Collateral Reinstatement Event has the meaning specified in Section 5.11(b).
Collateral Reinstatement Event means, following the occurrence of a Collateral Release Event, at any time the Minimum Ratings Requirement is no longer satisfied; provided that for purposes of determining whether a Collateral Reinstatement Event shall have occurred, if, for any reason, (a) only one of any of the Debt Ratings by Moody’s, S&P or Fitch is available, then the applicable rating provided by such rating agency (or its equivalent for the other agency) shall apply for all three rating agencies, unless another similar rating from another rating agency reasonably acceptable to the Administrative Agent is being provided, in which case such rating shall be substituted for the unavailable rating, or (b) none of the Debt Ratings by Moody’s, S&P, Fitch nor another similar rating from another rating agency reasonably acceptable to the Administrative Agent is available, then a Collateral Reinstatement Event shall be deemed to have occurred. If any of the Debt Ratings by Moody’s, S&P or Fitch is at any time available, but the Borrower has requested such rating not be issued and the Borrower has given notice of such request to the Administrative Agent, such rating shall be deemed to be unavailable at such time to the extent replaced with another similar rating from another rating agency reasonably acceptable to the Administrative Agent.
Collateral Reinstatement Event means, after a release of Collateral as provided for in Section 10.19(a), the occurrence of any of the following: (a) both (i) the corporate family rating of the Borrower and its Subsidiaries from Xxxxx’x is Ba1 and (ii) the corporate rating of the Borrower and its Subsidiaries from S&P is BB+, (b) the corporate family rating of the Borrower and its Subsidiaries from Xxxxx’x is Ba2 or below (regardless of the then applicable corporate rating of the Borrower and its Subsidiaries from S&P) or (c) the corporate rating of the Borrower and its Subsidiaries from S&P is BB or below (regardless of the then applicable corporate family rating of the Borrower and its Subsidiaries from Moody’s); provided that for purposes of determining whether a Collateral Reinstatement Event shall have occurred, if, for any reason, only one rating agency shall maintain corporate or corporate family ratings of the Borrower and its Subsidiaries then the applicable rating provided by such rating agency (or its equivalent) shall apply for both rating agencies.
Examples of Collateral Reinstatement Event in a sentence
The Administrative Agent is hereby authorized to enter into any New Collateral Documents in connection with any Collateral Reinstatement Event.
Promptly (and in any event within 90 days (as such deadline may be extended by the Administrative Agent in its sole discretion)) after the occurrence of a Collateral Reinstatement Event, the Borrower shall, and shall cause each of its Subsidiaries (as applicable), at the Borrowers’ sole expense, to comply with the Collateral and Guarantee Requirement (including without limitation the delivery of documentation and taking of actions of the type described in Section 6.12).
Notwithstanding anything to the contrary contained herein, any Permitted Credit Agreement Refinancing Indebtedness incurred, assumed or existing during a Collateral Release Period shall be unsecured and shall not include provisions requiring the securing of such Indebtedness except upon the occurrence of a Collateral Reinstatement Event, and only after (or substantially simultaneously with) the grant of Liens securing the Obligations, and subject to an Acceptable Intercreditor Agreement.
The Collateral Agent is hereby authorized to enter into any New Collateral Documents in connection with any Collateral Reinstatement Event.
We discuss herein the impact of such annotations.Interface Annotation.
More Definitions of Collateral Reinstatement Event
Collateral Reinstatement Event means, after a release of Collateral as provided for in Section 9.25(a), that (a) the most recently announced rating by at least two of the Rating Agencies with respect to the Borrower’s senior, unsecured, non-credit enhanced, long-term debt securities (considering, if any Rating Agency shall have issued more than one such public rating with respect to the Borrower’s senior, unsecured, non-credit enhanced, long-term debt securities, the lowest such public rating issued by such Rating Agency) shall not be an Investment Grade Rating, (b) the most recently announced rating by at least two of the Rating Agencies with respect to the Borrower’s Obligations in respect of the Revolving Loans shall not be an Investment Grade Rating, or at least two of the Rating Agencies shall have ceased to publish a rating with respect to the Borrower’s Obligations in respect of the Revolving Loans or (c) the Borrower notifies the Administrative Agent in writing that it has elected to terminate the Collateral Suspension Period.
