Incurrence Covenant definition

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.

Incurrence Covenant means a covenant by the borrower to comply with one or more financial covenants only upon the occurrence of certain actions of the borrower including, but not limited to, a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture.

Incurrence Covenant means a covenant by any Obligor to comply with one or more financial covenants only upon the occurrence of certain actions of the Obligor, including a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture.

Examples of Incurrence Covenant in a sentence

• For purposes of this definition an "Incurrence Covenant" means a covenant by any Obligor, or another member of the borrowing group of which the Obligor is a part, to comply with one or more financial covenants only upon the occurrence of certain actions, or events relating to, of the Obligor, or such other member of the borrowing group, including but not limited to a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture.

• A Collateral Obligation that is an interest in any Loan, the Underlying Instruments for which (i) do not contain any financial covenants or (ii) require the borrower to comply with an Incurrence Covenant, but do not require the borrower to comply with a Maintenance Covenant.

• A Senior Secured Loan whose Underlying Instrument (i) does not contain any financial covenants or (ii) does not require the borrower to comply with a Maintenance Covenant; provided that a Loan described in clause (i) or (ii) above which contains either a cross‐default provision to, or is pari passu with, another loan of the underlying obligor or cross-acceleration that requires the underlying obligor to comply with an Incurrence Covenant or a Maintenance Covenant will be deemed not to be a Cov‐Lite Loan.

• A Loan that (i) does not contain any financial covenants or (ii) requires the borrower to comply with an Incurrence Covenant, but does not require the underlying obligor to comply with any Maintenance Covenants.

• Adjusted EBITDA per Incurrence Covenant 4,845 3,734 3,886 3,513 2,968 Add Oncor Adjusted EBITDA (reduced by Oncor distributions/dividends above) (267) 1,123 1,354 1,523 1,254 EFH Corp.

More Definitions of Incurrence Covenant

Incurrence Covenant. A covenant by the underlying Obligor under a loan to comply with one or more financial covenants only upon the occurrence of certain actions of the underlying Obligor or certain events relating to the underlying Obligor, including, but not limited to, a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture, unless, as of any date of determination, such action was taken or such event has occurred, in each case the effect of which causes such covenant to meet the criteria of a Maintenance Covenant.

Incurrence Covenant means a covenant by the borrower of a Loan or Underlying Loan to comply with one or more financial covenants only upon the occurrence of certain actions of the borrower or certain events relating to the borrower, including, but not limited to, a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture, unless, as of any date of determination, such action was taken or such event has occurred, in each case the effect of which causes such covenant to meet the criteria of a Maintenance Covenant.

Incurrence Covenant. A covenant by any Portfolio Asset Obligor to comply with one or more financial covenants only upon the occurrence of certain actions of such Portfolio Asset Obligor, including a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture.

Incurrence Covenant. As defined in Section 8.5(a).

Incurrence Covenant means a covenant by the Obligor(s) under a Portfolio Collateral to comply with one or more financial covenants only upon the occurrence of certain actions of the Obligor(s), including, but not limited to, a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture.

Incurrence Covenant means a covenant by the borrower of a Senior Secured Loan or Second Lien Loan (including any Senior Secured Loan or Second Lien Loan that is the Reference Obligation or underlying loan of a Synthetic Security or a Participation Interest, respectively) to comply with one or more financial covenants only upon the occurrence of certain actions of the borrower or certain events relating to the borrower, including, but not limited to, a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture, unless, as of any date of determination, such action was taken or such event has occurred, the effect of which causes such covenant to meet the criteria of a Maintenance Covenant.

Incurrence Covenant. A covenant by any borrower to comply with one or more financial covenants only upon the occurrence of certain actions of the borrower, including a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture. “Indenture”: This instrument as originally executed and, if from time to time supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, as so supplemented or amended. “Independent”: As to any Person, any other Person (including, in the case of an accountant or lawyer, a firm of accountants or lawyers, and any member thereof, or an investment bank and any member thereof) who (i) does not have and is not committed to acquire any material direct or any material indirect financial interest in such Person or in any Affiliate of such Person, and (ii) is not connected with such Person as an Officer, employee, promoter, underwriter, voting trustee, partner, manager, director or Person performing similar functions. “Independent” when used with respect to any accountant may include an accountant who audits the books of such Person if in addition to satisfying the criteria set forth above, the accountant is independent with respect to such Person within the meaning of Rule 101 of the Code of Professional Conduct of the American Institute of Certified Public Accountants. For purposes of this definition, no manager, director or independent review party of any Person will fail to be Independent solely because such Person acts as an independent manager, independent director or independent review party thereof or of any such Person’s affiliates.