Springing Lien Trigger Event definition

Springing Lien Trigger Event means the Public Debt Rating is (1) a rating of BB+ (or the equivalent) or lower by S&P and (2) a rating of Ba1 (or the equivalent) or lower by Xxxxx’x.
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Springing Lien Trigger Event means, any of the following has occurred: (a) for two consecutive determination dates, the Total Leverage Ratio (after giving effect to any cure activities taken as provided in Section 7.09) is greater than 4.25 to 1.00, or 4.75 to 1.00 during an Acquisition Period, (b) an Event of Default (other than an Excluded Default) has occurred and is continuing and has not been waived by the Required Lenders or cured, to the extent that the Event of Default may, by its terms, be cured; or (c) the Initial Debt Rating of each of S&P and Xxxxx’x is not an Investment Grade Rating.
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Springing Lien Trigger Event means the occurrence of either of the following at any time after the Restatement Effective Date: (i) Adjusted Consolidated Leverage Ratio as of the end of any fiscal quarter of the Company is greater than 2.00:1.00 as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(b) or (ii) a Specified Event of Default shall have occurred and be continuing.
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Examples of Springing Lien Trigger Event in a sentence

  • Except for filings to be completed upon the occurrence of any Springing Lien Trigger Event in accordance with Section 6.12 or 6.14 and in accordance with the Collateral Documents, no filing or other action will be necessary to perfect or protect such Liens.

  • Commencing on the date ten (10) Business Days after the occurrence of a Springing Lien Trigger Event in the case of (i) (A) each headquarters location of the Loan Parties and each other location where any significant administrative or governmental functions are performed and each other location where the Loan Parties maintain any books or records (electronic or otherwise) and (B) the Loan Parties’ facility at 0000 X.

  • Notwithstanding anything herein to the contrary, if the Springing Lien Trigger Event shall not have occurred prior to the end of the Covenant Relief Period, this Section 5.10 shall automatically fall away and shall be of no further force and effect (including, for the avoidance of doubt, upon a subsequent decline in the Public Debt Rating such that the conditions set forth in the definition of “Guarantee Release Date” hereunder are no longer satisfied).

  • If a Springing Lien Trigger Event occurs and such security interest is deemed to have been granted as set forth above, the security interest shall remain in effect until a Collateral Release Date shall have occurred; provided that if any subsequent Springing Lien Trigger Event shall occur, the Grantors shall be deemed to have again granted the security interest to the Administrative Agent and the Lenders, as set forth above and in Section 7.1.10 [Springing Lien] of the Credit Agreement.

  • Barclays is hereby appointed as the Administrative Agent and, from and after the occurrence of a Springing Lien Trigger Event, Collateral Agent (in such capacity, the “Collateral Agent”) hereunder and under the other Loan Documents and each Lender hereby authorizes Barclays to act as the Administrative Agent and Collateral Agent in accordance with the terms hereof and the other Loan Documents.


