Covenant Trigger Event definition

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 Trigger Event means if at any time Availability is less than the greater of (i) 15% of the Line Cap, and (ii) $14,062,500.

Covenant Trigger Event means if at any time Availability is less than the greater of (a) 15% of the Maximum Revolver Amount, and (b) $4,500,000.

Examples of Covenant Trigger Event in a sentence

• Upon the occurrence and during the continuance of a Covenant Trigger Event, the Borrower will maintain a Fixed Charge Coverage Ratio of not less than 1.0 to 1.0 measured for the most recent period of four consecutive fiscal quarters for which Required Financial Statements are available (or were required to be furnished) at the time of occurrence of such Covenant Trigger Event, and each subsequent four fiscal quarter period ending during the continuance of such Covenant Trigger Event.

• Upon the occurrence and during the continuance of a Covenant Trigger Event, Holdings shall maintain a Fixed Charge Coverage Ratio, on a Pro Forma Basis, of not less than 1.00:1.00 for the most recent period of four consecutive fiscal quarters for which Required Financial Statements have been, or are required to be, delivered at the time of occurrence of such Covenant Trigger Event, and each subsequent four fiscal quarter period ending during the continuance of such Covenant Trigger Event.

• The Borrower hereby covenants and agrees that it shall not permit a Covenant Trigger Event (as defined in the ABL Credit Agreement, as may be amended or modified from time to time) to occur.

• If at any time a Financial Covenant Trigger Event shall occur and be continuing, commencing with the most recent Fiscal Month for which financial statements have been provided in accordance with Section 9.6(b) or (c), as applicable, and as of each subsequent Fiscal Month ending thereafter, the Fixed Charge Coverage Ratio for the 12 Fiscal Months then ending shall equal or exceed 1.00 to 1.00.

• Such covenant shall be tested following a Covenant Trigger Event, and for so long as such Covenant Trigger Event is continuing as of the last day of the most recent Fiscal Quarter covered by such financial statements, upon the delivery of each set of financial statements pursuant to Section 5.4 after (and for so long as) such Covenant Trigger Event has been triggered.

More Definitions of Covenant Trigger Event

Covenant Trigger Event means (a) the occurrence and continuance of any Event of Default or (b) the failure of the Borrowers to maintain Availability of at least the greater of (i) $20,000,00035,000,000 and (ii) 10% of the Line Cap.

Covenant Trigger Event means at any date on which Excess Availability is less than 10% of the Maximum Revolver Amount.

Covenant Trigger Event means that Excess Availability on any day is less than the greater of (i) $25,000,000 and (ii) 12.5% of the Maximum Credit. For purposes hereof, the occurrence of a Covenant Trigger Event shall be deemed to be continuing until Excess Availability is equal to or greater than the greater of (i) $25,000,000 and (ii) 12.5% of the Maximum Credit, in each case, for thirty (30) consecutive days, in which case a Covenant Trigger Event shall no longer be deemed to be continuing for purposes of this Agreement.

Covenant Trigger Event means the occurrence at any time of the failure of the Borrowers to have Excess Availability in an amount of at least the greater of (i) Fifteen Million Dollars ($15,000,000) and (ii) twelve and one-half percent (12.5%) of the lesser of (A) the Borrowing Base then in effect and (B) the Aggregate Revolving Credit Commitment as of such date.

Covenant Trigger Event means that Excess Availability on any day is less than the greater of (i) $100,000,000 and (ii) 10.0% of the Modified Revolving Loan Cap. For purposes hereof, the occurrence of a Covenant Trigger Event shall be deemed to be continuing until Excess Availability is equal to or greater than the greater of (i) $100,000,000 and (ii) 10.0% of the Modified Revolving Loan Cap, in each case, for thirty (30) consecutive calendar days, in which case a Covenant Trigger Event shall no longer be deemed to be continuing for purposes of this Agreement. The termination of a Covenant Trigger Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Covenant Trigger Event in the event that the conditions set forth in this definition again arise.

Covenant Trigger Event means either (a) the occurrence and continuance of any Event of Default, (b) the failure of the Borrowers to maintain Excess Availability Percentage of at least 10% at any time or (c) Excess Availability is less than $250,000,000 at any time. For purposes of this Agreement, the occurrence of a Covenant Trigger Event shall be deemed continuing (i) so long as such Event of Default is continuing and has not been waived and/or (ii) if the Covenant Trigger Event arises as a result of the Borrowers’ failure to achieve Excess Availability or Excess Availability Percentage as required hereunder, until the date Excess Availability Percentage shall have been not less than 10% for thirty (30) consecutive days and Excess Availability shall have been not less than $250,000,000 for thirty (30) consecutive days. The termination of a Covenant Trigger Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Covenant Trigger Event in the event that the conditions set forth in this definition again arise.

Covenant Trigger Event means that Excess Availability on any day is less than the greater of (i) $60,000,000 and (ii) 10% of the Maximum Credit. For purposes hereof, the occurrence of a Covenant Trigger Event shall be deemed to be continuing until Excess Availability is equal to or greater than the greater of (i) $60,000,000 and (ii) 10% of the Maximum Credit, in each case, for thirty (30) consecutive days, in which case a Covenant Trigger Event shall no longer be deemed to be continuing for purposes of this Agreement. The expiration of any Covenant Trigger Event in accordance with this definition shall not impair the commencement of any subsequent Covenant Trigger Event.