ABL Triggering Event definition
ABL Triggering Event meanss (a) the acceleration of the Term Obligations, (b) the delivery of notice by Term Agent to any Credit Party regarding a proposed Exercise of Secured Creditor Remedies by the Term Agent with respect to all or a material portion of the Term Loan Priority Collateral, (c) an Event of Default arising under there ABL Credit Agreement resulting from the failure by Borrower to pay principal or interest with respect to the ABL Obligations, (d) the commencement of an Insolvency Proceeding with respect to any Borrower, or (e) the Maturity Date (as defined in the ABL Credit Agreement as in effect as of the date hereof).
Examples of ABL Triggering Event in a sentence
On or after the occurrence and during the continuance of a ABL Triggering Event, the ABL Secured Parties shall have the option at any time after the occurrence of such ABL Triggering Event and upon five (5) Business Days’ prior written notice by ABL Agent to Term Agent, to purchase all (but not less than all) of the Term Obligations from the Term Secured Parties.