Springing financial covenant Sample Clauses

Springing financial covenant. (a) Amend the covenant set out in Clause 20.2 (Financial Ratio) so that is reads as follows: (a) Subject to Clause 21.5 (Cross default), in the event that on the last day of a Ratio Period the aggregate of the Outstandings under any Revolving Facility (other than Documentary Credits that are cash collateralised or undrawn) and any net indebtedness under each Ancillary Facility exceeds an amount equal to 33 1⁄3 per cent. of the aggregate of the Revolving Facility Commitments and each Ancillary Facility Commitment, UPC Broadband shall procure that the ratio of Senior Net Debt to Annualised EBITDA on that day shall not exceed 4.75:1 unless otherwise agreed in writing by the Composite Revolving Facility Instructing Group and UPC Broadband. (b) If the financial covenant set out in paragraph (a) has been breached for a Ratio Period (the “First Measurement Period”) but is complied with when tested for the next Ratio Period (the “Second Measurement Period”), then, the prior breach of such financial covenant or any Event of Default arising therefrom shall not (or shall be deemed to not) directly or indirectly constitute, or result in, a breach of any representation, warranty, undertaking or other term in the Finance Documents or a Default or an Event of Default unless the Facility Agent has taken any action under Clause 21.20 (Maintenance Covenant Revolving Facility Acceleration) before the delivery of the certificate referred to at Clause 19.2(a)(iii)(B) (Financial information) in respect of the Second Measurement Period (a “Second Test Period Deemed Cured”); provided that, if the financial covenant set out in paragraph (a) above is not required to be tested for the Second Measurement Period, it shall be so tested solely for the purpose of determining whether a Second Test Period Deemed Cure has occurred.”
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Springing financial covenant. Beginning with the Fiscal Month in which Borrowing Availability is at any time less than or equal to $50,000,000 and continuing thereafter until the Commitment Termination Date, Borrowers and their Subsidiaries, on a consolidated basis (but excluding the MAG Entities), shall be in compliance with either clause (i) or clause (ii) below (but shall not be required to be in compliance with both clauses (i) and (ii) below):
Sample 1
Springing financial covenant. (a) Lead Borrower and the Restricted Subsidiaries shall, on any date when Availability is less than the greater of (a) 10.0% of the Line Cap, and (b) $8,000,000, have a Consolidated Fixed Charge Coverage Ratio of at least 1.0 to 1.0, tested as of the last day of the most recently ended Test Period, and at the end of each succeeding fiscal quarter thereafter until the date on which Availability has been equal to or exceeded the greater of (a) 10.0% of the Line Cap, and (b) $8,000,000 for 30 consecutive days. (b) For purposes of determining compliance with the Springing Financial Covenant for any Test Period, any proceeds of cash equity contributions (which equity shall be common equity or otherwise in a form reasonably acceptable to the Administrative Agent) made to Holdings (which shall be contributed in cash to the common equity of Lead Borrower), following the end of such Test Period and on or prior to the date (the “Cure Expiration Date”) that is 10 Business Days after (i) in the case of testing compliance when the Lead Borrower and the Restricted Subsidiaries initially become subject to testing the Springing Financial Covenant, the date the Lead Borrower and the Restricted Subsidiaries become subject to testing the Springing Financial Covenant for such Test Period or (ii) in the case of any subsequent testing of the Springing Financial Covenant while the Lead Borrower and its Restricted Subsidiaries continue to be subject to testing of the Springing Financial Covenant after the applicable date referred to in the foregoing clause (i), the date of delivery of the Section 9.01 Financials with respect to the fiscal quarter most recently ended for the relevant Test Period, will, at the request of Lead Borrower pursuant to a notice (a “Cure Notice”) delivered to the Administrative Agent on or prior to the Cure Expiration Date, be included in the calculation of Consolidated EBITDA solely for the purposes of determining compliance with the Springing Financial Covenant at the end of such fiscal quarter and applicable subsequent Test Periods which include such fiscal quarter (any such contribution so included in the calculation of Consolidated EBITDA, a “Specified Equity Contribution”); provided that (a) in each four fiscal quarter period, there shall be at least two fiscal quarters in respect of which Specified Equity Contributions will not be included in the calculation of Consolidated EBITDA and Specified Equity Contributions may not be included in such calcu...
Sample 1
Springing financial covenant. During each Covenant Trigger Period, the Lead Borrower shall not permit (i) the Fixed Charge Coverage Ratio for the last period of four (4) consecutive Fiscal Quarters ended prior to the beginning of such Covenant Trigger Period for which financial statements have been delivered to the Administrative Agent pursuant to Section 5.1(a) or (b), as applicable, to be less than 1.00:1.00, (ii) the Fixed Charge Coverage Ratio for the period or four (4) consecutive Fiscal Quarters for which financial statements first are delivered to the Administrative Agent pursuant to Section 5.1(a) or (b), as applicable, during such Covenant Trigger Period to be less than 1.00:1.00 or (iii) the Fixed Charge Coverage Ratio for any period or four (4) consecutive Fiscal Quarters ending during such Covenant Trigger Period to be less than 1.00:1.00. Within three (3) Business Days after the beginning of a Covenant Trigger Period, the Lead Borrower shall provide to the Administrative Agent a compliance certificate calculating the Fixed Charge Coverage Ratio for the period of four consecutive Fiscal Quarters for which financial statements are required to be delivered ended immediately prior to the beginning of such Covenant Trigger Period based on the most recent financial statements required to be delivered pursuant to Section 5.1(a) or (b), as applicable.
Sample 1

