Common use of Additional Covenant Defeasance Clause in Contracts

Additional Covenant Defeasance. In addition to the “obligations” referred to in Section 10.3 of the Base Indenture, “Covenant Defeasance”, as defined in such Section, shall also apply to the release of obligations of the Guarantors set forth in Section 5.02 and each Guarantor’s obligations under its Guarantee, and clauses (v) (with respect to the covenants so defeased), (vi), (vii), (viii) and (xi) of Section 4.02(a) shall no longer constitute Events of Default.

Appears in 1 contract

Sources: Fifth Supplemental Indenture (Hovnanian Enterprises Inc)

Additional Covenant Defeasance. In addition to the “obligations” referred to in Section 10.3 of the Base Indenture, “Covenant Defeasance”, as defined in such Section, shall also apply to the release of obligations of the Guarantors set forth in Section 5.02 and each Guarantor’s obligations under its Guarantee, and clauses (viv) (with respect to the covenants so defeased), (v), (vi), (vii), (viii) and (xix) of Section 4.02(a) shall no longer constitute Events of Default.

Appears in 1 contract

Sources: First Supplemental Indenture (Hovnanian Enterprises Inc)