Deleveraging Event definition

Deleveraging Event means an equity financing following the Closing Date consisting of either (x) the issuance of Junior Stock, which Junior Stock does not contain any mandatory redemption provisions requiring redemption prior February 16, 2025 (other than with respect to a change of control or liquidation event) or (y) the issuance of Parity Stock (including additional Series B Preferred Stock) to the holders of Series B Preferred Stock as of the Closing Date or their Affiliates, in each case where the proceeds of such equity financing are used exclusively by the Corporation to permanently reduce senior secured indebtedness for borrowed money for which the Corporation is the borrower or a guarantor by at least $50 million.

Deleveraging Event means a Mandatory Deleveraging Event or a Non-mandatory Deleveraging Event;

Deleveraging Event means (i) an equity financing following the Closing Date consisting of either (x) the issuance of Junior Stock, which Junior Stock does not contain any mandatory redemption provisions requiring redemption prior February 16, 2025 (other than with respect to a change of control or liquidation event) or (y) the issuance of Parity Stock (including additional Series B Preferred Stock) to the holders of Series B Preferred Stock as of the Closing Date or their Affiliates, in each case where the proceeds of such equity financing are used exclusively by the Corporation to permanently reduce senior secured indebtedness for borrowed money for which the Corporation is the borrower or a guarantor by at least $50 million or (ii) the Total Net Leverage Ratio (as defined in the Credit Agreement as in effect on the date hereof) as of the last day of any fiscal quarter is less than or equal to 1.50 to 1.00.

Examples of Deleveraging Event in a sentence

• Upon receipt of any such notification, the Principal Paying Agent shall give notice to the Noteholders of the occurrence of such Deleveraging Event as soon as practicable after the Principal Paying Agent's receipt of such notice.

• If a Deleveraging Event occurs, the Determination Agent shall notify the Issuer, the Note Trustee, the Principal Paying Agent, the Master Fund, the Feeder Fund, the Fund Manager and the Principal Protection Provider.

• The composition of the Basket may be changed from time to time in accordance with the provisions of the Determination Agency Agreement in the event that (i) a Rebalancing Event occurs, (ii) a Deleveraging Event occurs or (iii) the liquidation of assets in the Basket is required to enable the Issuer to pay Principal Protection Amounts to the Principal Protection Provider and/or to pay Issuer Expenses.

• Any Index Business Day that otherwise would have been a Loss Rebalancing Valuation Date, but on which a Permanent Deleveraging Event has occurred, subject to adjustment as described under “Specific Terms of the Securities — Market Disruption Event” beginning on page S-122.

• Except in the case of a Third Party Deleveraging Event which shall be governed by Section 7(a)(vi), concurrently with and as a condition to the consummation of a Change of Control, subject to the prior repayment in full of the obligations under the Credit Agreement as required pursuant to the terms thereof, the Corporation shall repurchase all Series B‑2 Preferred Stock then outstanding at the Optional Redemption Price per share.

More Definitions of Deleveraging Event

Deleveraging Event means the first date on which (x) the First Lien Leverage Ratio is less than 4.25:1.00 or (y) the Borrower incurs any Junior Indebtedness or unsecured Indebtedness for borrowed money (other than Indebtedness incurred pursuant to Section 6.01(b), (i) and (p) (to the extent extending, refinancing, refunding or replacing such Indebtedness permitted under Section 6.01(b) and (i)).

Deleveraging Event means the first date on which (x) the Total Leverage Ratio is less than 1.55:1.00 or (y) the Lead Borrower or any of its Restricted Subsidiaries incurs (i) any indebtedness which is secured by a Lien junior to the Lien securing the Obligations (other than (a) term loans funded on the Closing Date under the Second Lien Credit Agreement (or any Permitted Refinancing thereof) and (b) Indebtedness incurred pursuant to Section 7.03 (other than Permitted Ratio Debt)), or (ii) any unsecured Indebtedness.

Deleveraging Event means the relevant event specified in the Fee and Ratio Letter. If, as of any day, the Calculation Agent or any Lender determines that a Deleveraging Event has occurred, the Calculation Agent shall promptly (or, in the case of a notice from a Lender, may) deliver notice to the Borrower (with a copy to the Administrative Agent (in the case of a notice from a Lender) and all other Lenders) that a Deleveraging Event has occurred.

Deleveraging Event means the occurrence of a First Deleveraging Event, Second Deleveraging Event or a Third Deleveraging Event. For the avoidance of doubt, each Deleveraging Event may only occur once during the term of this Agreement.

Deleveraging Event means the occurrence of a Stop Loss Termination Event at or after 9:30am and to, but before, 2:00 pm, New York City time, on any Index Business Day.

Deleveraging Event means that, as at any Business Day, the Long Notional Amount is less than the Deleveraging Trigger Amount, as determined by the Determination Agent in its sole and absolute discretion;

Deleveraging Event means where the Calculation Agent will determine that a Deleveraging Event has occurred on Business Day(t) (such Business Day (t), the "Deleveraging Event Observation Date") if the following event has occurred:Fundt *100%  85%Fundk