Covenant Testing Period means a period (a) commencing on the last day of the fiscal month of OIS most recently ended prior to a Covenant Trigger Event for which Borrowers are required to deliver to Agent monthly or annual financial statements pursuant to Schedule 5.1 to this Agreement and (b) continuing through and including the first day after such Covenant Trigger Event that Availability has, for 30 consecutive days, equaled or exceeded the greater of (i) 15% of the Line Cap and (ii) $14,062,500.
Covenant Testing Period means the period commencing on the last day of the fiscal month of Borrower most recently ended prior to the occurrence of a Fixed Charge Test Commencement Date for which month Borrowers have delivered to Agent monthly financial statements of Solutions and its Subsidiaries, and continuing until the Termination Date has occurred.
Covenant Testing Period means a period (a) commencing on the last day of the calendar month in which a Covenant Trigger Event first occurs and (b) continuing through and including the first day after such Covenant Trigger Event that Liquidity shall have been greater than $25,000,000 for 30 consecutive days.
Examples of Covenant Testing Period in a sentence
The Borrower covenants and agrees that, until the payment in full of the Obligations, Borrower will maintain a Fixed Charge Coverage Ratio, calculated for each 12 month period ending on the first day of any Covenant Testing Period (as defined in the ABL Credit Agreement) and the last day of each fiscal quarter occurring until the end of any Covenant Testing Period (as defined in the ABL Credit Agreement) (including the last day thereof), in each case of at least 1.00 to 1.00.
More Definitions of Covenant Testing Period
Covenant Testing Period means a period (a) commencing on the last day of the fiscal month of Parent most recently ended prior to a Covenant Trigger Event for which Borrowers are required to deliver to Agent monthly financial statements pursuant to Schedule 5.1 to 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 (a) 15% of the Maximum Revolver Amount, and (b) $4,500,000 for 60 consecutive days.
Covenant Testing Period each period (a) commencing on and including the last day of any fiscal quarter of the Borrower for which the Borrower’s Adjusted Quick Ratio as of such day is less than 1.75:1.00, and (b) continuing until the Borrower’s Adjusted Quick Ratio as of the last day of a fiscal quarter of the Borrower is at least 1.75:1.00 for two consecutive fiscal quarters.
Covenant Testing Period means, a period commencing on the date Excess Availability is less than the amount equal to 12.5% of the Maximum Revolver Amount as in effect on such date and ending on the date that Borrowers have maintained Excess Availability of not less than the amount equal to 12.5% of the Maximum Revolver Amount as in effect on the applicable date of determination for 90 consecutive days.
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.
Covenant Testing Period means a period (a) commencing on the last day of the fiscal quarter of Parent most recently ended prior to a Covenant Trigger Event for which Borrowers are required to deliver quarterly or annual financial statements pursuant to Section 5.2 of this Agreement, and (b) continuing through and including (but ending on) the first day, after such Covenant Trigger Event, on which Availability has exceeded 20% of the then effective Borrowing Base for 30 consecutive days.
Covenant Testing Period means a period (a) commencing on the last day of the fiscal month of GLDD most recently ended prior to a Covenant Trigger Date for which Borrowers have delivered to Agent financial statements pursuant to Section 9.9, and (b) continuing through and including the first day after such Covenant Trigger Date that Undrawn Availability has equaled or exceeded twelve and one-half percent (12.5%) of the Maximum Loan Amount for thirty (30) consecutive days.
Covenant Testing Period means the period (a) commencing on the day that an Event of Default occurs, or Aggregate Availability is less than or equal to the greater of (i) $3,500,000 or (ii) 10% of the then outstanding Revolving Commitments; and (b) continuing until, during each of the preceding 60 consecutive days, no Event of Default has existed and Aggregate Availability has been greater than the greater of (i) $3,500,000 or (ii) 10% of the then outstanding Revolving Commitments.