Availability Trigger Event definition

Availability Trigger Event shall occur at any time that (a) Excess Availability is less than the greater of (i) 12.5% of the lesser of (A) the Total Revolving Facility Commitments at such time and (B) the Global Borrowing Base at such time and (ii) $40.0 million or (b) an Event of Default shall have occurred. Once occurred, an Availability Trigger Event shall be deemed to be continuing until such time as, in the case of clause (a) above, the Excess Availability is equal to or greater than the greater of (i) 12.5% of the lesser of (A) the Total Revolving Facility Commitments at such time and (B) the Global Borrowing Base at such time and (ii) $40.0 million for fifteen (15) consecutive days, and, in the case of clause (b) above, such Event of Default is no longer continuing.
Sample 1Sample 2
Availability Trigger Event shall occur at any time that (a) Excess Availability is less than the greater of (i) 12.5% of the lesser of (A) the Total Revolving Facility Commitments at such time and (B) the Global Borrowing Base at such time and (ii) $40.0 million (or, after the Stage 2 Amendment Effective Date, $35.0 million) or (b) an Event of Default shall have occurred. Once occurred, an Availability Trigger Event shall be deemed to be continuing until such time as, in the case of clause (a) above, the Excess Availability is equal to or greater than the greater of (i) 12.5% of the lesser of (A) the Total Revolving Facility Commitments at such time and (B) the Global Borrowing Base at such time and (ii) $40.0 million (or, after the Stage 2 Amendment Effective Date, $35.0 million) for fifteen (15) consecutive days, and, in the case of clause (b) above, such Event of Default is no longer continuing.
Sample 1Sample 2
Availability Trigger Event. The Borrowers not having Excess Availability of at least $40 Million for five (5) consecutive Business Days.
Sample 1

Examples of Availability Trigger Event in a sentence

  • For purposes of this testing, (a) the Fixed Charge Coverage Ratio will be computed based upon the information available as of the last day of the most recent fiscal quarter ending prior to such day for which financial statements are available, and (b) whether an Availability Trigger Event exists will be continually tested as of the close of business each day so that the Fixed Charge Coverage Ratio may apply (or not apply) multiple times within any particular fiscal quarter.

  • If at the close of business on any day an Availability Trigger Event shall exist, permit the Fixed Charge Coverage Ratio to be less than 1.0 to 1.0 until such time as no Availability Trigger Event shall exist.

  • Additionally, for purposes of this Section 6.10, when calculating Excess Availability under the definition of Availability Trigger Event, Excess Availability for a non-Business Day shall be Excess Availability as of the immediately preceding Business Day.

  • Trigger Event — any date on which (a) an Event of Default occurs or (b) an Excess Availability Trigger Event occurs.

  • The occurrence, in consequence of any single event or series of connected events, of the uninsured loss, theft, damage, or destruction of or to the Collateral in excess of the following: (a) If an Availability Trigger Event has occurred and is then continuing (i.e. no Availability Cure has thereafter occurred): In excess of $5 Million.

  • If an Availability Trigger Event has occurred and is then continuing (i.e. no Availability Cure has thereafter occurred), the occurrence, in consequence of any single event or series of connected events, of the uninsured loss, theft, damage, or destruction in excess of $5 Million of or to Collateral.

  • Trigger Event — any date on which (a) a Specified Event of Default occurs or (b) an Excess Availability Trigger Event occurs.

  • Excess Availability Trigger Period — any period (a) commencing upon the occurrence of a Excess Availability Trigger Event and (ii) ending on the date that Excess Availability for a period of sixty (60) consecutive calendar days exceeds the greater of (i) $65,000,000 or (ii) 15% of the lesser of (x) the aggregate Commitments at such time and (y) the Aggregate Borrowing Base at such time.

  • Excess Availability Trigger Event — the first date on which Excess Availability for five (5) consecutive Business Days is less than the greater of (i) $65,000,000 or (ii) 15% of the lesser of (x) the aggregate Commitments at such time and (y) the Aggregate Borrowing Base at such time.

  • Due by Wednesday or (if requested) within 5 Business Days after such request if an Availability Trigger Event has occurred and is continuing Monthly Reporting: Due 20 Business Days following the end of each calendar month 1.


