Financial Covenant Test Date definition

Financial Covenant Test Date has the meaning given to it in clause 27(A) (Financial Covenants).
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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

  • Liabilities to Assets Ratio as at the end of each Relevant Period ending on or after the First Financial Covenant Test Date shall not exceed 80%.

  • 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 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).

  • On or before sixty (60) days following each Quarterly Financial Covenant Test Date, Guarantor shall deliver to Lender a Financial Covenant Compliance Certificate in form attached hereto as EXHIBIT A ("QUARTERLY COMPLIANCE CERTIFICATE"), certified by an officer of Guarantor, and an unqualified, unaudited financial statement of Guarantor covering the preceding twelve (12) month period.

  • Additionally, Guarantor shall delivery to Lender, as soon as available, but in no event later than sixty (60) days after each Quarterly Financial Covenant Test Date, a current, unaudited financial statement (including, without limitation, an income and expense statement, balance sheet and cash flow statement) signed by Guarantor's Chief Financial Officer.

  • See “Description of the Class B IBLA—Taxes—Repayment for Taxation Reasons.”Class B Financial Covenants Under the Class B IBLA, the Obligors will be required to maintain a ratio(expressed as a percentage) of free cash flow to total debt service charges (the “Class B FCF DSCR”) of not less than 100% on each Financial Covenant Test Date, subject to certain cure rights in the event that the Class B FCF DSCR is less than 100%.

  • Guarantor's Maximum Leverage shall be determined by Lender in accordance with the terms and provisions of this SECTION 6 and shall be measured as of each Quarterly Financial Covenant Test Date occurring after March 1, 2005.

  • Financial Covenants: The Company must satisfy the following financial covenants on each Financial Covenant Test Date: (a) the Interest Coverage Ratio of the Company must be equal to or greater than 6:1; (b) for so long as at least 50% of the principal amount of the Loan Notes issued on or around 23 July 2015 remains outstanding, the Gross Assets Ratio must be equal to or greater than 2:1.

Related to Financial Covenant Test Date

  • Financial Covenant means the covenant set forth in Section 7.09.

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

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

  • LCA Test Date has the meaning assigned to such term in Section 1.06.

  • 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.

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

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

  • 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).

  • 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:

  • 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.

  • 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.

  • Collateral Coverage Ratio means (i) the aggregate value of any relevant collateral security, including the pro rata value of any shared collateral, divided by (ii) the outstanding aggregate principal amount of the relevant debt.

  • 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.

  • 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.

  • 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.

  • Unencumbered Leverage Ratio means, as of any date of determination, the quotient (expressed as a percentage) of (a) Unsecured Indebtedness, divided by (b) Unencumbered Asset Value.

  • 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).

  • Covenant Trigger Period means the period (a) commencing on the date that (i) an Event of Default occurs or (ii) Availability is less than the greater of (x) 10% of Available Credit and (y) $50,000,000 and (b) continuing until there has been a period of 30 consecutive days thereafter during which at all times (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) $50,000,000.

  • Effective Leverage Ratio has the meaning set forth in the Statement.

  • Cash Flow Leverage Ratio means, as of any time the same is to be determined, the ratio of (a) Funded Debt as of the last day of the most recent four fiscal quarters of the Company then ended minus Excess Cash as of the last day of the same such period to (b) EBITDA for the same most recent four fiscal quarters then ended.

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

  • Covenant Trigger Event shall occur at any time that Availability is less than the greater of (a) $12.5 million and (b) 10% of the Line Cap then in effect. Once commenced, a Covenant Trigger Event shall be deemed to be continuing until such time as Availability equals or exceeds the greater of (i) $12.5 million and (ii) 10% of the Line Cap then in effect for 30 consecutive days.