Waterfall Trigger Event definition
Waterfall Trigger Event means (w) an Event of Default under (i) Section 10.01(a) (payment default); (ii) Section 10.01(c) or (d) arising from the failure of any Borrower or any other Credit Party to observe or perform any obligation under any of 8.01(b) (delivery of quarterly financials) or 8.01(c) (annual financials) (in each case, solely to the extent such financial statements are not delivered to the Administrative Agent for delivery to each Lender within 30 days following the date such financial statements were required to be delivered pursuant to Section 8.01(b) or Section 8.01(c), as applicable), Section 8.10 (use of proceeds) (solely as it relates to the use of proceeds of the Revolving Facility), Section 8.17 (Borrowing Base and Financial Statement Reporting), Section 9.01 (indebtedness), Section 9.02 (liens), Section 9.04 (dispositions), Section 9.05 (investments), Section 9.06 (restricted payments), or Section 9.12 (conduct of business); (iii) Section 10.01(f) (judgment default); (iv) Section 10.01(h) (insolvency proceedings, dissolution or liquidation); (v) Section 10.01(i) (liens); or (vi) Section 10.01(j) (change of control), (x) solely to the extent Required Lenders exercise rights under any Springing Control Agreement in accordance with Section 2.14(b), a Cash Dominion Event, or (y) solely to the extent that such amendment, modification or waiver is prohibited by Section 12.01(vi) without the consent of the Required Revolving Lenders, the amendment, modification or waiver of any of the provisions set forth in the immediately preceding clause (x) without the consent of the Required Revolving Lenders to such amendment, modification or waiver.
Waterfall Trigger Event. With respect to any Payment Date, the occurrence of any of the following events:
Waterfall Trigger Event means (i) any Payment Default shall have occurred and is continuing; (ii) any Event of Default has occurred and is continuing under Section 8.01(3) as a result of the failure by the Loan Parties to deliver (A) the annual financial statements and related Compliance Certificate required to be delivered under Section 6.01(1) (and Section 6.02(1) in connection therewith) within 180 days after the end of the relevant fiscal year or (B) the quarterly financial statements and related Compliance Certificate required to be delivered under Section 6.01(2) (and Section 6.02(1) in connection therewith) within 90 days after the end of the relevant fiscal quarter; (iii) the Obligations are accelerated pursuant to Section 8.02; (iv) the Required Lenders shall have directed the Administrative Agent to accelerate the Obligations, or the Administrative Agent (at the direction of the Required Lenders) shall have commenced any other Exercise of Remedies; (v) any Event of Default has occurred and is continuing under Section 8.01(6); or (vi) the Total Net Leverage Ratio, as of the last day of any fiscal quarter, shall exceed the corresponding ratio set forth in Schedule 1.01(4) hereto; provided that no Waterfall Trigger Event shall be deemed to occur from any of the events set forth above (other than pursuant to subsection (v) above) until five (5) Business Days (or such shorter period of time as the Administrative Agent shall agree) after the date when the Required First Out Lenders deliver a Waterfall Activation Notice to the Administrative Agent, AAL Last Out Representative and the Borrower.
Examples of Waterfall Trigger Event in a sentence
Notwithstanding anything to the contrary herein, during the occurrence and continuance of a Waterfall Trigger Event, the Borrowers shall not make any voluntary prepayment of Term Loans without the consent of the Revolving Agent.
More Definitions of Waterfall Trigger Event
Waterfall Trigger Event means the occurrence and continuance of any of the following: (a) an Event of Default under Section 8(a)(i) of the Tranche A Notes, (b) any Insolvency Proceeding by or against any Obligor, (c) the acceleration of all or substantially all of the Obligations, (d) any Exercise of Remedies by the Agent or (e) the occurrence of any Change of Control Transaction (as defined in the Tranche A Note).
Waterfall Trigger Event in any manner that adversely affects the Lenders without the consent of each Lender directly and adversely affected thereby; or
Waterfall Trigger Event means an event that occurs if:
(i) as of any date of determination, the Lifetime Annualized Net Yield with respect to any Vintage Pool as of the last day of the most recently completed month is less than [***]; provided, however, that only Vintage Pools that are at least one (1) calendar month old (as measured from the last day of the last calendar month comprising such Vintage Pool) shall be tested.
(ii) As of any date of determination, the First Payment Delinquency Ratio as of the last day of the most recently completed month (A) for any Vintage Pool exceeds [***], or (B) for any two consecutive Vintage Pools exceeds [***]; provided, however, that only Vintage Pools that are at least one (1) calendar month old (as measured from the last day of the last calendar month comprising such Vintage Pool) shall be tested.
Waterfall Trigger Event has the meaning given to it in the Intercreditor Deed.
Waterfall Trigger Event means (w) an Event of Default under (i) Section 10.01(a) (payment default); (ii) Section 10.01(c) or (d) arising from the failure of any Borrower or any other Credit Party to observe or perform any obligation under any of 8.01(b) (delivery of quarterly financials) or 8.01(c) (annual financials) (in each case, solely to the extent such financial statements are not delivered to the Administrative Agent for delivery to each Lender within 30 days following the date such financial statements were required to be delivered pursuant to Section 8.01(b) or Section 8.01(c), as applicable), Section 8.10 (use of proceeds) (solely as it relates to the use of proceeds of the Revolving Facility), Section 8.17 (Borrowing Base and Financial Statement Reporting), Section
Waterfall Trigger Event means (x) an Event of Default under (i) Section 8.01(a) (payment default); (ii) Section 8.01(b) arising from the failure of the Borrower or any other Loan Party to observe or perform any obligation under any of Sections 6.01(a) (delivery of quarterly and annual financials) or 6.01(d) (delivery of monthly financials) (solely to the extent such financial statements are not delivered to the Administrative Agent for delivery to each Lender within 30 days following the date such financial statements were required to be delivered pursuant to Section 6.01(a) or Section 6.01(d), as applicable), Section 6.12 (use of proceeds) (solely as it relates to the use of proceeds of the Revolving Facility), Section 7.01 (liens), Section 7.02 (investments), Section 7.03 (indebtedness), Section 7.05 (dispositions), Section 7.06 (restricted payments), Section 7.20 (minimum revenue) or Section 7.21 (minimum liquidity); (iii) Section 8.01(c) arising from the failure of the Borrower or any other Loan Party to observe or perform its obligations under Section 6.18 (conduct of business); (iv) Section 8.01(f) (insolvency proceedings); (v) Section 8.01(g) (UK insolvency proceedings); (vi) Section 8.01(i) (judgment default); (vii) Section 8.01(l) (change of control); (viii) Section 8.01(m) (liens) or (ix) Section 8.01(n) (dissolution or liquidation), or (y) the amendment, modification or waiver of any of the provisions set forth in the immediately preceding clause (x) without the consent of the Required Revolving Lenders to such amendment, modification or waiver.
Waterfall Trigger Event means an event that occurs if:
(i) as of any date of determination, the Lifetime Annualized Net Yield with respect to any Vintage Pool as of the last day of the most recently completed month is less than [***]; provided, however, that only Vintage Pools that are at least one (1) calendar month old (as measured from the last day of the last calendar month comprising such Vintage Pool) shall be tested.
(ii) As of any date of determination, the First Payment Delinquency Ratio as of the last day of the most recently completed month (A) for any Vintage Pool exceeds [***], or (B) for any two consecutive Vintage Pools exceeds [***]; provided, however, that only Vintage Pools that are at least one (1) calendar month old (as measured from the last day of the last calendar month comprising such Vintage Pool) shall be tested.