Financial Covenant Relief Period definition

Financial Covenant Relief Period means the period commencing with the fiscal quarter ended June 30, 2018, and concluding with the fiscal quarter ending December 31, 2019.”
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Financial Covenant Relief Period means the period commencing on the Section 2.1 Effective Date and ending on the earlier of (x) the first day of the fiscal quarter beginning April 1, 2022 and (y) the day upon which the Borrower shall have notified the Administrative Agent in writing that it has elected to end the Financial Covenant Relief Period; provided, that if the Borrower elects to end the Financial Covenant Relief Period pursuant to clause (y) above, the Financial Covenant Relief Period cannot be reinstated.
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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.
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Examples of Financial Covenant Relief Period in a sentence

  • At all times during the Financial Covenant Relief Period or such later date as extended by the Forbearance Period, Borrower shall maintain Liquidity of not less than $15,000,000, to be tested monthly on the last day of each fiscal month of the Borrower (the last Friday of each month, except for June which is always June 30), commencing with the fiscal month ending July 31, 2020 and continuing monthly thereafter.

  • As of the last day of each fiscal quarter of Borrower, Borrower shall not permit the Total Funded Debt/EBITDA Ratio to be greater than 3.00 to 1.00 for such fiscal quarter; provided, that, Borrower shall not be required to observe or perform the Total Funded Debt/EBITDA Ratio covenant under this Section 7.12(a) during the Financial Covenant Relief Period or such later date as extended by the Forbearance Period.

  • At all times during the Financial Covenant Relief Period, Borrower shall not permit Liquidity at any time to be less than $325,000,000.

  • After the Financial Covenant Relief Period, the Applicable Margin shall again be determined in accordance with the provisions and pricing grid set forth in the definition of “Applicable Margin” contained in the Credit Agreement.

  • For the avoidance of doubt, for each financial covenant compliance period after the Financial Covenant Relief Period (if any) or such later date as extended by the Forbearance Period, Borrower shall again be required to comply with the Total Funded Debt/EBITDA Ratio covenant under this Section 7.12(a).

  • At all times during the Financial Covenant Relief Period, Borrower shall not permit Liquidity at any time to be less than $300,000,000.

  • Notwithstanding anything contained in the Credit Agreement, at all times during the Financial Covenant Relief Period or such later date as extended by the Forbearance Period, the Applicable Margin for all Loans, Reimbursement Obligations, and the commitment/facility fees and letter of credit fees payable under Section 2.11 shall be the rates per annum set forth in the table below.

  • At all times during the Financial Covenant Relief Period, Borrower shall maintain Liquidity of not less than$15,000,000, to be tested monthly on the last day of each fiscal month of the Borrower (the last Friday of each month, except for June which is always June 30), commencing with the fiscal month ending July 31, 2020 and continuing monthly thereafter.

  • For the avoidance of doubt, for each financial covenant compliance period after the Financial Covenant Relief Period (if any), Borrower shall again be required to comply with the Total Funded Debt/EBITDA Ratio covenant under this S ection 7.12(a).

  • At all times during the Financial Covenant Relief Period, Borrower shall maintain Liquidity of not less than $15,000,000, to be tested monthly on the last day of each fiscal month of the Borrower (the last Friday of each month, except for June which is always June 30), commencing with the fiscal month ending July 31, 2020 and continuing monthly thereafter.


More Definitions of Financial Covenant Relief Period

Financial Covenant Relief Period means the period commencing on (and including) the Fifth Amendment Effective Date and ending on (and including) the earlier of (a) June 30, 2021, or (b) the date elected by Borrower in a written notice delivered to Bank pursuant hereto.
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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 1994 (which comprehensively revised the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973) as now or hereafter in effect or any successor statute thereto, (ii) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto and (iii) the Xxxxxxx-Xxxxxx Flood Insurance Reform Act of 2012 as now or hereafter in effect or any successor statute thereto. “Floor”: the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) 29
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Financial Covenant Relief Period for all purposes of this Agreement and the other Loan Documents.
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Financial Covenant Relief Period means any period commencing on any date that the ratio of (a) Secured Indebtedness outstanding as of such date to (b) Consolidated EBITDA of the Borrower and its Subsidiaries as of the last day of the most recently ended fiscal quarter for which financial statements have been delivered pursuant to Section 6.01(a) or (b) was greater than 3.75 to 1.00 and continuing until the earlier of (i) the Revolving Credit Maturity Date and (ii) the first date thereafter that such ratio as of such subsequent date was less than or equal to 3.75 to 1.00.
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Financial Covenant Relief Period set forth in Section 1.01 of the Existing Credit Agreement is hereby amended by replacing the term “April 1, 2021” contained in clause (x) thereof with the term “April 1, 2022”.
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Related to Financial Covenant Relief Period

  • Covenant Relief Period means the period commencing on the Amendment No. 1 Effective Date and ending on and including December 31, 2022.

