Financial Covenant Defaults. Subject to the Limitation in Section 8.7 below, if Borrower fails to perform, comply with or observe with respect to the covenants contained in Section 6.7, and such failure continues for five (5) Business Days after the occurrence thereof;
Financial Covenant Defaults. For the purposes of Sections 9.01 and 4.02, a breach of a covenant contained in Section 8.01 shall be deemed to have occurred as of any date of determination by the Administrative Agent and as of the last day of any specified period of measurement regardless of whether or when the financial statements reflecting such breach are delivered to the Administrative Agent.
Financial Covenant Defaults. In the event of a violation of any of the financial covenants set forth in Sections 4.3, 4.4 and 4.5 herein, unless the Requisite Lenders have waived such violation in writing, during the 15-day period immediately following the day on which Borrower was required to deliver to Agent the financial statements and certificates for the quarter with respect to which a violation occurred: (a) the Lenders shall not be required to make any Loans to Borrower; (b) the Agent may not accelerate the repayment of the Loans unless there exists any other Event of Default that has not been cured or waived in writing by the Requisite Lenders; (c) the Requisite Lenders may at their option exercise their right to impose default interest as provided for in this Agreement; and (d) Borrower may cure any such financial covenant default by arranging for its shareholders or other Persons to make an equity contribution of cash to Borrower or a payment under the Sponsor Guaranties (prior to the Sponsor Release Date or the date on which the Sponsor Guaranties have been terminated) in an amount necessary to bring Borrower into compliance with all financial covenants as of the last day of the quarter as of which a violation occurred, provided however, that a cure by an equity contribution of cash as set forth in this clause (d) may only be exercised twice in any one calendar year and may only be exercised four times prior to the Expiry Date. Any such equity contribution or payment under the Sponsor Guaranties shall be applied as a prepayment, to be applied first in prepayment of the Term Loans, pro rata against all remaining scheduled installments, and if the Term Loans shall have been repaid in full, then in prepayment of the Revolving Loan. For purposes of this Section 6.5 only, any such equity contribution of cash or payment under the Sponsor Guaranties made within the 15-day period described above (x) made pursuant to the Sponsor Guaranties (or which reduce the Sponsors’ exposure under the Sponsor Guaranties) and prior to the Sponsor Release Date shall be considered (i) for purposes of determining compliance with Section 4.3 and 4.4, to constitute additional EBITDA earned in the quarter as of which a violation occurred, (ii) for purposes of determining compliance with Section 4.5, to reduce the amount of Total Indebtedness outstanding on the last day of the quarter as of which a violation occurred and (y) made after the Sponsor Release Date shall be considered to constitute additiona...
Financial Covenant Defaults. The Borrower fails to maintain or achieve the financial covenants set forth in Section 6 above; or
Financial Covenant Defaults. After the occurrence and during the continuance of an Event of Default specified in Section 12.1(3), the Administrative Agent:
(a) shall, at the request of the Required Revolving Lenders, by notice to the Borrower cancel all obligations of the Revolving Lenders in respect of the Commitments under the Revolving Facility (whereupon no further Accommodations may be made under the Revolving Facility and any Notice given with respect to an Accommodation under the Revolving Facility occurring on or after the date of such notice or request shall cease to have effect); and
(b) shall, at the request of the Required Revolving Lenders, by notice to the Borrower declare the Obligations under the Revolving Facility to be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower; provided that if such declaration is made, then an Event of Default shall be deemed to have occurred with respect to the Term Loans.
Financial Covenant Defaults if Companies fail to observe or perform any covenant in Section 6.2;
Financial Covenant Defaults. For the purposes of clause 5.5(d)(ii) (Permitted Enforcement Action), if the Relevant Mezzanine Default arose as a result of a breach of the financial covenants contained in clauses 13.1(f) to (j) of the Mezzanine Credit Agreement, it will be deemed remedied if the Parent has re-established compliance with all the provisions of clauses 13.1(f) to (j) as if the date (being the date on which compliance with such financial covenants was tested in accordance with the Mezzanine Credit Agreement) at which the covenant was in fact breached was deemed postponed to fall immediately prior to the point in time the Mezzanine Finance Parties (or any of them) propose to take Enforcement Action. For the avoidance of doubt, nothing in this clause 5.7 will prevent the Mezzanine Finance Parties from implementing the provisions of clause 5.5 (Permitted Enforcement Action) in respect of subsequent breaches of clauses 13.1(f) to (j) occurring after such full compliance has been re-established.
Financial Covenant Defaults. The Borrower has failed to --------------------------- comply with the covenants contained in Sections 9.1 (Minimum Total Revenue), 9.2 (Fixed Charged Coverage Ratio) and 9.3 (Minimum EBITDA) of the Credit Agreement.
Financial Covenant Defaults. The Continuing Credit Parties acknowledge and agree that the Existing Defaults resulting under Section 10.1(e) of the Financing Agreement relate only to the financial covenant violations that occurred and/or will occur under Sections 7.10(j) and 7.12(b),(c) and (d) of the Financing Agreement.
