Collateral Trigger definition
Examples of Collateral Trigger in a sentence
For the avoidance of doubt, to the extent that any voluntary or mandatory prepayment has the effect of reducing the Leverage Ratio to or below 6.50 to 1.00 on a pro forma basis, the mandatory prepayment provisions applicable following a Collateral Trigger Date shall terminate (the earlier of such date and the Collateral Release Date, the “Prepayment Provisions Termination Date”).
It shall constitute an Additional Termination Event, in respect of which Party A shall be the sole Affected Party, if Party A fails to comply with or perform any of its obligations in accordance with the Credit Support Annex and the Collateral Trigger Requirements apply and at least 30 Local Business Days have elapsed since the last time the Collateral Trigger Requirements did not apply, and such failure shall not be or give rise to an Event of Default.
On the Collateral Trigger Event Date the Borrower shall deliver written notice of the occurrence thereof to the Administrative Agent together.
Prior to the occurrence of an Investment Grade Date (and after a Collateral Trigger Event, as applicable), the provisions of the Collateral Documents are effective to create in favor of the Administrative Agent for the benefit of the Secured Parties a legal, valid and enforceable first priority Lien (subject to Permitted Liens) on all right, title and interest of the respective Loan Parties in the Collateral described therein.
The Borrower shall promptly notify the Administrative Agent in writing of the occurrence of any Collateral Trigger Event.
The Loans and Commitments established pursuant to this Section 2.13 shall constitute Loans and Commitments under, and shall be entitled to all the benefits afforded by, this Agreement and the other Loan Documents, and shall, without limiting the foregoing, benefit equally and ratably from the Guaranties and in any granting of Collateral following the occurrence of a Collateral Trigger Event.
In the case of the Hedge Collateral Cash Account, within 30 days of the signing of this Agreement and, in the case of the Hedge Collateral Securities Account, within 90 days of both: (i) the occurrence of an Initial Fitch Rating Event, a Subsequent Fitch Rating Event or if the Collateral Trigger Requirements apply; and (ii) a request of Party A made in writing.
On or after any Collateral Release Date, and so long as no Default or Event of Default is then continuing and no subsequent Collateral Trigger Date has occurred, the Administrative Agent shall, subject to the satisfaction of the requirements of Section 8.15.(b), promptly release all of (i) the Liens granted to the Administrative Agent pursuant to the requirements of Section 8.14.
Notwithstanding anything to the contrary herein, from and after the Collateral Trigger Event Date (but subject to the time limitations set forth above in this Section 5.11), so long as any Notes Obligations are outstanding, the Borrower shall ensure that at all times each Subsidiary that is an issuer or a guarantor of the Convertible Notes is also a Loan Party.
Upon request of Borrower to Administrative Agent, any Collateral consisting of the proceeds of any Extraordinary Dividend, whether in the form of cash or other property, shall be released to Borrower on the fifth Exchange Business Day following the receipt of such request; provided that (i) a Share Collateral Trigger Event has not occurred and is continuing and (ii) prior to and immediately after giving effect to such release, no Default or Event of Default has occurred and is continuing or would occur.