Financial Covenant Event shall be deemed to have occurred if, at any time, the Secured Debt Ratio exceeds 4.50 to 1.00.
Financial Covenant Event shall be deemed to have occurred if, at any time during the Compliance Period, the Consolidated Senior Secured Debt to Consolidated EBITDA Ratio as of the last day of any Test Period ending during any Compliance Period is greater than 7.50 to 1.00. As used in this definition, “Compliance Period,” “Consolidated Senior Secured Debt to Consolidated EBITDA Ratio” and “Test Period” (and any defined term constituting a component of such terms) have the meanings assigned to such terms in the Credit Agreement as in effect on the Closing Date without giving effect to any amendment, restatement, waiver or supplement thereto unless otherwise agreed to in writing by the Administrative Agent in its sole discretion. If at any time following the Closing Date, the Credit Agreement is amended, restated, waived, supplemented or otherwise modified to directly or indirectly modify the covenant, or any defined term constituting a component thereof, set forth in Section 10.7 of the Credit Agreement (as in effect on the Closing Date), the Administrative Agent may unilaterally (in its sole discretion) by written notice to the Borrower and each Lender modify this definition and/or Section 10.01(t) to conform to the Credit Agreement as so amended, restated, waived, supplemented or otherwise modified.
Financial Covenant Event shall be deemed to have occurred if, at any time during the Compliance Period, the Leverage Ratio as of the last day of any Test Period ending during any Compliance Period is greater than 6.50 to 1.00. As used in this definition, “Compliance Period” and “Test Period” (and any defined term constituting a component of such terms) have the meanings assigned to such terms in the Credit Agreement as in effect on the FirstSecond Amendment Date without giving effect to any amendment, restatement, waiver or supplement thereto unless otherwise agreed to in writing by the Administrative Agent in its sole discretion. If at any time following the FirstSecond Amendment Date, the Credit Agreement is amended, restated, waived, supplemented or otherwise modified to directly or indirectly modify the covenant, or any defined term constituting a component thereof, set forth in Section 10.7 of the Credit Agreement (as in effect on the FirstSecond Amendment Date), the Administrative Agent may unilaterally (in its sole discretion) by written notice to the Borrower and each Lender modify this definition and/or Section 10.01(u) to conform to the Credit Agreement as so amended, restated, waived, supplemented or otherwise modified.
Examples of Financial Covenant Event in a sentence
No later than five Business Days after the delivery of the financial statements referred to in Sections 6.01(a) and 6.01(b), a duly completed Compliance Certificate; provided that if such Compliance Certificate demonstrates a Financial Covenant Event of Default, a notice of an intent to cure (a “Notice of Intent to Cure”) pursuant to Section 8.02 may be delivered along with or prior to delivery of such Compliance Certificate, to the extent permitted thereunder.
Subject to Section 9.02(c) below, if a Financial Covenant Event of Default has occurred and is continuing as a result of a breach of Section 8.01, the Required Revolving Lenders may either (i) terminate the Revolving Commitments and/or (ii) take the actions specified in Section 9.02(a) in respect of the Revolving Commitments, the Revolving Loans, Letters of Credit and Swing Line Loans.
The Required Lenders may take any of the actions specified in Section 9.02(a) in respect of a Financial Covenant Event of Default that has occurred and is continuing only upon the occurrence and during the continuance of a Financial Covenant Cross Default.
More Definitions of Financial Covenant Event
Financial Covenant Event shall be deemed to have occurred if, at any time during the Compliance Period, the Leverage Ratio as of the last day of any Test Period ending during any Compliance Period is greater than 6.50 to 1.00. As used in this definition, “Compliance Period” and “Test Period” (and any defined term constituting a component of such terms) have the meanings assigned to such terms in the Credit Agreement as in effect on the Third Amendment Date without giving effect to any amendment, restatement, waiver or supplement thereto unless otherwise agreed to in writing by the Administrative Agent in its sole discretion. If at any time following the Third Amendment Date, the Credit Agreement is amended, restated, waived, supplemented or otherwise modified to directly or indirectly modify the covenant, or any defined term constituting a component thereof, set forth in Section 10.7 of the Credit Agreement (as in effect on the Third Amendment Date), the Administrative Agent may unilaterally (in its sole discretion) by written notice to the Borrower and each Lender modify this definition and/or Section 10.01(u) to conform to the Credit Agreement as so amended, restated, waived, supplemented or otherwise modified.