More Definitions of Availability Trigger Event

Availability Trigger Event. Excess Availability is less than $45 Million for five (5) consecutive Business Days.
Sample 1
Availability Trigger Event means the failure of the Loan Parties to maintain average daily Availability of (i) not less than $9,000,000, measured on (x) July 1, 2013 and (y) August 1, 2013, in each case for the trailing two months ending immediately prior to such date, and (ii) not less than $11,000,000, measured on the first day of each calendar month, commencing on September 1, 2013, for the trailing two months ending immediately prior to such date.
Sample 1
Availability Trigger Event means an Event of Default or a Liquidity Event.
Sample 1
Availability Trigger Event shall occur at any time that (a) Excess Availability is less than the greater of (i) 12.5% of the lesser of (A) the Aggregate Revolving Facility Commitments at such time and (B) the Global Borrowing Base at such time and (ii) $27.0 million or (b) an Event of Default shall have occurred. Once occurred, an Availability Trigger Event shall be deemed to be continuing until such time as, in the case of clause (a) above, the Excess Availability is equal to or greater than the greater of (i) 12.5% of the lesser of (A) the Aggregate Revolving Facility Commitments at such time and (B) the Global Borrowing Base at such time or (ii) $27.0 million for fifteen (15) consecutive days and, in the case of clause (b) above, such Event of Default is no longer continuing; provided that, if any Cash Flow Obligations exist at any time on or after the date that is 91 days prior to the maturity date of such Cash Flow Obligations, and the aggregate principal amount of such Cash Flow Obligations maturing on such maturity date exceeds 50% of the commitments in respect of such Cash Flow Obligations maturing on such maturity date, 12.5% herein shall be 15.0% and $27.0 million herein shall be $33.75 million until such time such Cash Flow Obligations maturing on such date have been Refinanced or repaid in full.
Sample 1

Related to Availability Trigger Event

  • Trigger Event shall have the meaning specified in Section 14.04(c).

  • Covenant Trigger Event shall occur at any time that Availability is less than the greater of (a) $12.5 million and (b) 10% of the Line Cap then in effect. Once commenced, a Covenant Trigger Event shall be deemed to be continuing until such time as Availability equals or exceeds the greater of (i) $12.5 million and (ii) 10% of the Line Cap then in effect for 30 consecutive days.

  • Delinquency Trigger Event means, for any Collection Period, the aggregate Principal Balance of Delinquent Receivables that have been Delinquent Receivables for 61 days or more as a percentage of the Pool Balance as of the last day of the Collection Period exceeding or being equal to 6.62%.

  • Trigger Event Date means a date on which a Trigger Event has occurred as determined by the Calculation Agent.

  • Cumulative Loss Trigger Event If, with respect to any Distribution Date, the quotient (expressed as a percentage) of (x) the aggregate amount of Realized Losses incurred since the Cut-off Date through the last day of the related Due Period, divided by (y) the Cut-off Date Pool Principal Balance, exceeds the applicable Cumulative Loss Percentages set forth below with respect to such Distribution Date: Distribution Date Occurring In Cumulative Loss Percentage March 2008 through February 1.400% for the first month, plus an additional 2009 1/12th of 1.750% for each month thereafter (e.g., 2.275% in September 2008) March 2009 through February 3.150% for the first month, plus an additional 2010 1/12th of 1.750% for each month thereafter (e.g., 4.025% in September 2009) March 2010 through February 4.900% for the first month, plus an additional 2011 1/12th of 1.400% for each month thereafter (e.g., 5.600% in September 2010) March 2011 through February 6.300% for the first month, plus an additional 2012 1/12th of 0.750% for each month thereafter (e.g., 6.675% in September 2011) March 2012 and thereafter 7.050%

  • Swap Counterparty Trigger Event A Swap Counterparty Trigger Event shall have occurred if any of a Swap Default with respect to which the Swap Counterparty is a Defaulting Party, a Termination Event with respect to which the Swap Counterparty is the sole Affected Party or an Additional Termination Event with respect to which the Swap Counterparty is the sole Affected Party has occurred.

  • Swap Provider Trigger Event A Swap Termination Payment that is triggered upon: (i) an Event of Default under the Interest Rate Swap Agreement with respect to which the Swap Provider is a Defaulting Party (as defined in the Interest Rate Swap Agreement), (ii) a Termination Event under the Interest Rate Swap Agreement with respect to which the Swap Provider is the sole Affected Party (as defined in the Interest Rate Swap Agreement) or (iii) an Additional Termination Event under the Interest Rate Swap Agreement with respect to which the Swap Provider is the sole Affected Party.

