Covenant Threshold definition

Covenant Threshold means that the balance of Borrower’s unrestricted cash and Cash Equivalents maintained with Bank or Bank’s Affiliates plus the Availability Amount is equal to or greater than Ten Million Dollars ($10,000,000).
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Covenant Threshold. Section 2.2 is amended by deleting the reference to “the Default Rate” therein and inserting in lieu thereof “a per annum rate equal to the rate that is otherwise applicable to Advances plus five percent (5.0%)”.
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Covenant Threshold set forth in Schedule 1.1 to the Credit Agreement is hereby deleted in its entirety.
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Examples of Covenant Threshold in a sentence

  • Maintain on a Quarterly Basis; Minimum Trailing 6-Month Bookings* 6 months ending 3/31/16 $34,090,000 $_ Yes No 6 months ending 6/30/16 $38,542,000 $_ Yes No 6 months ending 9/30/16 $47,223,000 $_ Yes No 6 months ending 12/31/16 $50,411,000 $_ Yes No 2017 and thereafter [See Section 6.9] $_ Yes No * Only required if the Covenant Threshold is not met.

  • If, at any time, Excess Availability is less than the Financial Covenant Threshold Amount, then, until the next subsequent date on which Excess Availability has exceeded the Financial Covenant Threshold Amount for a period of thirty consecutive calendar days, the U.S. Borrower will not permit the Fixed Charge Coverage Ratio to be less than 1.00 to 1.00.

  • The provisions of this Section 9.14 shall be effective from June 30, 2020 to the later of (x) the last day of the Covenant Relief Period and (y) the last day of the Covenant Threshold Adjustment Period, if any.

  • Maintain on a Quarterly Basis: Minimum Trailing 6-Month Bookings* 6 months ending 12/31/14 $28,908,000 $_ Yes No 6 months ending 3/31/15 $30,737,000 $_ Yes No 6 months ending 6/30115 $35,612,000 $_ Yes No 6 months ending 9/30115 $41,608,000 $_ Yes No 6 months ending 12/31/15 $46,384,000 $_ Yes No 2016 and thereafter [See Section 6.9] $_ Yes No * Only required if the Covenant Threshold is not met.

  • Maintain on a Quarterly Basis; Minimum Trailing 6-Month Bookings* 6 months ending 4/30/17 $39,858,000 $_ Yes No 6 months ending 7/31/17 $46,244,000 $_ Yes No 6 months ending 10/31/17 $49,786,000 $_ Yes No 6 months ending 1/31/18 $51,618,000 $_ Yes No 2018 and thereafter [See Section 6.9] $_ Yes No * Only required if the Covenant Threshold is not met.

  • At all times during the Covenant Relief Period and the Covenant Threshold Adjustment Period, the Borrower and its Subsidiaries shall maintain Average Monthly Liquidity of not less than (i) from and after the First Amendment Date through March 31, 2021, $150,000,000 and (ii) thereafter, for so long as the Covenant Relief Period or Covenant Threshold Adjustment Period is then in effect (x) if the Senior Notes remain outstanding, $180,000,000 and (y) otherwise, $150,000,000.

  • The Issuer and its Subsidiaries shall maintain Average Monthly Liquidity of not less than (1) from and after the First Amendment Date through March 31, 2021, $150,000,000 and (2) thereafter, for so long as the Covenant Relief Period or the Covenant Threshold Adjustment Period is then in effect, $180,000,000.

  • Notwithstanding the foregoing, if the Borrower does not elect a “material acquisition” step up in the financial covenant levels set forth in any of the Existing Revolving Facilities, the Financial Covenant Threshold shall automatically be deemed amended to match any lower Financial Covenant Threshold in any Existing Revolving Credit Facility (notwithstanding anything to the contrary in Section 10.01).

  • During the Covenant Relief Period and the Covenant Threshold Adjustment Period, the Borrower and the Parent shall deliver a supplemental Compliance Certificate on the 13th of each calendar month certifying as to (1) the amount of Unrestricted Cash of the Borrower and its Subsidiaries as of the last day of the preceding month and (2) the calculation of and compliance with the Average Monthly Liquidity covenant set forth in Section 10.1.(i).

  • Financial CovenantsFinancial Covenant Threshold September 302014 June 302014 March 312014 December 312013Private Placement Debt Covenants (a) Total debt to operating cash flow cannot exceed 3.50:1 1.51:1 1.36:1 1.37:1 1.36:1(b) Total earnings available for fixed charges to total fixed charges cannot be less than 1.75:1 5.67:1 9.07:1 9.11:1 9.06:1 Mullen Group's debt-to-equity ratio was 0.50 at September 30, 2014, as compared to 0.47 at December 31, 2013.


