Right to Cure Financial Covenant Sample Clauses

Right to Cure Financial Covenant. Notwithstanding anything to the contrary contained in this Clause 21, in the event that the Company fails to comply with the requirements of the financial covenant referred to in Clause 19 (Financial Covenant) (the Financial Covenant), until the thirtieth day subsequent to delivery of the Compliance Certificate, the Company shall have the right to arrange the contribution of equity by way of cash injection to the capital of the Company (collectively, the Cure Right), and with the consent of the Lender (such consent not to be unreasonably withheld) and upon the receipt by the Company of such cash (the Cure Amount) pursuant to the exercise by the Company of such Cure Right the Financial Covenant shall be recalculated giving effect to the following pro forma adjustments:
Sample 1Sample 2
AutoNDA by SimpleDocs
Right to Cure Financial Covenant. Notwithstanding anything to the contrary contained in Section 7.10(a), if the Borrower fails to comply with the requirements of the covenant set forth in Section 7.10(a) (the “Financial Covenant”), then until the 10th Business Day after the date on which financial statements are required to be delivered with respect to the applicable fiscal quarter under Section 6.01(a) or Section 6.01(b), the Borrower shall have the right (the “Cure Right”) to give written notice (the “Cure Notice”) to the Administrative Agent of its intent to issue Qualified Capital Stock for cash or otherwise receive cash capital contributions in respect of Qualified Capital Stock in an amount that, if added to Consolidated EBITDA for the relevant testing period, would have been sufficient to cause compliance with the Financial Covenant for such period (an “Equity Cure”) (for the avoidance of doubt, nothing in this Section 7.10(b) shall prevent the Borrower from issuing Qualified Capital Stock for cash in an aggregate amount in excess of the amount sufficient to cause compliance with the Financial Covenant for the relevant testing period; provided that such excess shall not be added to Consolidated EBITDA for the purpose of calculating compliance with the Financial Covenant or any other purpose) (the “Specified Equity Contribution”) provided that:
Sample 1
Right to Cure Financial Covenant. (i) Notwithstanding anything to the contrary contained in Section 7.10(a), if the Borrowers fails to comply with the requirements of the covenant set forth in Section 7.10(a) (the “Financial Covenant”), then from and after the last day of the applicable fiscal quarter until the 10th Business Day after the date on which financial statements are required to be delivered with respect to the applicable fiscal quarter under Section 6.01(a) or Section 6.01(b), the Borrowers shall have the right (the “Cure Right”) to give written notice (the “Cure Notice”) to the Administrative Agent of its intent to issue (during such period referenced above) Qualified Capital Stock for cash or otherwise receive cash capital contributions in respect of Qualified Capital Stock in an amount that, if added to Consolidated EBITDA for the relevant testing period, would have been sufficient to cause compliance with the Financial Covenant for such period (an “Equity Cure”) (for the avoidance of doubt, nothing in this Section 7.10(b) shall prevent the Borrowers from issuing Qualified Capital Stock for cash in an aggregate amount in excess of the amount sufficient to cause compliance with the Financial Covenant for the relevant testing period; provided that such excess shall not be added to Consolidated EBITDA for the purpose of calculating compliance with the Financial Covenant or any other purpose) (the “Specified Equity Contribution”) provided that:
Sample 1
Right to Cure Financial Covenant. (i) Notwithstanding anything to the contrary contained in clause (a), if Borrower fails to comply with the requirements of the covenant set forth in clause (a) (the “Financial Covenant”), then until the 10th Business Day after delivery of the related certificate pursuant to Section 6.03(d)(ii), Borrower shall have the right to receive Cash equity Contributions (directly or indirectly) from the Sponsor or Holdings in an aggregate amount equal to the amount that, if added to EBITDA for the relevant Measurement Period, would have been sufficient to cause compliance with the Financial Covenant for such Measurement Period (an “Equity Cure”).
