Covenant Triggering Event definition

Covenant Triggering Event shall occur at any time that (i) an Event of Default has occurred and is continuing or (ii) Availability is less than 15.0% of the Revolving Facility Commitment.

Covenant Triggering Event shall occur at any time that Excess Availability is less than the greater of (a) 10.0% of the Line Cap at such time or (b) $30.0 million. Once occurred, a Covenant Triggering Event shall be deemed to be continuing until such time as Excess Availability is greater than the greater of (i) 10.0% of the Line Cap at such time or (ii) $30.0 million for thirty (30) consecutive days.

Covenant Triggering Event has the meaning set forth in Section 6.07.

Examples of Covenant Triggering Event in a sentence

• The Company will not permit its Consolidated Fixed Charge Coverage Ratio for any Test Period to be lower than 1.00 to 1.00; provided that such Consolidated Fixed Charge Coverage Ratio will only be tested as of the last day of the Test Period ending immediately prior to the date on which a Financial Covenant Triggering Event shall have occurred and shall continue to be tested as of the last day of each Test Period thereafter until such Financial Covenant Triggering Event is no longer continuing.

• For purposes of this Section 6.10, when calculating Excess Availability under the definition of Covenant Triggering Event, Excess Availability for a non-Business Day shall be Excess Availability as of the immediately preceding Business Day.

• Guarantor shall not, at any time following the occurrence of a Modified Covenant Triggering Event, permit its Total Leverage Ratio to be greater than 5.00 to 1.00.

• After the occurrence of a Covenant Triggering Event, the Consolidated First Lien Net Leverage Ratio shall continue to be tested on the last day of each fiscal quarter until the Total Revolving Credit Outstandings (calculated in the same manner as the prior sentence) is equal to or less than 35% of the amount of the Revolving Credit Commitments (the “Testing Threshold”), in which case, such Covenant Triggering Event shall no longer be deemed to be continuing for purposes of this Agreement.

• Employees of Klipsch and Hirschmann did not participate in the Company's deferred compensation plan in Fiscal 2017.

More Definitions of Covenant Triggering Event

Covenant Triggering Event as defined in Section 8.1.

Covenant Triggering Event means the occurrence of any of the following: (a) an Event of Default or (b) Availability, as set forth on two consecutive Borrowing Base Certificates, is less than the greater of (i) $3,500,000 and (ii) fifteen percent (15%) of the lesser of (x) the Maximum Revolver Amount and (y) the Borrowing Base calculated as if Reserves were $0.

Covenant Triggering Event means the date that is ninety-five (95) days after the date on which there has occurred a Discharge of First-Lien Obligations and a Discharge of Second-Lien Obligations.

Covenant Triggering Event means the amount of Unrestricted Cash is less than $400,000,000; provided, however, that if at any time after the initial Covenant Triggering Event the amount of Unrestricted Cash is increased to $400,000,000 or more, such initial Covenant Trigger Event shall be deemed cured and no Covenant Triggering Event shall be deemed to be in effect until such time, if any, thereafter as the amount of Unrestricted Cash is less than $400,000,000.

Covenant Triggering Event means if at any time: (i) Excess Availability for three (3) consecutive business days is less than the greater of (a) 12.5% of the Gross Borrowing Base (as defined in the BFA) or (b) Seventeen Million Five Hundred Thousand Dollars ($17,500,000.00), or (ii) a default under Section 13 of the Agreement has occurred and is continuing. The “Fixed Charge Coverage Ratio” means for any period of calculation, the ratio of (A) EBITDA minus the sum of (1) taxes on or measured by income paid or payable in cash, plus (2) unfinanced capital expenditures, to (B) the sum of (1) interest expense paid or payable in cash, plus (2) actual payments of principal on Debt (as defined below) (excluding payments of principal with respect to this Agreement or the BFA) plus (3) distributions paid in cash to the equity holders of Dealer.

Covenant Triggering Event shall occur at any time that (a) Specified Availability is less than the greater of 10% of the Combined Line Cap at such time and $27,500,000 or (b) an Event of Default shall have occurred and be continuing. Once occurred, a Covenant Triggering Event described in clause (a) above shall be deemed to be continuing until such time as Specified Availability is at least equal to the amount required in the immediately preceding sentence for twenty consecutive calendar days and a Covenant Triggering Event described in clause (b) above shall be deemed to be continuing until such Event of Default is no longer continuing.

Covenant Triggering Event shall occur at any time that Excess Availability is less than the greater of (a) 10% of the lesser of (i) the Borrowing Base at such time and (ii) the aggregate amount of Revolving Facility Commitments at such time or (b) $10.0 million. Once occurred, a Covenant Triggering Event shall be deemed to be continuing until such time as Excess Availability is greater than the greater of (i) 10% of the lesser of (A) the Borrowing Base at such time and (B) the aggregate amount of Revolving Facility Commitments at such time, or (ii) $10.0 million for ten (10) consecutive days.