Governance Covenants Sample Clauses

Governance Covenants. The Association covenants and agrees that:
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Governance Covenants. (1) Following the Closing, and until the later of (a) the repayment or conversion of the principal amount of the Debenture, and (b) the Purchaser (or any of its affiliates) ceasing to own at least 10% of the issued and outstanding Common Stock on an as-converted-basis in the aggregate, the Purchaser shall be entitled to nominate one (1) director to the Board and one (1) Board observer, provided that the director nominee must meet the requirements of applicable corporate, securities and other applicable laws, and the policies of the CSE.
Sample 1

Related to Governance Covenants

  • Financial Performance Covenants Notwithstanding anything to the contrary contained in Section 7.01, in the event that Holdings fails to comply with the requirements of the Financial Performance Covenant, until the expiration of the 10th day subsequent to the date the certificate calculating such Financial Performance Covenant is required to be delivered pursuant to Section 5.04(c), Holdings shall have the right to issue Permitted Cure Securities for cash or otherwise receive cash contributions to the capital of Holdings, and, in each case, to contribute any such cash to the capital of the Company (collectively, the “Cure Right”), and upon the receipt by Company of such cash (the “Cure Amount”) pursuant to the exercise by Holdings of such Cure Right and request to the Administrative Agent to effect such recalculation, such Financial Performance Covenant shall be recalculated giving effect to the following pro forma adjustments:

  • Financial Performance Covenant Upon the occurrence and during the continuance of a Covenant Trigger Event, the Borrower will maintain a Fixed Charge Coverage Ratio of not less than 1.0 to 1.0 measured for the most recent period of four consecutive fiscal quarters for which Required Financial Statements are available (or were required to be furnished) at the time of occurrence of such Covenant Trigger Event, and each subsequent four fiscal quarter period ending during the continuance of such Covenant Trigger Event.

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