Collateral Release Event definition
Collateral Release Event shall have the meaning assigned to such term in Section 5.10(g).
Collateral Release Event means the satisfaction of each of the following conditions:
Collateral Release Event means the satisfaction of each of the following conditions: (a) the corporate family rating of the Borrower and its Subsidiaries from ▇▇▇▇▇’▇ is Baa3 or better (with a stable outlook or better), (b) the corporate rating of the Borrower and its Subsidiaries from S&P is BBB- or better (with a stable outlook or better), (c) no Default exists, and (d) the Administrative Agent’s receipt of a certificate from the Borrower with respect to the foregoing.
Examples of Collateral Release Event in a sentence
Following the occurrence of a Collateral Release Event and provided no Event of Default has occurred and is continuing, the Administrative Agent shall promptly release the Liens and security interests in the Collateral securing the Obligations, all at the expense of the Borrower.
On and after the Collateral Release Event, use commercially reasonable efforts to maintain at least two Debt Ratings.
The Guarantors acknowledge and agree that prior to the Collateral Release Event their obligations hereunder are secured in accordance with the terms of the Collateral Documents and that the holders of the Obligations may exercise their remedies thereunder in accordance with the terms thereof.
At all times prior to the Collateral Release Event, cause (i) 100% of the issued and outstanding Equity Interests of each Domestic Subsidiary (excluding any Collateral Foreign Subsidiary) and (ii) 65% of the issued and outstanding Equity Interests entitled to vote (within the meaning of Treas.
More Definitions of Collateral Release Event
Collateral Release Event means a date following the Closing Date on which the Company certifies pursuant to Section 5.17 that (a) no Default or Event of Default has occurred and is continuing and (b) the Collateral Release Conditions are satisfied.
Collateral Release Event means the satisfaction of each of the following conditions: (a) the Borrower’s Debt Rating shall have been published by at least two of the following rating agencies and such ratings be at least (such requirement, the “Minimum Ratings Requirement”) (i) Baa3 (stable or better outlook) by Moody’s, (ii) BBB- (stable or better outlook) by S&P, and/or (iii) BBB- (stable or better outlook) by Fitch, (b) no Default or Event of Default shall have occurred and be continuing and (c) the Administrative Agent shall have received a certificate from the Borrower certifying to the foregoing in a manner reasonably acceptable to the Administrative Agent.
Collateral Release Event means the occurrence, after the occurrence of a Collateral Event, of the earlier to occur of (i) the termination of the Commitments, the payment in full of all obligations under the Loan Documents and the expiration or termination of all Letters of Credit and (ii) the rating of the Facilities by S&P of BB+ or greater and by Moody's of Ba1 or greater, in each case after giving effect to the r▇▇▇▇▇▇ of all Collateral.
Collateral Release Event shall occur on the first date when (A) there is no Equally and Ratably Secured Indebtedness outstanding (or, all Equally and Ratably Secured Indebtedness outstanding on such date shall cease to constitute Equally and Ratably Secured Indebtedness substantially concurrently with the release of the Liens on the Collateral securing the Notes) and (B) the Company has delivered an Officer’s Certificate to the Trustee certifying that the condition set forth in clause (A) above is satisfied.
Collateral Release Event means the satisfaction of each of the following conditions: (a) no Default or Event of Default shall have occurred and be continuing; (b) the achievement of public corporate/corporate family ratings of Silgan from each of ▇▇▇▇▇’▇ and S&P of at least (in each case, with a stable or better outlook) (i) Ba1 and BBB- or (ii) Baa3 and BB+ and (c) the Administrative Agent shall have received a certificate from Silgan certifying to the foregoing in a manner reasonably acceptable to the Administrative Agent.
Collateral Release Event means the satisfaction of each of the following conditions: (a) the Borrower’s Debt Rating shall have been published by at least two of the following rating agencies and such ratings be at least (such requirement, the “Minimum Ratings Requirement”) (i) Baa3 (stable or better outlook) by ▇▇▇▇▇’▇, (ii) BBB- (stable or better outlook) by S&P, and/or (iii) BBB- (stable or better outlook) by Fitch, (b) no Default or Event of Default shall have occurred and be continuing and (c) the Administrative Agent shall have received a certificate from the Borrower certifying to the foregoing in a manner reasonably acceptable to the Administrative Agent.
Collateral Release Event means the satisfaction of each of the following conditions: (a) no Default or Event of Default shall have occurred and be continuing; (b) the achievement of public corporate/corporate family ratings of Silgan from each of Moody’s and S&P of at least (in each case, with a stable or better outlook) (i) Ba1 and BBB- or (ii) Baa3 and BB+ and (c) the Administrative Agent shall have received a certificate from Silgan certifying to the foregoing in a manner reasonably acceptable to the Administrative Agent.