  • Carve-Out Trigger Notice means a written notice delivered by the Administrative Agent or the Required Lenders (which delivery may be made by any electronic method of transmission) to the Borrower and its counsel, the United States Trustee, and lead counsel to any Committee, which notice may be delivered following the occurrence and continuance of an Event of Default, and stating that the Post-Carve-Out Trigger Notice Cap has been invoked.

  • Covenant Trigger Period means the period (a) commencing on the date that (i) an Event of Default occurs or (ii) Availability is less than the greater of (x) 10% of Available Credit and (y) $50,000,000 and (b) continuing until there has been a period of 30 consecutive days thereafter during which at all times (i) no Event of Default exists and (ii) Availability shall have been not less than the greater of (x) 10% of Available Credit and (y) $50,000,000.

  • Sequential Trigger Event With respect to any Distribution Date, a Sequential Trigger Event is in effect if (a) with respect to any Distribution Date occurring before July 2009, the circumstances in which the aggregate amount of Realized Losses incurred since the Cut-off Date through the last day of the related Prepayment Period divided by the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date exceeds 0.20% and (b) with respect to any Distribution Date occurring in or after July 2009, a Trigger Event is in effect.

  • Ratings Decline Period means the period that (i) begins on the earlier of (a) the date of the first public announcement of the occurrence of a Change of Control and (b) the occurrence of a Change of Control and (ii) ends 90 days following consummation of such Change of Control; provided that such period shall be extended for so long as the rating of the Notes, as noted by the applicable Rating Agency, is under publicly announced consideration for downgrade by the applicable Rating Agency.

  • ii) Trigger Date shall have the meaning set forth in Section 11(a)(iii) hereof.

  • Eurodollar Disruption Event The occurrence of any of the following: (a) any Liquidity Bank shall have notified the Administrative Agent of a determination by such Liquidity Bank or any of its assignees or participants that it would be contrary to law or to the directive of any central bank or other governmental authority (whether or not having the force of law) to obtain Dollars in the London interbank market to fund any Advance, (b) any Liquidity Bank shall have notified the Administrative Agent of the inability, for any reason, of such Liquidity Bank or any of its assignees or participants to determine the Adjusted Eurodollar Rate, (c) any Liquidity Bank shall have notified the Administrative Agent of a determination by such Liquidity Bank or any of its assignees or participants that the rate at which deposits of Dollars are being offered to such Liquidity Bank or any of its assignees or participants in the London interbank market does not accurately reflect the cost to such Liquidity Bank, such assignee or such participant of making, funding or maintaining any Advance, (d) any Liquidity Bank shall have notified the Administrative Agent of the inability of such Liquidity Bank or any of its assignees or participants to obtain Dollars in the London interbank market to make, fund or maintain any Advance or (e) any Liquidity Bank shall have notified the Administrative Agent that the principal amount of Advances to be funded by it is less than $500,000.

  • ii) Event means any event described in Section 11(a)(ii) hereof.

  • Required Ratings Downgrade Event means that no Relevant Entity has credit ratings at least equal to the Required Ratings Threshold.

  • Market Disruption Event means any of the following events as determined by the Calculation Agent in its sole discretion:

  • Hedging Disruption Event means any event which, in the Issuer’s reasonable opinion, would make it illegal or commercially unfeasible for the Issuer to continue to hedge its obligations in relation to the Bond.

  • Moody’s First Trigger Ratings Threshold means, with respect to Party A, the guarantor under an Eligible Guarantee or an Eligible Replacement, (i) if such entity has a short-term unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s of “A2” and a short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-1”, or (ii) if such entity does not have a short-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s of “A1”.

  • Trigger Period means the period commencing 60 days prior to the first public announcement by the Company of any Change of Control (or pending Change of Control) and ending 60 days following consummation of such Change of Control (which Trigger Period will be extended following consummation of a Change of Control for so long as either of the Rating Agencies has publicly announced that it is considering a possible ratings change).

  • Liquidity Provider Ratings Event Termination Date means the date established by the Tender and Paying Agent, acting upon instructions of the Fund pursuant to the Tender and Paying Agent Agreement, for termination of the VRDP Purchase Agreement upon the occurrence of a Liquidity Provider Ratings Event, which date shall be not less than 16 days nor more than 30 days following such Liquidity Provider Ratings Event.

  • Reduction Event means any of the following: