Covenant Changeover Date definition

Covenant Changeover Date means the first date, if any, on which one or more of the Credit Parties have issued an aggregate principal amount of $150,000,000 of Senior Notes pursuant to Section 9.02(e) during the term of this Agreement.
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Covenant Changeover Date means (i) if the Subject Project is fully operational during each day of the fiscal quarter ending September 30, 2018, the date on which financial statements and a Compliance Certificate are delivered for the fiscal quarter ending on September 30, 2018 pursuant to Section 8.01(b) and (d) or (ii) if the Subject Project is not fully operational for each day of the fiscal quarter ending September 30, 2018, the date on which the Borrower delivers unaudited financial statements and a Compliance Certificate for the fiscal quarter ending on December 31, 2018 (for the avoidance of doubt, without limiting the Borrower’s obligations pursuant to Section 8.01(a) and (d)); provided, however, if the Subject Project has not been fully operational during each day of the fiscal quarter ending September 30, 2018, the Borrower may elect to cause the Covenant Changeover Date to occur after the last day of any calendar month, beginning with the calendar month ending September 30, 2018, by delivering unaudited consolidated financial statements of the Borrower for such calendar month, a notice of such election and a Compliance Certificate to the Administrative Agent, demonstrating compliance as of the last day of such calendar month with (A) a Consolidated Interest Coverage Ratio of not less than 2.50 to 1.00 (as such ratio is recomputed using (x) Consolidated EBITDA and Consolidated Interest Expense for such calendar month multiplied by an annualization factor of 12) and (B) a Consolidated Total Leverage Ratio of not more than 4.50 to 1.00 (as such ratio is recomputed using Consolidated EBITDA for such calendar month multiplied by an annualization factor of 12), and the Covenant Changeover Date shall be the date of the delivery of such financial statements, notice of such election and Compliance Certificate to the Administrative Agent.
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Covenant Changeover Date means, at the election of the Borrower in its sole discretion, the last day of any fiscal quarter of Holdings ending on or after March 31, 2025 that has been designated by the Borrower as the “Covenant Changeover Date” in a Covenant Changeover Date Notice delivered to the Administrative Agent. For the avoidance of doubt, once the Covenant Changeover Date has occurred, in no event will the Covenant Changeover Date later be deemed not to have occurred.
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Examples of Covenant Changeover Date in a sentence

  • The Parent and the Borrower will not permit, as of the last day of any fiscal quarter commencing with the fiscal quarter during which the Covenant Changeover Date occurs (but in no event prior to the fiscal quarter ending March 31, 2015), the Consolidated Senior Secured Leverage Ratio to be greater than 3.50 to 1.00.

  • The Parent and the Borrower will not permit, as of the last day of any fiscal quarter commencing with the fiscal quarter during which the Covenant Changeover Date occurs, the Consolidated Senior Secured Leverage Ratio to be greater than 3.75 to 1.00.

  • Prior to the Covenant Changeover Date, Borrower shall not permit at any time Liquidity to be less than $20,000,000 (the “Liquidity Threshold”).

  • Prior to the Covenant Changeover Date, the negative Free Cash Flow for the Rolling Period ending on the last day of each Fiscal Quarter to exceed $180 million and the negative Free Cash Flow for the period commencing on the Effective Date to (and including) the Covenant Changeover Date, to exceed $225 million in the aggregate.

  • After the Covenant Changeover Date, the Consolidated Fixed Charge Coverage Ratio for the Rolling Period ending on the last day of each Fiscal Quarter to be less than 1.15 to 1.00.

  • The Parent and the Borrower will not permit (i) as of the last day of any fiscal quarter ending prior to the Covenant Changeover Date, commencing with the fiscal quarter ending [September 30], 2017, the Consolidated Interest Coverage Ratio to be less than 3.00 to 1.00 and (ii) as of the last day of any fiscal quarter ending after the Covenant Changeover Date, the Consolidated Interest Coverage Ratio to be less than 2.50 to 1.00.

  • Commencing on the Closing Date and continuing until the last day of the Fiscal Quarter immediately preceding the Financial Covenant Changeover Date, maintain Liquidity at all times, of at least $20,000,000.

  • After the Covenant Changeover Date, the Consolidated Leverage Ratio for the Rolling Period ending on the last day of each Fiscal Quarter to be greater than 2.50 to 1.00.

  • The Parent and the Borrower will not permit (i) as of the last day of any fiscal quarter ending prior to the Covenant Changeover Date, commencing with the fiscal quarter ending December 31, 2017, the Consolidated Interest Coverage Ratio to be less than 3.00 to 1.00 and (ii) as of the last day of any fiscal quarter ending after the Covenant Changeover Date, the Consolidated Interest Coverage Ratio to be less than 2.50 to 1.00.