Sample 1
Right to Cure Financial Covenant. (i) Notwithstanding anything to the contrary contained in Section 7.10(a), if the Borrowers fails to comply with the requirements of the covenant set forth in Section 7.10(a) (the “Financial Covenant”), then from and after the last day of the applicable fiscal quarter until the 10th Business Day after the date on which financial statements are required to be delivered with respect to the applicable fiscal quarter under Section 6.01(a) or Section 6.01(b), the Borrowers shall have the right (the “Cure Right”) to give written notice (the “Cure Notice”) to the Administrative Agent of its intent to issue (during such period referenced above) Qualified Capital Stock for cash or otherwise receive cash capital contributions in respect of Qualified Capital Stock in an amount that, if added to Consolidated EBITDA for the relevant testing period, would have been sufficient to cause compliance with the Financial Covenant for such period (an “Equity Cure”) (for the avoidance of doubt, nothing in this Section 7.10(b) shall prevent the Borrowers from issuing Qualified Capital Stock for cash in an aggregate amount in excess of the amount sufficient to cause compliance with the Financial Covenant for the relevant testing period; provided that such excess shall not be added to Consolidated EBITDA for the purpose of calculating compliance with the Financial Covenant or any other purpose) (the “Specified Equity Contribution”) provided that: 180. the Borrowers shall not be entitled to exercise the Equity Cure any more than five times prior to the Maturity Date for the Revolving Credit Facility and in each four consecutive fiscal quarters, there shall be at least two fiscal quarters in which no Equity Cure shall have been made; 181. no Default or Event of Default shall be deemed to exist pursuant to the Financial Covenant (and any such Default or Event of Default shall be retroactively considered not to have existed or occurred) from the end of the applicable fiscal quarter until the 10th Business Day after the date on which financial statements are required to be delivered with respect to the applicable fiscal quarter under Section 6.01(a) or Section 6.01(b) for purposes of this Agreement. If the Equity Cure is not consummated within 10 Business Days after the date on which financial statements are required to be delivered with respect to applicable fiscal quarter under Section 6.01(a) or Section 6.01(b), each such Default or Event of Default shall be deemed reinstated; 182. t...
Sample 1
Right to Cure Financial Covenant. (i) Notwithstanding anything to the contrary contained in clause (b) above, if the Borrower fails to comply with the requirements of the covenant set forth in clause (b) for any Test Period ending in a fiscal quarter of the Borrower occurring during fiscal year 2017, then after the last day of the fiscal quarter in respect of which such Default has occurred until the 10th calendar day after the date on which financial statements are required to be delivered for such fiscal quarter pursuant to this Agreement, the Borrower shall have the right to receive cash common equity capital contributions from the Parent, directly or indirectly, in an amount (the “Cure Amount”) which, at the request of the Borrower, shall be added to EBITDA for such fiscal quarter solely for determining compliance with the Total Leverage Ratio at the end of the applicable Test Period and as otherwise contemplated in clause (iii) below with respect to Liquidity (an “Equity Cure”); provided that (A) not more than two Equity Cures will be requested by the Borrower and (B) all Equity Cures and the use of proceeds therefrom will be disregarded for all other purposes under the Loan Documents (including, without limitation, determining compliance with the Total Leverage Ratio and other financial covenants for a subsequent Test Period), other than as specifically set forth in clause (iii) below.
Sample 1

