Borrowing Base Trigger Event means the public announcement by Xxxxx’x or S&P that its Credit Rating is B1 or lower from (or is unrated by) Xxxxx’x or B+ or lower (or is unrated by) from S&P; provided, however, that if one of the Credit Ratings is B1 or B+, as applicable (but not lower than B1 or B+), and the other Credit Rating is BB or Ba2 or higher, as applicable, a Borrowing Base Trigger Event shall not have occurred.
Borrowing Base Trigger Event means, the occurrence of at least two of the following three events: the public announcement that the Borrower’s Credit Rating is (a) Ba1 or lower from (or is unrated by) Xxxxx’x, (b) BB+ or lower from (or is unrated by) S&P or (c) BB+ or lower from (or is unrated by) Fitch.
Borrowing Base Trigger Event has the meaning assigned to that term in the definition of “Availability Amount”.
Examples of Borrowing Base Trigger Event in a sentence
In addition, the Borrower shall (i) deliver to the Administrative Agent as soon as possible, but in any event no later than five (5) days after the first day of any Borrowing Base Trigger Period, the Reserve Report used to support the data and information relating to Hydrocarbon reserves included in the last annual report on Form 10-K (or any successor or comparable form) immediately prior to the Borrowing Base Trigger Event and (ii) comply with the provisions of Section 10.10(a).
Section 9.14(a) of the Credit Agreement is hereby amended by replacing the words “With respect to any Reserve Report delivered after a Borrowing Base Trigger Event, after” with “After”.
More Definitions of Borrowing Base Trigger Event
Borrowing Base Trigger Event has the meaning described in Section 2.1.4 (Borrowing Base Report).
Borrowing Base Trigger Event means the public announcement by Xxxxx’x or S&P that the Index Debt is rated Ba3 or lower from Xxxxx’x or BB- or lower from S&P or if the Index Debt is unrated by Xxxxx’x and S&P.
Borrowing Base Trigger Event means the public announcement by Moody’s or S&P that the Index Debt is rated Ba3 or lower from Moody’s or BB- or lower from S&P or if the Index Debt is unrated by Moody’s and S&P.
Borrowing Base Trigger Event means (a) the occurrence of (i) any Default under any of the Financial Covenants or (ii) the receipt by Agent of a notice under clause (f)(x) of the Reporting Rider and (b) Borrowers’ failure to cure the application Default or Defaults on or before the last day of the applicable Initial Cure Period.
Borrowing Base Trigger Event means if the Asset Coverage Ratio is less than 1.50 to 1.00 as of any Asset Coverage Ratio Test Date.
Borrowing Base Trigger Event means (a) the occurrence of (i) any Default under any of the Financial Covenants or (ii) the receipt by Agent of a notice under clause (f)(x) of the Reporting Rider
Borrowing Base Trigger Event means (a) during an Interim Covenant Period, the public announcement by Xxxxx’x or S&P that the Borrower’s Credit Rating is Ba3 or lower from (or is unrated by) Xxxxx’x or BB- or lower (or is unrated by) from S&P and