Collateral Release Conditions definition

Collateral Release Conditions means, at any time:

Collateral Release Conditions the two following conditions:

Collateral Release Conditions means any date on which (a) an Investment Grade Event has occurred and is in effect on such date, (b) no Default or Event of Default shall have occurred and be continuing on such date and (c) all of the Term B Loans, and all Incremental Equivalent Debt, Permitted Refinancing Loans and Incremental Loans, in each case, that are secured, shall have been, (i) in the case of the Term B Loans or any secured notes, repaid or prepaid and all of the corresponding commitments for such Term B Loans or secured notes shall have been terminated on or prior to such date, or (ii) in the case of any other such Indebtedness shall either (A) have been repaid or prepaid and all of the corresponding commitments for such Indebtedness shall have been terminated on or prior to such date or (B) shall contain a substantially simultaneous release of Collateral securing such Indebtedness.

Examples of Collateral Release Conditions in a sentence

• The holders of the Notes agree to direct the Security Trustee to so release the Collateral, provided that the Collateral Release Conditions have been satisfied and the holders of the Notes and the Security Trustee shall have received an officer's certificate, executed by a Senior Officer and dated the Collateral Release Date, specifying that at the time of such release and after giving effect thereto, each of the Collateral Release Conditions are satisfied.

• The holders of the Notes agree to direct the Security Trustee to so release the Collateral, provided that the Collateral Release Conditions have been satisfied and the holders of the Notes and the Security Trustee shall have received an officer’s certificate, executed by a Senior Officer and dated the Collateral Release Date, specifying that at the time of such release and after giving effect thereto, each of the Collateral Release Conditions are satisfied.

• On or after any date on which all of the Collateral Release Conditions have been satisfied, then upon the request of the Borrower, the Administrative Agent shall promptly release all Liens on the Collateral securing the Obligations and, at the Borrowers’ sole expense, execute and deliver to the Borrower and each other Loan Party all such documents and instruments as the Borrower or such other Loan Party may request to evidence such release of the Collateral.

• Without limiting the provisions of Section 8.09, the Lenders and the Issuing Banks irrevocably authorize the Administrative Agent, at its option and in its discretion, to release any Collateral from the Liens granted under the Collateral Documents and any Subsidiary Guarantor from its obligations under the Subsidiary Guaranty as provided in Section 5.02(e) and upon satisfaction of the Collateral Release Conditions.

• Borrower covenants and agrees that prior to the occurrence of the Forbearance Collateral Release Conditions, Borrower will not further encumber the aforementioned properties.

More Definitions of Collateral Release Conditions

Collateral Release Conditions means the satisfaction of the following: (i) the Company shall have obtained a Corporate Credit Rating of at least BBB- from S&P and a Corporate Family Rating of at least Baa3 from Xxxxx’x and (ii) no Default or Event of Default has occurred and is continuing.

Collateral Release Conditions has the meaning assigned to that term in subsection 6.11.

Collateral Release Conditions means, collectively, (a) the corporate family rating of the Parent and/or the Company is BBB- (stable) or higher by S&P, (b) the corporate family rating of the Parent and/or the Company is Baa3 (stable) or higher by Moody’s, and (c) the Term B-4 Loan, and all accrued interest and fees in connection therewith, have been repaid in full.

Collateral Release Conditions means each of the following conditions: (a) the Total Leverage Ratio shall be less than 3.00 to 1.00 as of the end of the most recent two (2) consecutive fiscal quarters of the Company and (b) no secured Incremental Equivalent Debt, no secured Refinancing Term Loans, no secured Refinancing Commitments, no Permitted First Priority Refinancing Indebtedness, no Permitted Second Priority Refinancing Indebtedness and, except to the extent secured by a Lien otherwise permitted pursuant to Section 6.02, no secured Material Indebtedness shall be outstanding.

Collateral Release Conditions means, as of any applicable date of determination, (i) Xxxxx-Xxxxxxxx has achieved (and as of such date maintains) Threshold Debt Ratings, (ii) the indentures or other agreements governing any Permitted Secured Debt provide for the release of all liens securing such notes on the Collateral (other than any such Collateral consisting of Capital Stock) upon the release of the liens on such Collateral securing the Obligations, and (iii) no Event of Default is continuing.

Collateral Release Conditions is defined in Section 9.1.1.

Collateral Release Conditions means the collective reference to the following conditions: (a) the Restated Financial Statements shall have been filed with the Securities and Exchange Commission, (b) no Default or Event of Default shall have occurred and be continuing under this Agreement, (c) the Senior Notes Resolution shall have occurred and (d) the Borrower shall have maintained an Interest Coverage Ratio (determined for the last four quarter period then most recently ended) of not less than 1.75 to 1.00 for two consecutive fiscal quarters then most recently ended.