Release Event

Release Event. Means (a) prior to the occurrence of an Insolvency Proceeding by or against any Obligor, the occurrence and the continuance of an Event of Default under any Agreement or the taking of any Lien Enforcement Action with respect to any Collateral by Term Loan Agent or the Working Capital Agent, provided that (i) any Release Event relating to the Working Capital Loan Documents occurring prior to an Insolvency Proceeding by or against any Obligor shall cease to constitute a Release Event as of the... occurrence of such Insolvency Proceeding if the Working Capital Lenders continue making loans or providing letter of credit accommodations or other financial accommodations (whether pursuant to the Working Capital Loan Documents or otherwise) or consent to the use of cash collateral after the occurrence of such Insolvency Proceeding and (ii) any Release Event relating to the Term Loan Documents occurring prior to an Insolvency Proceeding by or against any Obligor shall cease to constitute a Release Event as of the occurrence of such Insolvency 4 Proceeding if Term Loan Lenders continue making loans or providing other financial accommodations (whether pursuant to the Term Loan Documents or otherwise) or consent to the use of cash collateral after the occurrence of such Insolvency Proceeding, or (b) after the occurrence of an Insolvency Proceeding by or against any Obligor, the occurrence of any of the following: (i) the entry of an order of any United States Bankruptcy Court pursuant to Section 363 (or similar provisions) of the Bankruptcy Code or otherwise authorizing the sale of all or substantially all of the Obligors' assets or (ii) the taking of any Lien Enforcement Action with respect to any Collateral by any Agent or Lender or the entry of an order of any United States Bankruptcy Court pursuant to Section 362 (or similar provisions) of the Bankruptcy Code vacating the automatic stay and authorizing any Agent or Lender to take any Lien Enforcement Action with respect to any Collateral. View More

Release Event. Means, with respect to a holder's shares of Series A Preferred Stock and Series A-1 Preferred Stock, the date on which Ortec files a Form 8-K with the SEC disclosing Ortec's receipt of written notice from the FDA regarding the granting to Ortec the right to commercialize and market (i.e., formal approval of the PMA) its OrCel product for the treatment of venous leg ulcers.

Release Event. Means (i) prior to the occurrence of an Insolvency Proceeding by or against any Transaction Party, the occurrence of an Event of Default and the taking of any Lien Enforcement Action with respect to all or a material portion of the Common Collateral by any Agent, or (ii) after the occurrence of an Insolvency Proceeding by or against any Transaction Party, the occurrence of any of the following: (A) the entry of an order of the Bankruptcy Court pursuant to Section 363 of the U.S. Bankruptcy Code... authorizing the sale of all or substantially all of the Company's' and the other Transaction Parties' assets or (B) the taking of any Lien Enforcement Action with respect to all or a material portion of the Common Collateral by any Agent or the entry of an order of the Bankruptcy Court pursuant to Section 362 of the U.S. Bankruptcy Code vacating the automatic stay and authorizing any Agent to take any Lien Enforcement Action with respect to all or a material portion of the Common Collateral. View More

Release Event. If AmTrust (a) ceases to provide the Support Services (or fails to appoint a third-party designee acceptable to GMACI); or (b) materially breaches the Agreement and such breach entitles GMACI to terminate this Agreement in accordance with the provisions of Section 11.2 hereof.