Collateral Trigger Event definition
Collateral Trigger Event means the first date on which two (or more) of the Rating Agencies no longer maintain an Investment Grade Rating.
Collateral Trigger Event is defined in Section 8.24(b) hereof.
Collateral Trigger Event means the first date on which a Compliance Certificate is delivered pursuant to Section 7.02 that demonstrates that the Rent-Adjusted Total Net Leverage Ratio for the most recently ended Test Period is greater than 0.25 to 1.00 less than the Rent-Adjusted Total Net Leverage Ratio then in effect under Section 8.12(a).
Examples of Collateral Trigger Event in a sentence
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.
More Definitions of Collateral Trigger Event
Collateral Trigger Event means the occurrence of any of the following events after a Collateral Release Event:
Collateral Trigger Event set forth in the Credit Agreement, the Collateral Agent will release such Net Proceeds from time to time to pay the costs of such repair, restoration or replacement; provided that (i) such repair, restoration or replacement shall comply with the requirements set forth in such definition of "Collateral Trigger Event" and (ii) as a condition of any release of funds, the Collateral Agent may require delivery of evidence reasonably satisfactory to it of compliance with such requirements. The Collateral Agent shall invest any portion of the funds held by it from time to time pursuant to this paragraph as directed in writing from time to time by the Borrower. Any such investment shall be made only in Permitted Investments, shall be at the Borrower's risk and the earnings thereon shall be credited to the funds then held by the Collateral Agent hereunder for the Borrower's account. The Collateral Agent shall not be liable for any interest on uninvested funds. If any Event of Default occurs and is continuing, the Collateral Agent may, in its discretion, apply any funds then held by it hereunder as provided in Section 6.02.
Collateral Trigger Event means the earliest to occur of (i) termination of the SPAC Transactions in accordance with their terms (after giving effect to any applicable extension mechanics pursuant thereto), (ii) the consummation of the SPAC Transactions and (iii) December 31, 2021 (or such later date (not to exceed 30 days) as reasonably agreed by the Administrative Agent).
Collateral Trigger Event has the meaning set forth in Section 5.10(b).
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Collateral Trigger Event means as of any date of determination, (a) the occurrence and continuance of an Event of Default or (b) any date Borrowers shall have Undrawn Availability of less than ten percent (10%) of the Maximum Loan Amount for five (5) consecutive Business Days.
Collateral Trigger Event means either of the following events (i) if as of any date of determination the ratio of Debt to Tangible Net Worth (each as defined herein) shall exceed 2.0 to 1.0 or (ii) the occurrence of an event of default under Section 11.1, 11.2 or 11.3 of this Agreement.