Collateral Reinstatement Event means, after a release of Collateral as provided for in Section 10.20(a), the occurrence of any of the following: (a) both (i) the corporate family rating of the Company and its Subsidiaries from Mxxxx’x is reduced to Ba1 and (ii) the corporate rating of the Company and its Subsidiaries from S&P is reduced to BB+, (b) the corporate family rating of the Company and its Subsidiaries from Mxxxx’x is reduced to Ba2 or below (regardless of the then applicable corporate rating of the Company and its Subsidiaries from S&P), (c) the corporate rating of the Company and its Subsidiaries from S&P is reduced to BB or below (regardless of the then applicable corporate family rating of the Company and its Subsidiaries from Moody’s), (d) none of the corporate ratings of the Company and its Subsidiaries by Moody’s or S&P nor another similar rating from another rating agency reasonably acceptable to the Administrative Agent is available, (e) the exercise of an Incremental Increase in the nature of a “term B loan facility”, unless the Lenders providing such Incremental Increase agree that such facility shall be unsecured or (f) the election of the Company to terminate a Collateral Release Period and reinstate the Collateral in accordance with Section 10.20(b); provided that for purposes of determining whether a Collateral Reinstatement Event shall have occurred, if, for any reason, only one rating agency shall maintain corporate or corporate family ratings of the Company and its Subsidiaries then the applicable rating provided by such rating agency (or its equivalent) shall apply for both rating agencies.
Collateral Reinstatement Event means, at any time after the occurrence of a Collateral Release Event, the occurrence of either of the following: (a) the public corporate/corporate family ratings of Silgan from either Xxxxx’x or S&P fall below Ba1 or BB+ (in each case, with a stable or better outlook) or (b) Silgan requests that the Liens and security interests in all Collateral granted by the Credit Parties to secure the Obligations be reinstated.
Collateral Reinstatement Event means the occurrence, at any time after the completion of any Collateral Release, of any two (2) of Moody’s, S&P or Fitch concurrently issuing a corporate family rating of Holdings and its Subsidiaries less than Baa3 or BBB-.
Collateral Reinstatement Event means, following the occurrence of a Collateral Release Event, at any time the Minimum Ratings Requirement is no longer satisfied; provided that for purposes of determining whether a Collateral Reinstatement Event shall have occurred, if, for any reason, (a) only one of any of the Debt Ratings by Xxxxx’x, S&P or Fitch is available, then the applicable rating provided by such rating agency (or its equivalent for the other agency) shall apply for all three rating agencies, unless another similar rating from another rating agency reasonably acceptable to the Administrative Agent is being provided, in which case such rating shall be substituted for the unavailable rating, or (b) none of the Debt Ratings by Xxxxx’x, S&P, Fitch nor another similar rating from another rating agency reasonably acceptable to the Administrative Agent is available, then a Collateral Reinstatement Event shall be deemed to have occurred. If any of the Debt Ratings by Xxxxx’x, S&P or Fitch is at any time available, but the Borrower has requested such rating not be issued and the Borrower has given notice of such request to the Administrative Agent, such rating shall be deemed to be unavailable at such time to the extent replaced with another similar rating from another rating agency reasonably acceptable to the Administrative Agent.
Collateral Reinstatement Event means the occurrence of a Collateral Event after the occurrence of a Collateral Release Event.
Collateral Reinstatement Event means the event in which the Company obtains a public rating of the Company’s long-term senior unsecured non-credit-enhanced debt (a “Debt Rating”) lower than Baa3 (stable) from Moody’s (the “Moody’s Collateral Reinstatement Threshold”) and a public Debt Rating lower than BBB- (stable) from S&P (the “S&P Collateral Reinstatement Threshold”), in each case for a period of one fiscal quarter; provided that (i) if the Moody’s Collateral Reinstatement Threshold is triggered, but the S&P Collateral Reinstatement Threshold is not triggered, the Collateral shall not be reinstated unless the public Debt Rating that the Company obtained from Xxxxx’x is more than two notches worse than the public Debt Rating that the Company obtained from S&P and (ii) if the S&P Collateral Reinstatement Threshold is triggered, but the Moody’s Collateral Reinstatement Threshold is not triggered, the Collateral shall not be reinstated unless the public Debt Rating that the Company obtained from S&P is more than two notches worse than the public Debt Rating that the Company obtained from Moody’s.