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: (a) the corporate family rating of the Borrower and its Subsidiaries from Xxxxx’x 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.

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.

Examples of Collateral Release Event in a sentence

• Take or omit to take any action that would have the result of materially impairing the security interests in favor of the Administrative Agent with respect to the Collateral (other than in connection with a Collateral Release Event).

• For the avoidance of doubt, any Incremental Increase that is secured by the Collateral shall be unsecured upon the occurrence of a Collateral Release Event.

• As of the occurrence of the Collateral Release Event, the list of Properties attached to the certificate referenced in the definition of “Collateral Release Event” will be a complete and correct listing of all Unencumbered Pool Properties.

• Prior to the Collateral Release Event, any provision of any Security Documents shall for any reason cease to be valid and binding on, enforceable against, any Loan Party, or any Lien created under any Security Document ceases to be a valid and perfected first priority Lien in any of the Collateral purported to be covered thereby.

• From and after the Collateral Release Event, the Parent and the Borrower shall not permit the ratio of (i) Unencumbered NOI to (ii) Unsecured Interest Expense to be less than 1.75 to 1.00 at any time.

More Definitions of Collateral Release Event

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 rxxxxxx of all Collateral.

Collateral Release Event means the satisfaction of each of the following conditions:

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 Xxxxx’x, (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 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) the corporate family rating of the Company and its Subsidiaries from Moody’s is Baa3 or better (with a stable outlook or better), (b) the corporate rating of the Company and its Subsidiaries from S&P is BBB- or better (with a stable outlook or better), (c) no Default or Event of Default exists, and (d) the Term B Facility (and any Incremental Term Loan in the nature of a “term loan B” facility) shall have been paid in full and terminated.

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.