Financial Covenant Triggering Event definition

Financial Covenant Triggering Event means, at any time, that Total Excess Availability is less than the greater of (a) $20,000,000 and (b) 10.0% of the Line Cap, as of such date (such greater of amount, the “FCCR Test Amount”). Upon the occurrence of any Financial Covenant Triggering Event, such Financial Covenant Triggering Event shall be deemed to be continuing notwithstanding that Total Excess Availability may thereafter exceed the FCCR Test Amount unless and until Total Excess Availability exceeds such FCCR Test Amount for thirty (30) consecutive days, in which event a Financial Covenant Triggering Event shall no longer be deemed to be continuing.
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Financial Covenant Triggering Event means, at any time, that Total Excess Availability is less than the greater of (a) $15,000,000 and (b) 10.0% of the Line Cap, as of such date (such greater of amount, the "FCCR Test Amount"). Upon the occurrence of any Financial Covenant Triggering Event, such Financial Covenant Triggering Event shall be deemed to be continuing notwithstanding that Total Excess Availability may thereafter exceed the FCCR Test Amount unless and until Total Excess Availability exceeds such FCCR Test Amount for thirty (30) consecutive days, in which event a Financial Covenant Triggering Event shall no longer be deemed to be continuing.
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Financial Covenant Triggering Event means the failure of the Borrower to maintain Availability equal to or greater than $7,500,000 at any time. For purposes hereof, the occurrence of a Financial Covenant Triggering Event shall be deemed continuing until Availability has equaled or exceeded $7,500,000 for sixty (60) consecutive days, in which case, a Financial Covenant Triggering Event shall no longer be deemed to be continuing for purposes of this Agreement."
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Examples of Financial Covenant Triggering Event in a sentence

  • The Company will not permit its Consolidated Fixed Charge Coverage Ratio for any Test Period to be lower than 1.00 to 1.00; provided that such Consolidated Fixed Charge Coverage Ratio will only be tested as of the last day of the Test Period ending immediately prior to the date on which a Financial Covenant Triggering Event shall have occurred and shall continue to be tested as of the last day of each Test Period thereafter until such Financial Covenant Triggering Event is no longer continuing.

  • On and after the Closing Date, at any time Specified Excess Availability is less than the greater of (i) $7,500,000 and (ii) 10.0% of the Line Cap (the “Financial Covenant Triggering Event”), permit the Fixed Charge Coverage Ratio for the Test Period most recently ended and for any Test Period during which time as such Financial Covenant Triggering Event shall be continuing to be less than 1.00 to 1.00 (the “Springing Financial Covenant”).

  • The Fixed Charge Coverage Ratio shall not be applicable unless a Financial Covenant Triggering Event has occurred.

  • Borrowers acknowledge that a Financial Covenant Triggering Event occurred on February 3, 2005 due to the fact that the sum of Borrowers' Excess Availability plus Qualified Cash on such date was $19,501,897.41, which sum was less than the required amount of $20,000,000.

  • Subject to the following proviso, from and after the occurrence of a Springing Financial Covenant Triggering Event, the Borrower Parties shall not permit, at the end of each applicable fiscal quarter, .


More Definitions of Financial Covenant Triggering Event

Financial Covenant Triggering Event shall occur at any time that Availability is less than 10% of the Maximum Credit; provided that if such Availability shortfall is the result of a contraction of the Borrowing Base (as opposed to an increase of the Revolving Facility Credit Exposure), no Event of Default shall be deemed to have occurred with respect to Section 7.12 unless such Availability shortfall continues for a period of five (5) consecutive Business Days (and, for the avoidance of doubt, no Credit Event shall be permitted during such 5 Business Day period); provided further that a Default will occur immediately upon the occurrence of any such Availability shortfall and shall continue during such 5 Business Day period unless waived or cured during such period.
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Financial Covenant Triggering Event means (a) the occurrence of a Default or Event of Default that is continuing, or (b) the Borrowers’ Undrawn Availability is less than Ten Million and 00/100 Dollars ($10,000,000.00) on any day, at which time the Borrowers shall comply with the terms of Section 6.5.
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Financial Covenant Triggering Event means the failure of the Borrowers to maintain Availability equal to or greater than the greater of (x) fifteen percent (15%) of the Revolving Loan Limit and (y) $7,500,000 at any time. For purposes hereof, the occurrence of a Financial Covenant Triggering Event shall be deemed continuing until Availability has equaled or exceeded the greater of (x) fifteen percent (15%) of the Revolving Loan Limit and (y) $7,500,000 for thirty (30) consecutive days, in which case, a Financial Covenant Triggering Event shall no longer be deemed to be continuing for purposes of this Agreement.
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Financial Covenant Triggering Event means any of the following events:
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Financial Covenant Triggering Event means any time that (a) Liquidity is less than $100,000,000, or (b) Qualified Cash plus the amount of Availability is less than $25,000,000.
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Financial Covenant Triggering Event means (a) the occurrence of an Event of Default that is continuing, or (b) that Undrawn Availability is less than or equal to (i) $12,500,000 for 5 consecutive Business Days, or (ii) $10,000,000 on any Business Day.
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Financial Covenant Triggering Event means, at any time, that Total Excess Availability is less than the greater of (a)
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