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.).

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.).

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.

Examples of Trigger Default in a sentence

• 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.

• 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.