Financial Covenant Default. The term "FINANCIAL COVENANT DEFAULT" shall mean an Event of Default which results solely from the violation of any now existing or hereafter arising financial covenant contained in the Loan Agreement, including, by way of illustration, those specific financial covenants set forth in Sections 6.16, 6.17, 6.18, 6.19, and 6.20 of the Loan Agreement and any supplement, addition, modification or amendment to those specific financial covenants.
Financial Covenant Default if there is a default by the Borrower of any of the Financial Covenants outlined in Section 4.2;
Financial Covenant Default. (a) In the event that Borrowers fail to satisfy either of the Financial Covenants as of any calculation date (i.e., the date as of which covenant compliance is
Financial Covenant Default. Customer acknowledges that the financial covenants set forth in Attachment A to the Agreement are applicable to the financial results of Customer for the fiscal quarter ending July 31, 2003, and Customer was required to maintain such financial covenants at all times. Customer further acknowledges its actual attainment was as follows:
Financial Covenant Default. The term “Financial Covenant Default” shall mean an Event of Default which results solely from the violation of any now existing or hereafter arising financial covenant contained in the Credit Agreement, including, by way of illustration, those specific financial covenants set forth in Section 11 of the Credit Agreement and any supplement, addition, modification or amendment to those specific financial covenants.
Financial Covenant Default. Borrower shall fail to comply with the financial covenants contained in SECTION 8 hereof or in the Bank’s judgment, reasonably exercised, the overall financial condition of Borrower or Guarantors or the total value of the security for the Loans is affected in a material adverse manner (“Financial Covenants”).
Financial Covenant Default. Until Landlord has sold or otherwise assigned its interest in twelve (12) or more of the Real Properties the aggregate EBITDAR (as hereafter defined) of the Properties subject to the Lease for the trailing twelve (12) month period shall be less than 55 % of the EBITDAR for such Properties set forth on Exhibit H. EBITDAR shall mean the aggregate earnings, determined in accordance with generally accepted accounting principles, consistently applied, of the restaurant operations at all Properties, prior to any deductions for Fixed Rent, Additional Rent, amortization, depreciation, federal and state income taxes, interest expense and general and administrative expense (i.e., allocation of any corporate overhead expense), but after deducting an annual overhead charge of $50,000 per Property. The EBITDAR shall be determined on the basis of the Properties actually owned by Landlord on the last day of each calendar quarter, and accordingly any Properties sold by Landlord during the trailing twelve (12) month period shall be excluded from such calculation and from the EBITDAR set forth on Exhibit H. Tenant shall deliver to Landlord and Drawbridge Special Opportunities Fund LP (collectively with its successors and assigns, "Drawbridge") a compliance certificate, in form and substance reasonably acceptable to Landlord and Drawbridge, within twenty-five (25) days after the last day of each calendar quarter, demonstrating compliance with the EBITDAR covenant set forth herein, and shall additionally deliver to Landlord and Drawbridge, promptly upon request of Landlord or Drawbridge, financial information of Tenant reasonably acceptable to Landlord and Drawbridge supporting the statements contained in any such compliance certificate. .
Financial Covenant Default. In the event that Borrowers fail to satisfy the covenant in Section 6.3, Borrower shall have the option no more than twice in any twelve (12) month period to pay to Agent by no later than five (5) Business Days after the timely delivery of the Compliance Certificate required under this Agreement for the measurement period related to such failure, an amount CHICAGO/#2321168.11
Financial Covenant Default. If Borrower fails to comply with the Financial Covenants set forth in Schedule 2 hereto.
Financial Covenant Default. (a) In the event that Borrowers fail to satisfy the Debt Yield Covenant as of any calculation date (i.e., the date as of which covenant compliance is calculated; not the date on which the determination of compliance or non-compliance is made), Borrowers shall, within ten (10) calendar days after the date the financial reports and compliance certificates required by Sections 4.1(b)(v) and 6.6 are due, pay to Administrative Agent, as a mandatory prepayment, an amount (a "Covenant Prepayment") which, if such amount were applied against the outstanding principal balance of the Loans, would be sufficient to satisfy the Debt Yield Covenant as of such calculation date, calculating the outstanding principal balance of the Loans after giving proforma effect to such Covenant Prepayment. Failure to satisfy the Debt Yield Covenant shall be deemed an Event of Default under Section 11.1 only if Borrowers fail to make the Covenant Prepayment, together with the proportionate amount of the Exit Fee owing with respect thereto within said ten (10) day period.
