Resignation of a Debtor Clause Samples
The 'Resignation of a Debtor' clause outlines the process and conditions under which a debtor may formally withdraw from their obligations under an agreement. Typically, this clause specifies the notice requirements, any necessary approvals, and the consequences of resignation, such as the settlement of outstanding debts or the transfer of obligations to another party. Its core function is to provide a clear and orderly mechanism for a debtor to exit the contractual relationship, thereby minimizing uncertainty and potential disputes for all parties involved.
Resignation of a Debtor. (a) The Company may request that a Debtor ceases to be a Debtor by delivering to the Security Agent a Debtor Resignation Request.
(b) The Security Agent shall accept a Debtor Resignation Request and notify the Company and each other Party of its acceptance if:
(i) the Company has confirmed that no Event of Default is continuing or would result from the acceptance of the Debtor Resignation Request;
(ii) to the extent that the Senior Lender Discharge Date has not occurred, the Senior Agent notifies the Security Agent that that Debtor is not, or has ceased to be, or will cease to be concurrently with such resignation, a Senior Borrower or a Senior Guarantor;
(iii) to the extent that the Pari Passu Debt Discharge Date has not occurred, the Pari Passu Debt Representative(s) notifies the Security Agent that that Debtor is not, or has ceased to be, or will cease to be concurrently with such resignation, a borrower or an issuer of Pari Passu Debt or a Pari Passu Debt Guarantor;
(iv) each Hedge Counterparty notifies the Security Agent that that Debtor is not or will cease to be concurrently with such resignation under actual or contingent obligations to that Hedge Counterparty in respect of the Hedging Liabilities;
(v) to the extent that the Senior Secured Notes Discharge Date has not occurred, the Senior Secured Notes Representative(s) notifies the Security Agent that that Debtor is not, or has ceased to be, or will cease to be concurrently with such resignation, a Senior Secured Notes Issuer or Senior Secured Notes Guarantor;
(vi) to the extent that the Second Lien Loan Discharge Date has not occurred, the Second Lien Agent notifies the Security Agent that that Debtor is not, or has ceased to be, or will cease to be concurrently with such resignation, a Second Lien Borrower or a Second Lien Guarantor;
(vii) to the extent that the Second Lien Notes Discharge Date has not occurred, the Second Lien Notes Trustee notifies the Security Agent that the Debtor is not, or has ceased to be, or will cease to be concurrently with such resignation, a Second Lien Notes Issuer or a Second Lien Guarantor;
(viii) to the extent the High Yield Discharge Date has not occurred, the High Yield Representative(s) notifies the Security Agent that the Debtor is not, or has ceased to be, or will cease to be concurrently with such resignation, a borrower or an issuer or a High Yield Guarantor;
(ix) to the extent the Unsecured Discharge Date has not occurred, the Unsecured Representative(s) ...
Resignation of a Debtor. (a) The Parent may request that a Debtor ceases to be a Debtor by delivering to the Security Agent a Debtor Resignation Request.
(b) The Security Agent shall accept a Debtor Resignation Request and notify the Parent and each other Creditor Representative of its acceptance if:
(i) the Parent has certified that (A) no Default is continuing or would result from the acceptance of the Debtor Resignation Request, and (B) such Debtor is under no actual or contingent obligations in respect of the Intra-Group Liabilities;
(ii) to the extent that the Credit Facility Lender Discharge Date has not occurred, each relevant Creditor Representative confirms to the Security Agent that that Debtor is not, or has ceased to be, a Credit Facility Borrower or a Credit Facility Guarantor; and
(iii) to the extent that the Pari Passu Debt Discharge Date has not occurred, each Pari Passu Note Trustee confirms to the Security Agent that the Debtor is not, or has ceased to be, an issuer or guarantor of the Pari Passu Debt Liabilities for which it is the Creditor Representative; and
(c) Upon notification by the Security Agent to the Parent of its acceptance of the resignation of a Debtor, that member of the Group shall cease to be a Debtor and shall have no further rights or obligations under this Agreement as a Debtor.