More Definitions of Covenant Changeover Date

Covenant Changeover Date means the earlier of (x) January 3, 2022 and (y) the date on which Liquidity is less than the Liquidity Threshold. Credit Extension means the making, Conversion, or Continuation of a Loan.
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Covenant Changeover Date means the last day of the Fiscal Quarter of the Borrower that is ten (10) Fiscal Quarters after the Fiscal Quarter ending on March 31, 2017.
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Related to Covenant Changeover Date

  • 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.

  • 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.

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

  • 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.

  • Scheduled Commercial Operation Date shall have the meaning ascribed to it in Clause 5.4.1;

  • Loan Commencement Date means, with respect to each Growth Capital Loan: (a) the first day of the first full calendar month following the Borrowing Date of such Loan if such Borrowing Date is not the first day of a month; or (b) the same day as the Borrowing Date if the Borrowing Date is the first day of a month.

  • 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.

  • Commencement Date means the date of this Agreement;

  • 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.

  • Amortization Commencement Date means the date on which an Amortization Event is deemed to occur pursuant to Section 20 hereof.

  • Scheduled Completion Date shall be the date set forth in Clause 10.3;

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

  • Implementation Period means the period from the date of signing of the Agreement and up to the issuance of Final Acceptance Certificate for the project.

  • Covenant Compliance Worksheet means a fully completed worksheet in the form of Attachment A to Exhibit C.

  • Start-up period means up to a maximum of 7 Academy Financial Years and covers the period up to and including the first Academy Financial Year in which all age groups are present at the Academy (that is, all the pupil cohorts relevant to the age-range of the Academy will have some pupils present).

  • Term Commencement Date shall be the later of (i) November 1, 2006 or (ii) the date on which Landlord’s Work is Substantially Complete (or the date on which Landlord’s Work would have been Substantially Complete absent Tenant Delay or Force Majeure (as defined below)); provided, however, that if the Term Commencement Date is not the first day of a calendar month, then the first lease year shall be extended through the last day of the calendar month in which the first 12-month period expires, and Rent for the additional period at the end of the first lease year shall be payable at the rate for the 12th month of the Term. “Force Majeure” means accident; breakage; repair; governmental regulation, moratorium or other governmental action. The “Term Expiration Date” shall be the day immediately preceding the seventh (7th) anniversary of the Term Commencement Date, provided that if such preceding day is not the last day of a calendar month, then the Term Expiration Date shall be the last date of the calendar month in which such preceding day occurs. Landlord and Tenant shall each execute and deliver to the other written acknowledgment of the actual Term Commencement Date and the Term Expiration Date when such are established, and shall attach it to this Lease as Exhibit B. Failure to execute and deliver such acknowledgment, however, shall not affect the Term Commencement Date or Landlord’s or Tenant’s liability hereunder. Failure by Tenant to obtain validation by any medical review board or other similar governmental licensing of the Premises required for the Permitted Use by Tenant shall not serve to extend the Term Commencement Date.

  • Testing Date means each day which is: (i) the last day of the relevant Issuer's and the Guarantor's financial year in any year; or (ii) the last day of each of the first three quarters of the relevant Issuer's and the Guarantor's financial year in any year.

  • Construction Commencement Date means the date set out in the Addendum, if applicable, by which you must commence construction of the Hotel. For the Hotel to be considered under construction, youmust have begun to pour concrete foundations for the Hotel or otherwise satisfied any site-specific criteria for “under construction” set out in the Addendum.

  • Start Date for Term Calculation Purposes Only: Regardless of actual award/effective date of Contract, for Agreement “term” calculation purposes only, the Agreement “start date” is the last day of the month that Award Notifications are anticipated as published in the Solicitation. Example: If the anticipated award date published in the Solicitation is August 27, 2020 but extended negotiations delay award until September 24, 2020 the end date of the resulting initial “two-year” term Agreement, (which is subject to an extension(s)) will still be August 31, 2022 in this example

  • Guaranteed Commercial Operation Date has the meaning set forth in Section 3.9(c)(i).

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

  • Commercial Operation Date means the date on which a Material Project is substantially complete and commercially operable.

  • Second Extension Period means the period of one (1) Contract Year commencing immediately after the end of the First Extension Period.

  • Rent Commencement Date means [Insert date or description] or any later date calculated in accordance with paragraph 3.3 of Part 5 of the Schedule;

  • the commencement date means the date on which the Contract shall take effect, as notified by the Authority to the Contractor in a letter awarding the Contract.

  • Vesting Commencement Date means the Grant Date or such other date selected by the Committee as the date from which an Award begins to vest.