Covenant Relief Period Termination Date means the earlier of (a) December 31, 2022 and (b) the date on which the Administrative Agent receives a Covenant Relief Period Termination Notice from Howmet; provided that, with respect to clause (b) hereof, no Event of Default or Default shall have occurred and be continuing on such date.
Covenant Relief Period Termination Date means the earlier date occurring under clauses (i) and (ii) of the definition of “Covenant Relief Period”.
Covenant Relief Period Termination Date has the meaning set forth in the definition of “Covenant Relief Period.”
Examples of Covenant Relief Period Termination Date in a sentence
The Parent Guarantor and the Borrower shall not permit the Leverage Ratio to exceed (i) from and after the Covenant Relief Period Termination Date but prior to the Leverage Relief Period Termination Date, the ratio set forth beside the applicable test date in the table below, and (ii) from and after the Leverage Relief Period Termination Date, 7.00 to 1.00.
Notwithstanding the foregoing, the Compliance Certificate for the first three quarterly test dates following the Covenant Relief Period Termination Date, shall contain an informational schedule, prepared in good faith, setting forth its calculation of the Financial Covenants assuming that such financial tests (and underlying definitions) were prepared on a trailing-four quarter basis.
The Loan Parties will not permit the Net Leverage Ratio, determined as of the end of each fiscal quarter of Capri Holdings and its consolidated Subsidiaries ending on and after the Effectiveearlier of (i) the fiscal quarter ending June 26, 2021 and (ii) the Covenant Relief Period Termination Date, to be greater than 3.754.00 to 1.00.
In respect of the earlier of (i) December 31, 2021 or (ii) the third test date following the Covenant Relief Period Termination Date Applicable calculations/results for the three (3) fiscal quarters ending on such test date (or if such test date does not occur as of the end of a fiscal quarter, the three (3) fiscal quarters most recently ended prior to such test date) multiplied by 4/3.
Such prepayment shall be made within five Business Days after the Net Cash Proceeds Receipt Date of such Asset Sale or Casualty Event, as applicable (for the avoidance of doubt, it being understood that if the Net Cash Proceeds Receipt Date occurs after the Covenant Relief Period Termination Date, then no such prepayment shall be required).
More Definitions of Covenant Relief Period Termination Date
Covenant Relief Period Termination Date means the earlier of (x) the date of delivery of the certificate pursuant to Section 5.01(c) for the fiscal quarter ending June 26, 2021 and (y) the date on which Capri Holdings delivers to the Administrative Agent (for distribution to the Lenders) a Covenant Relief Period Termination Certificate; provided that Capri Holdings may only deliver a Covenant Relief Period Termination Certificate concurrently with the delivery of Financials pursuant to Section 5.01(a) or (b); provided, further, that Capri Holdings may only deliver a Covenant Relief Period Termination Certificate once, on which date the Covenant Relief Period will terminate permanently for all purposes of this Agreement and the other Loan Documents.
Covenant Relief Period Termination Date means the date of delivery of the Compliance Certificate pursuant to Section 6.02(a) for the fiscal quarter ending September 30, 2022 demonstrating compliance for such fiscal quarter with the covenant set forth in Section 7.12 on such date.
Covenant Relief Period Termination Date means the earlier of (a) March 31, 2026 and (b) the date on which the Agent receives a Covenant Relief Period Termination Notice from the Company. Exhibit 10.2 2 (c) Section 1.01 of the Credit Agreement is hereby amended by amending and restating the definition of “Applicable Rate” to read as follows: “Applicable Margin” means: (a) during the period commencing on the Amendment No. 4 Effective Date until (but excluding) the Covenant Relief Period Termination Date, with respect to any Base Rate Advance or Term Benchmark Rate Advance, as the case may be, a percentage per annum determined by reference to the Public Debt Rating in effect on such date as set forth below under the applicable caption: Public Debt Rating S&P/Moody’s Applicable Margin for Base Rate Advances Applicable Margin for Term Benchmark Rate Advances Level 1 A- / A3 or above 0.125% 1.125% Level 2 BBB+ / Baa1 0.250% 1.250% Level 3 BBB / Baa2 0.375% 1.375% Level 4 BBB- / Baa3 0.500% 1.500% Level 5 Lower than Level 4 0.750% 1.750% (b) otherwise, with respect to any Base Rate Advance or Term Benchmark Rate Advance, as the case may be, a percentage per annum determined by reference to the Public Debt Rating in effect on such date as set forth below under the applicable caption: Public Debt Rating S&P/Moody’s Applicable Margin for Base Rate Advances Applicable Margin for Term Benchmark Rate Advances Level 1 A- / A3 or above 0.000% 1.000% Level 2 BBB+ / Baa1 0.125% 1.125% Level 3 BBB / Baa2 0.250% 1.250% Level 4 BBB- / Baa3 0.375% 1.375% Level 5 Lower than Level 4 0.625% 1.625% (d) Section 1.01 of the Credit Agreement is hereby amended by amending and restating the definition of “Loan Documents” to read as follows: 3 “Loan Documents” shall mean this Agreement, Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4 and any Note and each Designation Agreement. (e) Section 5.02(a)(iv) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: (iv) other Liens securing Debt or other obligations in an aggregate principal amount at any time outstanding not to exceed (1) during the Covenant Relief Period, the greater of (x) $300,000,000 (or its equivalent in another currency or currencies) and (y) 3.65% of Consolidated Net Tangible Assets and (2) and any other time, the greater of (x) $500,000,000 (or its equivalent in another currency or currencies) and (y) 15% of Consolidated Net Tangible Assets; (f) Section 5.02 of the Credit Agreement is hereby amended by add...