Resignation of a Debtor of the Intercreditor Agreement, the Agent shall accept a Resignation Letter and notify the Company and the Lenders of its acceptance if:
Resignation of a Debtor. Security Provider) and, for the purposes of Clause 9.2 (Order of Application – Debt Claim Recoveries) only, shall be deemed to include a Refinancing Obligor to the extent of its Borrowing Liabilities.
Resignation of a Debtor. (a) The Parent may request that a Debtor ceases to be a Debtor by delivering to the Collateral Agent a Debtor Resignation Request.
(b) The Collateral Agent shall accept a Debtor Resignation Request and notify the Parent and each other Party of its acceptance if:
(i) the Parent has confirmed that no Default is continuing or would result from the acceptance of the Debtor Resignation Request;
(ii) the Agent notifies the Collateral Agent that that Debtor is not, or has ceased to be, a Borrower or a Guarantor; and
(iii) the Parent confirms that that Debtor is under no actual or contingent obligations in respect of the Intra-Group Liabilities (and the same is true).
(c) Upon notification by the Collateral Agent to the Parent of its acceptance of the resignation of a Debtor, that member of the Group shall cease to be a Debtor and shall have no further rights or obligations under this Deed as a Debtor.
Resignation of a Debtor. (a) The Company may request that a Debtor ceases to be a Debtor by delivering to the Intercreditor Agent a Debtor Resignation Request.
Resignation of a Debtor. 13.7.1 The Borrower may request that a Debtor (other than the Borrower) ceases to be a Debtor by delivering to the Senior Creditor a Debtor Resignation Request.
13.7.2 The Senior Creditor shall accept a Debtor Resignation Request and notify the Borrower of its acceptance if:
(a) the Borrower has confirmed that no Default is continuing or would result from the acceptance of the Debtor Resignation Request;
(b) to the extent that the Subordinated Period has not ended, the Senior Creditor acknowledges that the Debtor is not, or has ceased to be, a Guarantor; and
(c) the Borrower confirms that the Debtor is under no actual or contingent obligations in respect of the Liabilities.
Resignation of a Debtor. Security Provider)), the resignation of CEMEX Materials LLC and CEMEX, Inc. as Debtors (such that they have no rights or obligations under the Amended Intercreditor Agreement), with effect from the Effective Date.
Resignation of a Debtor. (a) The Company may request that a Debtor ceases to be a Debtor by delivering to the Security Trustee a Debtor Resignation Request.
(b) Subject to paragraph (a) of Clause 11.1 (Non-Distressed Disposals), the Security Trustee shall accept a Debtor Resignation Request and notify the Company and each other Party of its acceptance if the Company certifies for the benefit of the Security Trustee that:
(i) no Event of Default is continuing or would result from the acceptance of the Debtor Resignation Request and such resignation is expressly permitted or not prohibited (as applicable) by the Bond Documents;
(ii) to the extent the Discharge Date has not occurred, that Debtor is not, or has ceased to be, or will cease to be concurrently with such resignation, a borrower or an issuer of Bonds or a Guarantor; and
(iii) that Debtor is under no actual or contingent obligations in respect of the Intra- Group Liabilities.
(c) Upon notification by the Security Trustee to the Company of its acceptance of the resignation of a Debtor, that person shall cease to be a Debtor and shall have no further rights or obligations under this Deed as a Debtor.
Resignation of a Debtor. (a) The Parent may request that a Debtor cease to be a Debtor by delivering to the Common Security Agent a Debtor Resignation Request.
(b) The Common Security Agent shall accept a Debtor Resignation Request and notify the Parent and each other Party of its acceptance if:
(i) the Parent has confirmed that no Default is continuing or would result from the acceptance of the Debtor Resignation Request;
(ii) to the extent that the Final Discharge Date has not occurred, each Creditor Representative in respect of the relevant Pari Passu Liabilities notifies the Common Security Agent that the Debtor is not, or has ceased to be, an issuer, borrower and/or guarantor of the Pari Passu Liabilities for which it is the Creditor Representative; and
(iii) the Parent confirms that that Debtor is under no actual or contingent obligations in respect of the Intra-Group Liabilities.
(c) Upon notification by the Common Security Agent to the Parent of its acceptance of the resignation of a Debtor, that entity shall cease to be a Debtor and shall have no further rights or obligations under this Agreement as a Debtor.