More Definitions of Springing Lien Trigger Event

Springing Lien Trigger Event means (a) an Event of Default has occurred and is continuing and has not been waived by the Holders of a majority in aggregate principal amount of the Notes then outstanding or cured, to the extent that the Event of Default may, by its terms, be cured, (b) Liquidity at any time is less than $25,000,000, provided that, in the event that any Notes are redeemed or repurchased by the Company prior to the Maturity Date, the threshold set forth in this clause (b) shall be reduced on a pro rata basis, (c) on each Trading Day for 180 consecutive Trading Days, the product of (i) the Last Reported Sale Price per share of Common Stock (or other successor common stock underlying the Notes) multiplied by (ii) the number of shares of Common Stock (or other successor common stock underlying the Notes) outstanding is less than $75,000,000.00, (d) either (i) the Company’s Common Stock (or other successor common stock underlying the Notes) have been delisted from trading on any of The New York Stock Exchange, The Nasdaq Global Market or The Nasdaq Global Select Market (or any of their respective successors) or (ii) the Company has received notice that its Common Stock (or other successor common stock underlying the Notes) will be delisted from trading on any of The New York Stock Exchange, The Nasdaq Global Market or The Nasdaq Global Select Market (or any of their respective successors) within 90 days of its receipt of such notice, (e) the Company has not filed any report that the Company is required to file with the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act within ninety (90) calendar days after the date that the Company is required to file the same (after giving effect to all applicable grace periods under the Exchange Act); and (f) consolidated stockholders’ equity of the Company and its Subsidiaries (excluding any accumulated other comprehensive income and loss and, without duplication, any non-cash effects resulting from the application of Accounting Standards Codification 715), at any time is less than $10,000,000 at any time that Liquidity at any time is less than $50,000,000.
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Springing Lien Trigger Event means (a) an Event of Default has occurred and is continuing and has not been waived by the Holders of a majority in aggregate principal amount of the Notes then outstanding or cured, to the extent that the Event of Default may, by its terms, be cured, (b) Liquidity at any time is less than $25,000,000, provided that, in the event that any Notes are redeemed or repurchased by the Company prior to the Maturity Date, the threshold set forth in this clause (b) shall be reduced on a pro rata basis, (c) on each Trading Day for 180 consecutive Trading Days, the product of (i) the Last Reported Sale Price per Common Share (or other successor common stock underlying the Notes) multiplied by (ii) the number of Common Shares (or other successor common stock underlying the Notes) outstanding is less than $75,000,000.00, (d) either (i) the Company’s Common Shares (or other successor common stock underlying the Notes) have been delisted from trading on any of The New York Stock Exchange, The Nasdaq Global Market or The Nasdaq Global Select Market (or any of their respective successors) or (ii) the Company has received notice that its Common Shares (or other successor common stock underlying the Notes) will be delisted from trading on any of The New York Stock Exchange, The Nasdaq Global Market or The Nasdaq Global Select Market (or any of their respective successors) within 90 days of its receipt of such notice, (e) the Company has not filed any report that the Company is required to file with the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act within ninety (90) calendar days after the date that the Company is required to file the same (after giving effect to all applicable grace periods under the Exchange Act); or (f) consolidated stockholders’ equity of the Company and its Subsidiaries (excluding any accumulated other comprehensive income and loss and, without duplication, any non-cash effects resulting from the application of Accounting Standards Codification 715), at any time is less than $10,000,000 at any time that Liquidity at any time is less than $50,000,000. The Company shall notify the Holders, the Trustee, the Collateral Agent and the Conversion Agent in writing upon the occurrence of a Springing Lien Trigger Event.
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Springing Lien Trigger Event or, after the occurrence of any Springing Lien Trigger Event, without the consent of each Lender, release all or substantially all of the Collateral in any transaction or series of related transactions or, except as set forth in Section 9.12(a)(ii), subordinate any Lien on any of the Collateral;
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Springing Lien Trigger Event means, any of the following has occurred: (a)(i) the Debt Rating of ATI, as determined and announced by Standard & Poor’s, is BB+ or lower, and (ii) the Debt Rating of ATI, as determined an announced by Xxxxx’x, is Ba1 or lower, or (b) an Event of Default has occurred and is continuing and has not been waived by the Required Lenders or cured, to the extent that the Event of Default may, by its terms, be cured.
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Related to Springing Lien Trigger Event

  • Swap Counterparty Trigger Event A Swap Counterparty Trigger Event shall have occurred if any of a Swap Default with respect to which the Swap Counterparty is a Defaulting Party, a Termination Event with respect to which the Swap Counterparty is the sole Affected Party or an Additional Termination Event with respect to which the Swap Counterparty is the sole Affected Party has occurred.

  • Covenant Trigger Event shall occur at any time that Availability is less than the greater of (a) $12.5 million and (b) 10% of the Line Cap then in effect. Once commenced, a Covenant Trigger Event shall be deemed to be continuing until such time as Availability equals or exceeds the greater of (i) $12.5 million and (ii) 10% of the Line Cap then in effect for 30 consecutive days.

  • Collateral Event means that no Relevant Entity has credit ratings at least equal to the Approved Ratings Threshold.

  • Swap Provider Trigger Event A Swap Termination Payment that is triggered upon: (i) an Event of Default under the Interest Rate Swap Agreement with respect to which the Swap Provider is a Defaulting Party (as defined in the Interest Rate Swap Agreement), (ii) a Termination Event under the Interest Rate Swap Agreement with respect to which the Swap Provider is the sole Affected Party (as defined in the Interest Rate Swap Agreement) or (iii) an Additional Termination Event under the Interest Rate Swap Agreement with respect to which the Swap Provider is the sole Affected Party.

  • Debt Repayment Triggering Event means any event or condition which gives, or with the giving of notice or lapse of time would give, the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any of its subsidiaries.

