Market Trigger Event definition
Market Trigger Event means, as at any date of determination, (i) any Event of Default has occurred and is continuing or (ii) LTV as of such date exceeds the Applicable LTV Trigger.
Market Trigger Event means any instance of the 20-day VWAP falling below the Floor on its principal Trading Market.
Market Trigger Event means, as of any date of determination, (i) an Event of Default has occurred and is continuing, (ii) an LTV Trigger Event has occurred and is continuing, (iii) the Debt Service Coverage Ratio (commencing with the period ending September 30, 2021) as of such date is (I) if on any date of determination during the calendar year 2024, less than 2.5:1.0 and (II) thereafter, less than 3.0:1.0, (iv) [reserved], (v) a Material Investment Event or a Material Modification has occurred and is continuing, (vi) the Eligible Portfolio Assets consist of less than six (6) separate General Partnership Investments or the aggregate Investment Value of all Eligible Portfolio Assets is less than $300,000,000, or (vii) the occurrence of a Ratings Event. For the avoidance of doubt, the occurrence of a Market Trigger Event under this Agreement shall not constitute an Event of Default. “Material Adverse Effect” means (a) a material adverse effect on the business, financial condition, operations, liabilities (actual or contingent) or performance of Holdings and the Loan Parties, taken as a whole, (b) a material adverse effect on the validity or enforceability of this Agreement or any other Transaction Document, (c) a material impairment of the rights and remedies of the Administrative Agent, the Servicer, any Lender or any other Secured Parties with respect to matters arising under this Agreement or any other Transaction Document, (d) a material adverse effect on the ability of Holdings and the Loan Parties, taken as a whole, to perform their respective obligations under this Agreement or any other Transaction Document or (e) a material adverse effect on the existence, perfection, priority or enforceability of the Administrative Agent’s or the other Secured Parties’ Lien on the Collateral Portfolio; provided that, in each case, there shall be no Material Adverse Effect to the extent such Material Adverse Effect arises from the action (or inaction) of the Administrative Agent, the Servicer, any Lender or any other Secured Party. “Material Investment Event” means, any of the following with respect to an Eligible Portfolio Asset that is an Equity Investment (a) a Bankruptcy Event, (b) a Partnership Default Trigger Event, (c) a complete write‐down or write‐off or any reduction in excess of 50% of the Investment Value of such Eligible Portfolio Asset by a Co‐Borrower and (d) the occurrence of any “change of control”, “key man event” (or such similar term or concept) under the Constituen...
Examples of Market Trigger Event in a sentence
The Borrower shall not make any Restricted Junior Payment, except as expressly permitted under Sections 2.08, and to the extent the Borrower is Solvent and no Market Trigger Event, Unmatured Event of Default or Event of Default exists or would result from making such payment.
The Borrower acknowledges that the reduction of the outstanding principal balance and Net Asset Value of a Loan Asset pursuant to this Section 5.01(f)(iv) may cause a Market Trigger Event and result in repayments of the Advances Outstanding as required by Section 2.08.
Any such Market Trigger Event shall be deemed to have been cured upon the occurrence of a Market Trigger Event Cure.
Notwithstanding anything herein to the contrary, (a) in each period of four (4) calendar quarters, there shall be at least two (2) calendar quarters as to which the Market Trigger Event Cure is not exercised, (b) the Market Trigger Event Cure shall not be exercised in more than two (2) consecutive calendar quarters, and (c) the Market Trigger Event Cure shall not be exercised more than five (5) times over of the life of this Agreement.
Unmatured Event of Default or Market Trigger Event exists or would result from the Transfer of such Portfolio Asset.
More Definitions of Market Trigger Event
Market Trigger Event means, as of any date of determination, either (a) the Portfolio LTV attributable to either Eligible Loan Assets or Eligible REO Assets (determined in the aggregate among such types) as of such date exceeds the Maximum LTV Percentage then applicable or (b) despite using its commercially reasonable efforts, the Borrower is unable to deliver either the preliminary feedback or the final rating levels described in Section 5.01(g) or to restore the rating from the NRSRO that previously rated the facility evidenced by this Agreement, in each case within the timeframes set forth in Section 5.01(g) therefora Rating Event has occurred and has not been cured by a Rating Event Cure within thirty (30) days. Once a Market Trigger Event has occurred, it is deemed to be continuing until (i) in the case of a Market Trigger Event specified in clause (a) above, the Portfolio LTV attributable to Eligible Loan Assets and Eligible REO Assets respectively, as of a date of determination occurring after such Market Trigger Event, (A) if such date is during the Availability Period, is less than or equal to 80%the Maximum LTV Percentage specified in clause (a) of the definition thereof for such date and (B) if such date is after the end of the Availability Period, is less than or equal to the Maximum LTV Percentage specified in clause (b) of the definition thereof for such date and (ii) in the case of a Market Trigger Event specified in clause (b) above, the Borrower has caused an NRSRO to provide an equivalent rating of BBB-, BBB(low) or Baa3 or higher on the credit facility evidenced by this Agreement (and has provided the Initial Lender with a copy of all rating letters issued to the Borrower in connection therewith).a Rating Event Cure has occurred.
