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.

  • Although there is no evidence as to whether the same person hired and fired Wilder, the fact that Wilder was the same age at his hiring as he was at firing counsels against an inference of age discrimination, especially where there is no evidence of a pattern of firing older workers after they were hired by the human resources office.

  • 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.

  • 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.

  • 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.

  • Additionally, I/we assert that there is no known reason (e.g. environmental or otherwise) why the property cannot be productively farmed.In addition, I/we are aware that both Parts A and B of this Application to Sell an Easement must be completed and submitted to the County’s Program Administrator, along with all necessary documentation.

  • 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.

  • 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.


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 the period commencing on the last day of the fiscal month of Borrower most recently ended prior to the occurrence of a Fixed Charge Test Commencement Date for which month Borrowers have delivered to Agent monthly financial statements of Solutions and its Subsidiaries, and continuing until the Termination Date has occurred.

  • Commencement Date or Handover Date means the date on which the Licensed Space of first lot of stations as per Annexure 1 is handed over by DMRC to the Selected Bidder, in accordance with the terms of this agreement.

  • 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.

  • Covenant Relief Period means the period commencing on the Amendment No. 3 Effective Date and ending on (but excluding) the Covenant Relief Period Termination Date.

  • 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 Loan, the first Business Day of the calendar month following the Funding Date of such Loan.

  • 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.

  • Grace Period Extension Date means, if:

  • 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 set forth in Section 4.18.

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

  • Start-up Period means up to 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 31 December of each 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 a period of twelve (12) consecutive months following the Initial Maturity Date.

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

  • Second Extension Period means a period of twelve (12) consecutive months following the First Extended Maturity Date.

  • 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.