Payment Event definition

Payment Event means any of the following:

Payment Event means the event or events giving rise to the right to payment of a Performance Award.

Payment Event means (a), the Debt Service Coverage Ratio with respect to any DSCR Determination Date is less than or equal to 1.50 to 1.00 (including if the Debt Service Coverage Ratio is less than or equal to 1.25 to 1.00), or (b) an Event of Default or Term Trigger Event has occurred. A Payment Event shall be deemed continuing until (i) with respect to clause (a), the Debt Service Coverage Ratio is greater than 1.50 to 1.00 on a DSCR Determination Date or (ii) such Event of Default or Term Trigger Event shall no longer be continuing.

Examples of Payment Event in a sentence

• No delay or omission of the Subordinated Trustee for the Securities of any series or of any Holder of any Security of such series to exercise any right or remedy accruing upon any Event of Default, Payment Default, Perpetual Security Default or Payment Event with respect to the Securities of such series shall impair any such right or remedy or constitute a waiver of any such Event of Default, Payment Default, Perpetual Security Default or Payment Event or an acquiescence therein.

• It shall not be a Payment Default, Perpetual Security Default or Payment Event if such sums were not paid in order to comply with a statute, regulation or order of any court of competent jurisdiction.

• Where there is doubt as to the validity or applicability of any such statute, regulation or order, it shall not be a Payment Default, Perpetual Security Default or Payment Event if the Issuer acts on the advice given to it and to the Subordinated Trustee, in the form of an Opinion of Counsel acceptable to the Subordinated Trustee.

More Definitions of Payment Event

Payment Event means the time at which a Deferred Annual Award may be paid pursuant to Section 4.2.

Payment Event means the earliest of the following: Retirement, death, Separation from Service other than due to Retirement or death, or Disability.

Payment Event has the meaning specified in Section 5.03(d).

Payment Event means the applicable event triggering a payment of vested benefits under the Plan. The applicable event shall be one of the following:

Payment Event means the termination of this Agreement pursuant to:

Payment Event means the termination of this Agreement pursuant to Section 12.1(a)(iv) or (v).

Payment Event has the meaning set forth in Section 6.8(g).