Purchase Option Trigger Event definition

Purchase Option Trigger Event means (a) an Event of Default has occurred and is continuing or (b) the Obligations have been accelerated in accordance with Section 10.02.

Purchase Option Trigger Event means (i) any Priority Revolving Facility Trigger Event, (ii) any Event of Default under Section 8.01(2) with respect to Sections 6.01(1) or 6.01(2) or Article VII or (iii) the First Lien Net Leverage Ratio (which shall not, for the avoidance of doubt, give effect to any Cure Amount) as of the last day of the most recently ended Test Period as specified in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(1) exceeds 6.00:1.00.

Purchase Option Trigger Event means the occurrence of (i) any event permitting the Landlord to exercise the “Disposition Option” set forth in Section 9.2 of the Master Lease as in effect on the Closing Date or (ii) any Agent’s exercise of material remedies with respect to a Loan Event of Default.

Examples of Purchase Option Trigger Event in a sentence

• On one occasion exercised within 30 days of a Purchase Option Trigger Event, the Term Lenders shall have the option, but not the obligation, to (x) purchase from the Revolving Lenders all, but not less than all, of the Revolving Loans and other Revolving Credit Obligations owing to the Revolving Lenders and (y) assume all, but not less than all, of the then-existing Revolver Commitments.

• Upon the occurrence of a Purchase Option Trigger Event, all or a portion of the Term Loan Creditors, acting as a single group, shall have the option at any time upon five (5) Business Days’ prior written notice to the ABL Representative to purchase all of the ABL Obligations from the ABL Secured Parties (other than the exclusion, at the purchasers’ option, of the amount of ABL Obligations in excess of the ABL Loan Maximum Amount).

• If the Second Out Lenders fail to exercise the Purchase Option in respect of any Purchase Option Trigger Event within the required timeframe, the Priority Lenders shall have no further obligations pursuant to this Section 11.30 in respect of such Purchase Option Trigger Event and may take any further actions in respect of such Purchase Option Trigger Event in accordance with this Agreement and the other Loan Documents.

• If the Second Lien Claimholders fail to exercise the Purchase Option in respect of any Purchase Option Trigger Event within the required timeframe, the First Lien Claimholders shall have no further obligations pursuant to this Section 5.7 in respect of such Purchase Option Trigger Event and may take any further actions in their sole discretion in respect of such Purchase Option Trigger Event in accordance with the First Lien Loan Documents and this Agreement.

• Upon the Second Out Lenders (or any subset of them) exercising the Purchase Option in respect of any Purchase Option Trigger Event within the required timeframe, the parties hereto shall cooperate in good faith to promptly consummate the Priority Lien Purchase.

• If the Corporation expects that a Purchase Option Trigger Event will occur, then the Corporation shall, not less than ten (10) calendar days prior to the occurrence of the Purchase Option Trigger Event, give written notice (the "Purchase Option Notice") thereof to each holder of record of shares of Series B Preferred Stock.

• Upon the Second Lien Claimholders (or any subset of them) exercising the Purchase Option in respect of any Purchase Option Trigger Event within the required timeframe, the parties hereto shall cooperate in good faith to promptly consummate the First Lien Purchase.

More Definitions of Purchase Option Trigger Event

Purchase Option Trigger Event shall occur when (i) an Event of Default has occurred and is continuing, (ii) any Creditor has notified the Collateral Agent and each other Creditor of its desire to direct the Collateral Agent to take action hereunder, and (iii) within 60 days after the notice specified in clause (ii), the Required Creditors shall not have authorized the Collateral Agent to take such action and the Creditor giving such notice shall not have withdrawn such notice by notice given to the Collateral Agent and the other Creditors.

Purchase Option Trigger Event has the meaning set forth in Section 11.30(a).

Purchase Option Trigger Event has the meaning set forth in Section 5.7(a).

Purchase Option Trigger Event means (a) the termination of any of the DCRBN Member Site Lease, the DCRBN Member PPA, the DCRBN Member SFA or the Property Management Agreement or (b) the expiration of any of the DCRBN Member Site Lease, the DCRBN Member PPA, the DCRBN Member SFA or the Property Management Agreement.

Purchase Option Trigger Event means the occurrence of any of the following events: (a) an Event of Default under (and as defined in) the ABL Documents, if such Event of Default remains uncured or unwaived for at least thirty (30) consecutive days and the requisite ABL Creditors have not agreed to forbear from the exercise of remedies; (b) an Event of Default under (and as defined in) the Term Loan Documents resulting from the failure of any Loan Party to make any payment under the Term Loan Documents when due (whether at the maturity thereof, or upon demand therefor or upon acceleration of maturity or otherwise) and such Event of Default has not been waived, cured or remedied in accordance with the terms of the Term Loan Documents and has continued for a period thirty (30) consecutive days and the requisite Term Loan Creditors have not agreed to forbear from the exercise of remedies; (c) the commencement by any Secured Party of an Enforcement Action; or (d) the commencement of an Insolvency Proceeding by or against any Loan Party.