Related to Right to Cure Financial Covenant

  • Financial Covenant So long as any Loan shall remain unpaid, any Letter of Credit shall remain outstanding or any Lender shall have any Commitment hereunder, the Borrower will maintain a ratio of Consolidated Debt to Consolidated Capital of not greater than 0.65 to 1.00 as of the last day of each fiscal quarter.

  • Certain Financial Covenants The Borrower will not:

  • Additional Financial Covenants If the Company shall at any time enter into one or more agreements (including any amendment of an existing agreement) pursuant to which Senior Funded Debt in an aggregate principal amount greater than $30,000,000 shall be outstanding and such agreement contains one or more financial covenants which are more restrictive on the Company and its Subsidiaries than the financial covenants contained in this Agreement, then such more restrictive financial covenants and any related definitions (the “Additional Financial Covenants”) shall automatically be deemed to be incorporated into § 5 of this Agreement (including § 5.15(f) and (g)) by reference and § 6.1(e) shall be deemed to be amended to include such Additional Financial Covenants from the time such other agreement becomes binding upon the Company until such time as such other Senior Funded Debt is repaid in full and all commitments related thereto are terminated; provided, that if at the time of any such repayment or the termination of any such commitment a Default or Event of Default shall exist under this Agreement, then such covenants shall continue in full force and effect so long as such Default or Event of Default continues to exist. So long as such Additional Financial Covenants shall be in effect, no modification or waiver of such Additional Financial Covenants shall be effective unless the Holders of at least 51% in aggregate principal amount of the Notes shall have consented thereto pursuant to § 7.1 hereof. Promptly but in no event more than 10 Business Days following the execution of any agreement providing for Additional Financial Covenants, the Company shall furnish each holder of the Notes with a copy of such agreement. Upon written request of the Holders of at least 51% in aggregate principal amount of the Notes, the Company will enter into an amendment to this Agreement pursuant to which this Agreement will be formally amended to incorporate the Additional Financial Covenants on the terms set forth herein.

  • Financial Condition Covenant Permit the Asset Coverage Ratio to be less than the Minimum Permitted Ratio; or in each case allow Indebtedness of the Borrower to exceed the limits set forth in the Borrower’s Prospectus or registration statement or allow Indebtedness to exceed the requirements of the 1940 Act.

  • Financial Covenants So long as any Advance or any other Obligation of any Loan Party under any Loan Document shall remain unpaid, any Letter of Credit shall be outstanding or any Lender Party shall have any Commitment hereunder, the Borrower will:

  • Financial Covenant Calculations The parties hereto acknowledge and agree that, for purposes of all calculations made in determining compliance for any applicable period with the financial covenants set forth in Section 6.7 and for purposes of determining the Applicable Margin, (i) after consummation of any Permitted Acquisition, (A) income statement items and other balance sheet items (whether positive or negative) attributable to the target acquired in such transaction shall be included in such calculations to the extent relating to such applicable period (including by adding any cost saving synergies associated with such Permitted Acquisition in a manner reasonably satisfactory to the Agent), subject to adjustments mutually acceptable to Borrowers and the Agent and (B) Indebtedness of a target which is retired in connection with a Permitted Acquisition shall be excluded from such calculations and deemed to have been retired as of the first day of such applicable period and (ii) after any Disposition permitted by Section 6.8), (A) income statement items, cash flow statement items and balance sheet items (whether positive or negative) attributable to the property or assets disposed of shall be excluded in such calculations to the extent relating to such applicable period, subject to adjustments mutually acceptable to Borrowers and the Agent and (B) Indebtedness that is repaid with the proceeds of such Disposition shall be excluded from such calculations and deemed to have been repaid as of the first day of such applicable period.

  • Specific Financial Covenants During the term of this Agreement, and thereafter for so long as there are any Obligations to Lender, Borrower covenants that, unless otherwise consented to by Lender in writing, it shall:

  • Financial Condition Covenants 51 7.2 Indebtedness.................................................... 52 7.3 Liens........................................................... 53 7.4

  • FINANCIAL COVENANTS OF THE BORROWER The Borrower covenants and agrees that, so long as any Loan, Unpaid Reimbursement Obligation, Letter of Credit or Note is outstanding or any Bank has any obligation to make any Loans or the Agent has any obligation to issue, extend or renew any Letters of Credit:

  • Borrower’s Financial Condition BTC has delivered to BFA, the investment adviser to the Funds, each Borrower’s most recent statements required to be furnished to customers by Rule 17a-5(c) of the Securities and Exchange Commission under the Securities Exchange Act of 1934, or such other documents as may be required, as have been made available to BTC pursuant to the Securities Lending Agreements. BTC shall promptly deliver to any investment adviser for the Funds all statements and financial information subsequently delivered to BTC and required to be furnished to BTC under the Securities Lending Agreements.

Time is Money Join Law Insider Premium to draft better contracts faster.