Equalization Event definition

Equalization Event means the earlier of (a) the occurrence of an Event of Default under Section 8.11 hereof, or (b) the acceleration of the maturity of the Obligations after the occurrence of an Event of Default.

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Equalization Event means the earlier of (a) the occurrence of an Event of Default specified in Section 7.10 hereof, or

Equalization Event means the earlier of (a) the occurrence of an Event of Default under Section 8.11 hereof, or (b) the acceleration of the maturity of the Obligations after the occurrence of an Event of Default. “Equalization Maximum Amount” means that term as defined in Section 9.5(b)(i) hereof. “Equalization Percentage” means that term as defined in Section 9.5(b)(ii) hereof. “Equipment” means equipment, as that term is defined in the U.C.C. “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated pursuant thereto. “ERISA Event” means (a) the existence of a condition or event with respect to an ERISA Plan that presents a risk of the imposition of an excise tax or any other liability on a Company or of the imposition of a Lien on the assets of a Company; (b) the engagement by a Company in a non-exempt “prohibited transaction” (as defined under ERISA Section 406 or Code Section 4975) or a breach of a fiduciary duty under ERISA that could result in material liability to a Company; (c) the application by a Controlled Group member for a waiver from the minimum funding requirements of Code Section 412 or ERISA Section 302 or a Controlled Group member is required to provide security under Code Section 412(c)(4) or ERISA Section 302(c)(4); (d) the occurrence of a Reportable Event as to which notice is required to be provided to the PBGC; (e) the withdrawal by a Controlled Group member from a Multiemployer Plan in a “complete 24

Examples of Equalization Event in a sentence

• After the date of an Equalization Event, Agent shall determine whether an Advantage exists among the Lenders by using the Equalization Percentage.

• After the date of an Equalization Event, the Administrative Agent shall determine whether an Advantage exists among the Lenders by using the Equalization Percentage.

• As used herein, "Equalization Date" shall mean the date that the Equalization Event occurs.

• After the occurrence of an Equalization Event, each Bank agrees with each other Bank that if it, at any time, shall obtain any Advantage over the other Banks, or any thereof, in respect of the Debt (except under Article III hereof) then outstanding, then such Bank having an Advantage shall purchase from the other Banks, for cash and at par, such additional participation in the Debt as shall be necessary to nullify the Advantage.

• The Facility Agent shall promptly notify the Lenders and the Borrower of the occurrence of an Interest Equalization Event after it becomes aware of or receives notice of such Interest Equalization Event.

• After the occurrence of an Equalization Event, each Lender agrees with the other Lenders that if such Lender, at any time, shall obtain any Advantage over the other Lenders or any thereof determined in respect of the Debt (including Swing Loans but excluding amounts under Article III hereof) then outstanding, such Lender shall purchase from the other Lenders, for cash and at par, such additional participation in the Debt as shall be necessary to nullify the Advantage in respect of the Debt.

• For purposes of determining whether or not, after an Equalization Event, an Advantage shall exist, Agent shall, as of the date that the Equalization Event occurs, determine an equalization percentage (the “Equalization Percentage”) for each Bank by dividing such Bank’s Lender Credit Exposure by the Credit Exposure.

• The Borrower shall pay accrued interest on the Loan on the last day of each Interest Period, provided that if the Borrower receives notice of an Interest Equalization Event on, or within the period of five (5) Business Days prior to, the last day of an Interest Period, the Borrower shall have an additional five (5) Business Days from the date that it receives such notice to pay the portion of the accrued interest on the Loan representing the Margin.

• For purposes of determining whether or not, after the occurrence of an Equalization Event, an Advantage in respect of the Debt shall exist, Agent shall, as of the date that the Equalization Event occurs (the "Equalization Date"), determine an equalization percentage (the "Equalization Percentage") for each Lender by dividing the aggregate amount of such Lender's US Revolving Exposure and Canadian Revolving Exposure by the Revolving Credit Exposure.

More Definitions of Equalization Event

Equalization Event means any of the following events: (i) the ------------------ occurrence of an Event of Default pursuant to subsection 9.1(d) with respect to the Company, (ii) the Commitments shall have been terminated and/or the Loans shall have been declared immediately due and payable pursuant to subsection 9.2 or (iii) an Event of Default pursuant to subsection 9.1(a) shall have occurred and be continuing for three or more Business Days.

Equalization Event means the earlier of (a) the occurrence of an Event of Default under Section 7.10 hereof, or (b) the acceleration of the maturity of the Obligations after the occurrence of an Event of