Covenant Modification Period definition

Covenant Modification Period means the period commencing on the Amendment No. 8 Effective Date and ending on the earlier of (i) January 1, 2022 and (ii) the date on which the Borrower shall have provided irrevocable notice to the Administrative Agent in writing of its intention to terminate the Covenant Modification Period; provided that the Borrower shall not be permitted to provide such notice unless at such time it shall be able to demonstrate compliance on a pro forma basis with the Financial Covenant as of the most recent Test Period.

Covenant Modification Period means the period commencing on the Amendment No. 2 Effective Date and terminating on the Covenant Modification Period Termination Date. For the avoidance of doubt, only one Covenant Modification Period may occur during the term of this Agreement, and no Covenant Modification Period may be in effect after the first date on which the Covenant Modification Period Termination Date occurs.

Covenant Modification Period means the period commencing on the Amendment No. 1 Effective Date and ending on the first day of the fiscal quarter of the Company immediately following the fiscal quarter ending on or about April 30, 2021; provided that if the Company shall have delivered to the holders of the Notes a written notice of its desire to terminate the Covenant Modification Period as of an earlier date (which date shall be either prior to the last day of a fiscal quarter of the Company ending on or about July 31, 2020, October 31, 2020 or April 30, 2021 or the last day of the fiscal year of the Company ending on January 31, 2021), together with an Officer’s Certificate certifying that the Leverage Ratio (as defined in Section 9.8 hereof) measured for the period of four consecutive fiscal quarters ending on the last day of the most recent fiscal quarter of the Company ended on or prior to such earlier date, was not greater than 3.50 to 1.00, then the Covenant Modification Period shall terminate on such earlier date.

Examples of Covenant Modification Period in a sentence

• Limited Guarantor shall at all times maintain Unrestricted Cash at any time in an amount at least equal to the greater of (i) $7.5 million (or, during the Financial Covenant Modification Period, $35.0 million), (ii) 7.5% of the Funded Facility Amount and (iii) the dollar minimum for any minimum liquidity or unrestricted cash or similar covenant set forth in any Comparable Guaranty.

• Other than during the Financial Covenant Modification Period, Limited Guarantor shall at all times maintain a Leverage Ratio no greater than the lesser of (i) (x) on or prior to March 31, 2022, 8.00:1.00, or (y) after March 31, 2022, 12.00:1.00, and (ii) the maximum ratio for any leverage ratio or similar covenant set forth in any Comparable Guaranty.

• Other than during the Financial Covenant Modification Period, Limited Guarantor shall at all times maintain a Tangible Net Worth at least equal to greater of (i) (x) if the aggregate outstanding principal balance of Advances is less than or equal to $125.0 million, $15.0 million or (y) the aggregate outstanding principal balance of Advances is greater than $125.0 million, $30.0 million and (ii) any minimum net worth or similar covenant set forth in any Comparable Guaranty.

• Notwithstanding the foregoing, during the Covenant Modification Period, the Borrower shall not be permitted to incur Indebtedness secured by Liens under clause (39) of the definition of Permitted Liens or Incremental Facilities secured on a pari passu basis with the Liens that secure the Closing Date Loans, in each case other than the 2021-2 Initial Revolving Commitments and the 2021-2 Initial Revolving Loans.

• Notwithstanding anything in this Section 2.14, during the Covenant Modification Period, the Borrower shall not be permitted to incur Incremental Facilities secured on a pari passu basis with the Liens that secure the Closing Date Loans and the Closing Date Revolving Facility, in each case, other than the 2021-2 Initial Revolving Commitments and 2021-2 Initial Revolving Loans.

More Definitions of Covenant Modification Period

Covenant Modification Period means the period beginning on January 1, 2022 and ending on, and inclusive of, the earlier of (a) June 30, 2022 and (b) the date on which the Company delivers a Covenant Reversion Notice.

Covenant Modification Period means the period beginning on the Amendment No. 3 Effective Date and ending on the earlier of, and inclusive of, (x) December 31, 2021 and (y) the date on which the Company delivers a Covenant Reversion Notice.

Covenant Modification Period means the period commencing with the fiscal quarter ending June 30, 2020 and continuing until the Covenant Compliance Date.

Covenant Modification Period means the period commencing on the date of the First Amendment, dated as of May 11, 2020, to this Agreement and ending on December 31, 2021.

Covenant Modification Period means the period of time between the Covenant Modification Date and the Covenant Reversion Date.

Covenant Modification Period means the period commencing with the fiscal quarter ending June 30, 2020 and continuing until the Covenant Compliance Date.>

Covenant Modification Period the period from and including January 30, 2000 to and including April 29, 2000.