Related to Springing 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.

  • 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:

  • Certain Financial Covenants In addition to the covenants described in Section 5.1 and Section 5.2, so long as any Commitment remains in effect, any Advance is outstanding or any amount is owing to any Lender hereunder or under any other Loan Document, the Borrower will perform and comply with each of the covenants set forth on Schedule VI.

  • Financial Covenants (a) The Borrower shall maintain or cause to be maintained records and accounts adequate to reflect in accordance with sound accounting practices the operations, resources and expenditures in respect of the Project of the departments or agencies of the Borrower responsible for carrying out the Project or any part thereof. (b) The Borrower shall: (i) have the records and accounts referred to in paragraph (a) of this Section including those for the Special Account for each fiscal year audited, in accordance with appropriate auditing principles consistently applied, by independent auditors acceptable to the Association; (ii) furnish to the Association, as soon as available, but in any case not later than six months after the end of each such year, a certified copy of the report of such audit by said auditors, of such scope and in such detail as the Association shall have reasonably requested; and (iii) furnish to the Association such other information concerning said records, accounts and the audit thereof as the Association shall from time to time reasonably request. (c) For all expenditures with respect to which withdrawals from the Credit Account were made on the basis of statements of expenditure, the Borrower shall: (i) maintain or cause to be maintained, in accordance with paragraph (a) of this Section, records and accounts reflecting such expenditures; (ii) retain, until at least one year after the Association has received the audit report for the fiscal year in which the last withdrawal from the Credit Account or payment out of the Special Account was made, all records (contracts, orders, invoices, bills, receipts and other documents) evidencing such expenditures; (iii) enable the Association’s representatives to examine such records; and (iv) ensure that such records and accounts are included in the annual audit referred to in paragraph (b) of this Section and that the report of such audit contains a separate opinion by said auditors as to whether the statements of expenditure submitted during such fiscal year, together with the procedures and internal controls involved in their preparation, can be relied upon to support the related withdrawals.

  • Special Covenants If any Company shall fail or omit to perform and observe Section 5.7, 5.8, 5.9, 5.11, 5.12, 5.13 or 5.15 hereof.

  • 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.

  • 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:

  • Financial Covenants of Borrower In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. Dated: ____________________

  • 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 Required Actual Complies Maintain as indicated:

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