Right to Cure Financial Covenant Defaults Sample Clauses

Right to Cure Financial Covenant Defaults. In the event that the Credit Parties fail to comply with any financial covenant contained in Section 8.7 (a “Financial Covenant Default”) as of the end of any Fiscal Quarter of Holdings (the “Relevant Quarter”), the Borrower shall have the right to cure such Event of Default on the following terms and conditions (the “Cure Right”):
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Right to Cure Financial Covenant Defaults. Notwithstanding anything to the contrary contained in this Section 9.01 or in Article X, in the event that the Borrower fails to comply with the requirements of clause (b) or clause (c) of this Section 9.01 (such event a “Financial Covenant Default”), then the Borrower shall have the right to cure such Financial Covenant Default (such right, the “Equity Cure Right”) subject to the following terms and conditions:
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Right to Cure Financial Covenant Defaults. In the event that the Loan Parties fail to comply with Section 8.11(a) and/or Section 8.11(b) (each, a “Financial Covenant Default”) as of the end of any fiscal quarter of the Borrower (a “Relevant Quarter”), then the Borrower shall have the right to cure such Financial Covenant Default (the “Cure Right”) with the Net Cash Proceeds of an Equity Issuance to Sterling or any of its Controlled Investment Affiliates (consisting solely of common stock of the Borrower or other Equity Interests having terms reasonably acceptable to Administrative Agent) (a “Specified Equity Contribution”) in each case during the period of ten (10) Business Days following the date of delivery of the Compliance Certificate for such Relevant Quarter and treating the amount of the Net Cash Proceeds of such Equity Issuance as Consolidated EBITDA for such Relevant Quarter, provided that:
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Right to Cure Financial Covenant Defaults. Notwithstanding anything to the contrary contained in this Section 9.01 or in Article X, in the event that the Borrower fails to comply with any of the Consolidated Interest Coverage Ratio financial covenant set forth in Section 9.01(b)(i), the Consolidated Total Leverage Ratio financial covenant set forth in Section 9.01(b)(ii) and/or the Consolidated Total Secured Leverage Ratio financial covenant set forth in Section 9.01(b)(iii) (any such event, a “Financial Covenant Default”) for any fiscal quarter ending on or prior to June 30, 2019, then the Borrower shall have the right to cure such Financial Covenant Default (such right, the “Equity Cure Right”) subject to the following terms and conditions (it being understood and agreed that no such Equity Cure Right shall exist for any fiscal quarter ending after June 30, 2019):
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Right to Cure Financial Covenant Defaults. In the event that the Borrower fails to comply with Section 6.11(b) or Section 6.11(c) as of the last day of any Fiscal Quarter (a “Cure Quarter”) then during the period beginning on the Cure Period Start Date and ending ten (10) Business Days after the date the Compliance Certificate for such Cure Date is required to be delivered pursuant to Section 5.01(d) (the “Cure Period”), the Borrower shall be permitted to cure such failure to comply by receiving a Specified Contribution and by recalculating the financial covenant in Section 6.11(b) of Section 6.11(c) by increasing Consolidated EBITDA for such Cure Date by an amount up to the amount of the Specified Contribution received by the Borrower during the Cure Period (the “Cure Right”). If, after giving effect to the foregoing recalculations, the Borrower shall then be in compliance with the requirements of Section 6.11(b) or Section 6.11(c), the Borrower shall be deemed to have satisfied the requirements of Section 6.11(b) or Section 6.11(c) as of the last day of the applicable Cure Date with the same effect as though there had been no failure to comply with Section 6.11(b) or Section 6.11(c) on such date, and the applicable Default or Event of Default with respect to Section 6.11(b) or Section 6.11(c) and the Cure Date that had occurred shall be deemed not to have occurred for purposes of this Agreement and the other Loan Documents; provided, however, that:
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Right to Cure Financial Covenant Defaults. In the event that the Loan Parties fail to comply with Section 8.11(a) and/or Section 8.11(b) (each, a “Financial Covenant Default”) as of the end of any fiscal quarter of Holdings (a “Relevant Quarter”), then the Borrower shall have the right to cure such Financial Covenant Default (the “Cure Right”) with the Net Cash Proceeds of an Equity Issuance to Sterling or any of its Controlled Investment Affiliates (consisting solely of common stock of Holdings or other Equity Interests of Holdings having terms reasonably acceptable to Administrative Agent, in each case, that are immediately upon receipt thereof contributed to Borrower as a cash common equity contribution in an amount equal to 100% of such Net Cash Proceeds) (a “Specified Equity Contribution”) in each case during the period of ten (10) Business Days following the date of delivery of the Compliance Certificate for such Relevant Quarter and treating the amount of the Net Cash Proceeds of such Equity Issuance as Consolidated EBITDA for such Relevant Quarter, provided that:
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Right to Cure Financial Covenant Defaults. In the event that any Event of Default arises as a result of a breach of Section 6.28(j) (a “Financial Covenant Default”) as of the end of any fiscal quarter of the Company (a “Relevant Quarter”), the Company shall have the right to cure such Financial Covenant Default (the “Cure Right”) by issuing or selling Equity Interests or receiving cash capital contributions in each case during the period of ten (10) days following the date of delivery of the Compliance Certificate for such Relevant Quarter and treating the amount of the Net Cash Proceeds thereof as Consolidated EBITDA for such Relevant Quarter provided that:
Sample 1
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Right to Cure Financial Covenant Defaults. In the event that any Event of Default arises as a result of a breach of any Financial Covenant (each, a “Financial Covenant Default”) as of the end of any fiscal quarter of the Borrower (a “Relevant Quarter”), the Borrower shall have the right to cure such Financial Covenant Default (the “Cure Right”) by issuing or selling Equity Interests or receiving cash capital contributions in each case during the period of ten (10) days following the date of delivery of the Compliance Certificate for such Relevant Quarter and treating the amount of the Net Cash Proceeds thereof as Consolidated EBITDA for such Relevant Quarter provided that:
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Related to Right to Cure Financial Covenant Defaults

