Market Trigger definition
Examples of Market Trigger in a sentence
Following the occurrence and during the continuance of a Market Trigger Event, no Loan Party shall withdraw any amounts held in the Collection Account without the approval of the Administrative Agent (acting at the direction of the Majority Lenders).
During or after the Reinvestment Period, the Borrower (or the Portfolio Asset Servicer on its behalf) may transfer Principal Collections to the Unfunded Exposure Account or use Principal Collections to fund Delayed Draws, so long as no Event of Default or Market Trigger Event has occurred and is continuing, or would result from such transfer as demonstrated in a Borrowing Base Certificate delivered by the Borrower in connection therewith.
The Administrative Agent shall be deemed not to have knowledge of any Event of Default, Unmatured Event of Default, Market Trigger Event or Rating Event unless and until a Responsible Officer of the Administrative Agent receives a written notice from the Borrower, Holdings or a Lender describing such Event of Default, Unmatured Event of Default, Market Trigger Event or Rating Event and conspicuously marked as a notice of default or event of default.
The Borrower acknowledges that such reduction may cause a Market Trigger Event.
No Loan Party shall make (i) distributions of Portfolio Assets except as expressly contemplated under Section 2.11 so long as no Event of Default or other Market Trigger Event has occurred or (ii) any Restricted Junior Payment, except that a Loan Party may make Restricted Junior Payments so long as no Event of Default or other Market Trigger Event has occurred in accordance with Section 2.09, and both before and after giving effect thereto, the Loan Parties, taken as a whole, are Solvent.
Under no circumstances shall any Lender be required to make any Advance if after giving effect to such Advance and, if applicable, the addition to the Collateral Portfolio of the Eligible Loan Assets being Transferred to the Borrower (or a Subsidiary Guarantor) using the proceeds of such Advance, an Unmatured Event of Default, an Event of Default or Market Trigger Event has occurred and is continuing or would occur or result therefrom.
If the Availability Period has been suspended as provided in this Section 2.01, the Availability Period shall be reinstated once the Administrative Agent (acting at the written direction of the Majority Lenders), in its reasonable discretion, waives the Event of Default or Market Trigger Event which gave rise to such suspension in accordance with Section 11.01 or the Event of Default or a Market Trigger Event which gave rise to such suspension no longer exists.
The Corporation, at its option, may redeem the Series C Preferred Stock for cash equal to $25.00 per share plus accrued and unpaid dividends, if the Market Trigger has occurred in the period ending three days prior to the date of notice of redemption (unless previously converted at the option of the holder).
Under no circumstances shall any Lender be required to make any Advance if after giving effect to such Advance and, if applicable, the addition to the Collateral Portfolio of the Eligible Loan Assets being Transferred to the Borrower using the proceeds of such Advance, an Unmatured Event of Default, an Event of Default or Market Trigger Event has occurred and is continuing or would occur or result therefrom.
On or promptly after such Mandatory Redemption, the Issuer shall certify or cause to be certified to the Rating Agencies, the Note Administrator and the Trustee whether the Market Trigger has been cured or the Debt Protection Tests have been satisfied, as applicable.