Covenant Holiday definition

Covenant Holiday has the meaning set forth in Section 9.1.
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Covenant Holiday shall have the meaning set forth in Section 6.1.
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Covenant Holiday is defined in Section 10.8.
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Examples of Covenant Holiday in a sentence

  • After the completion of any Covenant Holiday, no subsequent new Trigger Quarter shall be permitted to occur for purposes of this Section 6.1 unless and until the Borrower shall demonstrate compliance with the Consolidated Total Net Leverage Ratio (absent any Covenant Holiday) as of the end of at least one Fiscal Quarter after any such Covenant Holiday’s completion.

  • The Issuer hereby expressly acknowledges and agrees that the Covenant Holiday STID Proposal and the derogations to the CTA, provided for under paragraph 2.2.2 above and any Financial Ratio Breach (other than with respect to the Total Debt CLCR and, for the avoidance of doubt, any Financial Ratio Breach during the Covenant Holiday Period) shall be resumed from the Interest Payment Date falling on December 31, 2021.

  • Upon expiry of the relevant Decision Period and subject to the relevant STID Proposalbeing approved, the Issuer requests that the Security Agent, without any delay, executes the STID Proposal Waiver Letter in order to give effect to the Covenant Holiday and/or, in due course, take such action as certified by the Issuer as being required to give effect to the Disposal of Concession Receivables, as the case may be.

  • This proposal is a STID Proposal with respect to a Covenant Holiday (as defined below) (the “ Covenant Holiday STID Proposal”) and with respect to the disposal on a non- recourse basis (pro soluto) by the Issuer of certain Concession Receivables (as further described below) (the “Disposal of Concession Receivables STID Proposal”, and together with the Covenant Holiday STID Proposal, the “STID Proposal”) for the purposes of Schedule 2 (STID Decision Making Protocol) of the STID.

  • Consequently, starting from January 1, 2022, the terms and conditions of the CTA shall apply in their entirety as they applied prior to the approval by the Qualifying Secured Creditors (through their Creditor Representatives) of this Covenant Holiday STID Proposal, except only that no Default or Event of Default under the CTA will be deemed to have occurred for any action or omission of the Issuer taken in compliance with the terms set out hereunder until the Interest Payment Date falling on June 30, 2021.

  • Thereafter, the Covenant Holiday will not be available again until the original Leverage Ratio has been complied with for at least two fiscal quarters.

  • Moreover, by means of the Covenant Holiday STID Proposal, the Issuer is also requesting that the Qualifying Secured Creditors (through their Creditor Representatives) agree to waive any Default and any Event of Default, that have arisen or would otherwise arise as a consequence of any Financial Ratio Breach (other than with respect to the Total Debt CLCR) during the Covenant Holiday.

  • If so elected, (i) the maximum Consolidated Leverage Ratio during the Covenant Holiday shall be equal to the applicable requirement set forth above plus 0.25, (ii) the period of each Covenant Holiday shall last no longer than three fiscal quarters (or such shorter period as Borrower may request), (iii) there shall be at least one fiscal quarter between Covenant Holidays, and (iv) there shall be no more than two Covenant Holidays during the term of this Agreement.

  • For the avoidance of doubt, the Issuer is proposing that the Covenant Holiday STID Proposal and the Disposal of Concession Receivables STID Proposal be treated as two different, distinct and separate STID Proposals and, accordingly, required Qualifying Secured Creditors will be required to express their vote separately on each of the same.

  • There will be no discrimination on the basis of race, sex, sexuality and sexual orientation.


More Definitions of Covenant Holiday

Covenant Holiday shall have the meaning set forth in Section 6.1. “Daily Simple SOFR” shall mean, for any day, SOFR, with the conventions for this rate (which will include a lookback) ) being established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for syndicated business loans; provided, that if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion. “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. “Default” shall mean any condition or event that, with the giving of notice or the lapse of time or both, would constitute an Event of Default. “Default Interest” shall have the meaning set forth in Section 2.13(c). “Defaulting Lender” shall mean, subject to Section 2.26(c), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Xxxxxx’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, any Issuing Bank, any Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) within two (2) Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent or any Issuing Bank or Swingline Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Xxxxxx’s obligation to fund a Loan hereunder and states that such position is based on such Xxxxxx’s determination that a condition precedent to funding (which condi...
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Covenant Holiday. “Intercreditor Agreement”, “Leverage Ratio”, and “Transition Period”.
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Covenant Holiday is defined in Section 6.20.
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Related to Covenant Holiday

  • public holiday means any day that is a public holiday in terms of the Public Holiday Act, 1994 (Act No. 36 of 1994);

  • Bank Holiday means any day that is specified or proclaimed as a bank holiday, pursuant to section 1 of the Banking and Financial Dealings Act 1971;

  • Legal Holiday means a Saturday, a Sunday or a day on which banking institutions in the City of New York or at a place of payment are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for the intervening period.

  • General Holiday means every Sunday and any other day which is a

  • Holiday means the twenty-four (24) hour period commencing at 0001 hours of a day designated as a paid holiday in this Agreement.

  • Legal Holidays has the meaning specified in Section 1.14.

  • Public Holidays means those days declared as public holidays in accordance with the Holidays Act 1983.

  • Weekday means Monday – Friday.

  • NERC Holidays means a holiday as defined by the North American Electric Reliability Corporation or any successor thereto.

  • Unscheduled Holiday means a day that is not a Settlement Business Day and the market was not aware of such fact (by means of a public announcement or by reference to other publicly available information) until a time later than 9:00 a.m. local time in the principal financial centre of the Specified Currency two Settlement Business Days prior to the relevant Rate Fixing Date. As soon as the Calculation Agent is aware of such an Unscheduled Holiday, they shall inform the Issuer promptly.

  • Covenant means a covenant, condition, limitation or restriction in a document or instrument in effect at Date of Policy.

  • Operating Day means the daily 24 hour period beginning at midnight for which transactions on the PJM Interchange Energy Market are scheduled.

  • Weekend means a Saturday and the following Sunday, assuring a minimum of fifty-six (56) hours off duty;

  • Week means seven consecutive days.

  • Reporting Day means the day (if any) specified as such in the Reference Rate Terms.

  • Day means calendar day.

  • TARGET2 Business Day means, a day in which the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET2) System or any successor is open.

  • Holidays shall be deemed to mean and include New Year’s Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

  • 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.

  • Reporting Date means the 7th day of each Month following the Month to which the relevant Management Information relates, or such other date as may be agreed between the Parties;

  • Index Business Day means, in respect of an Index, any day on which the Index Sponsor in respect of such Index is scheduled to publish the level of the Index.

  • Assessment Date means the tax assessment effective date for each tax year in question,i.e. December 31 of the immediately preceding calendar year.

  • Working Day means a day (other than a Saturday or Sunday) on which banks are open for general business in the City of London.

  • 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.