Collateral Trigger definition

Collateral Trigger means the date on which (a) the Borrower's corporate credit rating shall be lower than BBB- by S&P or (b) the Borrower's Public Debt Rating shall be lower than Baa3 by Moody's.
Collateral Trigger means the earlier of the issuance of the Senior Notes (2002) and May 15, 2002.
Collateral Trigger means the obligation of the Borrower pursuant to paragraph (b) of Clause 18.2 (Top-up obligations), and any reference to curing a Collateral Trigger means compliance with such obligation.

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.


More Definitions of Collateral Trigger

Collateral Trigger means, at any time, the occurrence of either of the following: (a) the ▇▇▇▇▇’▇ Rating is equal to or below Ba2 or (b) the S&P Rating is equal to or below BB; provided that for purposes of determining whether a Collateral Trigger shall have occurred, (x) in the event that either the S&P Rating or the ▇▇▇▇▇’▇ Rating is unavailable, then the rating that is not available shall be deemed to be the same as the rating that is available, unless another similar rating from another rating agency is being provided pursuant to Section 6.12, in which case such rating shall be substituted for the unavailable rating (with the applicable levels from such rating agency being the equivalent of the levels provided by S&P or ▇▇▇▇▇’▇ (as reasonably determined by the Administrative Agent)), and (y) in the event that neither the S&P Rating nor the ▇▇▇▇▇’▇ Rating is available, then a Collateral Trigger shall be deemed to have occurred as of such time, unless another similar rating from another rating agency is being provided pursuant to Section 6.12, in which case the rating from such rating agency shall apply (with the applicable levels from such rating agency being the equivalent of the levels provided by S&P or ▇▇▇▇▇’▇ (as reasonably determined by the Administrative Agent)) and the determination of a Collateral Trigger shall be made by assuming that such rating substitutes for both the S&P Rating and the ▇▇▇▇▇’▇ Rating until such time as either the S&P Rating or the ▇▇▇▇▇’▇ Rating, or both, is available.
Collateral Trigger means the ratio as of the previous Interest Payment Date (expressed as a percentage) between:
Collateral Trigger means the obligation of the Borrower pursuant to Clause 20.2 ( Top-up obligations), and any reference to curing a Collateral
Collateral Trigger means the occurrence of the Consolidated Leverage Ratio being greater than or equal to 3.75:1.00 as of the last day of any Reference Period, calculated on such date as is provided in the definition of Consolidated Leverage Ratio, provided, that (i) during the period from March 31, 2002 through May 30, 2002, the Consolidated Leverage Ratio shall be calculated on the date of any Advance (notwithstanding the definition of Consolidated Leverage Ratio to the contrary) giving pro forma effect to such Advance and (ii) the Collateral Trigger shall not be deemed to have occurred under any circumstances after the occurrence and subsequent termination of the Security Period.
Collateral Trigger means the occurrence of the first day on which the rating of the Index Debt is both less than or equal to BB+ by S&P and less than or equal to Ba1 by ▇▇▇▇▇’▇.

Related to Collateral Trigger