Deleveraging Event definition

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

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 (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

• The Borrower shall notify the Administrative Agent, each Group Agent and each Lender in writing of the occurrence of any Unmatured Event of Default, Event of Default, Collateral Manager Termination Event or Deleveraging Event under this Agreement promptly upon a Responsible Officer of the Borrower obtaining actual knowledge of such event.

• Under no circumstances shall any Lender be required to make any Advance if after giving effect to such Advance and the addition to the Collateral Portfolio of the Eligible Loan Assets being acquired by the Borrower using the proceeds of such Advance (if any), (i) a Deleveraging Event or an Event of Default has occurred and is continuing, or would result therefrom, or an Unmatured Event of Default would result therefrom or (ii) the aggregate Advances Outstanding would exceed the Borrowing Base.

• The Collateral Manager will provide the Administrative Agent, each Group Agent and each Lender (with a copy to the Borrower and the Collateral Agent) with prompt (and in no event later than five Business Days) written notice of the occurrence of each Event of Default, Unmatured Event of Default, Collateral Manager Termination Event or Deleveraging Event of which a Responsible Officer of the Collateral Manager has actual knowledge.

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 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 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 (i) any Discounted Purchase of Discounted Purchased Loans, (ii) the termination of the CS Swap, and/or (iii) any repurchase, cancellation, retirement, repayment or other equivalent thereof or similar event of any Indebtedness of the Borrower or any of its Subsidiaries at a discount.

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;