Covenant Termination Date definition

Covenant Termination Date means the earliest to occur of (1) the Guaranty Termination Date, (2) October 6, 2023, and (3) the first day on which (x) the Total Net Leverage Ratio of the Guarantor is less than or equal to 5.00:1.00 and (y) the EBITDAR to Rent Ratio is equal to or greater than 3.00:1.00. For the purpose of the foregoing:

Covenant Termination Date means the first date after the first anniversary of the Effective Date that is the last day of a fiscal quarter of the Company and on which the Leverage Ratio shall not exceed 1.50:1.00.

Covenant Termination Date has the meaning set forth in Section 8.1(a).

Examples of Covenant Termination Date in a sentence

• Savings for lay-ups are calculated by estimating the savings related to reducing costs with manning, fuel costs, and insurance.

• The term “ Applicable Period” shall mean the period commencing on the later of the date of this Agreement or the date which is one (1) year prior to the Grantee’s termination of employment with the Company or any Affiliate and ending on the Covenant Termination Date.

• Upon the occurrence of a Covenant Termination Date, Sections 6.02 and 6.03(b) shall terminate and be of no further force and effect; provided that if at any time after the occurrence of a Covenant Termination Date, the Leverage Ratio shall exceed 1.50:1.00, such Sections shall be automatically reinstated on the first date of delivery to the Administrative Agent of the consolidated financial statements indicating that the Leverage Ratio exceeds 1.50:1.00.

• No new claim for a breach of any covenant contained in this Agreement may be made after the expiration of the Covenant Termination Date of such covenant.

• Unless terminated earlier pursuant to its provisions, the covenants set forth in Section 2.10 shall terminate as of the Covenant Termination Date.

More Definitions of Covenant Termination Date

Covenant Termination Date has the meaning set forth in Section 1019(a) of this Indenture.

Covenant Termination Date has the meaning specified in Section 9.21.

Covenant Termination Date shall have the meaning set forth in the KELP Agreement.

Covenant Termination Date means the first date that the unsecured senior debt of Atlas is rated “BB-” by Standard & Poor’s or “Ba3” by Mxxxx’x Investors Service which comes after the debt to the Bank Lenders has been paid in full.”

Covenant Termination Date means the first date after the debt to the Bank Lenders has been paid in full that the unsecured senior debt of Atlas is rated as investment grade.

Covenant Termination Date means the date, if any, on which the Issuer shall have delivered a Fifth Amendment Period Termination Notice (as defined in the First Lien Credit Agreement as in effect on the date hereof) pursuant to the terms of the First Lien Credit Agreement as in effect on the date hereof with notice thereof to the Noteholder Representative.

Covenant Termination Date means the last day of the fiscal month in which the Borrower delivers to the Administrative Agent an officer’s certificate signed by a Responsible Officer, in form and substance reasonably satisfactory to the Administrative Agent, demonstrating Excess Availability of greater than $15 million for any full fiscal month following the Covenant Commencement Date.