Covenant Conversion Date definition

Covenant Conversion Date shall have the meaning specified in Section 7.03(a).

Covenant Conversion Date means, the first date following September 30, 2025, on which the Leverage Ratio measured as of the immediately preceding twelve (12) month period is less than 5.25 to 1.00.

Covenant Conversion Date means the earliest of (a) the date on which the Borrower delivers to Agent a certificate in the form of Exhibit C-2 to the Agreement together with the Loan Parties’ monthly financial statements as required under Section 5.1 of the Agreement which certificate shows that, as of the last day of the most recently ended twelve-month period, the Loan Parties have a Fixed Charge Coverage Ratio not less than the amount set forth in Section 7(c) of the Agreement for the fiscal quarter in which such twelve-month period ended and a Leverage Ratio of not more than the amount forth in Section 7(d) of the Agreement for the fiscal quarter in which such twelve-month period ended, (b) a Compliance Certificate reflecting compliance with the covenants set forth in Sections 7(c) and 7(d) of the Agreement for the fiscal quarter with respect to which such Compliance Certificate is delivered and which includes an election by the Borrower to commence compliance with the financial covenants in Sections 7(c) and 7(d) of the Agreement (the documentation described in clauses (a) and (b), the “Early Election Documentation”) and (c) the date on which the Borrower delivered to Agent the Compliance Certificate for the fiscal quarter ending March 31, 2022.

Examples of Covenant Conversion Date in a sentence

• Permit the Debt Service Coverage Ratio for any Reference Period (as herein defined), ending after the Covenant Conversion Date to be less than 1.25:1.

• At all times until the date on which financial statements shall have been delivered to Bank by Borrower for the first fiscal quarter of Borrower for which Borrower's net operating profit shall exceed $1.00 or, if later, March 31, 1999 (the date of delivery of such financial statements or, if applicable, March 31, 1999, being called the "Covenant Conversion Date"), permit the Liquidity Ratio to be less than 1.5:1.

• This Agreement shall be ---------------------- binding upon and shall inure to the benefit of the Company and the Bridge Parties and their respective successors and assigns; provided that the Company -------- may not assign or otherwise transfer its rights or obligations under this Agreement to any other Person without the prior written consent of the Majority Holders (except after the Covenant Conversion Date as may be permitted pursuant to Article VI).

• Until the Discharge of Term ObligationsFinancial Covenant Conversion Date, the Borrower shall maintain, at all times, Excess Availability of at least the greater of (i) $30,000,00025,000,000, and (ii) ten percent (10%) of the Global Loan Cap.

• From and after the Covenant Conversion Date, Borrower shall maintain, as of the last day of each of Borrower's fiscal quarters, a Cash Balance of at least the greater of (a) two times outstanding Advances, or Remaining Months Liquidity of at least six months.

More Definitions of Covenant Conversion Date

Covenant Conversion Date means March 31, 2020 or such earlier date unanimously agreed to among the Administrative Agent, each of the Lenders and the Borrower;

Covenant Conversion Date means the earlier to occur of either (i) the first date after the Fourth Amendment Closing Date on which Borrower has delivered the second of two Compliance Certificates in accordance with S ection 5.1 demonstrating compliance with the financial covenants set forth in S ections 7(c) and 7 (d) for the applicable measurement period, for two (2) consecutive Fiscal Quarters and (ii) August 10, 2022.

Covenant Conversion Date means December 31, 1999.

Covenant Conversion Date means the date on which the sum of Borrower's cash and cash equivalents and short term investments, is equal to or greater than Twenty Million Dollars ($20,000,000).

Covenant Conversion Date means the earlier to occur of either (i) the first date after the Fourth Amendment Closing Date on which Borrower has delivered the second of two Compliance Certificates in accordance with Section 5.1 demonstrating compliance with the financial covenants set forth in Sections 7(c) and 7(d) for the applicable measurement period, for two (2) consecutive Fiscal Quarters and (ii) August 10, 2022.

Covenant Conversion Date means the date on which all the conditions set forth in Section 6.1(b) have been satisfied and the Company is required to comply with each of the covenants set forth in Exhibit G attached hereto. ---------

Covenant Conversion Date means March 31, 2021. “Credit Suisse” means Credit Suisse Securities (USA) LLC. “Currency” means Dollars or any Alternate Currency. 9 -