Common use of Effect of Failure to Satisfy Leverage Test or Interest Coverage Test Clause in Contracts

Effect of Failure to Satisfy Leverage Test or Interest Coverage Test. A failure to satisfy the Leverage Test or the Interest Coverage Test shall not constitute an Event of Default or Default; provided, however, if the Borrower fails to satisfy the Leverage Test for two (2) consecutive fiscal quarters (the first of which may be a Coverage Test Failure Quarter), then the Term-Out Period shall commence (if it has not already commenced) on the applicable Term-Out Date

Effect of Failure to Satisfy Leverage Test or Interest Coverage Test. A failure to satisfy the Leverage Test or the Interest Coverage Test shall not constitute an Event of Default or Default; provided, however, if the Borrower fails to satisfy the Leverage Test for two (2) consecutive fiscal quarters (the first of which may be a an Coverage Test Failure Quarter), then the Term-Out Period shall commence (if it has not already commenced) on the applicable Term-Out Date