Springing Lien Trigger Event means the Public Debt Rating is (1) a rating of BB+ (or the equivalent) or lower by S&P and (2) a rating of Ba1 (or the equivalent) or lower by Xxxxx’x.
Springing Lien Trigger Event means the occurrence of either of the following at any time after the Restatement Effective Date: (i) Adjusted Consolidated Leverage Ratio as of the end of any fiscal quarter of the Company is greater than 2.00:1.00 as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(b) or (ii) a Specified Event of Default shall have occurred and be continuing.
Springing Lien Trigger Event means (a) an Event of Default has occurred and is continuing and has not been waived by the Holders of a majority in aggregate principal amount of the Notes then outstanding or cured, to the extent that the Event of Default may, by its terms, be cured, (b) Liquidity at any time is less than $25,000,000, provided that, in the event that any Notes are redeemed or repurchased by the Company prior to the Maturity Date, the threshold set forth in this clause (b) shall be reduced on a pro rata basis, (c) on each Trading Day for 180 consecutive Trading Days, the product of (i) the Last Reported Sale Price per share of Common Stock (or other successor common stock underlying the Notes) multiplied by (ii) the number of shares of Common Stock (or other successor common stock underlying the Notes) outstanding is less than $75,000,000.00, (d) either (i) the Company’s Common Stock (or other successor common stock underlying the Notes) have been delisted from trading on any of The New York Stock Exchange, The Nasdaq Global Market or The Nasdaq Global Select Market (or any of their respective successors) or (ii) the Company has received notice that its Common Stock (or other successor common stock underlying the Notes) will be delisted from trading on any of The New York Stock Exchange, The Nasdaq Global Market or The Nasdaq Global Select Market (or any of their respective successors) within 90 days of its receipt of such notice, (e) the Company has not filed any report that the Company is required to file with the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act within ninety (90) calendar days after the date that the Company is required to file the same (after giving effect to all applicable grace periods under the Exchange Act); and (f) consolidated stockholders’ equity of the Company and its Subsidiaries (excluding any accumulated other comprehensive income and loss and, without duplication, any non-cash effects resulting from the application of Accounting Standards Codification 715), at any time is less than $10,000,000 at any time that Liquidity at any time is less than $50,000,000.
Examples of Springing Lien Trigger Event in a sentence
Each Lender hereto agrees that upon the occurrence of the Springing Lien Trigger Event, the Administrative Agent is authorized to enter into the Security Documents and any related documents in such form as is acceptable to the Administrative Agent and no further consent of such Lender shall be required.
Notwithstanding anything herein to the contrary, if the Springing Lien Trigger Event shall not have occurred, this Section 5.11 shall automatically fall away and shall be of no further force and effect.
More Definitions of Springing Lien Trigger Event
Springing Lien Trigger Event means, any of the following has occurred: (a) for two consecutive determination dates, the Total Leverage Ratio (after giving effect to any cure activities taken as provided in Section 7.09) is greater than 4.25 to 1.00, or 4.75 to 1.00 during an Acquisition Period, (b) an Event of Default (other than an Excluded Default) has occurred and is continuing and has not been waived by the Required Lenders or cured, to the extent that the Event of Default may, by its terms, be cured; or (c) the Initial Debt Rating of each of S&P and Xxxxx’x is not an Investment Grade Rating.
Springing Lien Trigger Event means (a) an Event of Default has occurred and is continuing and has not been waived by the Holders of a majority in aggregate principal amount of the Notes then outstanding or cured, to the extent that the Event of Default may, by its terms, be cured, (b) Liquidity at any time is less than $25,000,000, provided that, in the event that any Notes are redeemed or repurchased by the Company prior to the Maturity Date, the threshold set forth in this clause (b) shall be reduced on a pro rata basis, (c) on each Trading Day for 180 consecutive Trading Days, the product of (i) the Last Reported Sale Price per Common Share (or other successor common stock underlying the Notes) multiplied by (ii) the number of Common Shares (or other successor common stock underlying the Notes) outstanding is less than $75,000,000.00, (d) either (i) the Company’s Common Shares (or other successor common stock underlying the Notes) have been delisted from trading on any of The New York Stock Exchange, The Nasdaq Global Market or The Nasdaq Global Select Market (or any of their respective successors) or (ii) the Company has received notice that its Common Shares (or other successor common stock underlying the Notes) will be delisted from trading on any of The New York Stock Exchange, The Nasdaq Global Market or The Nasdaq Global Select Market (or any of their respective successors) within 90 days of its receipt of such notice, (e) the Company has not filed any report that the Company is required to file with the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act within ninety (90) calendar days after the date that the Company is required to file the same (after giving effect to all applicable grace periods under the Exchange Act); or (f) consolidated stockholders’ equity of the Company and its Subsidiaries (excluding any accumulated other comprehensive income and loss and, without duplication, any non-cash effects resulting from the application of Accounting Standards Codification 715), at any time is less than $10,000,000 at any time that Liquidity at any time is less than $50,000,000. The Company shall notify the Holders, the Trustee, the Collateral Agent and the Conversion Agent in writing upon the occurrence of a Springing Lien Trigger Event.
Springing Lien Trigger Event means (a) an Event of Default has occurred and is continuing and has not been waived by the Holders of a majority in aggregate principal amount of the Notes then outstanding or cured, to the extent that the Event of Default may, by its terms, be cured, (b) Liquidity at any time is less than $25,000,000, provided that, in the event that any Notes are redeemed or repurchased by the Company prior to the Maturity Date, the threshold set forth in this clause (b) shall be reduced on a pro rata basis, (c) on each Trading Day for 180 consecutive Trading Days, the product of (i) the Last Reported Sale Price per share of Common Stock (or other successor common stock underlying the Notes) multiplied by (ii) the number of shares of Common Stock (or other successor common stock underlying the Notes) outstanding is less than
Springing Lien Trigger Event means, any of the following has occurred: (a)(i) the Debt Rating of ATI, as determined and announced by Standard & Poor’s, is BB+ or lower, and (ii) the Debt Rating of ATI, as determined an announced by Xxxxx’x, is Ba1 or lower, or (b) an Event of Default has occurred and is continuing and has not been waived by the Required Lenders or cured, to the extent that the Event of Default may, by its terms, be cured.
Springing Lien Trigger Event or, after the occurrence of any Springing Lien Trigger Event, without the consent of each Lender, release all or substantially all of the Collateral in any transaction or series of related transactions or, except as set forth in Section 9.12(a)(ii), subordinate any Lien on any of the Collateral;
Springing Lien Trigger Event means any date on which (1) the Rating from both S&P and Xxxxx’x is lower than BBB- or Baa3 and (2) the Rating from either S&P or Xxxxx’x is BB or Ba2 or lower.