Budget Covenant definition

Budget Covenant as defined in Section 10.3.1.
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Budget Covenant has the meaning given in Section 6.15.
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Budget Covenant as defined in Section 5.17.
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Examples of Budget Covenant in a sentence

  • Obligors shall not permit or cause the aggregate amount of Liquidity to be less than $5,000,000 at any time (the requirements hereof, the “Liquidity Covenant”, and, the Liquidity Covenant, together with the Budget Covenant, the “Financial Covenant”).

  • Organizations enter into this Common Budget Covenant as we mutually pledge to support one another and to govern our actions and procedures relating to raising, collecting, distributing, accounting for and reporting the contributions of churches and individuals for carrying out the American Baptist mission beyond the local church.

  • The Common Budget Covenant provides the principles by which the Covenanting partners commit to abide.

  • The purpose of the Common Budget Covenant is to detail the responsibilities necessary for all signatories of the Covenant to function as faithful stewards of the mission of Jesus Christ.

  • The plan shall be known as the United Stewardship Plan: The United Stewardship Plan follows the general pattern of the previous Common Budget Covenant with United Mission as the core component and has the following provisions: a.

  • Therefore, the American Baptist Churches in the U.S.A., its Related Corporations and Regions enter into a Common Budget Covenant for the purpose of financially supporting our work as partners in Christ’s mission.

  • The Operating Guidelines Manual is the administrative guide to this Common Budget Covenant.

  • Partners to the Budget Covenant and others in the denomination involved in fund raising for mission will come together periodically to discuss potential donors, the discipline of cultivating contacts, how to best enhance relationships and how to coordinate fund raising efforts.

  • Notwithstanding anything to the contrary above, only a negative variance of 20% or more fromthe “Cash Inflow” or “Operating Cash Outflow” shall constitute a breach of a Budget Covenant for the first tested rolling four (4) week period described above.

  • All covenanting parties must approve the amendment to change the Budget Covenant.


More Definitions of Budget Covenant

Budget Covenant means the covenant in Clause 20.3.
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Budget Covenant means the covenant set forth in SECTION 10.02.
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Budget Covenant. The definitive documentation shall contain such other reporting requirements (including in respect of the Budget) as are customary for debtor-in-possession financings of this type and such other reporting as required by the Majority DIP Lenders or the Revolving Credit Agreement Agent.
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Budget Covenant. Until the repayment of the obligations under the DIP Term Loan Facility, the Loan Parties shall use the proceeds of the DIP Term Loan Facility, the DIP ABL Facility and cash collateral strictly in accordance with the Interim DIP Order and in accordance with the Approved Budget, subject to permitted variances. Commencing with the first full calendar week of the Bankruptcy Cases, as measured on a four-week rolling basis, the Loan Parties’ aggregate actual operating disbursements shall not be greater than 115% of the projected amounts therefor set forth in the Approved Budget. The definitive documentation will also contain a professional fees variance covenant to be agreed. The Company shall provide or shall make itself available to the Required DIP Term Loan Lenders and their professional advisors for: (i) copies of all reports on Form 10-K, 10-Q or 8-K filed with the Securities and Exchange Commission (unless publicly accessible); (ii) no later than Friday of each week for the week ended on the previous Saturday, a variance report, in form and detail reasonably acceptable to the Required DIP Term Loan Lenders, showing actual disbursements against the Approved Budget; (iii) no later than Friday of each week after the Petition Date, an updated 13-week cash flow forecast, in form and substance reasonably satisfactory to the Required DIP Term Loan Lenders and Accordion Partners LLC, which shall become the Approved Budget upon approval by the Required DIP Term Loan Lenders in their reasonable discretion (and to the extent any updated budget is not approved by the Required DIP Term Loan Lenders and Accordion Partners LLC, the Approved Budget that is then effect shall continue to constitute the Approved Budget for purposes of the DIP Term Loan Facility); and (iv) a weekly update call among the Chief Restructuring Officer, management of the Company, the DIP Term Loan Lenders and their advisors, which call may include discussions regarding disbursements, the budget (including variance testing, restructuring professional fees and financing), vendors and customers.
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Related to Budget Covenant

  • Financial Covenant has the meaning specified in Section 7.08.

  • Previously Absent Financial Maintenance Covenant means, at any time, any financial maintenance covenant that is not included in the Loan Documents at such time.

  • Maintenance Covenant A covenant by any borrower to comply with one or more financial covenants (including without limitation any covenant relating to a borrowing base, asset valuation or similar asset-based requirement) during each reporting period, that exists regardless of whether or not such borrower has taken any specified action and includes a covenant that applies only when the related loan is funded.

  • Financial Covenants means the covenants set forth in Section 6.2.

  • Additional Covenant means any covenant in respect of the financial condition or financial position of the Company, including, but not limited to, covenants that specify or require the maintenance of certain financial ratios applicable to the Company, and the default provision related thereto (regardless of whether such provision is labeled or otherwise characterized as a covenant or a default).

  • Financial Covenant Default has the meaning assigned to such term in Section 8.01(6).

  • Budget month means the calendar month from which nonfinancial and financial information is used to determine eligibility (see section (28) of this rule) and benefit level for the payment month (see section (50) of this rule).