Covenant Relief Period Termination Date means the earlier of (a) June 30, 2021 and (b) the date on which the Agent receives an Covenant Relief Period Termination Notice from the Company; provided that, with respect to clause (b) hereof, no Default shall have occurred and be continuing.
Covenant Relief Period Termination Date means the earlier to occur of (i) April 1, 2023 and (ii) the date on which all of the following conditions are satisfied: (A) no Specified Default or Event of Default has occurred and is continuing as of such date and (B) the Borrower has delivered a notice to the Administrative Agent electing to terminate the Covenant Relief Period, which notice shall certify that the conditions set forth in the immediately preceding subclause (A) have been satisfied and attaches calculations demonstrating that the Borrower was in compliance with a Debt Yield of 10.00% as of the last day of the most recently ended Fiscal Quarter.
Covenant Relief Period Termination Date means the earlier of (a) March 31, 2026 and (b) the date on which the Agent receives a Covenant Relief Period Termination Notice from the Company. (c) Section 1.01 of the Credit Agreement is hereby amended by amending and restating the definition of “Applicable Rate” to read as follows: “Applicable Margin” means: (a) during the period commencing on the Amendment No. 5 Effective Date until (but excluding) the Covenant Relief Period Termination Date, with respect to any Base Rate Advance or Term Benchmark Rate Advance, as the case may be, a percentage per annum 3 determined by reference to the Public Debt Rating in effect on such date as set forth below under the applicable caption: 3-Year Tranche 5-Year Tranche Public Debt Rating S&P/Moody’s Applicable Margin for Base Rate Advances Applicable Margin for Term Benchmark Rate Advances Applicable Margin for Base Rate Advances Applicable Margin for Term Benchmark Rate Advances Level 1 A+ / A1 or above..... 0.000% 0.875% 0.250% 1.250% Level 2 A / A2 ...................... 0.000% 1.000% 0.375% 1.375% Level 3 A- / A3 .................... 0.125% 1.125% 0.500% 1.500% Level 4 BBB+ / Baa1 ........... 0.250% 1.250% 0.625% 1.625% Level 5 BBB / Baa2 ............. 0.375% 1.375% 0.750% 1.750% Level 6 BBB- / Baa3 ........... 0.625% 1.625% 1.000% 2.000% Level 7 Lower than Level 6 1.125% 2.125% 1.500% 2.500% (b) otherwise, with respect to any Base Rate Advance or Term Benchmark Rate Advance, as the case may be, a percentage per annum determined by reference to the Public Debt Rating in effect on such date as set forth below under the applicable caption: 3-Year Tranche 5-Year Tranche Public Debt Rating S&P/Moody’s Applicable Margin for Base Rate Advances Applicable Margin for Term Benchmark Rate Advances Applicable Margin for Base Rate Advances Applicable Margin for Term Benchmark Rate Advances Level 1 A+ / A1 or above..... 0.000% 0.750% 0.125% 1.125% Level 2 A / A2 ...................... 0.000% 0.875% 0.250% 1.250% Level 3 A- / A3 .................... 0.000% 1.000% 0.375% 1.375% Level 4 BBB+ / Baa1 ........... 0.125% 1.125% 0.500% 1.500% Level 5 BBB / Baa2 ............. 0.250% 1.250% 0.625% 1.625% Level 6 BBB- / Baa3 ........... 0.500% 1.500% 0.875% 1.875% 4 3-Year Tranche 5-Year Tranche Level 7 Lower than Level 6 1.000% 2.000% 1.375% 2.375% (d) Section 1.01 of the Credit Agreement is hereby amended by amending and restating the definition of “Loan Documents” to read as follows: “Loan Documents” shall mean this Agreement, the ...
Covenant Relief Period Termination Date means the earlier of (x) the date of delivery of the Compliance Certificate pursuant to Section 7.1.1(a) for the fiscal quarter ending October 2, 2021 demonstrating compliance with the covenants set forth in Section 7.2.4 on such date and (y) the date on which the Parent Borrower delivers to the Administrative Agent a Covenant Relief Period Termination Certificate; provided that the Parent Borrower may only deliver a Covenant Relief Period Termination Certificate concurrently with the delivery of financial statements pursuant to Section 7.1.1(a) or 7.1.1(b); provided, further, that the Borrower may only deliver a Covenant Relief Period Termination Certificate once, on which date the Covenant Relief Period will terminate permanently for all purposes of this Agreement and the other Loan Documents.