Receivables Trigger Event definition
Receivables Trigger Event means (a) any counterparty to a Master Intercompany Agreement becoming subject to any proceeding of any type referred to in Section 7.1(f) or 7.1(g); (b) the failure of any counterparty to a Master Intercompany Agreement to pay in cash (after giving effect to netting counterpayments made in the ordinary course of business consistent with the past practices of the counterparties) to the applicable other counterparty thereto the full purchase price of any Receivables sold to such counterparty thereunder within two Business Days of the deadline for such payment pursuant to such Master Intercompany Agreement, provided that, with respect to payments to be made pursuant to the Master Intercompany Agreement described in clause (a) of the definition of such term, if such two-day payment deadline occurs during a “Blackout Period” (as defined in such Master Intercompany Agreement) then the deadline for payment under this clause (b) shall be the first Business Day following such Blackout Period; or (c) the termination of any Master Intercompany Agreement by any counterparty thereto without a comparable replacement being in full force and effect.
Receivables Trigger Event means (a) if any counterparty to a Master Intercompany Agreement becomes subject to any proceeding of any type referred to in Section 7.01(h); (b) the failure of any counterparty to a Master Intercompany Agreement to pay in cash (after giving effect to netting counterpayments made in the ordinary course of business consistent with the past practices of the counterparties) to the applicable Borrower that is party thereto the full purchase price of any Receivables sold to such counterparty thereunder within two Business Days of the deadline for such payment pursuant to such Master Intercompany Agreement, provided that, with respect to payments to be made pursuant to the NFC MIA, if such two-day payment deadline occurs during a “Blackout Period” then the deadline for payment under this clause (b) shall be the first Business Day following such Blackout Period; or (c) if any counterparty to a Master Intercompany Agreement gives notice of its intent to terminate such Master Intercompany Agreement and terminates such Master Intercompany Agreement without a comparable replacement being in full force and effect.
Receivables Trigger Event means (a) any counterparty to a Master Intercompany Agreement becoming subject to any proceeding of any type referred to in
Examples of Receivables Trigger Event in a sentence
Following the occurrence and during the continuation of a Receivables Trigger Event with respect to a counterparty under any Master Intercompany Agreement, sell or otherwise transfer or assign, any Receivables or other receivables or instruments, to the applicable counterparty under such Master Intercompany Agreement.
Neither Parent nor any of its Restricted Subsidiaries will, after the occurrence and during the continuance of a Receivables Trigger Event with respect to a counterparty under any Master Intercompany Agreement, sell, transfer, assign or otherwise dispose of any Receivables or other receivables or instruments to such counterparty under such Master Intercompany Agreement.
Upon the occurrence of any General Event of Default set out in Clause 40.1(i), Clause 40.1(iv), Clause 40.1(vi), Clause 40.1(vii), or Clause 40.1(viii) or any Receivables Trigger Event, the Transferee shall serve a written notice to the Originator and the Depositor, declaring the termination of this Agreement.
The occurrence of any Receivables Trigger Event shall constitute an Event of Default.
More Definitions of Receivables Trigger Event
Receivables Trigger Event means (a) if any counterparty to a Master Intercompany Agreement becomes subject to any proceeding of any type referred to in Section 7.01(h); (b) the failure of any counterparty to a Master Intercompany Agreement to pay in cash (after giving effect to netting counterpayments made in the ordinary course of business consistent with the past practices of the counterparties) to the applicable Borrower that is party thereto the full purchase price of any Receivables sold to such counterparty thereunder within two Business Days of the deadline for such payment pursuant to such Master Intercompany Agreement, provided that, with respect to payments to be made pursuant to the NFC MIA, if such two-day payment deadline occurs during a “Blackout Period” then the deadline for payment under this clause (b) shall be the first Business Day following such Blackout Period; (c) if any counterparty to a Master Intercompany Agreement gives notice of its intent to terminate such Master Intercompany Agreement and terminates such Master Intercompany Agreement without a comparable replacement being in full force and effect; or (d) if any counterparty to a Master Intercompany Agreement shall not have paid principal or interest on Debt, which failure to pay continues for three days and which Debt is in a principal amount of $10,000,000 (“Relevant Debt”) or more, or the commitments of lenders with respect to Relevant Debt shall have been terminated by or on behalf of such lenders following a default by such counterparty.
Receivables Trigger Event means solely with respect to a Master Intercompany Agreement counterparty that purchases Parts Receivables of Borrower (a) if any such counterparty AMENDED AND RESTATED ABL CREDIT AGREEMENT becomes subject to any proceeding of any type referred to in Section 7.01(h); (b) the failure of any such counterparty to pay in cash (after giving effect to netting counterpayments made in the ordinary course of business consistent with the past practices of the counterparties) to Borrower the full purchase price of any Receivables sold to such counterparty thereunder within two Business Days of the deadline for such payment pursuant to such Master Intercompany Agreement, provided that, with respect to payments to be made pursuant to the NFC MIA, if such two-day payment deadline occurs during a “Blackout Period” then the deadline for payment under this clause (b) shall be the first Business Day following such Blackout Period; or (c) if any such counterparty gives notice of its intent to terminate such Master Intercompany Agreement and terminates such Master Intercompany Agreement without a comparable replacement being in full force and effect.
Receivables Trigger Event means any of the Trigger Events defined as such and set out in Schedule 8 (Part 1). HENGELER M▇▇▇▇▇▇ BNP / Ingram GMRTSA Update Redemption Date means the first Transaction Date subsequent to the Final Transfer Date upon which the Financing is repaid in full.