Financial Covenant Test Date definition

Financial Covenant Test Date has the meaning given to it in clause 27(A) (Financial Covenants) of this Agreement.
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Financial Covenant Test Date means 31st March, 30th June, 30th September and 31st December in each calendar year.
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Financial Covenant Test Date as defined in Section 6.7.
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Examples of Financial Covenant Test Date in a sentence

  • The Original Borrower shall procure that between 1 November 2020 and 31 December 2021 (inclusive), KEL does not make, declare or pay any Shareholder Distribution to 180 shareholders who receive such Shareholder Distribution in their capacity as a holder of common shares in KEL unless the ratio of Consolidated Total Net Borrowings to EBITDAX on the day the Shareholder Distribution is made, declared or paid is less than or equal to 3.50:1.00 (calculated as if such day was a Financial Covenant Test Date).

Related to Financial Covenant Test Date

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

  • LCA Test Date has the meaning specified in Section 1.03(e).

  • 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.

  • LCT Test Date shall have the meaning provided in Section 1.12(b).

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

  • Test Date means, with respect to any Start Date, the last day of the most recent fiscal quarter of the Borrower ended immediately prior to such Start Date.

  • Test Period means, at any date of determination, the most recently completed four consecutive fiscal quarters of the Borrower ending on or prior to such date for which financial statements have been or are required to be delivered pursuant to Section 6.01(a) or (b).

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