Lien Release Event has the meaning specified in Section 9.11(a)(i).
Lien Release Event means the occurrence of both of the following: (i) the Ratings with respect to the Company are BBB-/Baa3 (or the equivalent) with a stable outlook or better from two or more of S&P, Xxxxx’x and Fitch and (ii) all Advances under the Term Loan B Facility shall have been repaid in full and all Term Loan B Commitments shall have been terminated.
Lien Release Event means each occurrence, if any, at any time following the Second Amendment Restatement Date, of each of the following: (i) the Corporate Rating with respect to Holdings and the Subsidiaries on a consolidated basis shall be equal to (or better than) BBB-/Baa3 (or the equivalent) with a stable outlook or better from at least two of S&P, Xxxxx’x and Fitch, (ii) no B Term Loans or B Term [[NYCORP:3664832v12::08/15/2017--08:07 PM]] Loan Commitments shall be outstanding, (iii) no Default or Event of Default shall have occurred and be continuing and (iv) the Borrower shall have delivered to the Administrative Agent written notice confirming the foregoing requirements have been met and stating its intention that a Lien Suspension Period commence; provided, however, a Lien Release Event shall not occur unless, substantially simultaneously therewith, a “Lien Release Event” as defined in the Leidos Credit Agreement (or a comparable successor provision in the case of a refinancing or other replacement thereof) has occurred. For purposes of determining if a Lien Release Event has occurred, if any of Moody’s, S&P or Fitch shall not have in effect a Corporate Rating of Holdings and the Subsidiaries on a consolidated basis, then the Borrower and the Lenders shall negotiate in good faith to agree upon another rating agency to be substituted by an amendment to this Agreement for the rating agency which shall not have a Corporate Rating in effect, and pending the effectiveness of such amendment, the occurrence of a Lien Release Event shall be determined by reference to the two available Corporate Ratings. If the Corporate Rating established or deemed to have been established by Moody’s, S&P or Fitch shall be changed (other than as a result of a change in the rating system of Moody’s, S&P or Fitch), such change shall be effective as of the date on which it is first announced by the applicable rating agency. If the rating system of Moody’s, S&P or Fitch shall change, or if any such rating agency shall cease to be in the business of rating corporate debt obligations, the Borrower and the Lenders shall negotiate in good faith to amend the definition of “Lien Release Event” to reflect such changed rating system or the unavailability of ratings from such rating agency.
Examples of Lien Release Event in a sentence
Collateral and Guaranty Matters; Lien Release Event 130SECTION 8.11.
The second respondent stated that its role as an appeals body was to consider the matter in light of its remit pursuant to Rule 7.11(o) of the Official Guide (2015) Rule 7.11(o) has four elements.
Collateral and Guaranty Matters; Lien Release Event 115 SECTION 8.11.
More Definitions of Lien Release Event
Lien Release Event means each occurrence, if any, at any time following the First Amendment Restatement Date, of each of the following: (i) the Corporate Rating with respect to Holdings and the Subsidiaries on a consolidated basis shall be equal to (or better than) BBB-/Baa3 (or the equivalent) with a stable outlook or better from at least two of S&P, Moody’s and Fitch, (ii) no “B Term Loans” or “B Term Loan Commitments” (each as defined in the Spinco Credit Agreement) shall be outstanding under the Spinco Credit Agreement (or in the event of a refinancing or other replacement thereof, no loans or commitments equivalent to the foregoing shall be outstanding), (iii) no Default or Event of Default shall have occurred and be continuing and (iv) the Borrower shall have delivered to the Administrative Agent written notice confirming the foregoing requirements have been met and stating its intention that a Lien Suspension Period commence; provided, however, a Lien Release Event shall not occur unless, substantially simultaneously therewith, a “Lien Release Event” as defined in the Spinco Credit Agreement (or a comparable successor provision in the case of a refinancing or other replacement thereof) has occurred. For purposes of determining if a Lien Release Event has occurred, if any of Moody’s, S&P or Fitch shall not have in effect a Corporate Rating of Holdings and the Subsidiaries on a consolidated basis, then the Borrower and the Lenders shall negotiate in good faith to agree upon another rating agency to be substituted by an amendment to this Agreement for the rating agency which shall not have a Corporate Rating in effect, and pending the effectiveness of such amendment, the occurrence of a Lien Release Event shall be determined by reference to the two available Corporate Ratings. If the Corporate Rating established or deemed to have been established by Moody’s, S&P or Fitch shall be changed (other than as a result of a change in the rating system of Moody’s, S&P or Fitch), such change shall be effective as of the date on which it is first announced by the applicable rating agency. If the rating system of Moody’s, S&P or Fitch shall change, or if any such rating agency shall cease to be in the business of rating corporate debt obligations, the Borrower and the Lenders shall negotiate in good faith to amend the definition of “Lien Release Event” to reflect such changed rating system or the unavailability of ratings from such rating agency.
Lien Release Event means each occurrence, if any, at any time following the First Amendment Restatement Date, of each of the following: (i) the Corporate Rating with respect to Holdings and the Subsidiaries on a consolidated basis shall be equal to (or better than) BBB-/Baa3 (or the equivalent) with a stable outlook or better from at least two of S&P, Moody’s and Fitch, (ii) no “B Term Loans” or “B Term Loan Commitments” (each as defined in the Spinco Credit Agreement) shall be outstanding under the Spinco Credit Agreement (or in the event of a refinancing or other replacement thereof, no loans or commitments equivalent to the foregoing shall be outstanding), (iii) no Default or Event of Default shall have occurred and be continuing and (iv) the Borrower shall have delivered to the Administrative Agent written notice confirming the foregoing requirements have been met and stating its intention that a Lien Suspension Period commence; provided, however, a Lien Release Event shall not occur unless, substantially simultaneously therewith, a “Lien Release Event” as defined in the Spinco Credit Agreement (or a comparable successor provision in the case of a refinancing or other replacement thereof) has occurred.
Lien Release Event means each occurrence, if any, at any time following the Second Amendment Restatement Date, of each of the following: (i) the Corporate Rating with respect to Holdings and the Subsidiaries on a consolidated basis shall be equal to (or better than) BBB-/Baa3 (or the equivalent) with a stable outlook or better from at least two of S&P, Moody’s and Fitch, (ii) no B Term Loans or B Term
Lien Release Event has the meaning set forth in Section 2.17(a) hereof.
Lien Release Event has the meaning specified in Section 9.11(a)(i). “Liquidity” means unrestricted (as determined under GAAP), available cash and cash equivalents of the Borrower and its Subsidiaries (other than Insurance Companies), plus, if the conditions specified in Sections 4.02 have been satisfied, the amount by which the Aggregate Commitments exceed the Outstanding Amount. “Loan” has the meaning specified in Section 2.01.
Lien Release Event has the meaning assigned to such term in Article 8. Mar 12, 2024 7:55 PM EDT