  • Flip-In Trigger Date shall have the meaning set forth in Section 11(a)(iii) hereof.

  • Auto-Call Trigger Event means an event which occurs if, in the determination of the Calculation Agent, the Index Performance as of the Valuation Time on an Auto-Call Valuation Date is greater than or equal to the relevant Auto-Call Trigger Level.

  • Carve-Out Trigger Notice means a written notice delivered by the Administrative Agent or the Required Lenders (which delivery may be made by any electronic method of transmission) to the Borrower and its counsel, the United States Trustee, and lead counsel to any Committee, which notice may be delivered following the occurrence and continuance of an Event of Default, and stating that the Post-Carve-Out Trigger Notice Cap has been invoked.

  • ii) Trigger Date shall have the meaning set forth in Section 11(a)(iii) hereof.

  • Trigger Event shall have the meaning specified in Section 14.04(c).

  • Covenant Trigger Period means the period (a) commencing on the day that (i) an Event of Default occurs or (ii) Availability is less than the greater of (x) 10% of Available Credit and (y) $20,000,000 and (b) continuing until, at all times thereafter for a period of 30 consecutive days during which, (i) no Event of Default exists and (ii) Availability shall have been not less than the greater of (x) 10% of Available Credit and (y) $20,000,000.

  • Additional First Lien Obligations means, with respect to any Series of Additional First Lien Obligations, (a) all principal of, and interest (including, without limitation, any interest which accrues after the commencement of any Bankruptcy Case, whether or not allowed or allowable as a claim in any such proceeding) payable with respect to, such Additional First Lien Obligations, (b) all other amounts payable to the related Additional First Lien Secured Parties under the related Additional First Lien Documents and (c) any renewals of extensions of the foregoing.

  • Collateral Event of Default has the meaning set forth in Section 13.01(b).

  • Delinquency Trigger Event means, for any Collection Period, the aggregate Principal Balance of Delinquent Receivables that have been Delinquent Receivables for 61 days or more as a percentage of the Pool Balance as of the last day of the Collection Period exceeding or being equal to 6.62%.

  • Senior Discharge Date means the first date on which all of the Senior Debt (other than contingent indemnification obligations) has been paid indefeasibly in full in cash and all commitments of Senior Lenders under the Senior Loan Documents have been terminated.

  • Discharge of First Lien Obligations shall have the meaning assigned to such term in the Intercreditor Agreement.

  • Tier 2 Capital Event means the receipt by the Company of an opinion of independent bank regulatory counsel experienced in such matters to the effect that, as a result of (i) any amendment to, or change (including any announced prospective change) in, the laws or any regulations thereunder of the United States or any rules, guidelines or policies of an applicable regulatory authority for the Company or (ii) any official administrative pronouncement or judicial decision interpreting or applying such laws or regulations, which amendment or change is effective or which pronouncement or decision is announced on or after the date of original issuance of the Securities, the Notes do not constitute, or within 90 days of the date of such opinion will not constitute, Tier 2 Capital (or its then equivalent if the Company were subject to such capital requirement) for purposes of capital adequacy guidelines of the Board of Governors of the Federal Reserve System (or any successor regulatory authority with jurisdiction over bank holding companies), as then in effect and applicable to the Company.

  • Subordination Event means any one of the following events:

  • Counterparty Downgrade Collateral Account means an interest-bearing account of the Issuer with the Custodian into which all Counterparty Downgrade Collateral is to be deposited.

  • Threshold Event Collateral shall have the meaning assigned to such term in Section 5(g).

  • Final Discharge Date means the date when all principal, interest and any other costs or outstanding amounts under the Senior Finance Documents have been irrevocably discharged in full and all commitments of the Secured Parties under the Senior Finance Documents have expired, been cancelled or terminated.

  • ii) Event means any event described in Section 11(a)(ii) hereof.

  • Ratings Event means (i) a downgrade by one or more gradations (including gradations within ratings categories as well as between rating categories) or withdrawal of the rating of the Notes within the Ratings Decline Period by one or more Rating Agencies (unless the applicable Rating Agency shall have put forth a written statement to the effect that such downgrade or withdrawal is not attributable in whole or in part to the applicable Change of Control) and (ii) the Notes do not have an Investment Grade Rating from any Rating Agency.

  • Trigger Event Date means a date on which a Trigger Event has occurred as determined by the Calculation Agent.