Springing Lien Event definition

Springing Lien Event shall be deemed to occur automatically in the event that You, without the prior written consent of Us, do not comply with the IP Restriction, Subsidiary Cash Cap or Receivables Restriction.

Springing Lien Event means the delivery of an Officer’s Compliance Certificate reflecting a Consolidated Total Leverage Ratio that equals or exceeds 4.25 to 1.00, or the deemed occurrence of a Springing Lien Event as provided in Section 10.1(m).

Springing Lien Event means the delivery of an Officer’s Compliance Certificate reflecting a Consolidated Total Leverage Ratio that equals or exceeds 4.00 to 1.00, or the deemed occurrence of a Springing Lien Event as provided in Section 10.1(m).

Examples of Springing Lien Event in a sentence

• For the avoidance of doubt, the Deposit shall not be released by the Custodian to PBGC until PBGC asserts that a Springing Lien Event has occurred.

• Borrower shall permit inspections of the Collateral (after the occurrence of a Springing Lien Event), reviews and field examinations of its records and its properties, at such times and in such manner as may be reasonably required by Lender (with such reasonable frequency and at such reasonable times as Lender may desire).

• From and after a Springing Lien Event: (i) all property policies shall have a lender’s loss payable endorsement showing Bank as an additional loss payee, (ii) all liability policies shall show, or have endorsements showing, Bank as an additional insured, and (iii) Bank shall be named as lender loss payee and/or additional insured with respect to any such insurance providing coverage in respect of any Collateral.

• Borrower shall at all times maintain, preserve and protect (a) all material property used or useful in the conduct of its business and (b) all Collateral (after the occurrence of a Springing Lien Event) used or useful in the conduct of its business, and keep the same in good repair, working order and condition, in each case, reasonable wear and tear excepted.

• For the avoidance of doubt, the Bank shall not be permitted to file any UCC financing statements describing the Springing Collateral until after the occurrence of a Springing Lien Event.

More Definitions of Springing Lien Event

Springing Lien Event shall have the meaning given to it in Section 6.01.

Springing Lien Event means either (a) that last day of any fiscal quarter on which the Consolidated Total Debt to EBITDA Ratio is greater than 1.50 to 1.00 as of the end of each fiscal quarter and calculated on a Consolidated basis for the four fiscal quarters most recently ended or (b) that day any proposed acquisition is consummated if the Pro Forma Projected Financial Information required to be delivered in connection with such acquisition states that the Consolidated Total Debt to EBITDA Ratio is projected to be greater than 1.50 to 1.00 as of the end of any prospective fiscal quarter.

Springing Lien Event means the event that the Leverage Ratio as at the last day of any fiscal quarter set forth below exceeds the ratio set forth below opposite such fiscal quarter: Fiscal Quarter Leverage Ratio 6/30/08 3.00:1.00 9/30/08 3.25:1.00 12/31/08 2.50:1.00 3/31/09 2.50:1.00 6/30/09 2.25:1.00 9/30/09 2.25:1.00

Springing Lien Event means the Authority shall fail to make two(2) consecutive payments of TIFIA Mandatory Debt Service in accordance with the provisions of Section 9 of the TIFIA Loan Agreement.

Springing Lien Event means the occurrence and continuance of any of the following: (a) Borrower fails or neglects to perform any obligation in Section 5.9, Section 6.6 or Section 7.12, (b) an Event of Default under Section 8.1 and Section 8.5, (c) or the representation made by Borrower in Section 5.11 is incorrect.

Springing Lien Event means the occurrence of any of the following: (i) after the one year anniversary of the date of this Agreement, the Common Stock shall not be listed on the Nasdaq National Market, the Nasdaq SmallCap Market or the New York Stock Exchange or trading in the Common Stock on such market or exchange shall have been suspended; or (ii) an Event of Default (as hereinafter defined).

Springing Lien Event means the repayment in full by Borrower of all indebtedness owed by Xxxxxxxx to the U.S. Small Business Administration (the “SBA”) pursuant to that certain Loan Authorization and Agreement, dated June 24, 2020, by and between Borrower and the SBA.