Covenant Failures definition

Covenant Failures means the occurrence of any of the following events:
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Examples of Covenant Failures in a sentence

  • Nothing in this Amendment shall constitute a waiver by the Waiving Parties of any other Event of Default, Program Termination Event, Termination Event, Unmatured Event of Default, Servicer Default or other right under the Agreement, now or in the future, including, without limitation with respect to any subsequent Covenant Failures.

  • For the period commencing on the date hereof and ending on the close of business on May 28, 2009 (the “Forbearance Period”), the Forbearing Parties will forbear from exercising their rights and remedies resulting solely from the Covenant Failures.

  • If the foregoing forbearance is not extended by the Forbearing Parties by the end of the Forbearance Period, the Borrower and the Servicer hereby acknowledge that the Covenant Failures shall exist and that each Forbearing Party shall be fully entitled to declare a Program Termination Date and to exercise all other rights and remedies with respect thereto under the RLSA and the other Transaction Documents.

  • The forbearance provided herein shall not extend to any Event of Default, Program Termination Event or Servicer Default other than the Covenant Failures and all of the Forbearing Parties’ rights and remedies with respect thereto are hereby reserved.

  • Nothing in this Amendment shall constitute a waiver by the Waiving Parties of any other Event of Default, Program Termination Event, Pool A Termination Event, Pool B Termination Event, Unmatured Event of Default, Servicer Default or other right under the Agreement, now or in the future, including, without limitation with respect to any subsequent Covenant Failures.

Related to Covenant Failures

  • Persistent Failure means any two (2) or more failures by the Supplier in any rolling period of twelve (12) months to comply with obligations in respect of the Contract Services under the Contract;

  • Epidemic Failure means a series of repeating failures or defects resulting in at least a 0.5% failure rate for the same Product or Material during any twelve-month period.

  • Service Level Failure means a failure to perform the Software Support Services fully in compliance with the Support Service Level Requirements.

  • Service Failure means a failure by the Contractor to provide the Services in accordance with any individual service level described above (measured on a monthly/quarterly/annual basis)

  • Milestone Failure means a failure by the Grant Recipient fully to achieve any Milestone by the relevant Milestone Date;

  • Supply Failure has the meaning given to it in Section 7.5.2 (Supply Failure).

  • Reporting Failure has the meaning set forth in Section 2.4.

  • 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.

  • Volume Failure means, with respect to a particular date of determination, the aggregate daily dollar trading volume (as reported on Bloomberg) of the Common Stock on the Principal Market on any Trading Days during the five (5) Trading Day period ending on the Trading Day immediately preceding such date of determination (such period, the “Volume Failure Measuring Period”), is less than $250,000 (as adjusted for any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions occurring after the Subscription Date). All such determinations to be appropriately adjusted for any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions during such Volume Failure Measuring Period.

  • Covenant Testing Period means a period (a) commencing on the last day of the fiscal quarter of Borrower most recently ended prior to a Covenant Trigger Event for which Borrower is required to deliver to Administrative Agent quarterly or annual financial statements pursuant to Section 5.2 of 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 (i) 10% of the Borrowing Limit, and (ii) $15,000,000 for 60 consecutive calendar days.

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

  • Technical Failure means the discontinuation of Development or Commercialization of a Product for technical, scientific, medical or regulatory reasons, including, but, not limited to, unacceptable preclinical toxicity, demonstration of a side effect profile significantly worse than currently marketed products, or inability to manufacture in an acceptable purity or for an acceptable price.

  • Covenant Suspension Event has the meaning assigned to such term in Section 4.19.

  • Public Information Failure shall have the meaning ascribed to such term in Section 4.3(b).

  • Price Failure means, with respect to a particular date of determination, the VWAP of the Common Stock on any Trading Day during the seven (7) Trading Day period ending on the Trading Day immediately preceding such date of determination fails to exceed the Floor Price (as adjusted for stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions occurring after the date hereof). All such determinations to be appropriately adjusted for any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions during any such measuring period.

  • 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.

  • Listing Failure Event means that:

  • Event of Noncompliance means any one of the following events:

  • Transaction Failure means the failure to consummate a Business Combination within 18 months of the Effective Date (or 24 months after the Effective Date, if a letter of intent, agreement in principle or definitive agreement has been executed within 18 months after the Effective Date and the Business Combination relating thereto has not yet been consummated within such 18-month period).

  • Financial Covenant Event of Default has the meaning specified in Section 8.01(b).