Market Trigger Event means, as at any date of determination, any of the following events shall have occurred: (a) the LTV exceeds 65%, (b) at any time on or after the date which is 18 months after the Closing Date, there are fewer than 50 Distinct Obligors with respect to all Performing Loan Assets, (c) at any time on or after the date which is 18 months prior to the Stated Maturity Date, the aggregate outstanding principal amount of Advances advanced to the Borrower hereunder is greater than zero, or (d) a Rating Event has occurred and a Rating Event Cure has not occurred.
Market Trigger Event means, as of any date of determination, either (a) the Portfolio LTV as of such date exceeds the Maximum LTV Percentage then applicable or (b) despite using its commercially reasonable efforts, the Borrower is unable to deliver either the preliminary feedback or the final rating levels described in Section 5.01(g) or to restore the rating from the NRSRO that previously rated the facility
Market Trigger Event means, as of any date of determination, either (a) the Portfolio LTV as of such date exceeds the Maximum LTV Percentage then applicable or (b) despite using its commercially reasonable efforts, the Borrower is unable to deliver either the preliminary feedback or the final rating levels described in Section 5.01(g) or to restore the rating from the NRSRO that previously rated the facility evidenced by this Agreement, in each case within the timeframes set forth in Section 5.01(g) therefor. Once a Market Trigger Event has occurred, it is deemed to be continuing until (i) in the case of a Market Trigger Event specified in clause (a) above, the Portfolio LTV, as of a date of determination occurring after such Market Trigger Event, (A) if such date is during the Availability Period, is less than or equal to 80% and (B) if such date is after the end of the Availability Period, is less than or equal to the Maximum LTV Percentage for such date and (ii) in the case of a Market Trigger Event specified in clause (b) above, the Borrower has caused an NRSRO to provide an equivalent rating of BBB-, BBB(low) or Baa3 or higher on the credit facility evidenced by this Agreement (and has provided the Initial Lender with a copy of all rating letters issued to the Borrower in connection therewith).
Market Trigger Event means, as at any date of determination, (i) the LTV as of such date, exceeds the applicable “Maximum LTV” by 5% or more, (ii) a Rating Event has occurred and has not been cured by a Rating Event Cure within sixty (60) days, (iii) there are fewer than eight (8) Distinct Obligors for which no Underlying Obligor Default has occurred and is continuing as of such date, or (iv) at any time on or after the date which is eighteen (18) months prior to the Stated Maturity Date of the Delayed Draw Term Advances, the Delayed Draw Term Advances Outstanding is greater than zero.
Market Trigger Event means, as of any date of determination, either (a) the Portfolio LTV as of such date exceeds 60%, (b) subsequent to the Availability Period, there are Eligible Loan Assets (for which no Underlying Obligor Default has occurred and is continuing) in the Collateral Portfolio which, collectively, have fewer than ten (10) separate and distinct Obligors at such time, (c) such date is on or after the date occurring 18 months prior to the Scheduled Maturity Date or (d) a Ratings Event has occurred and is continuing as of such date. Once a Market Trigger Event has occurred, it is deemed to be continuing until (i) in the case of a Market Trigger Event specified in clause (a) above, the Portfolio LTV, as of a date of determination occurring after such Market Trigger Event, is less than or equal to 60%, (ii) in the case of a Market Trigger Event specified in clause (b) above, as of a date of determination occurring after such Market Trigger Event when there are Eligible Loan Assets (for which no Underlying Obligor Default has occurred and is continuing) in the Collateral Portfolio which, collectively, have ten (10) or more separate and distinct Obligors at such time and (iii) in the case of clause (d) above, upon the occurrence of a Ratings Event Cure. A Market Trigger Event specified in clause (c) above shall be incapable of being cured.
Market Trigger Event means, as at any date of determination, (i) any Event of Default has occurred and is continuing, (ii) LTV as of such date exceeds the Applicable LTV Trigger, (iii) the Borrower is unable to maintain an issuer rating or credit facility rating with respect to the credit facility evidenced by this Agreement at least equal to an investment grade rating (BBB- or higher, or the equivalent) for a period of ninety (90) days, or (iv) any Determination Date that occurs on or after twelve months prior to the Stated Maturity Date.