Covenant Compliance Period. The period beginning on the Closing Date and ending on the date on which all Commitments have been terminated and the Obligations have been paid in full (other than contingent indemnification and reimbursement obligations for which no claim giving rise thereto has been asserted).
Covenant Compliance Period means any period (a) commencing on the date on which Excess Availability is less than the greater of, for 10 consecutive Business Days, (i) 15% of the Line Cap and (ii) $3,000,000 and (b) ending on the first date thereafter on which Excess Availability has been equal to or in excess of, for 30 consecutive days, the greater of (i) 15% of the Line Cap, and (ii) $3,000,000.
Covenant Compliance Period any time at which any Revolving Loan or Swingline Loan shall be made or is outstanding or any Letter of Credit (other than Standby Letters of Credit in an aggregate face amount of up to $12,000,000) shall be issued or is outstanding that is not cash collateralized in an amount of at least 103% of the face amount thereof in a manner consistent with the last paragraph of Section 8.
Examples of Covenant Compliance Period in a sentence
Each of the parties hereto (other than the Administrative Agent) hereby agrees that it will not institute against, or join any other Person in instituting against, the Borrower any Insolvency Proceeding so long as there shall not have elapsed one year and one day (or such longer preference period as shall then be in effect) since the end of the Covenant Compliance Period.
Each of the parties hereto hereby agrees that it will not institute against, or join any other Person in instituting against, the Borrower or the Equityholder any Insolvency Proceeding so long as there shall not have elapsed one year and one day (or such longer preference period as shall then be in effect) since the end of the Covenant Compliance Period.
During the Covenant Compliance Period: (a) Mergers, Acquisition, Sales, etc.
The termination of a Covenant Compliance Period as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Covenant Compliance Period in the event that the conditions set forth in the definition thereof again arise.
The Borrower shall have delivered to the Administrative Agent a Compliance Certificate demonstrating, immediately after such extension of credit, compliance on a pro forma basis with the covenants set forth in Section 7.1 hereof (whether or not a Covenant Compliance Period is in effect).
More Definitions of Covenant Compliance Period
Covenant Compliance Period means, at any time on or after April 30, 2021, either that (a) a Specified Event of Default has occurred and is continuing, or (b) Availability plus Suppressed Availability is less than or equal to the greater of (x) $250,000,000 and (y) ten percent (10%) of the Loan Cap. For purposes hereof, the occurrence of a Covenant Compliance Period shall be deemed continuing (i) so long as such Specified Event of Default exists, and/or (ii) if the Covenant Compliance Period arises as a result of the failure to achieve Availability plus Suppressed Availability as required hereunder, until Availability plus Suppressed Availability has exceeded the greater of (x) $250,000,000 and (y) ten percent (10%) of the Loan Cap for twenty (20) consecutive Business Days, in which case a Covenant Compliance Period shall no longer be deemed to be continuing for purposes of this Agreement. The termination of a Covenant Compliance Period as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Covenant Compliance Period in the event that the conditions set forth in clause (a) or clause (b) of this definition again arise.
Covenant Compliance Period means the period commencing with the occurrence of a Covenant Compliance Event and ending only after such Covenant Compliance Event is no longer in existence or has been waived by Required Lenders.
Covenant Compliance Period means the most recently ended quarter in any Fiscal Year.
Covenant Compliance Period means either (a) that a Specified Event of Default has occurred and is continuing, or (b) Availability at any time is less than or equal to the greater of (a) $60,000,000 or (b) ten percent (10%) of the Loan Cap. For purposes hereof, the occurrence of a Covenant Compliance Period shall be deemed continuing at the Agent’s option or at the request of Required Lenders (i) so long as such Specified Event of Default exists, and/or (ii) if the Covenant Compliance Period arises as a result of the failure to achieve Availability as required hereunder, until Availability has exceeded the greater of (x) $60,000,000 or (y) ten percent (10%) of the Loan Cap for forty-five (45) consecutive days, in which case a Covenant Compliance Period shall no longer be deemed to be continuing for purposes of this Agreement. The termination of a Covenant Compliance Period as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Covenant Compliance Period in the event that the conditions set forth in this definition again arise.
Covenant Compliance Period each period (x) commencing on the date (no earlier than the thirtieth calendar day after the Closing Date) on which the daily average of the sum of the amount of Loans and L/C Obligations then outstanding (the “Average Outstanding Utilization”) for the previous 30 calendar days (not including any days prior to the Closing Date) exceeds $15,000,000 and (y) ending on the date on which the Average Outstanding Utilization for three consecutive Business Days is $15,000,000 or less.
Covenant Compliance Period means any period commencing on any date after July 2, 2013 on which either (a) Undrawn Availability is less than $5,000,000 for five (5) consecutive Business Days or (b) average Undrawn Availability for any period of thirty (30) consecutive days is less than the greater of (i) $7,500,000 or (ii) 12.5% of the then applicable Maximum Revolving Advance Amount (each a “Trigger Date”) and continues until the first day after such Trigger Date on which average Undrawn Availability is equal to or greater than the greater of (x) $7,500,000 or (y) 12.5% of the then applicable Maximum Revolving Advance Amount for a period of thirty (30) consecutive days.
Covenant Compliance Period means any period (a) commencing on the date on which (i) Excess Availability is less than $20,000,000 or (ii) Excess Availability is less than the greater of (A) seventeen and one-half percent (17.5%) of the Total Availability, and (B) $25,000,000 for a period of 5 consecutive Business Days,, and (b) ending on the first date thereafter on which Excess Availability for 30 consecutive days has been equal to or greater than the greater of (i) seventeen and on-half percent (17.5%) of the Total Availability and (ii) $25,000,000.