Weekly Monitoring Event means (a) a Specified Event of Default has occurred and is continuing or (b) the Borrower has failed to maintain, for five (5) consecutive Business Days, Excess Availability of the greater of (i) $35,000,000 and (ii) 12.5% of the Maximum Credit; provided that a Weekly Monitoring Event shall be deemed continuing until the date on which, as applicable, in the case of the foregoing clause (a), such Specified Event of Default is cured or waived in accordance with Section 12.1, or, in the case of the foregoing clause (b), Excess Availability has been greater than or equal to the greater of (i) $35,000,000 and (ii) 12.5% of the Maximum Credit, in each case under clauses (i) and (ii), for at least thirty (30) consecutive days.
Weekly Monitoring Event means that the Borrower fails to maintain Availability of at least the greater of (i) $15.0 million and (ii) 12.5% of the Line Cap, in each case, for five consecutive Business Days. Once commenced, a Weekly Monitoring Event shall be deemed continuing until the date on which Availability has been at least equal to the greater of (i) $15.0 million and (ii) 12.5% of the Line Cap for 20 consecutive days.
Weekly Monitoring Event means (i) an Event of Default has occurred and is continuing or (ii) a Liquidity Event has occurred and is continuing. For purposes of this Agreement, the occurrence of a Weekly Monitoring Event shall be deemed continuing at the Administrative Agent’s option until (x) if the Weekly Monitoring Event arises under clause (i) above, so long as such Event of Default is continuing, or (y) if the Weekly Monitoring Event arises under clause (ii) above, so long as such Liquidity Event is continuing, in which case a Weekly Monitoring Event shall no longer be deemed to be continuing for purposes of this Agreement; provided that a Weekly Monitoring Event shall be deemed continuing at all times in any four fiscal quarter period after a Weekly Monitoring Event has occurred and been discontinued on two occasions in such four fiscal quarter period.
More Definitions of Weekly Monitoring Event
Weekly Monitoring Event means the Parent Borrower has failed to maintain Excess Availability of at least $33.5 million for five (5) consecutive Business Days, and the Administrative Agent has notified the Parent Borrower thereof. For purposes of this Agreement, the occurrence of a Weekly Monitoring Event shall be deemed continuing at the Administrative Agent’s option until Excess Availability has exceeded at least $33.5 million for thirty (30) consecutive days, in which case a Weekly Monitoring Event shall no longer be deemed to be continuing for purposes of this Agreement; provided that a Weekly Monitoring Event shall be deemed continuing (even if Excess Availability exceeds the required amount for thirty (30) consecutive days) at all times in any four fiscal quarter period after a Weekly Monitoring Event has occurred and been discontinued on two occasions in such four fiscal quarter period.
Weekly Monitoring Event means the Parent Borrower has failed to maintain Excess Global Availability of at least $90,000,000 plus 12.5% of any Revolving Commitment Increase for five (5) consecutive Business Days, and the Administrative Agent has notified the Parent Borrower thereof. For purposes of this Agreement, the occurrence of a Weekly Monitoring Event shall be deemed continuing at the Administrative Agent’s option until Excess Global Availability has exceeded at least $90,000,000 plus 12.5% of any Revolving Commitment Increase for thirty (30) consecutive days, in which case a Weekly Monitoring Event shall no longer be deemed to be continuing for purposes of this Agreement; provided that a Weekly Monitoring Event shall be deemed continuing (even if Excess Global Availability exceeds the required amount for thirty (30) consecutive days) at all times in any four fiscal quarter period after a Weekly Monitoring Event has occurred and been discontinued on two occasions in such four fiscal quarter period.
