Risk Factor Rating Trigger Date definition

Risk Factor Rating Trigger Date means (a) with respect to any Loan that is not a Recurring Revenue Loan, (i) each one-year anniversary of the date of acquisition of such Loan, (ii) any time that the related Obligor’s ratio of Senior Total Funded Debt to TTM EBITDA increases by greater than 0.75x (based on the most recent financial statements and covenant compliance package delivered by the related Obligor) since the later of (x) the date of acquisition of such Loan or (y) the date that the Risk Factor Rating was last determined in accordance with clause (a)(ii) of this definition and (iii) any time that the related Obligor’s TTM EBITDA declines below $5,000,000 and (b) with respect to any Loan that is a Recurring Revenue Loan, (i) each one-year anniversary of the date of acquisition of such Loan, (ii) any time that the related Obligor’s TTM Recurring Revenue decreases by 20% or more since the later of (x) the date of acquisition of such Loan or (y) the date that the related Obligor’s TTM Recurring Revenue was last determined in accordance with clause (b)(ii) of this definition, or (iii) any time that the related Obligor’s ratio of Senior Total Funded Debt to enterprise value increases by 25% or more since the later of (x) the date of acquisition of such Loan or (y) the date that the related Obligor’s ratio of Senior Total Funded Debt to enterprise value was last determined in accordance with clause (b)(iii) of this definition. For purposes of clause (b)(iii) of this definition, enterprise value shall be determined in accordance with the definition of “Recurring Revenue Loan”.
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Related to Risk Factor Rating Trigger Date

  • S&P Rating means, at any time, the rating issued by S&P and then in effect with respect to the Borrower's senior unsecured long-term debt securities without third-party credit enhancement.

  • Ratings Event means (i) a downgrade by one or more gradations (including gradations within ratings categories as well as between rating categories) or withdrawal of the rating of the Notes within the Ratings Decline Period by one or more Rating Agencies (unless the applicable Rating Agency shall have put forth a written statement to the effect that such downgrade or withdrawal is not attributable in whole or in part to the applicable Change of Control) and (ii) the Notes do not have an Investment Grade Rating from any Rating Agency.

  • Initial Rating With respect to the Secured Notes, the rating or ratings, if any, indicated in Section 2.3.

  • Xxxxx’x Rating means, at any time, the rating issued by Xxxxx’x and then in effect with respect to the Borrower’s senior unsecured long-term debt securities without third-party credit enhancement.

  • Rating Date means the date which is 90 days prior to the earlier of (a) a Change of Control or (b) public notice of the occurrence of a Change of Control or of the intention by the Issuers to effect a Change of Control.