Value Adjustment Event. Means, with respect to a Collateral Obligation or its related obligor, as applicable, the occurrence of any of the following (with each of the financial ratios set forth in clauses (c) and (d) below being referred to herein as a "Financial Ratio"): (a) the occurrence of any Bankruptcy, any other event of default or analogous event (howsoever designated), any Monetary Default, any Other Material Default or any Covenant/Representation Breach (subject to the proviso of the definition thereof), in... each case with respect to such Collateral Obligation under the Underlying Instruments relating thereto; (b) Market Value of such Collateral Obligation (expressed as a percentage of par of the related Collateral Obligation Notional Amount but excluding any accrued interest) shall at any time be less than 80% of par; (c) with respect to Collateral Obligations that are not Recurring Revenue Loans (i) an increase in the ratio of Senior Debt or Total Debt, as applicable, to EBITDA of the related underlying obligors during the related Financial Ratio Test Period by not less than 1.0x or more; (ii) a percentage decline in LTM EBITDA of 15% or more; or (iii) a deterioration of the Interest Coverage Ratio of the related underlying obligors by 0.5x or more during the related Financial Ratio Test Period; (d) with respect to a Recurring Revenue Loan, the ratio of the obligor's total debt to the obligor's revenue increases by (i) more than 0.25x (determined based upon annualizing the most recently reported quarter) or (ii) more than 0.50x (determined based upon the obligor's revenue during the preceding 12 months) in each case during the related Financial Ratio Test Period; (e) any Specified Change occurs with respect to such Collateral Obligation; (f) unless subsequently cured, in respect of which the Borrower has failed to deliver to the Administrative Agent any documents, financial information, requests, communications or other information made available or received by or on behalf of the related obligors or any administrative agents or servicers (or analogous representatives) under the related Underlying Instruments at the times, in the manner and to the extent required under subparagraphs (4) or (5) set forth on Schedule A to the Credit Agreement, and in each case such failure continues beyond the relevant Specified Information Delivery Grace Period; or (g) in respect of which there has occurred an Additional Value Adjustment Event with respect to such Collateral Obligation. No LIBOR Cessation Change shall be a Value Adjustment Event.View More
