Examples of Springing Lien Trigger Event in a sentence
Except for filings to be completed upon the occurrence of any Springing Lien Trigger Event in accordance with Section 6.12 or 6.14 and in accordance with the Collateral Documents, no filing or other action will be necessary to perfect or protect such Liens.
Commencing on the date ten (10) Business Days after the occurrence of a Springing Lien Trigger Event in the case of (i) (A) each headquarters location of the Loan Parties and each other location where any significant administrative or governmental functions are performed and each other location where the Loan Parties maintain any books or records (electronic or otherwise) and (B) the Loan Parties’ facility at 0000 X.
Notwithstanding anything herein to the contrary, if the Springing Lien Trigger Event shall not have occurred prior to the end of the Covenant Relief Period, this Section 5.10 shall automatically fall away and shall be of no further force and effect (including, for the avoidance of doubt, upon a subsequent decline in the Public Debt Rating such that the conditions set forth in the definition of “Guarantee Release Date” hereunder are no longer satisfied).
If a Springing Lien Trigger Event occurs and such security interest is deemed to have been granted as set forth above, the security interest shall remain in effect until a Collateral Release Date shall have occurred; provided that if any subsequent Springing Lien Trigger Event shall occur, the Grantors shall be deemed to have again granted the security interest to the Administrative Agent and the Lenders, as set forth above and in Section 7.1.10 [Springing Lien] of the Credit Agreement.
Barclays is hereby appointed as the Administrative Agent and, from and after the occurrence of a Springing Lien Trigger Event, Collateral Agent (in such capacity, the “Collateral Agent”) hereunder and under the other Loan Documents and each Lender hereby authorizes Barclays to act as the Administrative Agent and Collateral Agent in accordance with the terms hereof and the other Loan Documents.