Covenant Compliance Date means the earlier of (i) the date on which the Borrower delivers a compliance certificate in accordance with Section 5.01(d) demonstrating compliance with the financial covenants set forth in Section 6.12 (as modified as of the Amendment Effective Date) for the fiscal quarter ending June 30, 2021 and (ii) the date the Borrower shall, in its sole discretion, deliver both (a) a compliance certificate in accordance with Section 5.01(d) with respect to any fiscal quarter ending after the Amendment Effective Date but prior to June 30, 2021 reflecting compliance with the financial covenants in effect from and after the Covenant Waiver Period and (b) written notice to the Administrative Agent electing to terminate the Covenant Waiver Period concurrently with the delivery of such compliance certificate.>
Covenant Compliance Date means June 30, 2001, if as of such date Borrower is in compliance with the financial covenants set forth in Section 6.7(b).
Examples of Covenant Compliance Date in a sentence
This Exhibit shall describe the general scope of the Facility Maintenance and operations services to be provided during the course of construction of the facility renovations.
The Borrower will not at any time permit its Interest Coverage Ratio, determined as of any Covenant Compliance Date, to be less than 2.50 to 1.
For the avoidance of doubt, all interest that is payable on or after the Applicable Margin Covenant Compliance Date on the Tranche B Loans is payable in full in cash.
The Borrower will not at any time permit the Borrower Leverage Ratio, determined as of any Covenant Compliance Date, to be greater than 0.65 to 1.
Section 8.5.3 the making or acquisition of any Investment in one or a series of related transactions from and after the immediately preceding Quarterly Covenant Compliance Date in an aggregate amount outstanding at the date of measurement in excess of the greater of (i) $100,000,000 and (ii) 2.0% of Consolidated Total Assets.
More Definitions of Covenant Compliance Date
Covenant Compliance Date means the earlier of (i) the date on which the Borrower delivers a Compliance Certificate (x) demonstrating compliance with the financial covenants set forth in Section 10.1(a) and Section 10.12 for the fiscal quarter ending June 30, 2021 or thereafter and calculating such financial covenants based upon “Annual EBITDA” for the four (4) fiscal quarters then ended (and without giving effect to the annualized calculations in Section 10.12(i)) and (y) certifying that no Potential Event of Default or Event of Default has occurred and is continuing, and (ii) the date (such date, the “Accelerated Compliance Date”) on which the Borrower shall, in its sole discretion, deliver both (a) a Compliance Certificate with respect to any fiscal quarter ending after the Amendment Effective Date but prior to June 30, 2021 (x) demonstrating compliance with the financial covenants set forth in Section 10.1(a) and Section 10.12 at the required levels for the fiscal quarter ending June 30, 2021 and calculating such financial covenants based upon “Annual EBITDA” for the four (4) fiscal quarters then ended (and without giving effect to the annualized calculations in Section 10.12(i)) and (y) certifying that no Potential Event of Default or Event of Default has occurred and is continuing and (b) written notice by the Borrower to the Administrative Agent concurrently with the delivery of such Compliance Certificate by which the Borrower agrees that from after such date it shall for any fiscal quarter ending prior to or on June 30, 2021 comply with the financial covenants set forth in Section 10.1(a) and Section 10.12 at the required levels for the fiscal quarters ending June 30, 2021 and shall calculate such financial covenants based upon “Annual EBITDA” for the four (4) fiscal quarters then ended (and without giving effect to the annualized calculations in Section 10.12(i)). >
Covenant Compliance Date means the earlier of (i) the date on which the Operating Partnership delivers a Compliance Certificate (x) demonstrating compliance with the financial covenants set forth in Section 10.1(a) and Section 10.12 for the fiscal quarter ending June 30, 2021 or thereafter and calculating such financial covenants based upon “Annual EBITDA” for the four (4) fiscal quarters then ended (and without giving effect to the annualized calculations in Section 10.12(i)) and (y) certifying that no Potential Event of Default or Event of Default has occurred and is continuing, and (ii) the date (such date, the “Accelerated Compliance Date”) on which the Operating Partnership shall, in its sole discretion, deliver both (a) a Compliance Certificate with respect to any fiscal quarter ending after the Amendment Effective Date but prior to the Third Extended Maturity Date (x) demonstrating compliance with the financial covenants set forth in Section 10.1(a) and Section 10.12 at the required levels for the fiscal quarter ending June 30, 2021 and calculating such financial covenants based upon “Annual EBITDA” for the four (4) fiscal quarters then ended (and without giving effect to the annualized calculations in Section 10.12(i)) and (y) certifying that no Potential Event of Default or Event of Default has occurred and is continuing and (b) written notice by the Operating Partnership to the Administrative Agent concurrently with the delivery of such Compliance Certificate by which the Borrower agrees that from after such date it shall for any fiscal quarter ending prior to or on June 30, 2021 comply with the financial covenants set forth in Section 10.1(a) and Section 10.12 at the required levels for the fiscal quarters ending June 30, 2021 and shall calculate such financial covenants based upon “Annual EBITDA” for the four (4) fiscal quarters then ended (and without giving effect to the annualized calculations in Section 10.12(i)).
