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 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).

Collateral Trigger Event is defined in Section 8.24(b) hereof.

Examples of Collateral Trigger Event in a sentence

• The Borrower shall promptly notify the Administrative Agent in writing of the occurrence of any Collateral Trigger Event.

• 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.

• On the Collateral Trigger Event Date the Borrower shall deliver written notice of the occurrence thereof to the Administrative Agent together.

• Upon request of Borrower to Administrative Agent, any Collateral consisting of the proceeds of any Extraordinary Dividend, whether in the form of cash or other property, shall be released to Borrower on the fifth Exchange Business Day following the receipt of such request; provided that (i) a Share Collateral Trigger Event has not occurred and is continuing and (ii) prior to and immediately after giving effect to such release, no Default or Event of Default has occurred and is continuing or would occur.

• Such interest shall be automatically released to Borrower on the Business Day immediately following the day such interest is credited to the Collateral Account; provided that (i) no Share Collateral Trigger Event has occurred and is continuing and (ii) prior to and immediately after giving effect to such release, no Default or Event of Default has occurred and is continuing or would occur.

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 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 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 occurrence of a Xxxxx 0 Xxxxxxxxxx Xxxxxxx, a Xxxxx 0 Xxxxxxxxxx Xxxxxxx or a Xxxxx 0 Xxxxxxxxxx Xxxxxxx.

Collateral Trigger Event has the meaning set forth in Section 5.10(b).

Collateral Trigger Event means acceleration of the Option Financing Facility following the occurrence and continuation of an “event of default” (as such term may be defined in the Option Financing Facility).

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.