More Definitions of Covenant Threshold

Covenant Threshold means at any time, 17.5% of the total Revolving Commitments at such time.
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Covenant Threshold is hereby added, with retroactive effect to October 31, 2016, to Schedule 1.1 to the Credit Agreement in the appropriate alphabetical position:
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Covenant Threshold means Liquidity of not less than $5,000,000; provided that, so long as no Advances are outstanding as of any date of determination, the amount included in clause (i) of the definition of Liquidity in order to calculate such Liquidity shall be at least $2,000,000 as of such date.”
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Covenant Threshold means Excess Availability of not less than the Adjusted Specified Excess Availability Amount on any day.
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Covenant Threshold means the satisfaction by the Borrowers of each the following covenants:
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Related to Covenant Threshold

  • Minimum Threshold means the average daily yield on the 10 Year Treasury Note (as reported in the Bloomberg GT10 index) over the Award Period.

  • Indemnity Threshold has the meaning set forth in Section 9.3.

  • 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.

  • 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 Trigger Period means the period (a) commencing on the day that (i) an Event of Default occurs or (ii) Availability is less than the greater of (x) 10% of Available Credit and (y) $20,000,000 and (b) continuing until, at all times thereafter for a period of 30 consecutive days during which, (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) $20,000,000.

  • Bid threshold means the dollar amount set in N.J.S.A. 18A:18A-3, above which a Board shall advertise for and receive sealed bids in accordance with procedures set forth in N.J.S.A. 18A:18A-1 et seq.

  • Ownership Threshold means, with respect to any Person, Beneficial Ownership of the greater of (A) 15% of the Common Shares at any time outstanding or (B) the percentage of the outstanding Common Shares Beneficially Owned by such Person on the date of this Rights Agreement, plus in the case of this clause (B) 1% of the Common Shares outstanding on such date.

  • Alteration Threshold means an amount equal to 5% of the outstanding principal amount of the Loan.

  • Stated Threshold means total losses under the shared loss agreements in the amount of $41,000,000.00.

  • Minimum Takedown Threshold shall have the meaning given in Section 2.1.4.

  • Materiality Threshold means limits for related party transactions beyond which the shareholders' approval will be required as specified in Companies Act, 2013 and rules thereof and amendments thereto.

  • Indemnification Threshold has the meaning set forth in Section 11.5.

  • Threshold means with respect to Party B: infinity.

  • Micro-purchase threshold means the dollar amount at or below which a district may purchase property or services using micro-pur- chase procedures. Generally, the micro-purchase threshold for pro- curement activities administered under federal awards is not to ex- ceed the amount set by the Federal Acquisition Regulations (FAR) at 48 C.F.R. Part 2, Subpart 2.1 [see below], unless a higher threshold is requested by the district and approved by the cogni- zant agency for indirect costs.

  • Covenant Compliance Event means, at any time, Availability is less than the greater of (i) ten percent (10%) of the Loan Cap and (ii) $15,000,000. The termination of a Covenant Compliance Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Covenant Compliance Event in the event that the conditions set forth in this definition again arise.

  • stipulated minimum threshold means that portion of local production and content as determined by the Department of Trade and Industry; and

  • S&P Required Ratings Threshold means, with respect to Party A, the guarantor under an Eligible Guarantee or an Eligible Replacement, a long-term unsecured and unsubordinated debt rating from S&P of “BBB+”.

  • Covenant Period means the period of time from the date of this Agreement to the date that is two years after the Date of Termination.

  • Required Ratings Threshold means each of the S&P Required Ratings Threshold and the Moody's Second Trigger Ratings Threshold.

  • Covenant Suspension Event has the meaning assigned to it in Section 3.22(b).

  • Minimum Net Worth means, for any Fiscal Quarter, the minimum Consolidated Net Worth required to be maintained by the Parent as of the end of such Fiscal Quarter pursuant to Section 6.12.

  • Restoration Threshold means an amount equal to 5% of the outstanding principal amount of the Loan.

  • Threshold Rating means the short-term unsecured debt rating of P-1 by Moody's and A-1 by Standard & Poor's.

  • Approved Ratings Threshold means each of the S&P Approved Ratings Threshold and the Moody’s First Trigger Ratings Threshold.

  • LTM EBITDA means Consolidated EBITDA of the Company measured for the period of the most recent four consecutive fiscal quarters ending prior to the date of such determination for which internal consolidated financial statements of the Company are available, in each case with such pro forma adjustments giving effect to such Indebtedness, acquisition or Investment, as applicable, since the start of such four quarter period and as are consistent with the pro forma adjustments set forth in the definition of “Fixed Charge Coverage Ratio.”

  • Moody’s Second Trigger Ratings Threshold means, with respect to Party A, the guarantor under an Eligible Guarantee or an Eligible Replacement, (i) if such entity has a short-term unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s of “A3” and a short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-2”, or (ii) if such entity does not have a short-term unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s of “A3”.