Weekly Monitoring Event means (i) an Event of Default has occurred and is continuing or (ii) the Borrowers have failed to maintain (a) Excess Availability of at least $50,000,000 for fifteen (15) consecutive calendar days or (b) Aggregate Excess Availability of at least 10% of the Borrowing Base for five (5) consecutive Business Days, and the Administrative Agent has notified the Parent Borrower thereof. For purposes of this Agreement, the occurrence of a Weekly Monitoring Event shall be deemed continuing at the Administrative Agent’s option until (x) if the Weekly Monitoring Event arises under clause (i) above, so long as such Event of Default is continuing, or (y) if the Weekly Monitoring Event arises as a result of the Borrowers’ failure to achieve (A) Excess Availability as required by clause (ii)(a), until Excess Availability has exceeded at least $50,000,000 or (B) Aggregate Excess Availability as required by clause (ii)(b), until Aggregate Excess Availability has exceeded at least 10% of the Borrowing Base, in each case for thirty (30) consecutive days, in which case a Weekly Monitoring Event shall no longer be deemed to be continuing for purposes of this Agreement; provided that a Weekly Monitoring Event shall be deemed continuing (even if Excess Availability exceeds the required amount for thirty (30) consecutive days) at all times in any four fiscal quarter period after a Weekly Monitoring Event has occurred and been discontinued on two occasions in such four fiscal quarter period; provided further that, notwithstanding the foregoing, it is agreed that a Weekly Monitoring Event shall not be deemed to have occurred and be continuing as a result of the Loans made on the Closing Date unless and until additional Loans are made or Letters of Credit are issued hereunder and a Weekly Monitoring Event subsequently occurs.
Weekly Monitoring Event means the Borrower has failed to maintain, for five (5) consecutive Business Days, Excess Availability of the greater of (i) $25,000,000 and (ii) 15% of the Maximum Credit (without giving effect to the FILO Reserve); provided that a Weekly Monitoring Event shall be deemed continuing until the date on which, Excess Availability has been greater than or equal to the greater of (i) $25,000,000 and (ii) 15% of the Maximum Credit (without giving effect to the FILO Reserve), in each case under clauses (i) and (ii), for at least thirty (30) consecutive days.
Weekly Monitoring Event means (i) an Event of Default has occurred and is continuing or (ii) a Liquidity Event has occurred and is continuing. For purposes of this Agreement, the occurrence of a Weekly Monitoring Event shall be deemed continuing at the Administrative Agent’s option until (x) if the Weekly Monitoring Event arises under clause (i) above, so long as such Event of Default is continuing, or (y) if the Weekly Monitoring Event arises under clause (ii) above, so long as such Liquidity Event is continuing, in which case a Weekly Monitoring Event shall no longer be deemed to be continuing for purposes of this Agreement.
Weekly Monitoring Event is hereby deleted in its entirety and replaced with the following: ““Weekly Monitoring Event” means either (i) the occurrence and continuance of any Specified Event of Default or (ii) a Liquidity Event under clause (b) or (c) of the definition of “Liquidity Event” has existed for five (5) consecutive Business Days, and in the case of this clause (ii), the Administrative Agent has notified the Parent Borrower thereof. The occurrence of a Weekly Monitoring Event shall be deemed continuing at the Administrative Agent’s option until a Liquidity Exit Event occurs, in which case a Weekly Monitoring Event shall no longer be deemed to be continuing; provided that a Weekly Monitoring Event shall be deemed continuing (even if a Liquidity Exit Event otherwise occurs) at all times in any four fiscal quarter period after a Weekly Monitoring Event has occurred and been discontinued on two occasions in such four fiscal quarter period.”
Weekly Monitoring Event means either (i) the occurrence and continuance of any Specified Event of Default or (ii) a Liquidity Event under clause (b) or (c) of the definition of “Liquidity Event” has existed for five (5) consecutive Business Days, and in the case of this clause (ii), the Administrative Agent has notified the Parent Borrower thereof. The occurrence of a Weekly Monitoring Event shall be deemed continuing at the Administrative Agent’s option until a Liquidity Exit Event occurs, in which case a Weekly Monitoring Event shall no longer be deemed to be continuing; provided that a Weekly Monitoring Event shall be deemed continuing (even if a Liquidity Exit Event otherwise occurs) at all times in any four fiscal quarter period after a Weekly Monitoring Event has occurred and been discontinued on two occasions in such four fiscal quarter period.”