Financial Covenant Trigger Date means the first date following the Closing Date in which either of the following events occur: (i) the Credit Agreement is terminated or (ii) neither the Administrative Agent nor any Affiliate thereof is a party to the Credit Agreement at any time following the Closing Date (the effective date thereof, the “Credit Agreement Removal Date”) and such condition has continued for five (5) calendar months during which time the Restructuring Condition has not been satisfied.
Financial Covenant Trigger Date means the earlier to occur of (a) the date the 2018 Notes Agreement has been terminated and all of the 2018 Notes have been paid in full and (b) the effective date that Section 10.7 (Financial Covenants) of the 2018 Notes Agreement is amended in a manner that conforms to the testing only of (i) the Consolidated Leverage Ratio as contemplated to be tested after the Financial Covenant Trigger Date in Section 7.11 hereof and (ii) the debt priority covenant.
Financial Covenant Trigger Date means the earlier to occur of (a) the date the 2018 Notes Agreement has been terminated and all of the 2018 Notes have been paid in full and (b) the effective date that Section 10.7 (Financial Covenants) of the 2018 Notes Agreement is amended in a manner that conforms to the testing only of (i) the Consolidated Leverage Ratio as contemplated to be tested after the Financial Covenant Trigger Date in Section 7.12 hereof and (ii) the debt priority covenant.
Examples of Financial Covenant Trigger Date in a sentence
For any fiscal quarter ending after the Financial Covenant Trigger Date, permit the Fixed ChargeConsolidated Interest Coverage Ratio, as calculated at the last day of such fiscal quarter for the period of twelve consecutive months then ending, to be less than 1.253.00:1.00.
For any calendar month ending prior to the Financial Covenant Trigger Date, permit Liquidity at any time during such month, reported as of the last day of any such calendar month, to be less than $20,000,000.
For any fiscal quarter ending after the Financial Covenant Trigger Date, permit the Consolidated Total Leverage Ratio, as calculated at the last day of such fiscal quarter for the period of twelve consecutive months then ending, to be more than 3.50:1.00.
More Definitions of Financial Covenant Trigger Date
Financial Covenant Trigger Date the date upon which Availability is less than the greater of (i) $5,000,000 and (ii) ten percent (10%) of the Revolver Commitments for any day on or after the Effective Date.
Financial Covenant Trigger Date means that date on which the sum of the following falls below the Financial Covenant Trigger: (a) Borrower’s unrestricted and unencumbered (except for Liens in favor of Bank) cash and Cash Equivalents assets held by Borrower at Bank, plus (b) up to One Million Dollars ($1,000,000) of Borrower’s or any of Borrower’s Subsidiaries’ unrestricted and unencumbered (except for Liens in favor of Bank) cash and Cash Equivalent assets (if any) held by Borrower at financial institutions other than Bank.
Financial Covenant Trigger Date means the first date following the Closing Date in which either of the following events occur: (i) the Credit Agreement is terminated or (ii) neither the Administrative Agent nor any Affiliate thereof is a party to the Credit Agreement at any time following the Closing Date (the effective date thereof, the “Credit Agreement Removal Date”)
Financial Covenant Trigger Date. April 29, 2025.the earlier of (a) April 28, 2026 or (b) the date designated by the Borrower as the Financial Covenant Trigger Date in its discretion no later than 10 days prior to the last day of the first fiscal quarter with respect to which the Borrower is electing to comply with the financial covenants in Sections 7.1(c) and (d) instead of Sections 7.1(a) and (b). “Flood Laws”: the National Flood Insurance Reform Act of 1994 and related legislation (including the regulations of the Board of Governors of the Federal Reserve System). “Floor”: a rate of interest equal to 0.00%. “Flow of Funds Agreement”: the spreadsheet or other similar statement prepared and certified by Borrowers, regarding the disbursement of Loan proceeds, the funding and the payment of the fees and expenses of the Administrative Agent and the Lenders (including their respective counsel), and such
Financial Covenant Trigger Date means the date on which Availability at any time is less than $20,000,000; and Borrower shall comply with all financial covenants set forth in Section 9.3 of the Agreement for all periods during and after which a Financial Covenant Trigger Date occurs notwithstanding the fact that a portion of such period may have expired prior to the Financial Covenant Trigger Date. Fiscal Quarter - each consecutive period of 13 weeks beginning on the first day of a Fiscal Year (and, in the case of any Fiscal Year of 53 weeks, the 14-week period occurring at the end thereof). Fiscal Year - the fiscal year of Borrowers and their Subsidiaries for accounting and tax purposes, which ends on the Saturday nearest September 30th of each year. Fleet - Fleet Capital Corporation, a Rhode Island corporation. Fleet Indemnitees - Fleet and all of its present and future officers, directors and agents. FLSA - the Fair Labor Standards Act of 1938. Foreign Contractor - a Person that processes Inventory of a Borrower and that is located outside of the United States. Foreign Lender - any Lender that is organized under the laws of a jurisdiction other than the laws of the United States, any state thereof or the District of Columbia. Foreign Subsidiary - a Subsidiary that is not a Domestic Subsidiary. Funded Debt - all Debt for Money Borrowed which would, in accordance with GAAP, constitute long term debt, including (a) any Debt with a maturity more than one year after the creation thereof and (b) any Debt for Money Borrowed which is renewable or extendable at the option of a Borrower for a period of more than one year from the date of creation of such Debt for Money Borrowed, including the Revolver Loans. GAAP - generally accepted accounting principles in the United States of America in effect from time to time. General Intangibles - all general intangibles of a Borrower, whether now owned or hereafter created or acquired by such Borrower, including all choses in action, causes of action, company or other business records, inventions, blueprints, designs, patents, patent applications, trademarks, trademark applications, trade names, trade secrets, service marks, goodwill, brand names, copyrights, registrations, licenses, franchises, customer lists, permits, tax refund claims, computer programs, operational manuals, internet addresses and domain names, insurance refunds and premium rebates, all claims under guaranties, security interests or other security held by or granted to such Borrower t...
Financial Covenant Trigger Date. April 29, 2025.
Financial Covenant Trigger Date means the earlier to occur of (a) Payment in Full of the Senior Obligations and (b) the date on which the financial covenant suspension pursuant to the SVB Forbearance Agreement terminates.