Release of Collateral Event definition

Release of Collateral Event means any time that (a) no Event of Default has occurred and is continuing and (b) the Borrower simultaneously maintains the Requisite Ratings.
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Release of Collateral Event means any time that the Borrower simultaneously maintains an investment grade rating on its senior unsecured (non-credit enhanced) debt of at least (a) BBB- from S&P or an equivalent rating from S&P in the event S&P changes its rating system and (b) Baa3 from Moody’s or an equivalent rating from Moody’s in the event Moody’s changes its rating system.
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Release of Collateral Event means the occurrence of either of the following: (a) the Borrower receives an investment grade rating on its senior unsecured (non-credit enhanced) debt of at least (i) BBB- or higher from S&P or an equivalent rating from S&P in the event S&P changes its rating system or (ii) Baa3 or higher from Moody's or an equivalent rating from Moody's in the event Moody's changes its rating system or (b) the Credit Parties shall have maintained for two successive fiscal quarters (at least one of which must be the fiscal quarter ending on December 31) a Leverage Ratio, as of the end of each of such fiscal quarters, of less than 2.0 to 1.0.
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Examples of Release of Collateral Event in a sentence

  • Unless a Release of Collateral Event has occurred and is continuing and the Borrower has exercised its rights under Section 10.10, the Borrower will cause any subsequently acquired or organized Domestic Subsidiary to become a Loan Party by executing a Joinder Agreement.

  • Unless a Release of Collateral Event has occurred and is continuing and the Borrower has exercised its rights under Section 9.18, the Borrower will cause any subsequently acquired or organized Domestic Subsidiary to become a Loan Party by executing the Guarantee and Collateral Agreement and each other applicable Security Document in favor of the Administrative Agent.

  • Upon the occurrence of a Release of Collateral Event, the Lenders agree, upon the request and at the expense of the Borrower, to take such action as is necessary to release all Collateral securing the Credit Party Obligations.

  • Upon the occurrence of a Release of Collateral Event, the Lenders agree, upon the request and at the expense of the Borrower, to take such action as is necessary to release all Collateral securing the Credit Par Obligations.


More Definitions of Release of Collateral Event

Release of Collateral Event means the occurrence of either of the following: (a) the Borrower receives (i) an investment grade rating on its senior unsecured (non-credit enhanced) debt of at least (I) BBB- or higher from S&P or an equivalent rating from S&P in the event S&P changes its rating system and (II) Baa3 or higher from Moody's or an equivalent rating from Moody's in the event Moody's changes its rating system or (ii) a rating on its senior subordinated (non-credit enhanced) debt of at least (I) BB+ or higher from S&P or an equivalent rating from S&P in the event S&P changes its rating system and (II) Ba1 or higher from Moody's or an equivalent rating from Moody's in the event Moody's changes its rating system, or (b) the Borrower receives at least $100,000,000 in Net Cash Proceeds from a Public Equity Offering and, after giving effect thereto, the Leverage Ratio is less than 2.5 to 1.0.
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Release of Collateral Event. Research and Development Facility", "Senior Note" and "Senior Note Indenture" in Section 1.1 of the Existing Credit Agreement are each hereby deleted in their entirety.
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Release of Collateral Event means any time that (a) no Default or Event of Default has occurred and is continuing and (b) the Parent Borrower simultaneously maintains the Requisite Ratings. “Released Guarantors” means each of Xxxxx Overseas and Xxxxx Middle East, LLC, a Delaware limited liability company. “Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York for the purpose of recommending a benchmark rate to replace LIBOR in loan agreements similar to this Agreement. “Removal Effective Date” means as provided in Section 10.06(b). 32 CHAR1\1732710v2
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Related to Release of Collateral Event

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

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

  • Release Event has the meaning set forth in Section 6(b).

  • Additional Collateral Any of the following held, in addition to the related Mortgaged Property, as security for a Mortgage Loan: (i) all money, securities, security entitlements, accounts, general intangibles, payment rights, instruments, documents, deposit accounts, certificates of deposit, commodities contracts and other investment property and other property of whatever kind or description now existing or hereafter acquired which is pledged as security for the repayment of such Mortgage Loan, (ii) third-party guarantees, and (A) all money, securities, security entitlements, accounts, general intangibles, payment rights, instruments, documents, deposit accounts, certificates of deposit, commodities contracts and other investment property and other property of whatever kind or description now existing or hereafter acquired which is pledged as collateral for such guarantee or (B) any mortgaged property securing the performance of such guarantee, or (iii) such other collateral as may be set forth in the Series Supplement.

  • Original Collateral Sale Date means 1 December 2020.

  • Supplemental Collateral Agent has the meaning assigned to that term in subsection 9.1B.

  • Initial Collateral Amount means $1,000,000,000, which equals the sum of (i) the Class A Note Initial Principal Balance, (ii) the Class B Note Initial Principal Balance, (iii) the Class C Note Initial Principal Balance and (iv) the Initial Excess Collateral Amount.

