Trigger Default definition

Trigger Default means (a) an Event of Default under Section 7.1 (Debt to Capital Ratio), Section 7.2 (Borrower Net Worth), Section 8.1(a) (Non-Payment of Loan) or Section 8.1(b) (Non-Payment of Interest, Fees, etc.) or (b) a Default or Event of Default under Section 8.1(e) (Bankruptcy, Insolvency, etc.).
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Trigger Default means (a) an Event of Default under Section 7.1 (Debt to Capital Ratio), Section 7.2 (Borrower Net Worth/Renaissance Re Net Worth), Section 8.1(a) (Non-Payment of Loan) or Section 8.1(b) (Non-Payment of Interest, Fees, etc.) or (b) a Default or Event of Default under Section 8.1(e) (Bankruptcy, Insolvency, etc.).
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Trigger Default means the failure of Hecla Mining to pay any component of any of the Senior Liabilities as and when due and payable, whether at a stated maturity or as a result of acceleration or otherwise.
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Examples of Trigger Default in a sentence

  • No Loans may be requested as, converted to or continued as Eurodollar Rate Loans after acceleration or, without the consent of the Required Lenders, during the existence of a Trigger Default.

  • During the NIR 15 Day Right to Cure period, the Companies and/or NIR shall have the right to cure such payment default, and if such default is cured no Trigger Default shall be deemed to have occurred.

  • However, upon the occurrence of a CM Trigger Default or CCP Default, the revised Paragraph 6 of the Transfer Annex refers to Section 8(b)(ii)(3)(C) or 8(c)(iii)(3) of the Addendum for determining the (Cleared Set) Termination Amount and, in particular, including the value of the relevant Collateral when calculating such Termination Amount (by way of close-out netting).

  • BORROWINGS (continued) The following table summarises the Ivy Holdco’s Group’s financial covenants as at 31 December 2021 under the CTA, and lists the trigger and default levels: Covenant31 December2021 Trigger Default Minimum interest cover ratio (“Senior ICR”) (1.49) < 1.50 < 1.10Maximum net indebtedness to the total regulatory asset base (“Senior RAR”) 0.81 > 0.70 > 0.85 14.

  • Should a Trigger Default Occur, which is not cured as provided below, the security interests and liens of the Individual Defendants shall have priority for distribution purposes as provided in the Intercreditor Agreement.

  • If the Trigger Default is not cured within fifteen (15) days after receipt by NIR of the Trigger Notice (the “NIR 15 Day Right to Cure”), the Companies must sell their assets in a commercially reasonable manner for fair value, and the parties’ rights with respect to the proceeds received from the sale of the Companies’ assets shall be governed by the Intercreditor Agreement.


More Definitions of Trigger Default

Trigger Default means (i) the failure of the Company or any subsidiary of the Company to pay any component of any Senior Liability when due and payable, whether at a date for the payment of a fixed installment or as a contingent or other payment becomes due and payable or as a result of acceleration or otherwise, or (ii) the failure of the Company or any subsidiary of the Company to duly observe, perform or comply with the terms and provisions of Sections 7.1, 7.11, 7.12, or 7.13 of the Senior Credit Agreement.
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Related to Trigger Default

  • Triggering Event of Default means (i) any Event of Default with respect to an obligation of the Mortgage Loan Borrower to pay money due under the Mortgage Loan or (ii) any non-monetary Event of Default as a result of which the Mortgage Loan becomes a Specially Serviced Mortgage Loan (which, for clarification, shall not include any imminent Event of Default (i.e., subclause (vii) of the definition of Special Servicing Loan Event)).

  • Default Event means an event or circumstance which leads Operator to determine that a Venue User is or appears to be unable or likely to become unable to meet its obligations in respect of an Order or Transaction or to comply with any other obligation under an Agreement or Applicable Law.

  • MI Default has the meaning given to it in paragraph 6.1 of Framework Schedule 9 (Management Information);

  • PTC Event of Default means, with respect to each Trust Agreement, the failure to pay within 10 Business Days after the due date thereof: (i) the outstanding Pool Balance of the applicable Class of Certificates on the Final Legal Distribution Date for such Class or (ii) interest due on such Certificates on any Distribution Date (unless the Subordination Agent shall have made an Interest Drawing or a withdrawal from the Cash Collateral Account relating to a Liquidity Facility for such Class, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee entitled thereto).

  • Major Default means any Event of Default occurring under Sections 4.1(a), 4.1(c), 4.1(l), or 4.1(p).

  • Liquidity Event of Default with respect to any Liquidity Facility, has the meaning assigned to such term in such Liquidity Facility.

  • Loan Event of Default means any of the events specified in Section 5.1 of the Loan Agreement, provided that any requirement for the giving of notice, the lapse of time, or both, or any other condition, event or act has been satisfied.

  • Note Event of Default means any “Event of Default” specified in Section 5.1 of the Indenture.

  • Potential Event of Default means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default.

  • Lease Default means any event or condition which, with the lapse of time or the giving of notice, or both, would constitute a Lease Event of Default.

  • Bank Default means (i) the refusal (which has not been retracted) of a Bank to make available its portion of any Borrowing or to fund its portion of any unreimbursed payment under Section 2.03(c) or (ii) a Bank having notified in writing the Borrower and/or the Agent that it does not intend to comply with its obligations under Section 1.01 or Section 2, in the case of either clause (i) or (ii) as a result of any takeover of such Bank by any regulatory authority or agency.

  • Swap Default Any of the circumstances constituting an “Event of Default” under the Swap Agreement.

  • Financial Covenant Event of Default has the meaning specified in Section 8.01(b).

  • Acceleration Event of Default means an Event of Default under Section 5.1(a), (d), (e) or (f), whatever the reason for such Acceleration Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body.

  • Senior Default means any Senior Payment Default or Senior Covenant Default.

  • Payment Event of Default means an Event of Default specified in Section 7.1(a).

  • Minor Default means any Event of Default that is not a Major Default.

  • Potential Default means the occurrence of any event or condition which, with the giving of notice, the passage of time, or both, would constitute an Event of Default.

  • Material Event of Default means the occurrence of an Event of Default (as defined in the Senior Unsecured Loan Agreement) under any of the following sections of the Senior Unsecured Loan Agreement:

  • Lease Event of Default shall have the meaning specified in Section 17.1 of the Lease.

  • O & M Default means any default on the part of the Power Producer for a continuous period of ninety (90) days to (i) operate and/or (ii) maintain (in accordance with Prudent Utility Practices), the Project at all times.

  • Specified Event of Default means an Event of Default under Section 7.01(a), (b), (h) or (i).

  • Collateral Event of Default has the meaning set forth in Section 13.01(b).

  • Special Default means (i) the failure by Owner to pay any amount of principal of or interest on any Equipment Note when due or (ii) the occurrence of any Default or Event of Default referred to in Section 5.01(v), (vi) or (vii).

  • Financing Default means an event which would constitute (or with notice or lapse of time or both would constitute) an event of default (which event of default has not been cured) under or would otherwise violate or breach (i) any financing arrangement of the Company or any of its Subsidiaries in effect as of the time of the aforementioned event, and any extensions, renewals, refinancings or refundings thereof in whole or in part; and (ii) any provision of the Company's or any of its Subsidiary's constitutional documents.

  • Guarantee Event of Default means a default by the Guarantor on any of its payment or other obligations under this Guarantee.