Dominion Event a period (a) commencing on the date on which either (x) a Specified Default has occurred and has been continuing or (y) the Specified Availability has been less than 10.0% of Availability at such time, in the case of each of (x) and (y) above for a period of five consecutive Business Days; provided that the Administrative Agent has notified the Borrower Representative thereof and (b) ending on the first date thereafter on which both (x) no Specified Default has existed or been continuing at any time and (y) the Specified Availability shall have been not less than 10.0% of Availability at any time, in each case for a period of 20 consecutive calendar days.
Dominion Event means, as of any date of determination, (a) an Event of Default has occurred and is continuing or (b) Excess Availability on any Business Day is less than the greater of (i) $35,000,000 and (ii) 10.0% of the Line Cap.
Dominion Event the determination by the Administrative Agent that the Available Loan Commitments on any day are less than the greater of (x) $34,350,000 and (y) 15% of Availability at such time; provided that the Administrative Agent has notified the Borrower Representative thereof; and provided, further, that if the occurrence of a Dominion Event shall be due solely to a fluctuation in currency exchange rates occurring within the two Business Day period immediately preceding such occurrence, and one or more of the Borrowers, within two Business Days following receipt of such notice from the Administrative Agent, repays Loans in an amount such that the Available Loan Commitments following such payment exceeds the greater of (x) $34,350,000 and (y) 15% of Availability at such time, a Dominion Event shall be deemed not to have occurred. The occurrence of a Dominion Event shall be deemed continuing notwithstanding that Available Loan Commitments may thereafter exceed the amount set forth in the preceding sentence unless and until for 30 consecutive days the Available Loan Commitments exceed the greater of (x) $34,350,000 and (y) 15% of Availability at such time, in which event a Dominion Event shall no longer be deemed to be continuing; provided that a Dominion Event may not be cured as contemplated by this sentence more than three times in any four fiscal quarter period.
Examples of Dominion Event in a sentence
Swingline Loans shall be made in minimum amounts of (x) at all times when a Dominion Event is not in existence, $100,000 and (y) at all other times, there will be no minimum amount.
Following the occurrence and during the continuance of a Cash Dominion Event, the Collateral Agent may use any convenient or customary means for the purpose of collecting such checks, drafts, money orders or other media of payment.
Whether or not a Default or Event of Default or a Cash Dominion Event exists, the Administrative Agent shall have the right at any time, in the name of the Administrative Agent, any designee of the Administrative Agent or any Loan Party, to verify the validity, amount or any other matter relating to any Accounts of the Loan Party by mail, telephone or otherwise.
Each Credit Party shall be subject to cash dominion at all times a Cash Dominion Event has occurred and is continuing.
After the occurrence of a Cash Dominion Event and during the continuance thereof, the Loan Parties will not settle any insurance claim with a value in excess of $3,000,000 without the consent of the Administrative Agent, which consent will not be unreasonably withheld or delayed.
More Definitions of Dominion Event
Dominion Event means the existence of any of the following situations: (i) Monthly Average Availability for any Fiscal Month is less than $20,000,000 or (ii) a Default or Event of Default has occurred and is continuing.
Dominion Event means, as of any date of determination, (a) an Event of Default has occurred and is continuing and Agent or the Required Lenders have elected, in their sole discretion, to commence a Dominion Period, (b) Excess Availability for a period of five (5) consecutive Business Days was less than 12.5% of the Maximum Revolving Advance Amount or (c) Excess Availability on any Business Day was less than 10% of the Maximum Revolving Advance Amount.
Dominion Event means a period either (a) commencing on the date that an Event of Default shall exist or have occurred and be continuing and Agent shall have given written notice thereof to the Administrative Borrower stating that a Dominion Event has occurred, and ending on the date that such Event of Default ceases to exist or be continuing or (b) commencing on the date that Excess Availability has been less than, at any time, the amount equal to the greater of (i) eighteen (18%) percent of the least of (A) the Maximum Credit or (B) the Borrowing Base or (C) the Revolving Loan Limit or (ii) $20,000,000 hereunder for more than three (3) consecutive Business Days or (c) commencing on the day after any date on which, as of the close of business, Excess Availability shall have been less than $15,000,000, and Agent shall have given written notice thereof to the Administrative Borrower stating that a Dominion Event has occurred, and ending on the date that Excess Availability has been greater than such amount for any thirty (30) consecutive day period thereafter; provided, that, a Dominion Event shall not be terminated less than ninety (90) days following the date which such Dominion Event would otherwise terminate in the case of the second (2nd) or any subsequent Dominion Event in any twelve (12) consecutive calendar month period.
Dominion Event means, as of any date of determination, (a) an Event of Default has occurred and is continuing or (b) Excess Availability is less than the lesser of (i) $9,375,000 and (ii) 12.5% of the Line Cap.
Dominion Event the determination by the either the Administrative Agent or the Co-Collateral Agent that Specified Availability on any three consecutive Business Days is less than $200,000,000; provided that the Administrative Agent or the Co-Collateral Agent has on the first such day that the Specified Availability is less than $200,000,000 notified the Parent Borrower, and provided further that if after such notice while Specified Availability remains below $200,000,000 any Borrower borrows any Loans, or has a Letter of Credit issued for its account, a Dominion Event shall begin immediately upon such Extension of Credit notwithstanding that three consecutive Business Days have not elapsed. The occurrence of a Dominion Event shall be deemed continuing notwithstanding that Specified Availability may thereafter exceed the amount set forth in the preceding sentence unless and until the Specified Availability exceeds $200,000,000 for 30 consecutive days, in which event a Dominion Event shall no longer be deemed to be continuing; provided that a Dominion Event may not be cured as contemplated by this sentence more than three times in any four fiscal quarter period.
Dominion Event the determination by the U.S. Administrative Agent that Available RCF Commitments on any day are less than $170,000,000; provided that the U.S. Administrative Agent has notified the Parent Borrower thereof; and provided, further, that if the occurrence of a Dominion Event shall be due solely to a fluctuation in currency exchange rates occurring within the two Business Day period immediately preceding such occurrence, and one or more of the Borrowers, within two Business Days following receipt of such notice from the U.S. Administrative Agent, repays Loans in an amount such that the Available RCF Commitments following such payment exceeds $170,000,000, a Dominion Event shall be deemed not to have occurred. The occurrence of a Dominion Event shall be deemed continuing notwithstanding that Available RCF Commitments may thereafter exceed the amount set forth in the preceding sentence unless and until the Available RCF Commitments exceed $185,000,000 for 30 consecutive days, in which event a Dominion Event shall no longer be deemed to be continuing; provided that a Dominion Event may not be cured as contemplated by this sentence more than two times in any four fiscal quarter period.
Dominion Event a period (a) commencing on the date on which either (x) a Specified Default has occurred and has been continuing or (y) the Specified Availability has been less than the greater of (i) 10.0% of Availability at such time and (ii) $12.5 million, in the case of each of (x) and (y) above for a period of five consecutive Business Days; provided that the Administrative Agent has notified the Borrower Representative thereof and (b) ending on the first date thereafter on which both (x) no Specified Default has existed or been continuing at any time and (y) the Specified Availability shall have been not less than the greater of (i) 10.0% of Availability at any time and (ii) $12.5 million, in each case for a period of 21 consecutive calendar days.