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

• If the compounded leveraged quarterly return of the Index (or the unleveraged return of the Index, following a Permanent Deleveraging Event) is insufficient to offset the negative effect of the Accrued Fees, you may lose all or a substantial portion of your investment at maturity.

• 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.

• A Permanent Deleveraging Event is expected to occuronly in the narrow window of time between the occurrence of a Loss Rebalancing Event and completion of the leveragereset to 1.5 at the end of the Loss Rebalancing ValuationDate.

• Borrower shall make each payment hereunder not later than 4:00 p.m. on the day when due (subject to Section 2.06(b), (c) and (d) with respect to any payments made to cure a Collateral Shortfall or made with respect to a Mandatory Prepayment Event or Deleveraging Event, as applicable) in Dollars to Administrative Agent in immediately available funds.

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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 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 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 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 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 (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;