Covenant Adjustment Period definition

Covenant Adjustment Period means the period commencing on the last day of the Covenant Relief Period and ending on the earlier of (i) the first Measurement Date following the date Hyatt has delivered a notice to the Administrative Agent electing to terminate the Covenant Adjustment Period (for the avoidance of doubt, the increased Leverage Ratio permitted under clause (ii) of Section 5.9(a) shall not apply for such Measurement Date) and (ii) the day following the fifth Measurement Date occurring after the Covenant Relief Period, which date shall not, in any event, be later than April 1, 2023.

Covenant Adjustment Period means the period commencing with the fiscal quarter ending September 30, 2024 and ending on the earlier of (a) April 1, 2026 and (b) upon written notice from the Administrative Borrower, at the Administrative Borrower’s option, the date that the Administrative Borrower provides a Compliance Certificate to the Agent demonstrating that the US Borrower is in compliance with the financial covenants set forth in Section 5.7, as in effect immediately after the termination of the Covenant Adjustment Period, for the applicable fiscal quarter.

Covenant Adjustment Period means the period beginning on June 15, 2020 and ending on the Covenant Adjustment Termination Date.

Examples of Covenant Adjustment Period in a sentence

• During the Covenant Adjustment Period, the US Borrower (and the appropriate Foreign Borrowers, if applicable) shall make mandatory principal prepayments of the Revolving Loans, Swing Line Loans and/or Cash Collateralize the Letter of Credit Exposure in the manner set forth in clause (g) below in an amount equal to one hundred percent (100%) of the aggregate Net Cash Proceeds from any Equity Issuance other than the exercise price on stock options issued as part of employee or director compensation.

• Without the written consent of the Majority Facility Lenders under the Revolving Facility, permit the Consolidated Total Net Leverage Ratio, calculated as of the last day of any period of four (4) consecutive fiscal quarters of the Borrower to exceed 4.00 to 1.00; provided that, during any Financial Covenant Adjustment Period, the Consolidated Total Net Leverage Ratio may be no greater than 4.50 to 1.00.

• Without the written consent of the Majority Facility Lenders under the Revolving Facility, permit the Consolidated Total Net Leverage Ratio, calculated as of the last day of any period of four (4) consecutive fiscal quarters of the Borrower to exceed 4.00 to 1.00; provided that, during any Financial Covenant Adjustment Period, the Consolidated Total Net Leverage Ratio may be no greater than 5.00 to 1.00.

• As used in the foregoing clause (e), “Applicable Restricted Payment Ratio Level” means a ratio equal to 3.00(x) during the Covenant Adjustment Period, 3.25 to 1.00 and (y) following the Covenant Adjustment Period, 3.50 to 1.00.

• On a consolidated basis, maintain a Consolidated Fixed Charge Coverage Ratio (calculated on a one fiscal quarter basis) as of the first Measurement Date occurring during the Covenant Adjustment Period (the “Fixed Charge Coverage Ratio Measurement Date”) of no less than 1.25 to 1.00.

More Definitions of Covenant Adjustment Period

Covenant Adjustment Period means the period commencing on the Initial KAPS Facility Drawdown Date and ending on the last day of the tenth Fiscal Quarter after the Fiscal Quarter in which the Initial KAPS Facility Drawdown Date occurs.

Covenant Adjustment Period means the period (a) from and after the Fourth Amendment Effective Date through and including (b) the date on which the Borrower shall have delivered:

Covenant Adjustment Period means the period from and including 30 June 2017 up to and including 31 December 2019;

Covenant Adjustment Period means the period commencing on January 1, 2023 and ending on the earliest of (i) the date on which Borrower delivers to the Administrative Agent the financial statements and compliance certificate required pursuant to Sections 9.04(a) and 9.04(c) for the fiscal quarter ended December 31, 2023, and (ii) the day upon which Borrower shall have notified the Administrative Agent in writing that it has elected to end the Covenant Adjustment Period; provided that, if the Borrower elects to end the Covenant Adjustment Period pursuant to clause (ii) above, the Covenant Adjustment Period cannot be reinstated.

Covenant Adjustment Period means the period commencing with the Second Amendment Effective Date and ending on the earlier of (i) the date that the Borrower provides the financial statements referred to in Section 5.04(b) and certificate referred to in Section 5.04(c) for the fiscal quarter ended June 30, 2025, demonstrating compliance with the Financial Covenants for such quarter and (ii) the date that the Borrower provides the financial statements referred to in Section 5.04(a) or (b), as applicable, and certificate referred to in Section 5.04(c) demonstrating compliance with the Financial Covenants as in effect immediately prior to the First Amendment Effective Date for the applicable fiscal quarter. For the avoidance of doubt, the Covenant Adjustment Period shall continue unless or until one of the events in the foregoing clause (i) or (ii) occurs.

Covenant Adjustment Period means the period commencing on January 1, 2024 and ending on the Revolving Facility Maturity Date.

Covenant Adjustment Period means the period commencing on January 1, 2024 and ending on the Revolving Facility Maturity