Trigger Event definition: Copy, customize, and use instantly
Introduction
The term "Trigger Event" refers to a specific occurrence or condition that activates or sets in motion certain actions or consequences defined in a contract. It is crucial for identifying when certain terms or clauses come into effect, such as obligations, penalties, or rights.
Below are various examples of how "Trigger Event" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Trigger Event" as a breach of contract
This definition ties "Trigger Event" to the occurrence of a breach of contract, activating certain rights or obligations.
"Trigger Event" means the breach of any material term or condition of this agreement by any party, leading to the enforcement of remedies outlined in the contract.
Definition of "Trigger Event" as an act of default
This definition connects "Trigger Event" to an act of default by a party, such as failure to pay.
"Trigger Event" refers to any event of default, including the failure of a party to make a timely payment or perform a required action as per the contract.
Definition of "Trigger Event" as an insolvency event
This definition links "Trigger Event" to an insolvency situation, such as bankruptcy.
"Trigger Event" means the declaration of bankruptcy, insolvency, or similar proceedings involving one of the parties under this agreement.
Definition of "Trigger Event" as a change of control
This definition ties "Trigger Event" to the occurrence of a change in control of a company or entity.
"Trigger Event" refers to a change of control in the company, where ownership or management changes as defined in the contract.
Definition of "Trigger Event" as a financial threshold breach
This definition applies "Trigger Event" to the breach of a financial threshold, such as exceeding a debt limit.
"Trigger Event" means the breach of a specified financial threshold, such as exceeding the debt-to-equity ratio or other financial metrics set forth in the agreement.
Definition of "Trigger Event" as a regulatory change
This definition connects "Trigger Event" to changes in applicable regulations or laws.
"Trigger Event" refers to a significant change in the laws or regulations that directly affect the obligations or performance under this contract.
Definition of "Trigger Event" as a material adverse effect
This definition links "Trigger Event" to an event that results in a material adverse effect on a party.
"Trigger Event" means any event that results in a material adverse effect on the financial condition, business operations, or assets of a party.
Definition of "Trigger Event" as an event of force majeure
This definition ties "Trigger Event" to an event beyond the control of the parties, such as a natural disaster.
"Trigger Event" refers to an event of force majeure, such as an earthquake, hurricane, or war, which impacts the ability of any party to fulfill their contractual obligations.
Definition of "Trigger Event" as a failure to meet a deadline
This definition connects "Trigger Event" to a failure to meet a deadline or timeline outlined in the contract.
"Trigger Event" means the failure of a party to meet a deadline or timeline specified in this agreement, triggering potential penalties or actions.
Definition of "Trigger Event" as a liquidity crisis
This definition links "Trigger Event" to a liquidity crisis, where a party faces significant financial distress.
"Trigger Event" refers to a liquidity crisis, such as the inability to meet short-term financial obligations, which affects the ability to perform under the agreement.
Definition of "Trigger Event" as a breach of warranty
This definition applies "Trigger Event" to the breach of a warranty made by a party in the contract.
"Trigger Event" means the breach of any warranty or representation made by a party in this agreement, leading to the activation of any corresponding remedies.
Definition of "Trigger Event" as a change in key personnel
This definition ties "Trigger Event" to a change in key personnel that impacts the execution of the contract.
"Trigger Event" refers to the resignation, removal, or replacement of any key personnel involved in the execution of this contract.
Definition of "Trigger Event" as a non-compliance with covenants
This definition connects "Trigger Event" to a failure to comply with covenants or promises made in the contract.
"Trigger Event" means any failure to comply with a covenant or promise outlined in this agreement, which gives rise to specific rights or obligations.
Definition of "Trigger Event" as the occurrence of an event in a related agreement
This definition links "Trigger Event" to an event occurring in a separate but related agreement.
"Trigger Event" refers to the occurrence of an event in a related agreement that causes an obligation or consequence under this contract to be triggered.
Definition of "Trigger Event" as the loss of a key contract
This definition ties "Trigger Event" to the termination or loss of a key contract that is essential for business operations.
"Trigger Event" means the termination or loss of any key contract or agreement necessary for the performance of obligations under this agreement.
Definition of "Trigger Event" as a failure to maintain insurance
This definition connects "Trigger Event" to a failure to maintain required insurance coverage.
"Trigger Event" refers to the failure to maintain the required insurance coverage as outlined in this agreement, triggering the activation of specific contractual provisions.
