Dominion Trigger Event definition

Dominion Trigger Event means either (a) the occurrence and continuance of any Event of Default or (b) the failure of the Borrowers to maintain Testing Excess Availability of at least the greater of (x) 10.0% of the Loan Cap and (y) $250,000,000, in each case, for five (5) consecutive Business Days. For purposes of this Agreement, the occurrence of a Dominion Trigger Event shall be deemed continuing (i) so long as such Event of Default is continuing and has not been waived and/or (ii) if the Dominion Trigger Event arises as a result of the Borrowers’ failure to achieve Testing Excess Availability as required hereunder, until the date Testing Excess Availability shall have been at least equal to the greater of (x) 10.0% of the Loan Cap and (y) $250,000,000, in each case, for thirty (30) consecutive days; provided a Dominion Trigger Event may be discontinued only once in any period of thirteen (13) consecutive four (4) week Accounting Periods notwithstanding that the Event of Default has been waived or is no longer continuing or that Testing Excess Availability shall have been not less than the amounts required above for thirty (30) consecutive days. The termination of a Dominion Trigger Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Dominion Trigger Event in the event that the conditions set forth in this definition again arise.

Dominion Trigger Event means any date on which Availability is less than 20% of the aggregate Revolving Commitment then in effect for any period of five consecutive Business Days ending on such date. A Dominion Trigger Event shall be deemed to have occurred and be continuing from the occurrence of such Dominion Trigger Event up to but not including the first date upon which a Dominion Release Event occurs following such Dominion Trigger Event.

Dominion Trigger Event means any of the following events: (a) the occurrence and continuance of a Specified Event of Default, (b) if no Loan or Letter of Credit (other than any Letter of Credit that has been Cash Collateralized) is outstanding, Liquidity is less than the greater of (x) 10.0% of the Loan Cap and (y) $30,000,000, or (c) if any Loan or Letter of Credit (other than any Letter of Credit that has been Cash Collateralized) is outstanding, Excess Availability is less than the greater of (x) 10.0% of the Loan Cap and (y) $30,000,000, in the case of each of clauses (a), (b) and (c), for five (5) consecutive Business Days. For purposes of this Agreement, the occurrence of a Dominion Trigger Event shall be deemed continuing (i) so long as such Event of Default is continuing and has not been cured or waived, (ii) if the Dominion Trigger Event arises as a result of clause (b) of the immediately preceding sentence, until the date Liquidity shall have been at least equal to the greater of (x) 10.0% of the Loan Cap and (y) $30,000,000, and/or (iii) if the Dominion Trigger Event arises as a result of clause (c) of the immediately preceding sentence, until the date Excess Availability shall have been at least equal to the greater of (x) 10.0% of the Loan Cap and (y) $30,000,000, in the case of each of clauses (i), (ii) and (iii), for thirty (30) consecutive days, in which case a Dominion Trigger Event shall no longer be deemed to be continuing for purposes of this Agreement. The termination of a Dominion Trigger Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Dominion Trigger Event in the event that the conditions set forth in this definition again arise.

Examples of Dominion Trigger Event in a sentence

• After the occurrence and during the continuance of a Cash Dominion Trigger Event, the Administrative Agent may (and, at the request of the Required Lenders, shall) deliver each such DDA Notification and Credit Card Notification to the applicable depository institution and credit card processor.

• The Loan Parties hereby acknowledge and agree that (i) the Loan Parties have no right of withdrawal from the Collection Account, (ii) the funds on deposit in the Collection Account shall at all times be collateral security for all of the Obligations and (iii) the funds on deposit in the Collection Account shall be applied pursuant to Section 8.03 on a daily basis after the occurrence and during the continuation of a Dominion Trigger Event.

• Each DDA Notification and Credit Card Notification shall be held by the Administrative Agent until the occurrence of a Cash Dominion Trigger Event.

• Except as provided in and subject to Section 5.6 (relating to the application of such amounts after the occurrence and during the continuance of a Cash Dominion Trigger Event and until such time as a Cash Dominion Trigger Event has not existed for 30 consecutive days), all amounts in the Dominion Accounts shall be transferred to such Deposit Account(s) as Borrower Agent or the applicable Obligor may request and designate from time to time.

• If any Obligor receives cash or Payment Items with respect to any Collateral (except as provided in Section 7.5.2(b)), it shall hold same in trust for Agent and promptly (not later than the next Business Day if a Cash Dominion Trigger Event then exists, or not later than the second Business Day after receipt if no Cash Dominion Trigger Event then exists) deposit same into a Dominion Account.

More Definitions of Dominion Trigger Event

Dominion Trigger Event shall have the meaning assigned to such term in the ABL Credit Agreement.

Dominion Trigger Event means any date on which Availability has been less than $50,000,000 for any period of five (5) consecutive Business Days ending on such date.

Dominion Trigger Event means, from time to time, the giving of written notice to the Borrower Representative by the Administrative Agent that a Dominion Trigger Event has occurred because Minimum Excess Liquidity has been less than $100,000,000 for five or more consecutive Business Days.

Dominion Trigger Event means any date on which Availability is less than 12.5% of the Total Revolving Commitment then in effect for any period of five consecutive Business Days ending on such date. A Dominion Trigger Event shall be deemed to have occurred and be continuing from the occurrence of such Dominion Trigger Event up to but not including the first date upon which a Dominion Release Event occurs following such Dominion Trigger Event.

Dominion Trigger Event means the determination by Bank that Borrower’s Quick Ratio is less than 1.25 to 1.00 as of the end of any month.

Dominion Trigger Event means an event defined as such in Section 10.15.

Dominion Trigger Event has the meaning assigned to such term in the Security Agreement.