Springing Event definition

Springing Event shall have the meaning set forth in Section 3.1.24(v).

Springing Event means that as of the last day of any fiscal quarter of Parent, Parent and its consolidated subsidiaries have less than $70,000,000 of cash and cash equivalents (including, without limitation, Permitted Investments described in clauses (b) – (f) of Section 5.6) as listed on Parent’s balance sheet as included within Parent’s 10-Q (or, in the case of the last fiscal quarter of any fiscal year of Parent, Parent’s 10-K) as filed with the Securities and Exchange Commission;

Springing Event means, subject to the Intercreditor and Subordination Agreement, the creation of a second priority perfected Lien on the Collateral, as provided in the Security Documents, to secure the obligations of the Company under the Notes and the Indenture and of each Guarantor under any Note Guarantee and the Indenture.

Examples of Springing Event in a sentence

• For the avoidance of doubt, if any amount becomes due in connection with any acceleration of Notes pursuant to Section 6.02 or repayment or prepayment of Notes after the occurrence of a Springing Event, the Springing Lien Amount shall be increased to include the Make-Whole Amount and the Company shall take, or cause to be taken, all appropriate actions required pursuant to Section 4.09.

• The Springing Event Notice shall (i) provide reasonable background on the facts and circumstances of the Specified Litigation Event, (ii) inform the Holders that the Springing Event has occurred and (iii) request that each of the Holders notify the Company of the number of shares of Common Stock held by such Holders or their Affiliates.

• Within five Business Days of the Springing Event, the Company shall, or cause the Trustee (upon written request to the Trustee made at least two Business Days (unless a shorter period shall be agreed to by the Trustee) prior to the date on which notice is to be delivered) to, deliver a written notice (the “Springing Event Notice”) of the Springing Event to all Holders of outstanding Notes.

• The parties to this Agreement agree that upon the occurrence of the Springing Event, the Collateral Trustee shall enter into an amendment to this Agreement in substantially the form of Exhibit D among the Collateral Trustee, the Company, the Trustee and the Guarantors to amend the Trust Estate described in Section 2.1 of this Agreement.

• Furthermore, the parties to this Agreement agree that the Collateral Trustee shall enter into any other amendments that are necessary to reflect the occurrence of the Springing Event in accordance with the terms of the Indenture and the Notes Security Documents.

More Definitions of Springing Event

Springing Event means, in a class action lawsuit against Reorganized XxxxXxxxx that is not initiated by any Holders (or such Holders’ affiliates) of New Convertible Debt and that is reasonably expected to result in a material adverse effect on the business of Reorganized XxxxXxxxx, either (i) the entry of an order by a court of competent jurisdiction denying summary judgment to Reorganized XxxxXxxxx (and/or its reorganized Debtor affiliates) or (ii) the expiration of the time period in which Reorganized XxxxXxxxx (and/or its reorganized Debtor affiliates) may move for summary judgment Covenants None Issuer Reorganized XxxxXxxxx New Equity Parties Until the earlier of (x) 30 days following the entry of the Disclosure Statement Order, (y) 15 days before the date of the confirmation hearing set forth in the Disclosure Statement Order, or (z) 90 days after the Petition Date, Consenting Creditors shall have the exclusive right to participate as the New Equity Parties Thereafter, the Debtors shall have the right to sell or offer to other parties any Rights Offering Equity that is not already allocated; provided that such New Equity Parties are subject to the consent of the Required Consenting Creditors, such consent not to be unreasonably withheld Amount The sale or rights offering for up to $150 million in New Common Stock at a valuation of the lesser of (a) $1.215 billion or (b) 90% of the equity value under the Plan as set forth in the Disclosure Statement by no later than 30 days after the Petition Date, plus the amount of the rights offering subscriptions, that the Debtors may implement in their discretion, subject to dilution by the Employee Incentive Plan and protected from dilution by the Conversion Equity and the Warrants (the “Rights Offering Equity”)

Springing Event means that as of the last day of any fiscal quarter of Parent, Parent and its consolidated subsidiaries have less than $100,000,000 of cash and cash equivalents (including, without limitation, Permitted Investments described in clauses(b) – (g) of Section5.6) as listed on Parent’s balance sheet as included within Parent’s 10-Q (or in the case of the last fiscal quarter of any fiscal year of Parent, Parent’s 10-K) as filed with the Securities and Exchange Commission;

Springing Event means that as of the last day of any fiscal quarter of Parent, Parent and its consolidated subsidiaries have less than

Springing Event set forth in Section 5.2 is hereby amended and restated in its entirety to read as following: “‘Springing Event’ means that as of the last day of any fiscal quarter of Parent, Parent and its consolidated subsidiaries have less than $70,000,000 of cash and cash equivalents (including, without limitation, Permitted Investments described in clauses (b) – (g) of Section 5.6) as listed on Parent’s balance sheet as included within Parent’s 10-Q (or in the case of the last fiscal quarter of any fiscal year of Parent, Parent’s 10-K) as filed with the Securities and Exchange Commission;”

Springing Event. The earlier of (a) the occurrence of a Trigger Event set forth in clauses (a)(i)(A)(4) or (c) of the definition thereof and (b) the date on which the Agent transmits a Trigger Event Notice.

Springing Event means (a) the Borrowers have Undrawn Availability at any time of less than an amount equal to 15% of the lesser of (i) Maximum Loan Amount and (ii) the Borrowing Base (an “Excess Availability Trigger”) or (b) an Event of Default has occurred; provided, however, that a Springing Event shall cease to exist (i) if such Springing Event occurred due to the occurrence of the Excess Availability Trigger, when Borrowers’ Undrawn Availability is equal to or greater than 15% of the lesser of (x) the Maximum Loan Amount and (y) the Formula Amount, for 45 consecutive days or (ii) if such Springing Event occurred due to the occurrence of an Event of Default, upon such Event of Default being waived in writing by the Agent and such Lenders required to waive such Event of Default.

Springing Event means, subject to the Intercreditor and Subordination Agreement, the requirement pursuant to Section 4.08 and Section 4.09 to create perfected Liens on the Collateral pursuant to the Security Documents, which secure the obligations of the Company under the Notes and the Indenture and of each Guarantor under any Note Guarantee and the Indenture.