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.
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."
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.
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.
More Definitions of Financial Covenant Triggering Event
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 Eleven Million Two Hundred Fifty Thousand and 00/100 Dollars ($11,250,000.00) on any day, at which time the Borrowers shall comply with the terms of Section 6.5.
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.
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 $5,000,000 on any Business Day.
Financial Covenant Triggering Event means, at any time, that Total Excess Availability is less than the greater of (a)
Financial Covenant Triggering Event means that Modified Undrawn Availability is less than $14,500,000 at any time. A Financial Covenant Triggering Event shall be continuing until such time as Borrowers demonstrate that they have maintained Modified Undrawn Availability of greater than $25,000,000 for sixty (60) consecutive days after the occurrence of a Financial Covenant Triggering Event; provided that if another Financial Covenant Triggering Event occurs thereafter, such Financial Covenant Triggering Event shall be continuing for the remainder of the Term.]
Financial Covenant Triggering Event means any time that Liquidity is less than $25,000,000. “First Amendment Effective Date” means October 9, 2015.
Financial Covenant Triggering Event means, at any time, that Total Excess Availability is less than the greater of (a) $20,000,00015,000,000 and