Borrowing Base Trigger Period

Borrowing Base Trigger Period. (a) the period (the "Special Borrowing Base Trigger Period") commencing on the First Amendment Effective Date and continuing until the later of (i) the first anniversary of the First Amendment Effective Date and (ii) the first Business Day on which all Enumerated Liens are released and either (A) (1) the rating of the Index Debt is BB+ or higher from S&P (with an Index Debt rating of at least 1 Ba2 from Moody's) or Ba1 or higher from Moody's (with an Index Debt rating of at least BB from S&P)... and (2) the Leverage Ratio of the Borrower (as of the date of the most recent financial statements delivered to the Administrative Agent pursuant to Section 9.1) does not exceed 3.00:1.00 or (B) the rating of the Index Debt is BBB- or higher from S&P (with an Index Debt rating of at least Ba1 from Moody's) or Baa3 or higher from Moody's (with an Index Debt rating of at least BB+ from S&P) (such date the "First Unsecured Period Date"); and (b) at any time after the First Unsecured Period Date, (i) the first Business Day following a Borrowing Base Trigger Event until the first Business Day on which (A) all Enumerated Liens are released and (B) the rating of the Index Debt is BB or higher from S&P (if then rated by S&P) and Ba2 or higher from Moody's (if then rated by Moody's); or (ii) the period commencing with the date on which the Borrower elects under Section 13.18 to have the Facility governed by a Borrowing Base and ending on any date on which the Borrower has elected to cease to have the Facility governed by a Borrowing Base, provided that on such date, no Borrowing Base Trigger Event is in effect. View More