  • Financial Covenant has the meaning specified in Section 7.08.

  • Financial Covenant Default has the meaning assigned to such term in Section 8.01(6).

  • Financial Covenants means the covenants set forth in Section 6.2.

  • Financial Covenant Debt of any Person means Indebtedness of the type specified in clauses (a), (b), (d), (e), (f) and (h) of the definition of “Indebtedness,” non-contingent obligations of the type specified in clause (c) of such definition and Guaranty Obligations of any of the foregoing.

  • Financial Performance Covenants means the covenants of the Borrower set forth in Section 10.11.

  • Financial Performance Covenant means the covenant set forth in Section 6.11.

  • Financial Covenant Event of Default has the meaning specified in Section 8.01(b).

  • Previously Absent Financial Maintenance Covenant means, at any time, any financial maintenance covenant that is not included in the Loan Documents at such time.

  • Additional Covenant means any covenant in respect of the financial condition or financial position of the Company, including, but not limited to, covenants that specify or require the maintenance of certain financial ratios applicable to the Company, and the default provision related thereto (regardless of whether such provision is labeled or otherwise characterized as a covenant or a default).

  • Eviction Relief Period means the term of this Agreement.

  • Maintenance Covenant A covenant by any borrower to comply with one or more financial covenants (including without limitation any covenant relating to a borrowing base, asset valuation or similar asset-based requirement) during each reporting period, that exists regardless of whether or not such borrower has taken any specified action and includes a covenant that applies only when the related loan is funded.

  • Incurrence Covenant means a covenant by any borrower to comply with one or more financial covenants (including without limitation any covenant relating to a borrowing base, asset valuation or similar asset-based requirement) only upon the occurrence of certain actions of the borrower, including a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture.

  • Covenant Compliance Event means, at any time, Availability is less than the greater of (i) ten percent (10%) of the Loan Cap and (ii) $15,000,000. The termination of a Covenant Compliance Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Covenant Compliance Event in the event that the conditions set forth in this definition again arise.

  • Initial compliance period means the three-year compliance period that begins January 1, 1993, except for the MCLs for dichloromethane, 1,2,4-trichlorobenzene, 1,1,2-trichloroethane, benzo(a)pyrene, dalapon, di(2-ethylhexyl)adipate, di(2-ethyl- hexyl)phthalate, dinoseb, diquat, endothall, endrin, glyphosate, hexachlorobenzene, hexachlorocyclopentadiene, oxamyl, picloram, simazine, 2,3,7,8-TCDD, antimony, beryllium, cyanide, nickel, and thallium, as they apply to a supplier whose system has fewer than 150 service connections, for which it means the three-year compliance period that began on January 1, 1996.

  • Interest Expense Coverage Ratio means, for any period, the ratio of (a) Consolidated EBITDA for such period to (b) Consolidated Interest Expense for such period.

  • Covenant Compliance Certificate means a properly completed and executed Covenant Compliance Certificate substantially in the form of Exhibit X hereto.

  • Pro Forma Compliance Certificate means a certificate of a Responsible Officer of the Borrower containing reasonably detailed calculations of the financial covenants set forth in Section 8.11 recomputed as of the end of the period of the four fiscal quarters most recently ended for which the Borrower has delivered financial statements pursuant to Section 7.01(a) or (b) after giving effect to the applicable transaction on a Pro Forma Basis.

  • Default under Specified Transaction provisions of Section 5(a)(v) will not apply to Party A and will not apply to Party B.

  • Consolidated Debt Service Coverage Ratio means, as of any date of determination, the ratio of (a) the sum of (i) Consolidated EBITDA for the most recently completed four fiscal quarters minus (ii) income taxes payable for such period minus (iii) Consolidated Capital Expenditures for such period to (b) the sum of (i) Consolidated Interest Charges for such period plus (ii) Consolidated Scheduled Funded Debt Payments for such period.

  • Debt Service Coverage Ratio means a ratio for the applicable period in which:

  • EBITDA Coverage Ratio defined as EBITDA divided by the aggregate of total interest expense plus the prior period current maturity of long-term debt and the prior period current maturity of subordinated debt.

  • Covenant Trigger Period means the period (a) commencing on the day that (i) an Event of Default occurs or (ii) Availability is less than the greater of (x) 10% of Available Credit and (y) $20,000,000 and (b) continuing until, at all times thereafter for a period of 30 consecutive days during which, (i) no Event of Default exists and (ii) Availability shall have been not less than the greater of (x) 10% of Available Credit and (y) $20,000,000.

  • Financial Default means the total cessation or partial suspension of operations due to insolvency, with or without the filing of a bankruptcy petition by a tour operator, Cruise line, or airline.

  • Test Period means, on any date of determination, the period of four consecutive fiscal quarters of the Borrower then most recently ended (taken as one accounting period).

  • Financial Quarter means the period commencing on the day after one Quarter Date and ending on the next Quarter Date.