Covenant Reduction Date definition
Covenant Reduction Date means the last day of the fiscal quarter in which any Loan Party either (a) receives proceeds of not less than $200,000,000 from any Equity Issuance of a Loan Party or (b) receives aggregate proceeds in an amount in excess of $200,000,000 from either (i) the issuance of the Senior Unsecured Notes or unsecured Subordinated Debt or (ii) a combination of the issuance of the Senior Unsecured Notes or unsecured Subordinated Debt and an Equity Issuance of a Loan Party.
Covenant Reduction Date means the date that is the earlier to occur of (a) the date that the Valley Systems Acquisition is consummated and (b) June 30, 1999.
Covenant Reduction Date means the date on which the aggregate amount of: (i) the Gold Price Spread that has accrued in respect of Deliveries hereunder; and (ii) the Platinum Price Spread that has accrued in respect of Deliveries hereunder, collectively, exceeds $600,000,000.
Examples of Covenant Reduction Date in a sentence
Permit the Combined Senior Secured Leverage Ratio (1) as of the end of any fiscal quarter ending prior to a Covenant Reduction Date to be greater than the ratio set forth below opposite such fiscal quarter: September 30, 2012 3.25:1.00 December 31, 2012 3.00:1.00 March 31, 2013 and each fiscal quarter ending thereafter 2.75:1.00 and (2) as of the end of any fiscal quarter ending from the occurrence of the Covenant Reduction Date and each fiscal quarter ending thereafter to be greater than 2.75:1.00.
More Definitions of Covenant Reduction Date
Covenant Reduction Date means the earlier of (i) the date that both the ratio of Funded Debt to pro forma EBITDA is 3.50 to 1.00 or less for the remaining term of the Loans as required by Section 7.11 ------------ of this Agreement and the ratio of Senior Debt to pro forma EBITDA is 2.50 to 1.00 or less for the remaining term of the Loans as required by Section 7.12 of this Agreement, and (ii) the date (which must occur ------------ after the fiscal period for which the Company has delivered a certificate pursuant to Section 6.01(d) that reflects that the above --------------- referenced ratios have been met by the Company for such fiscal period and that no Default or Event of Default has occurred and is continuing) that the Company notifies the Administrative Agent in writing that the above-referenced covenants have been voluntarily reduced by the Company to the levels specified in clause (i) above for the remaining term of the Loans.
Covenant Reduction Date means the last day of the fiscal quarter in which any Loan Party either (a) receives proceeds of not less than $200,000,000 from any Equity Issuance of a Loan Party or (b) receives aggregate proceeds in an amount in excess of $200,000,000 from either (i) the issuance of the Senior Unsecured Notes or unsecured Subordinated Debt (other than that portion of an issuance used to refinance any Senior Unsecured Notes or unsecured Subordinated Debt, provided, for the avoidance of doubt, the amount of the Senior Unsecured Notes and/or unsecured Subordinated Debt so refinanced shall be included in calculating the aggregate proceeds received) or (ii) a combination of the issuance of the Senior Unsecured Notes or unsecured Subordinated Debt (other than that portion of an issuance used to refinance any Senior Unsecured Notes or unsecured Subordinated Debt, provided, for the avoidance of doubt, the amount of the Senior Unsecured Notes and/or unsecured Subordinated Debt so refinanced shall be included in calculating the aggregate proceeds received) and an Equity Issuance of a Loan Party.