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 following the Effective Date on which:
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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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Examples of Covenant Change Date in a sentence

  • 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.

  • 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.

  • 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.

  • Not permit the Senior Leverage Ratio as of the last day of any Computation Period to exceed the applicable ratio set forth below: COMPUTATION SENIOR PERIOD ENDING: LEVERAGE RATIO -------------- -------------- 12/31/99 to Covenant Change Date 3.70 to 1.0 Covenant Change Date through 12/31/00 3.25 to 1.0 Thereafter 3.00 to 1.0.

  • 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.

  • On the second Business Day of each week on or prior to the Covenant Change Date, a 13-week rolling cash flow forecast substantially in the form of Exhibit G.

  • 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.

  • Beginning on and including the Financial Covenant Change Date, upon the occurrence and during the continuance of a Domestic Cash Trigger Period, as of the last day of the most recent Fiscal Quarter for which financial statements were, or were required to be, delivered hereunder before the beginning of such Domestic Cash Trigger Period and as of the last day of each Fiscal Quarter ending thereafter, maintain a Fixed Charge Coverage Ratio of at least 1.0 to 1.0.

  • 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.


More Definitions of Covenant Change Date

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 in Section 1.1 of the Credit Agreement shall be deleted.
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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 a period commencing on any day that Availability shall have been less than the greater of (a) 10% of the Line Cap and (b) $65,000,000 and continuing until Availability has been at least equal to the greater of (x) 10% of the Line Cap and (y) $65,000,000 for at least 30 consecutive days.

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

  • Covenant Compliance Event means that Excess Availability at any time is less than the greater of (a) ten (10%) percent of the Line Cap or (b) $7,000,000. For purposes hereof, the occurrence of a Covenant Compliance Event shall be deemed continuing until Excess Availability has exceeded the amounts set forth above for thirty (30) consecutive days, in which case a Covenant Compliance Event shall no longer be deemed to be continuing for purposes of this Agreement. 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.