Financial Covenant Election means an election by the Borrower, by written notice to the Administrative Agent, to test the Financial Performance Covenant in accordance with Section 6.10(a)(i) on the last day of the Test Period during which the Borrower has delivered such Financial Covenant Election and each Test Period ending thereafter.
Financial Covenant Election means an election by Seller, by written notice to Buyer, to end the Alternate Covenant Period.
Financial Covenant Election means the election by the Company, on a one time basis following a Permitted Debt Issuance, to convert from being subject to the Total Leverage Ratio set forth in in Section 5.9(a)(i) to being subject to the Total Leverage Ratio and the Senior/Secured Leverage Ratio set forth in Section 5.9(a)(ii).
Examples of Financial Covenant Election in a sentence
Such Purchaser shall have received evidence reasonably satisfactory to it that the “Investment Grade Financial Covenant Election Date” as defined under and in accordance with the Principal Credit Facility shall have occurred or shall occur on the Closing Date.
Investment Grade Financial Covenant Election Date 11 Section 4.14.
Commencing with the Measurement Period ending on the last day of the fiscal quarter in which a Financial Covenant Election is made, and as of the end of any Measurement Period thereafter, permit the Consolidated Senior Secured Leverage Ratio to be greater than 3.75 to 1.00.
Because of his crime he lost his security clearance and effectively was unable to continue his work (G¨oke).
Commencing with the last day of the fiscal quarter, if any, in which the Financial Covenant Election is made (but in no event prior to September 30, 2019), the Parent and the Borrower will not permit, as of the last day of any fiscal quarter, the Consolidated Senior Secured Leverage Ratio to be greater than 3.50 to 1.00.
More Definitions of Financial Covenant Election
Financial Covenant Election means a one-time election of the Borrower, at its sole discretion, that can be made at any time that is not an Investment Grade Period, to be subject to (a) a Consolidated Total Leverage Ratio of 5.25 to 1.0 instead of 5.0 to 1.0 and (b) a Consolidated Senior Secured Leverage Ratio; provided that any Financial Covenant Election shall cease to be in effect upon the commencement of an Investment Grade Period.
Financial Covenant Election means a one-time irrevocable election of the Borrower, in its sole discretion, that can be made in a written certificate by a Financial Officer of the Borrower delivered to the Administrative Agent at any time after the Parent or the Borrower has issued an aggregate principal amount of at least $200,000,000 of Senior Notes pursuant to Section 9.02(g).
Financial Covenant Election means an irrevocable election by the Borrower, by written notice to the Administrative Agent, to test the covenants set forth in Section 6.11(a) and Section 6.11(b) in accordance with Section 6.11(a)(ii) and Section 6.11(b)(ii), respectively, on the last day of the period of four consecutive fiscal quarters of the Borrower during which the Borrower has delivered such Financial Covenant Election and each period of four consecutive fiscal quarters of the Borrower ending thereafter. For the avoidance of doubt, the Borrower may only deliver a Financial Covenant Election once, on which date the Covenant Relief Period will terminate permanently as set forth in the definition of “Covenant Relief Period” for all purposes of this Agreement and the other Loan Documents.
Financial Covenant Election solely with respect to the Revolving Facility, an irrevocable election by the Parent Borrower, by written notice to the Administrative Agent (for distribution to the Revolving Lenders), to test the covenants set forth in Sections 7.1(a)(ii) and Section 7.1(b)(ii), respectively, on the last day of the applicable Financial Covenant Relief Test Period designated in such written notice and each period of four consecutive fiscal quarters of the Parent Borrower ending thereafter. For the avoidance of doubt, the Parent Borrower may only deliver a Financial Covenant Election once, and on the last day of the applicable Financial Covenant Relief Test Period designated in such Financial Covenant Election (subject to demonstrating compliance in the applicable Compliance Certificate with each of the covenants set forth in Sections 7.1(a)(ii) and Section 7.1(b)(ii)) the Financial Covenant Relief Period will terminate permanently as set forth in the definition of “Financial Covenant Relief Period” for all purposes of this Agreement and the other Loan Documents.
Financial Covenant Election means an irrevocable election made by the Parent Borrower during the Financial Covenant Notice Period by written notice from the Parent Borrower to the Administrative Agent on any Business Day during either (i) the last month of any Eligible Quarter or (ii) not more than thirty (30) days following the conclusion of any Eligible Quarter (such Business Day, the “Financial Covenant Election Date”) to become subject to the covenant contained in Section 8.10(a) hereof; if such election is so made, the “Elected Quarter” shall be (x) in the case of clause (i) of this definition, the Eligible Quarter that shall end on the last day of such month and (y) in the case of clause (ii) of this definition, the Eligible Quarter that has most recently ended prior to such election.
Financial Covenant Election means a one-time election of the Borrower, at its sole discretion, that can be made at any time that is not an Investment Grade Period, to be subject to (a) a Consolidated Total Leverage Ratio of 5.25 to 1.0 instead of 5.0 to 1.0 and(b) a Consolidated Senior Secured Leverage Ratio; provided that any Financial Covenant Election shall cease to be in effect upon the commencement of an Investment Grade Period.
Financial Covenant Election solely with respect to the Revolving Facility, an irrevocable election by the Parent Borrower, by written notice to the Administrative Agent (for distribution to the Revolving Lenders), to test the covenants set forth in Sections 7.1(a)(ii) and Section 7.1(b)(ii), respectively, on the last day of the applicable Financial Covenant Relief Test Period designated in such written notice and each period of four consecutive fiscal quarters of the Parent Borrower ending thereafter. For the avoidance of doubt, the Parent Borrower may only deliver a Financial Covenant Election once, and on the last day of the applicable Financial Covenant Relief Test Period designated in such Financial Covenant Election (subject to demonstrating compliance in the applicable Compliance Certificate with each of the covenants set forth in Sections 7.1(a)(ii) and Section 7.1(b)(ii)) the Financial Covenant Relief Period will terminate permanently as set forth in the definition of “Financial Covenant Relief Period” for all purposes of this Agreement and the other Loan Documents. “Financial Covenant Relief Period”: solely with respect to the Revolving Facility, the period from and after the Fifth Amendment Effective Date to and including the earlier of (a) December 31, 2024 and (b) the last day of the applicable Financial Covenant Relief Test Period designated in a Financial Covenant Election delivered by the Parent Borrower, so long as the Parent Borrower has delivered such Financial Covenant Election and a Compliance Certificate to the Administrative Agent demonstrating compliance with Section 7.1(a)(ii) and Section 7.1(b)(ii) as of the last day of such applicable Financial Covenant Relief Test Period. “Financial Covenant Relief Test Period”: solely with respect to the Revolving Facility, in respect of any Financial Covenant Election, at the election of the Parent Borrower, (i) the period of four consecutive fiscal quarters of the Parent Borrower during which the Parent Borrower has delivered such Financial Covenant Election or (ii) if such Financial Covenant Election is delivered after any fiscal quarter end and on or prior to the date on which financials are required to be delivered for such fiscal quarter pursuant to Section 6.1(a) or Section 6.1(b), as applicable, the period of four consecutive fiscal quarters of the Parent Borrower most recently ended. “Fixed Amounts”: as defined in Section 1.2(f). “Flood Insurance Laws”: collectively, (i) the National Flood Insurance Reform Act of ...