7.1(i) or (j).
Examples of Substantial Liquidation in a sentence
Any amounts received by the Canadian Agent pursuant to clauses Eighth through Seventeenth of Section 8.03(a) shall be held as cash collateral for the applicable Canadian Liabilities until the earlier of (i) the Substantial Liquidation of the Collateral granted by the Canadian Loan Parties to secure the Canadian Liabilities, or (ii) such date that the Canadian Agent and the Administrative Agent shall otherwise determine.
Any amounts received by the Agent pursuant to clauses Eleventh through Seventeenth of this Section 8.03(a) shall be held as cash collateral for the UK Liabilities until the earlier of (i) the Substantial Liquidation of the Collateral granted by the UK Loan Parties, or (ii) such date that the Agent shall otherwise determine.