  • Transfer fee covenant means a declaration or covenant purporting to affect real property which requires or purports to require the payment of a transfer fee to the declarant or other person specified in the covenant or declaration, or to their successors or assigns, upon a subsequent transfer of an interest in the real property.

  • Financial Performance Covenants means the covenants of the Borrower set forth in Section 10.11.

  • Incurrence Covenant means a covenant by any borrower to comply with one or more financial covenants (including without limitation any covenant relating to a borrowing base, asset valuation or similar asset-based requirement) only upon the occurrence of certain actions of the borrower, including a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture.

  • Financial Covenant Debt of any Person means Indebtedness of the type specified in clauses (a), (b), (d), (e), (f) and (h) of the definition of “Indebtedness,” non-contingent obligations of the type specified in clause (c) of such definition and Guaranty Obligations of any of the foregoing.

  • Financial Covenant Event of Default has the meaning specified in Section 8.01(b).

  • Budget Year means the financial year of the municipality for which an annual budget is to be approved in terms of section 16(1) of the MFMA;

  • Financial Performance Covenant means the covenant set forth in Section 6.11.

  • Budget Period means the fiscal period for which a budget is prepared.

  • Covenant Relief Period means the period commencing on the Amendment No. 1 Effective Date and ending on and including December 31, 2022.

  • Affirmative Covenants The following affirmative covenants, among others, if any, to be negotiated in the Senior Facilities Documentation, will apply (to be applicable to the Borrower and its restricted subsidiaries), subject to customary (consistent with the Documentation Precedent) and other baskets, exceptions and qualifications to be agreed upon: maintenance of corporate existence and rights; performance and payment of obligations; delivery of annual and quarterly consolidated financial statements (accompanied by customary management discussion and analysis and (annually) by an audit opinion from nationally recognized auditors that is not subject to any qualification as to scope of such audit or going concern) (other than solely with respect to, or resulting solely from an upcoming maturity date under any series of indebtedness occurring within one year from the time such opinion is delivered) (with extended time periods to be agreed for delivery of the first annual and certain quarterly financial statements to be delivered after the Closing Date) and an annual budget (it being understood that the public REIT reporting that includes the Borrower shall satisfy the Borrower’s reporting obligations so long as it includes a consolidating income statement and balance sheet for the Borrower); delivery of notices of default and material adverse litigation, ERISA events and material adverse change; maintenance of properties in good working order; maintenance of books and records; maintenance of customary insurance; commercially reasonable efforts to maintain ratings (but not a specific rating); compliance with laws; inspection of books and properties; environmental; additional guarantors and additional collateral (subject to limitations set forth under the captions “Guarantees” and “Security”); further assurances in respect of collateral matters; use of proceeds; and payment of taxes.

  • Budget unit means the unit for which the ANB of a district is calculated separately pursuant to 20-9-311.

  • Asset Coverage Cure Date means, with respect to the failure by the Fund to maintain Asset Coverage as of the close of business on a Business Day (as required by Section 2.4(a)), the date that is thirty (30) calendar days following such Business Day.

  • Negative Covenants The Postpetition Financing Documents shall contain negative covenants of the Borrower acceptable to the Lender.

  • SWS wage assessment agreement means the document in the form required by the Department of Education, Employment and Workplace Relations that records the employee’s productive capacity and agreed wage rate

  • Interest Expense Coverage Ratio means, for any period, the ratio of (a) Consolidated EBITDA for such period to (b) Consolidated Interest Expense for such period.

  • Consolidated Debt Service Coverage Ratio means, as of any date of determination, the ratio of (a) the sum of (i) Consolidated EBITDA for the most recently completed four fiscal quarters minus (ii) income taxes payable for such period minus (iii) Consolidated Capital Expenditures for such period to (b) the sum of (i) Consolidated Interest Charges for such period plus (ii) Consolidated Scheduled Funded Debt Payments for such period.

  • Debt Service Coverage Ratio means a ratio for the applicable period in which:

  • Asset Coverage Ratio means the ratio, determined on a consolidated basis, without duplication, in accordance with GAAP, of (a) the value of total assets of the Borrower and its Subsidiaries, less all liabilities and indebtedness not represented by Senior Securities, to (b) the aggregate amount of Senior Securities representing indebtedness in each case, of the Borrower and its Subsidiaries (all as determined pursuant to the Investment Company Act and any orders, declarations, opinions, relief or letters issued by the SEC or any other government or regulatory authority, in each case as of the Effective Date, but excluding the effects of SEC Release No. 33837/April 8, 2020)). The calculation of the Asset Coverage Ratio shall be made in accordance with any exemptive relief or order granted or issued by the SEC with respect to the Indebtedness of any SBIC Subsidiary from the definition of Senior Securities only so long as (a) such order is in effect, and (b) no obligations have become due and owing pursuant to the terms of any Permitted SBIC Guarantee to which the Borrower or any other Obligor is a party. The outstanding utilized notional amount of any Credit Default Swap where an Obligor is a protection seller, in each case, less the value of the margin posted by the Borrower or any of its Subsidiaries thereunder at such time shall be treated as a Senior Security of the Borrower for the purposes of calculating the Asset Coverage Ratio.

  • EBITDA Coverage Ratio defined as EBITDA divided by the aggregate of total interest expense plus the prior period current maturity of long-term debt and the prior period current maturity of subordinated debt.