Common use of Subsidiary Borrower Termination Event Clause in Contracts

Subsidiary Borrower Termination Event. The occurrence of any of the following events with respect to any Subsidiary Borrower shall constitute a “Subsidiary Borrower Termination Event” with respect to such Subsidiary Borrower: (i) such Subsidiary Borrower ceases to be a Subsidiary; (ii) such Subsidiary Borrower is liquidated or dissolved; (iii) such Subsidiary Borrower fails to preserve and maintain its existence; (iv) such Subsidiary Borrower merges or consolidates with or into another Person, or conveys, transfers, leases, or otherwise disposes of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to any Person (except that a Subsidiary Borrower may merge into or dispose of assets to another Borrower); (v) any of the “Events of Default” described in Section 6.1 (a) through (f) occurs to or with respect to such Subsidiary Borrower as if such Subsidiary Borrower were “TBC”; or (vi) the Guaranty with respect to such Subsidiary Borrower ceases, for any reason, to be valid and binding on TBC or TBC so states in writing.

Subsidiary Borrower Termination Event. The occurrence of any of the following events with respect to any Subsidiary Borrower shall constitute a “Subsidiary Borrower Termination Event” with respect to such Subsidiary Borrower: (i) such Subsidiary Borrower ceases to be a Subsidiary; (ii) such Subsidiary Borrower is liquidated or dissolved; (iii) such Subsidiary Borrower fails to preserve and maintain its existence; (iv) such Subsidiary Borrower merges or consolidates with or into another Person, or conveys, transfers, leases, or otherwise disposes of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to any Person (except that a Subsidiary Borrower may merge into or dispose of assets to another Borrower); (v) any of the “Events of Default” described in Section 6.1 (a6.1(a) through (f) occurs to or with respect to such Subsidiary Borrower as if such Subsidiary Borrower were “TBC”; or (vi) the Guaranty with respect to such Subsidiary Borrower ceases, for any reason, to be valid and binding on TBC or TBC so states in writing.

Subsidiary Borrower Termination Event. The occurrence of any of the following events with respect to any Subsidiary Borrower shall constitute a “"Subsidiary Borrower Termination Event” " with respect to such Subsidiary Borrower: (i) such Subsidiary Borrower ceases to be a Subsidiary; (ii) such Subsidiary Borrower is liquidated or dissolved; (iii) such Subsidiary Borrower fails to preserve and maintain its existenceexistence or makes any material change in the nature of its business as carried out on the date such Subsidiary Borrower became a Borrower hereunder; (iv) such Subsidiary Borrower merges or consolidates with or into another Person, or conveys, transfers, leases, or otherwise disposes of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to any Person (except that a Subsidiary Borrower may merge into or dispose of assets to another Borrower); (v) any of the “"Events of Default” " described in Section 6.1 (a6.1(a) through (f) occurs to or with respect to such Subsidiary Borrower as if such Subsidiary Borrower were “"TBC”"; or (vi) the Guaranty with respect to such Subsidiary Borrower ceases, for any reason, to be valid and binding on TBC or TBC so states in writing.