Covenant Change Date definition

Covenant Change Date means the date, if any, that the Net Leverage Ratio is less than 4.00 to 1.00 for at least two consecutive Fiscal Quarters of the Borrower.
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Covenant Change Date means the first date occurring on or after January 1, 2020 on which (i) the interest payable in respect of the Term Loans hereunder shall be payable 100% in cash on such date in accordance with the last sentence of Section 2.1(e)(3), and (ii) the Borrowers shall be obligated to pay the Restricted Amortization Payments in cash on such date in accordance with the proviso to Section 2.1(d)(1).
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Covenant Change Date means the first date following the Effective Date on which:
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Examples of Covenant Change Date in a sentence

  • For instance, where people refer to terms as having a meaning consistent with that of the CEO and other senior staff, they can be considered to understand the topic and what it entails in the specific business context.

  • Until the Financial Covenant Change Date, Borrowers shall maintain the Excess Availability of Borrowers at all times in an amount equal to or greater than $5,000,000.

  • In addition, any Disposition which would be permitted by Section 8.02A (other than by reference to this Section 8.03 (or any clause hereof)) or Section 8.02B (from and after the Covenant Change Date) may also be accomplished via a merger or consolidation and such merger or consolidation shall be permitted pursuant to this Section 8.03.

  • Borrowers’ Excess Availability as of the Reporting Date is $ , and Borrowers’ lowest Excess Availability at any time during the period from the last reporting date through the Reporting Date was $ , which ☐ satisfies ☐ does not satisfy the requirement set forth in Section 8.1 of the Credit Agreement that the Excess Availability of Borrowers be not less than the Minimum Excess Availability Amount (as determined in accordance with Section 2 above) at all times until the Financial Covenant Change Date.

  • Commencing with the first month ended on or after the Financial Covenant Change Date and continuing at the end of each month thereafter, Borrowers shall maintain a Fixed Charge Coverage Ratio, measured monthly on a trailing twelve-month basis at the end of each month, of not less than 1.10 to 1.00.

  • Until the Financial Covenant Change Date, Borrowers shall maintain the Excess Availability of Borrowers at all times in an amount equal to or greater than the Minimum Excess Availability Amount.

  • If any financial statements and Compliance Certificate with respect to a Fiscal Quarter have not been received by the time due, then, at the option of Agent or Required Lenders, margins shall be determined as if Level IV (if prior to the Financial Covenant Change Date) or Level III (if on or after the Financial Covenant Change Date) were applicable, from such day until the first day of the calendar month following actual receipt thereof.

  • The reduction in reservoir capacity between consecutive contour levels can be computed using Trapezoidal formula.

  • From and after the Covenant Change Date, and automatically at the occurrence of the Covenant Change Date, without further action by any party, each Subsidiary of the Company shall be deemed to be, and shall be, from the Covenant Change Date until the termination of this Agreement, a Restricted Subsidiary.

  • From and after the Covenant Change Date, the Company shall not, and shall not permit any of its Subsidiaries to, Dispose of all or substantially all of the assets of the Company and its Subsidiaries (determined on a consolidated basis), taken as a whole, to any other Person.


More Definitions of Covenant Change Date

Covenant Change Date in Section 1.1 of the Credit Agreement shall be deleted.
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Covenant Change Date means the earlier of September 30, 2000 or the Release Date. Debt of any Person means, without duplication, (a) all indebtedness of such Person for borrowed money, whether or not evidenced by bonds, debentures, notes or similar instruments, (b) all obligations of such Person as lessee under Capital Leases which have been or should be recorded as liabilities on a balance sheet of such Person, (c) all obligations of such Person to pay the deferred purchase price of property or services (excluding trade accounts payable in the ordinary course of business), (d) all indebtedness secured by a Lien on the property of such Person, whether or not such indebtedness shall have been assumed by such Person (it being understood that if such Person has not assumed or otherwise become personally liable for any such indebtedness, the amount of the Debt of such Person in connection therewith shall be limited to the lesser of the face amount of such indebtedness or the fair market value of all property of such Person securing such indebtedness), (e) all obligations, contingent or otherwise, with respect to the face amount of all letters of credit (whether or not drawn) and banker's acceptances issued for the account of such Person (including the Letters of Credit), (f) net Hedging Obligations of such Person and (g) all Suretyship Liabilities of such Person. Disposal - see the definition of "Release".
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Covenant Change Date means the first date on which (a) Borrower has delivered financial statements pursuant to Section 6.01(a) or (b) and a related Compliance Certificate demonstrating that the Funded Leverage Ratio as of the end of a fiscal quarter was less than 3.25 to 1 and (b) no Default or Event of Default exists.
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Related to Covenant Change Date

  • Covenant Trigger Event shall occur at any time that Availability is less than the greater of (a) $12.5 million and (b) 10% of the Line Cap then in effect. Once commenced, a Covenant Trigger Event shall be deemed to be continuing until such time as Availability equals or exceeds the greater of (i) $12.5 million and (ii) 10% of the Line Cap then in effect for 30 consecutive days.

