Financial Compliance Date definition
Financial Compliance Date any date on which the aggregate Outstanding Amount of all Revolving Loans, Swingline Loans and undrawn L/C Obligations (excluding (i) non-Collateralized, issued and undrawn L/C Obligations in an amount up to $20,000,000 and (ii) Collateralized Letters of Credit) of the Revolving Borrowers exceeds 35% of the Revolving Commitments as of such date.
Financial Compliance Date any date on which the aggregate Outstanding Amount of all Revolving Loans, Swingline Loans and undrawn L/C Obligations (excluding (i) Collateralized Letters of Credit, (ii) non-Collateralized Letters of Credit and undrawn L/C Obligations in an amount up to $15,000,000 and (iii) for any Financial Compliance Date on or before September 30, 2019, amounts applied to fund upfront or similar fees or original issue discount payable by the Borrowers resulting from the exercise of “market flex” as provided in the Fee Letter) of the Borrowers exceeds 35% of the Revolving Commitments as of such date.
Examples of Financial Compliance Date in a sentence
UK Holdco shall not, without the written consent of the Majority Revolving Lenders, permit the First Lien Net Leverage Ratio on a Pro Forma Basis as at the last day of any period of four consecutive fiscal quarters of UK Holdco commencing with the fiscal quarter ending March 31, 2020 (but only if the last day of such fiscal quarter constitutes a Financial Compliance Date) to exceed 7.25 to 1.00.