Activation Event definition

Activation Event and “Activation Notice” have the meanings ascribed thereto in Annex C.

Activation Event shall have the meaning specified in Section 6.15(a).

Activation Event means such time as (i) Availability is less than $20,000,000, or (ii) a Default shall have occurred.

Examples of Activation Event in a sentence

• Payment of Guaranteed Amounts in respect of the Covered Bonds when the same shall become Due for Payment has been unconditionally and irrevocably guaranteed by the Guarantor (the “Covered Bond Guarantee”) in favour of the Bond Trustee (for and on behalf of the Covered Bondholders) following a Covered Bond Guarantee Activation Event pursuant to the terms of the Trust Deed.

• The Guarantor shall have no obligation under the Covered Bond Guarantee to pay any Guaranteed Amounts until a Covered Bond Guarantee Activation Event (as defined below) has occurred.

• The Guarantor has, in the Trust Deed, irrevocably and unconditionally guaranteed the due and punctual payment of the Guaranteed Amounts in respect of the Covered Bonds as and when the same shall become due for payment on certain dates and in accordance with the Trust Deed (“Due for Payment”), but only after the occurrence of a Covered Bond Guarantee Activation Event.

• However, the obligations of the Guarantor under the Covered Bond Guarantee are, following a Covered Bond Guarantee Activation Event, unconditional and irrevocable and the receipt by the Bond Trustee of any Excess Proceeds shall not reduce or discharge any of such obligations.

• The obligations of the Guarantor under the Covered Bond Guarantee are direct and, following the occurrence of a Covered Bond Guarantee Activation Event, unconditional and, except as provided in the Guarantee Priorities of Payments, unsubordinated obligations of the Guarantor, which are secured as provided in the Security Agreement.

More Definitions of Activation Event

Activation Event means, as of any date when the aggregate Revolving Loan then outstanding and the aggregate Swing Line Loan then outstanding, in the aggregate, shall be greater than zero, the occurrence of either of the following: (i) an Event of Default shall have occurred and shall have been continuing for at least three (3) Business Days as of such date or (ii) the Liquidity Amount shall be less than $60,000,000 as of such date.

Activation Event has the meaning set forth in Section 6.4.3(d).

Activation Event has the meaning ascribed to it in Annex F.

Activation Event has the meaning ascribed to it in Section 5.17(d).

Activation Event means an unforeseen event or occurrence that renders unavailable, or prevents the Customer and its directors, officers and office staff from being able to use, its usual office premises situated in the Channel Islands as detailed in the Application Form in connection with the Customer's usual business activities and arises or results from any cause beyond the Customer's control including an act of God, inclement weather, lightning, flood or fire; industrial action or lockouts; the act or omission of Government, highway authorities, or any other competent authority; war or armed conflict, military operations, vandalism or riot.

Activation Event has the meaning set forth in Article IX.

Activation Event has the meaning assigned to such term in Section 2.10(c).