Borrowing Base Trigger Event definition

Borrowing Base Trigger Event means, the occurrence of at least two of the following three events: the public announcement that the Borrower’s Credit Rating is (a) Ba1 or lower from (or is unrated by) ▇▇▇▇▇’▇, (b) BB+ or lower from (or is unrated by) S&P or (c) BB+ or lower from (or is unrated by) Fitch.
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Borrowing Base Trigger Event means the public announcement by ▇▇▇▇▇’▇ or S&P that its Credit Rating is B1 or lower from (or is unrated by) ▇▇▇▇▇’▇ or B+ or lower (or is unrated by) from S&P; provided, however, that if one of the Credit Ratings is B1 or B+, as applicable (but not lower than B1 or B+), and the other Credit Rating is BB or Ba2 or higher, as applicable, a Borrowing Base Trigger Event shall not have occurred.
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Borrowing Base Trigger Event has the meaning assigned to that term in the definition of “Availability Amount”.
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Examples of Borrowing Base Trigger Event in a sentence

  • The Agent agrees that it shall not demand that the Borrower deposit or cause to be deposited all Items of Deposit to the Collateral Account at any time prior to the occurrence of a Borrowing Base Trigger Event.

  • Once the Agent has so made demand on the Borrower, unless otherwise agreed by the Agent in writing, the Borrower shall continue to so deposit or cause to be deposited all Items of Payment to the Collateral Account notwithstanding that subsequent to such demand the Borrowing Base Trigger Event has been cured, waived, otherwise remedied or is no longer applicable.

  • Upon demand by the Agent following a Borrowing Base Trigger Event, the Borrower will deposit, or cause to be deposited, all Items of Payment to a bank account designated by the Agent and from which the Agent alone has power of access and withdrawal (the "Collateral Account").

  • The Agent agrees that it shall not be entitled to require that the Borrower furnish weekly or daily Borrowing Base Reports solely as the result of the occurrence of a Borrowing Base Trigger Event, if the Agent fails to so notify the Borrower within ninety (90) days of the date that the Borrower has cured the Borrowing Base Trigger Event to the reasonable satisfaction of the Agent.

  • Notwithstanding the foregoing, the Agent agrees that it shall not be entitled to require establishment of the Collateral Account and/or the Lockbox as the result of the occurrence of a Borrowing Base Trigger Event, if the Agent fails to so notify the Borrower within ninety (90) days of the date that the Borrower has cured the Borrowing Base Trigger Event to the reasonable satisfaction of the Agent.


More Definitions of Borrowing Base Trigger Event

Borrowing Base Trigger Event has the meaning described in Section 2.1.4 (Borrowing Base Report).
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Borrowing Base Trigger Event means if the Asset Coverage Ratio is less than 1.50 to 1.00 as of any Asset Coverage Ratio Test Date.
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Borrowing Base Trigger Event means the public announcement by ▇▇▇▇▇’▇ or S&P that the Index Debt is rated Ba3 or lower from ▇▇▇▇▇’▇ or BB- or lower from S&P or if the Index Debt is unrated by ▇▇▇▇▇’▇ and S&P.
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Borrowing Base Trigger Event means (a) the occurrence of (i) any Default under any of the Financial Covenants or (ii) the receipt by Agent of a notice under clause (f)(x) of the Reporting Rider
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Borrowing Base Trigger Event means (a) the occurrence of (i) any Default under any of the Financial Covenants or (ii) the receipt by Agent of a notice under clause (f)(x) of the Reporting Rider and (b) Borrowers’ failure to cure the application Default or Defaults on or before the last day of the applicable Initial Cure Period.
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Borrowing Base Trigger Event means the public announcement by Moody’s or S&P that the Index Debt is rated Ba3 or lower from Moody’s or BB- or lower from S&P or if the Index Debt is unrated by Moody’s and S&P.
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Borrowing Base Trigger Event means (a) during an Interim Covenant Period, the public announcement by ▇▇▇▇▇’▇ or S&P that the Borrower’s Credit Rating is Ba3 or lower from (or is unrated by) ▇▇▇▇▇’▇ or BB- or lower (or is unrated by) from S&P and (b) during a Regular Covenant Period, the public announcement by ▇▇▇▇▇’▇ or S&P that the Borrower’s Credit Rating is B1 or lower from (or is unrated by) ▇▇▇▇▇’▇ or B+ or lower (or is unrated by) from S&P; provided, however, that with respect to a Regular Covenant Period, if one of the Credit Ratings is B1 or B+, as applicable (but not lower than B1 or B+), and the other Credit Rating is BB or Ba2 or higher, as applicable, a Borrowing Base Trigger Event shall not have occurred. “Borrowing Base Trigger Period” shall mean (a)(i) to the extent a Borrowing Base Trigger Event occurs during an Interim Covenant Period, the first business 1 Active.16858322.9 day following such Borrowing Base Trigger Event until the first business day on which the Borrower’s Credit Rating is Ba2 or higher from ▇▇▇▇▇’▇ and is BB or higher from S&P and (ii) to the extent a Borrowing Base Trigger Event occurs during a Regular Covenant Period, the first business day following such Borrowing Base Trigger Event until the first business day on which the Borrower’s Credit Rating is Ba3 or higher from ▇▇▇▇▇’▇ and is BB- or higher from S&P; or (b) the period commencing with the date on which the Borrower elects under Section 14.18 to have the Facility governed by a Borrowing Base and ending on any date on which the Borrower has elected to cease to have the Facility governed by a Borrowing Base, provided that on such date, no Borrowing Base Trigger Event is in effect. “Consolidated Cash Balance” shall have the meaning set forth in the definition of “Liquidity”. “Existing Financial Covenants” means, collectively, the following covenants:
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