Mandatory Payment Event definition

Mandatory Payment Event means that:

Mandatory Payment Event means any one or more of the following events:

Mandatory Payment Event means the occurrence of any of the following events or circumstances:

Examples of Mandatory Payment Event in a sentence

• Upon the occurrence of a Mandatory Payment Event or a Mandatory Partial Payment Event, all Deferred Interest Payments will become mandatorily due and payable in full on the date of either such event, notwithstanding any further Deferral Notice or an occurrence or continuance of a Required Deferral Condition.

• Upon the occurrence of any Mandatory Payment Event, the Issuer will, subject to the provisions of Clause 19, immediately prepay to the Noteholders all the outstanding principal and all interest and all other amounts payable under the Notes.

• The Company shall give a Deferral Notice in the case of a Required Deferral Condition and may give a Deferral Notice, in its sole discretion and for any reason, in the case of an Optionally Deferred Payment, except that any such Deferral Notice as to a payment required to be paid pursuant to a Mandatory Payment Event or Mandatory Partial Payment Event pursuant to Section 2.5(a) below shall have no force or effect.

• Subject to the existence of a Required Deferral Condition, the Company agrees that it will not defer any payment required to be paid as a result of a Mandatory Payment Event or Mandatory Partial Payment Event (as contemplated by Section 2.5(a) only) on the Capital Securities.

• The Issuer has agreed that if it defers a payment for any reason as described above then, while any payment is so deferred, it will not recommend to its shareholder(s) and, to the fullest extent permitted by applicable law, will otherwise act to prevent, any action that would constitute a Mandatory Payment Event or Mandatory Partial Payment Event.

• Upon the occurrence of a Mandatory Payment Event or a Mandatory Partial Payment Event, no Deferred Interest Payments or Additional Interest in respect thereof will become mandatorily due and payable in full on the date of either such event or any succeeding Interest Payment Date.

• Except in a Winding Up, all payments, other than certain payments required to be made pursuant to any Mandatory Payment Event, or Mandatory Partial Payment Event on the Securities, will be conditional upon no Required Deferral Condition existing at the time of payment.

• The Bank may pay any Deferred Coupons to holders of the Securities at any time, provided, however, that upon the occurrence of a Mandatory Payment Event at any time after Coupons have been deferred, all Deferred Coupons shall become due and payable as provided in Condition 4.3. The Bank may satisfy its obligations to pay any Deferred Coupons only in accordance with the Alternative Coupon Satisfaction Mechanism.

• The Company shall promptly notify the Trustee of the occurrence of any Mandatory Payment Event or Mandatory Partial Payment Event.

• The Issuer agrees that, beginning on the day the Issuer gives a Deferral Notice until all Deferred Coupon Payments are paid or satisfied in full, the Issuer will not recommend to its shareholders, and to the fullest extent permitted by applicable law will otherwise act to prevent, any action which would constitute a Mandatory Payment Event or a Mandatory Partial Payment Event.

More Definitions of Mandatory Payment Event

Mandatory Payment Event means the occurrence of any of the following:

Mandatory Payment Event has the meaning specified in Section 2.5(b).

Mandatory Payment Event means (a) prior to the occurrence of a Regulatory Notification, the occurrence of any of the following:

Mandatory Payment Event any of the following: (i) any sale, transfer, monetization, financing or other disposition of any of the Capital Stock in, or all or substantially all of the assets of: (A) Donlen; (B) HVF LLC; (C) HVF II; (D) HFLF; (E) DNRS II LLC; (F) Donlen Trust; (G) Hertz Fleet Lease Funding Corp.; or (H) Donlen Fleet Lease Funding LLC; (ii) interest and principal payments, refinancing proceeds or other distributions from, or monetization of, any Class RR Note issued by HVF II or HFLF; (iii) interest and principal payments, refinancing proceeds or other distributions from, or monetization of, from the limited partnership interests in HFLF issued by HFLF to Donlen in connection with the Series 2017-1 Notes, the Series 2018-1 Notes and the Series 2019-1 Notes; or (iv) one or more Asset Dispositions of DIP Collateral (other than DIP Collateral described in the foregoing clauses (i) through (iii)) to the extent that the Net Cash Proceeds of such Asset Dispositions exceed, the aggregate: (A) with respect to DIP Collateral that is Prepetition Collateral, $50,000,000; and (B) with respect to DIP Collateral that is not Prepetition Collateral, $50,000,000. For the avoidance of doubt (and notwithstanding anything to the contrary contained herein), none of the following shall constitute a Mandatory Payment Event: (i) recoupments from retail sales; (ii) transfers of Vehicles into or out of any financing; (iii) the sale of receivables for any securitization facility; and (iv) proceeds from casualty or condemnation events. “Mandatory Payments Notice”: as defined in Section 7.8(a). “Mandatory Payments Objection Period”: as defined in Section 7.8(a). “Material Adverse Effect”: a material adverse effect on (a) the business, operations or financial condition of the Borrower and its Subsidiaries taken as a whole (other than in connection with the events leading up to and following the commencement of a proceeding under Chapter 11 of the Bankruptcy Code and the commencement and continuation of the Chapter 11 Cases) or (b) the validity or enforceability as to the Loan Parties (taken as a whole) thereto of this Agreement and the other Loan Documents taken as a whole or the rights or remedies of the Administrative Agent and the Lenders under the Loan Documents taken as a whole. “Maturity Date”: earliest to occur of: (a) December 31, 2021, (b) the effective date of a Chapter 11 Plan confirmed pursuant to an order entered by the Bankruptcy Court; (c) the

Mandatory Payment Event means any event that results in the Borrower having to pay any borrowings (including the Loans) or reduce any commitments (including the Commitments) using Net Equity Proceeds, Net Debt Proceeds or Net Disposition Proceeds.