Financial Covenant Event shall be deemed to have occurred if the Liquidity as of the any day of Parent and its Subsidiaries is an amount less than (a) $100,000,000 on any day prior to (and not including) the first anniversary of the Closing Date, (b) $150,000,000 on any day from the first anniversary of the Closing Date to (and not including) the second anniversary of the Closing Date or (c) $200,000,000 on any day on and after the second anniversary of the Closing Date.
Financial Covenant Event shall be deemed to have occurred if a Seller Financial Covenant Event or an Audacy Financial Covenant Event shall have occurred.
Financial Covenant Event shall be deemed to have occurred if, at any time, the Consolidated Total Debt to Consolidated EBITDA Ratio as of the last day of any Test Period is greater than 4.25 to 1.00. As used in this definition, “Consolidated Total Debt to Consolidated EBITDA Ratio” and “Test Period” (and any defined term constituting a component of such terms) have the meanings assigned to such terms in the Credit Agreement as in effect on the Second Amendment Effective Date without giving effect to any amendment, restatement, waiver or supplement thereto unless otherwise agreed to in writing by the Administrative Agent in its sole discretion. If at any time following the Second Amendment Effective Date, the Credit Agreement is amended, restated, waived, supplemented or otherwise modified to directly or indirectly modify the covenant, or any defined term constituting a component thereof, set forth in Section 10.7 of the Credit Agreement (as in effect on the Closing Date), the Administrative Agent may unilaterally (in its sole discretion) by written notice to the Borrower and each Lender modify this definition and/or Section 9.01(t) to conform to the Credit Agreement as so amended, restated, waived, supplemented or otherwise modified.
Financial Covenant Event any date on which Specified Availability is less than 10% of the Total Commitment. The occurrence of a Financial Covenant Event shall be deemed continuing notwithstanding that Specified Availability may thereafter exceed the amount set forth in the preceding sentence unless and until (x) the Specified Availability exceeds 10% of the Total Commitment for 20 consecutive days or (y) the Specified Availability exceeds 15% of the Total Commitment for 5 consecutive days, in which event under clause (x) or (y), a Financial Covenant Event shall no longer be deemed to be continuing.
Financial Covenant Event shall be deemed to have occurred if a Seller Financial Covenant Event or an Audacy Financial Covenant Event shall have occurred; provided, however, from the Restatement Date while the Chapter 11 Cases are pending through the Exit Date, the occurrence and continuance of any event described in clauses (a) or (b) of Audacy Financial Covenant Event shall not constitute a Financial Covenant Event.
Financial Covenant Event shall be deemed to have occurred if, at any time during the Compliance Period, the Leverage Ratio as of the last day of any Test Period ending during any BrightView Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission. Compliance Period is greater than 7.75 to 1.00. As used in this definition, “Compliance Period” and “Test Period” (and any defined term constituting a component of such terms) have the meanings assigned to such terms in the First Lien Credit Agreement as in effect on the Closing Date without giving effect to any amendment, restatement, waiver or supplement thereto unless otherwise agreed to in writing by the Administrative Agent in its sole discretion. If at any time following the Closing Date, the First Lien Credit Agreement is amended, restated, waived, supplemented or otherwise modified to directly or indirectly modify the covenant, or any defined term constituting a component thereof, set forth in Section 10.7 of the First Lien Credit Agreement (as in effect on the Closing Date), the Administrative Agent may unilaterally (in its sole discretion) by written notice to the Borrower and each Lender modify this definition and/or Section 10.01(u) to conform to the First Lien Credit Agreement as so amended, restated, waived, supplemented or otherwise modified.