Definition of "Trigger Event" as a violation of intellectual property rights
This definition links "Trigger Event" to a violation of intellectual property rights, such as copyright infringement.
"Trigger Event" means the violation or infringement of any intellectual property rights held by a party under this agreement.
Definition of "Trigger Event" as an unlawful activity
This definition applies "Trigger Event" to any unlawful activity that undermines the terms of the contract.
"Trigger Event" refers to any unlawful activity or illegal act committed by any party that violates the terms of this agreement and triggers specific rights or obligations.
Definition of "Trigger Event" as the suspension of operations
This definition ties "Trigger Event" to the suspension or shutdown of operations by a party.
"Trigger Event" refers to the suspension, cessation, or material reduction in operations by any party involved in this contract.
Definition of "Trigger Event" as the termination of a key employee
This definition connects "Trigger Event" to the termination of an employee essential to the performance of the contract.
"Trigger Event" means the termination of any key employee whose services are necessary for the performance of obligations under this contract.
Definition of "Trigger Event" as a change in the financial position
This definition links "Trigger Event" to a significant change in the financial position or solvency of a party.
"Trigger Event" refers to a significant change in the financial position, solvency, or creditworthiness of a party, affecting its ability to perform under this contract.
Definition of "Trigger Event" as a breach of security
This definition ties "Trigger Event" to a security breach, such as a data or information security incident.
"Trigger Event" refers to a breach of security, including a data breach or other security incident, that may affect the integrity of the agreement.
Definition of "Trigger Event" as a court order
This definition connects "Trigger Event" to the issuance of a court order that affects the terms of the contract.
"Trigger Event" means the issuance of a court order, decree, or judgment that directly impacts the execution or performance of this agreement.
Definition of "Trigger Event" as a regulatory audit
This definition links "Trigger Event" to the occurrence of a regulatory audit or inspection.
"Trigger Event" refers to the initiation of a regulatory audit, investigation, or inspection that may result in penalties or consequences under this agreement.
Definition of "Trigger Event" as the imposition of a fine or penalty
This definition applies "Trigger Event" to the imposition of a fine or penalty that triggers a response under the contract.
"Trigger Event" means the imposition of any fine, penalty, or financial sanction by a regulatory body that impacts the terms of the agreement.
Definition of "Trigger Event" as a public offering
This definition ties "Trigger Event" to the occurrence of a public offering, such as an initial public offering (IPO).
"Trigger Event" refers to the initiation of a public offering, such as an IPO, that triggers specific contractual rights or obligations.
Definition of "Trigger Event" as a merger or acquisition
This definition connects "Trigger Event" to the occurrence of a merger or acquisition involving a party.
"Trigger Event" means the merger, consolidation, or acquisition of a party to this agreement, which triggers the activation of specific clauses.
Definition of "Trigger Event" as a sale of assets
This definition links "Trigger Event" to the sale or transfer of assets that are critical to the contract.
"Trigger Event" refers to the sale, transfer, or disposition of assets that are necessary for the performance of obligations under this agreement.
Definition of "Trigger Event" as a change in tax laws
This definition applies "Trigger Event" to changes in tax laws that impact the contract's performance.
"Trigger Event" means any change in the applicable tax laws or regulations that affects the performance or obligations under this agreement.
Definition of "Trigger Event" as the cessation of business
This definition ties "Trigger Event" to the cessation of a party's business operations.
"Trigger Event" refers to the cessation, shutdown, or abandonment of business operations by a party to this agreement.
Definition of "Trigger Event" as the introduction of new debt
This definition connects "Trigger Event" to the introduction of new debt by a party.
"Trigger Event" means the introduction of new debt or financial obligations that materially affect the party's ability to meet its commitments under this agreement.
Definition of "Trigger Event" as the issuance of a warning notice
This definition applies "Trigger Event" to the issuance of a warning notice regarding non-compliance.
"Trigger Event" refers to the issuance of a formal warning notice indicating potential non-compliance with any aspect of the agreement.
Definition of "Trigger Event" as a failure to maintain compliance with industry standards
This definition links "Trigger Event" to a failure to maintain industry standard compliance.
"Trigger Event" means the failure to maintain compliance with applicable industry standards or best practices as required by this agreement.
Definition of "Trigger Event" as the occurrence of a legal dispute
This definition ties "Trigger Event" to the initiation of a legal dispute affecting the agreement.
"Trigger Event" refers to the initiation of a legal dispute or litigation involving any party under this agreement.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.