  • Collateral Proceeds Account a non-interest bearing cash collateral account established and maintained by the relevant Grantor at an office of the Collateral Account Bank in the name, and in the sole dominion and control of, the Collateral Agent for the benefit of the Secured Parties.

  • Original Collateral Sale Price means JPY 6,399,647,993. Notwithstanding anything to the contrary in the Collateral Sale Agreement, the consideration for the Initial Charged Assets is the Issue Price of the Notes plus the entry into the Swap Agreement by the Issuer.

  • Collateral Release Date shall have the meaning provided in Section 10.15(d).

  • Additional Collateral Documents as defined in the Base Intercreditor Agreement.

  • Collateral Disposition means (i) the sale, lease, transfer or other disposition of the Vessel by the Borrower to any Person (it being understood that a Permitted Chartering Arrangement is not a Collateral Disposition) or the sale of 100% of the Capital Stock of the Borrower or (ii) any Event of Loss of the Vessel.

  • Collateral Proceeds means the Liquidation Proceeds of the Relevant Collateral or any Undeliverable Assets forming part of the Relevant Collateral (as the case may be) denominated in the Settlement Currency.

  • Credit Agreement Collateral Agent has the meaning assigned to such term in the introductory paragraph of this Agreement.

  • Notes Priority Collateral has the meaning set forth in the Intercreditor Agreement.

  • U.S. Collateral Agreement means the U.S. Guarantee and Collateral Agreement, as amended, supplemented or otherwise modified from time to time, in the form of Exhibit E, among Holdings, Intermediate Holdings, the U.S. Borrower, each Domestic Subsidiary Loan Party and the Collateral Agent.

  • Collateral Release Period means each period commencing with the occurrence of a Collateral Release Event and continuing until the occurrence of the next Collateral Reinstatement Event, if any, immediately following such Collateral Release Event.

  • Additional Collateral Mortgage Loan Each Mortgage Loan identified as such in the Mortgage Loan Schedule.

  • Term Loan Priority Collateral as defined in the Intercreditor Agreement.

  • Collateral Substitution has the meaning specified in Section 3.13.

  • Collateral Deficiency Amount With respect to any AB Modified Loan as of any date of determination, the excess of (i) the Stated Principal Balance of such AB Modified Loan (taking into account the related junior note(s) included therein), over (ii) the sum of (in the case of a Loan Combination, solely to the extent allocable to the subject Mortgage Loan) (x) the most recent Appraised Value for the related Mortgaged Property or Mortgaged Properties, plus (y) solely to the extent not reflected or taken into account in such Appraised Value and to the extent on deposit with, or otherwise under the control of, the lender as of the date of such determination, any capital or additional collateral contributed by the related Mortgagor at the time the Mortgage Loan became (and as part of the modification related to) such AB Modified Loan for the benefit of the related Mortgaged Property or Mortgaged Properties (provided, that in the case of an Outside Serviced Mortgage Loan, the amounts set forth in this clause (y) will be taken into account solely to the extent relevant information is received by the Special Servicer), plus (z) any other escrows or reserves (in addition to any amounts set forth in the immediately preceding clause (y)) held by the lender in respect of such AB Modified Loan as of the date of such determination. The Certificate Administrator, the Master Servicer and the Operating Advisor (other than with respect to any Collateral Deficiency Amount calculations that the Operating Advisor is required to review, recalculate and/or verify pursuant to Section 3.29) shall be entitled to conclusively rely on the Special Servicer’s calculation or determination of any Collateral Deficiency Amount.

  • Collateral Tax Event means at any time, as a result of the introduction of a new, or any change in, any home jurisdiction or foreign tax statute, treaty, regulation, rule, ruling, practice, procedure or judicial decision or interpretation (whether proposed, temporary or final), interest payments due from the Obligors of any Collateral Debt Obligations in relation to any Due Period becoming properly subject to the imposition of home jurisdiction or foreign withholding tax (other than where such withholding tax is compensated for by a “gross-up” provision in the terms of the Collateral Debt Obligation or such requirement to withhold is eliminated pursuant to a double taxation treaty so that the Issuer as holder thereof is held completely harmless from the full amount of such withholding tax on an after-tax basis) so that the aggregate amount of such withholding tax on all Collateral Debt Obligations in relation to such Due Period is equal to or in excess of 6% of the aggregate interest payments due (for the avoidance of doubt, excluding any additional interest arising as a result of the operation of any gross-up provision) on all Collateral Debt Obligations in relation to such Due Period.

  • Asset Sale Proceeds Account means one or more deposit accounts or securities accounts holding the proceeds of any sale or disposition of any Notes Collateral.

  • Collateral Default Amount means, with respect to any Distribution Date, the product of the Investor Default Amount for such Distribution Date and the Collateral Floating Percentage.

  • 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.