Level 1 Trigger definition

Level 1 Trigger means the occurrence of one or more of the following:
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Level 1 Trigger. Means the occurrence and continuance of any one of the following events, unless any such particular occurrence is waived as a “Level 1 Trigger” in writing by the Control Party:
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Level 1 Trigger. Unless waived by the Administrative Agent (with the consent of the Required Lenders), a Level 1 Trigger shall occur hereunder with respect to any Securitizatxxx Xxxxxxxx (x) xxxx xxxxxct to any Securitization Facility that provides that the amount required to be on deposit in the reserve account or the spread account for such Securitization Facility (the "Required Spread Account Amount" or such other similar term as defined in the related Securitization Facility Documents) shall be increased upon the occurrence (or nonoccurrence) of certain events specified therein, if the Required Spread Account Amount for such Securitization Facility is increased to a higher level than that required on the closing date of the related Securitization Facility; provided, however, that any such Level 1 Trigger shall be deemed cured hereunder if the Required Xxxxxx Xxxxxxx Xxxxxx xxxer such Securitization Facility shall (other than as a result of a waiver or amendment to such Securitization Facility) revert back to the level required on the closing date of such Securitization Facility and (ii) with respect to any Securitization Facility that does not provide for an increase in the Required Spread Account Amount upon the occurrence (or nonoccurrence) of certain events, then a Level 1 trigger shall be deemed to have occurred hereunder for xxx xxxxxxx Xxxxxxxxxxxxxx Facility, if the Cumulative Net Loss Percentage for such Securitization Facility shall exceed the following percentages on or after the relevant dates set forth below: Payment Dates Since Cumulative Closing Date Net Loss Percentage ------------------- ------------------- 6 0.60% 12 1.75% 18 2.75% 24 3.60% 30 4.20% 36 4.85% 42 5.25% 48 5.50% 49 and thereafter 5.75% ; it being understood that the occurrence of a Level 1 Trigger pursuant to clause (ii) of this definition shall deemed to have been cured for any Securitization Facility if the Cumulative Net Loss Percentage for such Securitization Facility is lower than the percentage specified in the preceding table for any three (3) consecutive calendar months following the occurrence of such a Level 1 Trigger.
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Examples of Level 1 Trigger in a sentence

  • PRA Concentration Limit (not to exceed 75%) Actual PRA Concentration Limit: __________ Level 1 Trigger: YesNo Change in Control (Parent shall cease to Control Debtor or neither Xxxxxxx Xxxxxx nor Xxx Xxxxxxxx shall participate in the active management of Debtor’s day to day operations unless consented to by Lender) Level 1 Trigger: YesNo EXECUTED as of the date first written above.

  • Notwithstanding anything in this Agreement to the contrary: (i) Lender shall not be required to permit advances from and after MARCH 1, 2020; and (ii) in the event of the occurrence and continuation of a Level 1 Trigger, the Advance Rate then in effect shall be reduced by an additional TEN PERCENT (10.00%).

  • Notwithstanding anything in this Agreement to the contrary: (i) Lender shall not be required to permit advances from and after SEPTEMBER 30, 2018; and (ii) in the event of the occurrence and continuation of a Level 1 Trigger, the Advance Rate then in effect shall be reduced by an additional [***].

  • From the Effective Date through the Maturity Date, subject to the terms and conditions set forth herein, the Advance Rate shall be, with respect to all Eligible Receivables, EIGHTY PERCENT (80.00%) Notwithstanding anything in this Agreement to the contrary: (i) Lender shall not be required to permit advances from and after MARCH 1, 2021; and (ii) in the event of the occurrence and continuation of a Level 1 Trigger, the Advance Rate then in effect shall be reduced by TEN PERCENT (10.00%).

  • Notwithstanding anything in this Agreement to the contrary: (i) Lender shall not be required to permit advances from and after MARCH 1, 2019; and (ii) in the event of the occurrence and continuation of a Level 1 Trigger, the Advance Rate then in effect shall be reduced by TEN PERCENT (10.00%).

  • No PRA Concentration Limit (not to exceed 75%) Actual PRA Concentration Limit: __________ Level 1 Trigger: Yes No Change in Control (Parent shall cease to Control Debtor or neither Xxxxxxx Xxxxxx nor Xxx Xxxxxxxx shall participate in the active management of Debtor’s day to day operations unless consented to by Lender) Level 1 Trigger: Yes No EXECUTED as of the date first written above.

  • Lender shall have no obligation to make any advance (i) if a Material Adverse Effect shall have occurred; (ii) unless no Default or Event of Default shall be then existing; or (iv) if a Level 1 Trigger nor Consumer Loan Value Deficiency shall have occurred and be continuing either immediately before, or would occur immediately after, giving effect to the advance.

  • Notwithstanding anything in this Agreement to the contrary in the event of the occurrence and continuation of a Level 1 Trigger, the Advance Rate then in effect shall be reduced by TEN PERCENT (10.00%).

Related to Level 1 Trigger

  • Moody’s First Trigger Ratings Threshold means, with respect to Party A, the guarantor under an Eligible Guarantee or an Eligible Replacement, (i) if such entity has a short-term unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s of “A2” and a short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-1”, or (ii) if such entity does not have a short-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s of “A1”.

