The Trigger Event Date Sample Clauses
The Trigger Event Date clause defines the specific date on which a particular event, condition, or obligation within the contract is considered to have occurred or become effective. In practice, this clause identifies the moment when certain rights, duties, or consequences are activated, such as the commencement of payment obligations, the start of a notice period, or the enforcement of remedies. By clearly establishing when a trigger event takes place, this clause ensures all parties have a shared understanding of key timelines, thereby reducing ambiguity and potential disputes regarding the timing of contractual actions.
The Trigger Event Date. Notwithstanding anything in this Agreement to the contrary, on and after receipt by the Collateral Agent and the Borrower of written notice from the Administrative Agent that a Trigger Event has occurred and is continuing (the date of such notice, the “Trigger Event Date”): (i) no transfer or withdrawal of funds from any Collateral Account shall be requested by the Borrower or implemented by the Collateral Agent pursuant to any Withdrawal/Transfer Certificate or otherwise, and (ii) such funds shall be retained in the applicable Collateral Account for application by the Collateral Agent in accordance with a Remedies Direction.
The Trigger Event Date. Notwithstanding anything in this Depository Agreement to the contrary, on and after receipt by Depository Bank of written notice, in the form attached hereto as Exhibit B (such notice, the “Trigger Event Notice”) from the Administrative Agent (with a copy of such notice to be delivered to the Collateral Agent), any Secured Hedge Provider and Borrower simultaneously with the delivery thereof to Depository Bank) certifying to Depository Bank that a Trigger Event has occurred and is continuing (the date of Depository Bank’s receipt of such notice and until Depository Bank has had a reasonable time to comply with such notice, but in any event no more than two Business Days after Depository Bank’s receipt thereof), the “Trigger Event Date”): (i) no transfer or withdrawal of funds from any Collateral Account shall be requested by Borrower or implemented by Depository Bank pursuant to any Withdrawal/Transfer Certificate or otherwise, and (ii) such funds shall be retained in the applicable Collateral Account for application by Depository Bank in accordance with a Remedies Direction, in the form attached hereto as Exhibit C. The Administrative Agent, acting in accordance with the Collateral Agency Agreement, shall have the right to direct the Collateral Agent to rescind any Trigger Event Notice by providing written notice to Depository Bank of its decision to rescind the Trigger Event Notice, and upon and after receipt of such notice, (and until Depository Bank has had a reasonable time to comply with such notice (but in any event no more than two Business Days after Depository Bank’s receipt thereof)) the Trigger Event (including the Trigger Event Date and all Remedies Directions delivered in connection with such Trigger Event) shall, for all purposes of this Depository Agreement, be deemed to not have occurred or been given. The Administrative Agent Agent shall, as soon as reasonably practicable, provide a copy of such rescission notice to Borrower.
The Trigger Event Date. Notwithstanding anything in this Agreement to the contrary, on and after receipt by the Collateral Agents, the Trustee, the Depositary and the Borrower of written notice from the Administrative Agent that a Trigger Event has occurred and is continuing (the date of such notice, the “Trigger Event Date”), and until such time, if ever, that the Collateral Agents, the Trustee, the Depositary and the Borrower receive written notice from the Administrative Agent that such Trigger Event is no longer continuing: (i) no transfer or withdrawal of funds from any Project Account shall be requested by the Borrower or implemented by (A) the Depositary or Trustee pursuant to any Withdrawal/Transfer Certificate or (B) otherwise by the Borrower pursuant to the powers granted to the Borrower in the Borrower POA, (ii) each of the Depositary and the Trustee shall thereafter accept all notices and instructions required or permitted to be given pursuant to the terms of this Agreement with respect to the Project Accounts only from the Offshore Collateral Agent (or directly from the Administrative Agent) and not from the Borrower or any other Person and (iii) such funds shall be retained in the applicable Project Account for application by the Offshore Collateral Agent in accordance with a Remedies Direction. An individual Secured Party in its capacity as such shall not have an independent right to exercise the rights or remedies pursuant to this Agreement or against the Borrower or any Collateral and the exercise of such rights or remedies shall be undertaken solely by the Administrative Agent or the Offshore Collateral Agent as provided in the Financing Documents.