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.
Sample 1
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.
Sample 1
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.
Sample 1

More Definitions of Covenant Reduction Date

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.
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Related to Covenant Reduction Date

  • Recalculation Date means the Valuation Date that gives rise to the dispute under Paragraph 4; provided, however, that if a subsequent Valuation Date occurs under Paragraph 2 prior to the resolution of the dispute, then the “Recalculation Date” means the most recent Valuation Date under Paragraph 2.

  • Application Date or "APP" means the date CLEC provides Qwest an application for service containing required information as set forth in this Agreement.

  • Proposed Reduction Date has the meaning set forth in Section 1.3.

  • Covenant Relief Period means the period commencing on the Amendment No. 1 Effective Date and ending on and including December 31, 2022.

  • Covenant Trigger Period means the period (a) commencing on the date that (i) an Event of Default occurs or (ii) Availability is less than the greater of (x) 10% of Available Credit and (y) $50,000,000 and (b) continuing until there has been a period of 30 consecutive days thereafter during which at all times (i) no Event of Default exists and (ii) Availability shall have been not less than the greater of (x) 10% of Available Credit and (y) $50,000,000.

  • Reduction Date has the meaning set forth in Section 20.1B.

  • Fixed Rate Calculation Date means, for any Subsequent Fixed Rate Period, the 30th day prior to the first day of such Subsequent Fixed Rate Period.

  • Excess Cash Flow Application Date as defined in Section 2.12(c).

  • Interest Calculation Period means the period or periods for the calculation of the interest shown on the mortgage form;

  • Application Period means the months beginning with the month in which the application is considered to be filed, through and including the month in which an eligibility determination is made.

  • Collection Date means the date on which the aggregate outstanding principal amount of the Advances have been repaid in full and all Interest and fees and all other Obligations (other than contingent indemnification and reimbursement obligations which are unknown, unmatured and/or for which no claim giving rise thereto has been asserted) have been paid in full, and the Borrower shall have no further right to request any additional Advances.

  • Interest Calculation Date if applicable, shall have the meaning set forth in the Series Term Sheet.

  • Computation Date is defined in Section 2.04.

  • 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.

  • Monthly Report Determination Date The meaning specified in Section 10.7(a).

  • Rate Calculation Date means the day which is two Rate Calculation Business Days before the due date of the relevant amount under these Conditions;

  • 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.

  • Index Determination Date means, in relation to any Index, a date on which such Indexfalls to be determined in accordance with the Conditions;

  • Observation Date means each of the following Observation Dates:

  • Floating Rate Calculation Date means, for any Quarterly Floating Rate Period, the 30th day prior to the first day of such Quarterly Floating Rate Period.