  • Moody’s Second Trigger Ratings Threshold means, with respect to Party A, the guarantor under an Eligible Guarantee or an Eligible Replacement, (i) if such entity has a short-term unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s of “A3” and a short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-2”, or (ii) if such entity does not have a short-term unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s of “A3”.

  • Covenant Trigger Event shall occur at any time that Availability is less than the greater of (a) $12.5 million and (b) 10% of the Line Cap then in effect. Once commenced, a Covenant Trigger Event shall be deemed to be continuing until such time as Availability equals or exceeds the greater of (i) $12.5 million and (ii) 10% of the Line Cap then in effect for 30 consecutive days.

  • ii) Trigger Date shall have the meaning set forth in Section 11(a)(iii) hereof.

  • Swap Provider Trigger Event A Swap Termination Payment that is triggered upon: (i) an Event of Default under the Interest Rate Swap Agreement with respect to which the Swap Provider is a Defaulting Party (as defined in the Interest Rate Swap Agreement), (ii) a Termination Event under the Interest Rate Swap Agreement with respect to which the Swap Provider is the sole Affected Party (as defined in the Interest Rate Swap Agreement) or (iii) an Additional Termination Event under the Interest Rate Swap Agreement with respect to which the Swap Provider is the sole Affected Party.

  • Sequential Trigger Event With respect to any Distribution Date, a Sequential Trigger Event is in effect if (a) with respect to any Distribution Date occurring before July 2009, the circumstances in which the aggregate amount of Realized Losses incurred since the Cut-off Date through the last day of the related Prepayment Period divided by the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date exceeds 0.20% and (b) with respect to any Distribution Date occurring in or after July 2009, a Trigger Event is in effect.

  • Trigger Level means with respect to an Index, the level specified as such in Annex 1 with respect to such Index

  • Derivative Provider Trigger Event means (i) an Event of Default with respect to which Party A is a Defaulting Party, (ii) a Termination Event with respect to which Party A is the sole Affected Party or (iii) an Additional Termination Event with respect to which Party A is the sole Affected Party.

  • Ratings Decline Period means the period that (i) begins on the earlier of (a) the date of the first public announcement of the occurrence of a Change of Control and (b) the occurrence of a Change of Control and (ii) ends 90 days following consummation of such Change of Control; provided that such period shall be extended for so long as the rating of the Notes, as noted by the applicable Rating Agency, is under publicly announced consideration for downgrade by the applicable Rating Agency.

  • S&P Approved Ratings Threshold means, with respect to Party A, the guarantor under an Eligible Guarantee or an Eligible Replacement, a short-term unsecured and unsubordinated debt rating from S&P of “A-1”, or, if such entity does not have a short-term unsecured and unsubordinated debt rating from S&P, a long-term unsecured and unsubordinated debt rating or counterparty rating from S&P of “A+”.

  • Covenant Trigger Period means the period (a) commencing on the date that (i) an Event of Default occurs or (ii) Availability is less than the greater of (x) 10% of Available Credit and (y) $50,000,000 and (b) continuing until there has been a period of 30 consecutive days thereafter during which at all times (i) no Event of Default exists and (ii) Availability shall have been not less than the greater of (x) 10% of Available Credit and (y) $50,000,000.

  • Approved Ratings Threshold means each of the S&P Approved Ratings Threshold and the Moody’s First Trigger Ratings Threshold.

  • Delinquency Trigger Event means, for any Collection Period, the aggregate Principal Balance of Delinquent Receivables that have been Delinquent Receivables for 61 days or more as a percentage of the Pool Balance as of the last day of the Collection Period exceeding or being equal to 6.62%.

  • S&P Required Ratings Threshold means, with respect to Party A, the guarantor under an Eligible Guarantee or an Eligible Replacement, a long-term unsecured and unsubordinated debt rating from S&P of “BBB+”.

  • Required Ratings Threshold means each of the S&P Required Ratings Threshold and the Moody’s Second Trigger Ratings Threshold.

  • Required Ratings Downgrade Event means that no Relevant Entity has credit ratings at least equal to the Required Ratings Threshold.

  • Flip-In Trigger Date shall have the meaning set forth in Section 11(a)(iii) hereof.

  • Ratings Decline means a decrease in the rating of the Notes by both Xxxxx’x and S&P by one or more gradations (including gradations within Rating Categories as well as between Rating Categories). In determining whether the rating of the Notes has decreased by one or more gradations, gradations within Ratings Categories, namely + or - for S&P, and 1, 2, and 3 for Xxxxx’x, will be taken into account; for example, in the case of S&P, a ratings decline either from BB+ to BB or BB to BB- will constitute a decrease of one gradation.

  • Initial Triggering Event means any of the following events or transactions occurring after the date hereof:

  • Mandatory Trigger Provision means, as to any Qualifying Capital Securities, provisions in the terms thereof or of the related transaction agreements that:

  • Delinquency Trigger means, for any Payment Date and the related Collection Period, 24.00%.