  • Right to Cure Defaults Upon the occurrence and during the continuance of any Event of Default, Lender may, but without any obligation to do so and without notice to or demand on Borrower and without releasing Borrower from any obligation hereunder, make any payment or do any act required of Borrower hereunder in such manner and to such extent as Lender may deem necessary to protect the security hereof. Lender is authorized to enter upon the Property for such purposes, or appear in, defend, or bring any action or proceeding to protect its interest in the Property for such purposes, and the cost and expense thereof (including reasonable attorneys’ fees to the extent permitted by law), with interest as provided in this Section 11.3, shall constitute a portion of the Debt and shall be due and payable to Lender upon demand. All such costs and expenses incurred by Lender in remedying such Event of Default or such failed payment or act or in appearing in, defending, or bringing any action or proceeding shall bear interest at the Default Rate, for the period after written notice from Lender that such cost or expense was incurred to the date of payment to Lender. All such costs and expenses incurred by Lender together with interest thereon calculated at the Default Rate shall be deemed to constitute a portion of the Debt and be secured by the liens, claims and security interests provided to Lender under the Loan Documents and shall be immediately due and payable upon demand by Lender therefor.

  • Covenant Defaults If Borrower defaults in the performance or observance of any covenant or agreement in this Agreement, and such default continues for a period of twenty (20) calendar days after the earlier of Borrower's knowledge thereof or receipt of written notice from Lender thereof, except for violations of SECTION 7.08(d), which shall become an Event of Default at the end of the sixty (60) day period stated therein and except for specific Defaults listed elsewhere in this SECTION 9.01, as to which no notice or cure period shall apply unless specified; or

  • Covenant Default (a) Borrower fails or neglects to perform any obligation in Sections 6.2, 6.3, 6.4, 6.6, 6.8, or 6.9, or violates any covenant in Section 7; or

  • Certain Financial Covenants The Borrower will not:

  • 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.

  • 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.

  • Landlord’s Right to Cure Defaults Landlord may, but shall not be obligated to, cure, at any time, without notice, any default by Tenant under this Lease; and whenever Landlord so elects, all costs and expenses incurred by Landlord, including reasonable attorneys’ fees, in curing a default shall be paid, as Additional Rent, by Tenant to Landlord on demand, together with lawful interest thereon from the date of payment by Landlord to the date of payment by Tenant.

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

  • Certain Covenant Defaults Borrower fails to perform any obligation under Section 6.5 or 6.6, or violates any of the covenants contained in Section 7.

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