  • Covenant Trigger Period means the period (a) commencing on the day that (i) an Event of Default occurs or (ii) Availability is less than the greater of (x) 10% of Available Credit and (y) $20,000,000 and (b) continuing until, at all times thereafter for a period of 30 consecutive days during which, (i) no Event of Default exists and (ii) Availability shall have been not less than the greater of (x) 10% of Available Credit and (y) $20,000,000.

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

  • Covenant Compliance Event means, at any time, Availability is less than the greater of (i) ten percent (10%) of the Loan Cap and (ii) $15,000,000. The termination of a Covenant Compliance Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Covenant Compliance Event in the event that the conditions set forth in this definition again arise.

  • Restriction Termination Date means the first day on which the Board of Directors of the Corporation determines that it is no longer in the best interests of the Corporation to attempt to, or continue to, qualify as a REIT.

  • Delivery Period Termination Date Has the meaning specified in the Related Pass Through Trust Supplement.

  • Covenant Suspension Event has the meaning assigned to it in Section 3.22(b).

  • Change Date means (i) each Interest Method Change Date (including any Term Rate Period Advance Tender Date) or (ii) each Facility Change Date or (iii) a date not later than twenty-five (25) days after receipt by the Trustee of a “Notice of Termination Date” under a Liquidity Facility, which date shall be specified in the notice of the Trustee of the purchase of all 2024 Series A Variable Rate Bonds of the applicable Group provided pursuant to Section 801(A) of Appendix A hereto or (iv) each Discretionary Tender Date.

  • Control Change Date means the date on which a Change in Control occurs. If a Change in Control occurs on account of a series of transactions, the “Control Change Date” is the date of the last of such transactions.

  • Lease Termination Date means the last day of the Lease Term.

  • Restrictive Covenant Violation means the Participant’s breach of the Restrictive Covenants listed on Appendix A or any covenant regarding confidentiality, competitive activity, solicitation of the Company’s vendors, suppliers, customers, or employees, or any similar provision applicable to or agreed to by the Participant.

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

  • Initial Termination Date has the meaning set forth in Section 9.1(b)(i).

  • Anticipated Termination Date Any Distribution Date on which it is anticipated that the Trust Fund will be terminated pursuant to Section 9.01(c) of this Agreement.

  • Change of Control Date means the date on which a Change of Control occurs.

  • Resale Restriction Termination Date shall have the meaning specified in Section 2.05(c).

  • Covenant Period means the period of time from the date of this Agreement to the date that is two years after the Date of Termination.

  • Mandatory Termination Date means the "Termination Date" set forth under "Investment Summary--Essential Information" in the Prospectus for the Trust.

  • Covenant Testing Period means a period (a) commencing on the last day of the fiscal month of Parent most recently ended prior to a Covenant Trigger Event for which Borrowers are required to deliver to Agent monthly financial statements pursuant to Schedule 5.1 to this Agreement, and (b) continuing through and including the first day after such Covenant Trigger Event that Availability has equaled or exceeded the greater of (a) 15% of the Maximum Revolver Amount, and (b) $4,500,000 for 60 consecutive days.

  • Non-Disrupted Valuation Date means a Valuation Date which is not a "Disrupted Day". “Normal Exposure” means a +1x exposure to the Reference Asset.

  • Change of Control Put Date shall have the meaning specified in Section 11.1.

  • Extension Determination Date means, in respect of a Series of Covered Bonds, the date falling two Business Days after the expiry of seven days from (and including) the Final Maturity Date of such Covered Bonds.

  • Extended Termination Date has the meaning specified in Section 2.16(c).

  • First Extension Period means the period of one (1) Contract Year commencing immediately after the conclusion of the Initial Exploration Period.

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

  • Final Termination Date means the last date of the final year in which the Applicant is required to Maintain Viable Presence and as further identified in Section 2.3.E of this Agreement.