Covenant Compliance Date means the first date at the end of any fiscal quarter on which the ratio set forth in Section 10.5 is greater than or equal to 2.0 to 1.0, the ratio set forth in Section 10.6 is less than or equal to 2.5 to 1.0, and the Consolidated Leverage Ratio is less than or equal to 2.5 to 1.0 (it being the intent of the parties hereto that the Company must be in compliance with each of the foregoing ratios as of the end of the same fiscal quarter in order for the Covenant Compliance Date to occur). Upon the occurrence of the Covenant Compliance Date interest shall again be payable semiannually on the sixteenth day of June and December in each year (commencing with the next June 16th or December 16th occurring immediately after the Covenant Compliance Date) and at maturity. The Notes will bear interest on overdue principal (including any overdue required or optional prepayment of principal) and Make-Whole Amount, if any, and (to the extent legally enforceable) on any overdue installment of interest at the Default Rate after the date due, whether by acceleration or otherwise, until paid. The Notes will mature on June 16, 2004, and will be substantially in the form set out in Exhibit 1, with such changes therefrom, if any, as may be approved by each Purchaser and the Company. Certain capitalized terms used in this Agreement are defined in Schedule B; references to a “Schedule” or an “Exhibit” are, unless otherwise specified, to a Schedule or an Exhibit attached to this Agreement.”
Covenant Compliance Date means the last day of each calendar quarter. “Covenant Computation Period” means the four consecutive calendar quarters immediately preceding and ending on a Covenant Compliance Date. “Credit Rating Agency” means a nationally recognized credit rating agency that evaluates the financial condition of issuers of debt instruments and then assigns a rating that reflects its assessment of the issuer’s ability to make debt payments. “CRM” means Cargill Risk Management, a division of Xxxxxxx, Xxxxxxxxxxxx, or any Affiliate thereof. “Debt Service Coverage Ratio” means, with respect to the Consolidated Group, for the applicable Covenant Computation Period, the ratio of (a) Consolidated Adjusted EBITDA during such period, to (b) the sum of (without duplication) (i) all scheduled principal payments on all Indebtedness for borrowed money (other than any such Indebtedness described in clause (j) of the definition thereof) due during such period or on demand, (ii) all interest paid in cash during such period, and (iii) all rental payments under leases of real or personal property, (including, for the avoidance of doubt, all rental payments under the STORE Lease Agreement), regardless of whether such leases are characterized as operating leases or finance (or capital) leases, all determined in accordance with GAAP on a consolidated basis. “Debt Service Reserve Account” means a deposit account established by the Company with a financial institution acceptable to the Lender and containing such minimum funds as required under Section 5.17. “Debtor Relief Laws” means the Bankruptcy Code of the United States of America and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally. “Default” means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default. “Default Rate” means, as of any date of determination, the following: (a) for each Term Loan, the Applicable Interest Rate plus 3.00% per annum; and (b) for all other Obligations, the Applicable Interest Rate plus 3.00%.
Covenant Compliance Date means the last day of each calendar quarter. “Covenant Computation Period” means the four consecutive calendar quarters immediately preceding and ending on a Covenant Compliance Date. “Credit Rating Agency” means a nationally recognized credit rating agency that evaluates the financial condition of issuers of debt instruments and then assigns a rating that reflects its assessment of the issuer’s ability to make debt payments. “CRM” means Cargill Risk Management, a division of Xxxxxxx, Xxxxxxxxxxxx, or any Affiliate thereof. “Debt Service Coverage Ratio” means, with respect to the Consolidated Group, for the applicable Covenant Computation Period, the ratio of (a) Consolidated Adjusted EBITDA during such period, to (b) the sum of (without duplication) (i) all scheduled principal payments on all Indebtedness for borrowed money (other than any such Indebtedness described in clause (j) of the definition thereof) due during such period or on demand, (ii) all interest paid in cash during such period, and (iii) all rental payments under leases of real or personal property, (including, for the avoidance of doubt, all rental payments under the STORE Lease Agreement), regardless of whether such leases are characterized as operating leases or finance (or capital) leases, all determined in accordance with GAAP on a consolidated basis.
Covenant Compliance Date means the earlier of (i) the date on which the Borrower delivers a Compliance Certificate demonstrating compliance with the financial covenants set forth in Section 6.11 for the fiscal quarter ending September 30, 2021 without giving effect to Section 6.11(k) and certifying that no Default or Event of Default has occurred and is continuing, and (ii) the date (the “Accelerated Compliance Date”) the Borrower shall, in its sole discretion, deliver both (a) a Compliance Certificate with respect to any fiscal quarter ending after the Amendment Effective Date but prior to September 30, 2021 reflecting compliance with the financial covenants that are effective for the fiscal quarter ending September 30, 2021 and thereafter without giving effect to Section 6.11(k) and certifying that no Default or Event of Default has occurred and is continuing and (b) written notice to the Administrative Agent concurrently with the delivery of such Compliance Certificate by which the Borrower agrees that from after such date it shall comply with the financial covenants set forth in Section 6.11 that are effective for the fiscal quarter ending September 30, 2021 and thereafter without giving effect to Section 6.11(k).
Covenant Compliance Date means the date after the Covenant Compliance Criteria have been met on which the holders of Notes receive the certificate of a Senior Financial Officer described in Section 7.2 demonstrating compliance with the Covenant Compliance Criteria as of the Fiscal Quarter then most recently ended.