LTV Covenant definition

LTV Covenant has the meaning given to that term in Clause 26.1 (Financial definitions).
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LTV Covenant means the undertaking of the Borrower set out in paragraph (c) of Clause 24.2 (Financial condition).
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LTV Covenant means the undertaking of the Issuer set out in Clause 26.2(c) (Financial condition).
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Examples of LTV Covenant in a sentence

  • Notwithstanding anything to the contrary in this Section 8.1(a), in no event shall the Credit Parties be permitted to cure more than three (3) LTV Covenant Defaults during the term of this Agreement.

  • For the avoidance of doubt, no Default or Event of Default shall be deemed to have occurred as a result of non-compliance with the Maximum LTV Covenant unless the foregoing actions shall not have been taken on or prior to the last day of the Cure Period.

  • If an LTV Covenant Default would occur as provided in Section 8.1(a) of the Financing Agreement, then Elastic shall deposit or cause to be deposited an amount equal to the Reserve Deposit into the Operating Account.

  • The terms of the Existing Debt Arrangements of the Company with Barclays are set out below.Amount of Loan £32 million LTV Covenant 70% Margin margins of 1.7% and 1.9% apply, with the blended rate being 1.72%Term Expires in February 2020 Interest Rate Protection the Company holds interest rate caps for £31 million of debt which cap LIBOR at 3%The Company is anticipating completing a re-financing (the “Re-financing”) with Barclays on or around 6 April 2019.

  • If Lender determines, based on Borrower’s appraisal, or other information submitted by Borrower, that Borrower’s determination of the Value of Property (i) does not result in a breach in the LTV Covenant, the funds held by Lender shall be returned to Borrower, or (ii) results in a lesser paydown amount being required to cure Borrower’s LTV Covenant, the cure amount required shall be retained by Lender and the excess refunded to Borrower.

  • If an LTV Covenant Default would occur as provided in Section 8.1(a) of the Financing Agreement, then EFF shall deposit or cause to be deposited an amount equal to the Reserve Deposit into the Operating Account.

  • Borrower shall have the right to cure the breach of the LTV Covenant by making a prepayment of principal under the Note sufficient to restore the LTV Covenant.

  • The provisions of this Section 9.18.2 shall not apply, and there shall be no cure right, if there is any continuing Event of Default at the time of the breach of the LTV Covenant.

  • Any breach of the LTV Covenant or Debt Service Covenant which is not cured within the applicable cure periods set forth in Section 9.18.

  • LTV Covenant as defined in Section 9.18.1. MAI shall mean Member of the Appraisal Institute.


More Definitions of LTV Covenant

LTV Covenant. Period LTV Ratio Commencing with the Test Period ending on March 31, 2020 through and including the Test Period ending on June 30, 2020 2.50:1.00 Commencing with the Test Period ending on September 30, 2020 through and including the Test Period ending on December 31, 2020 2.00:1.00 For the Test Period ending on March 31, 2021 1.50:1.00 Commencing with the Test Period ending on June 30, 2021 through and including the Test Period ending on December 31, 2021 1.25:1.00 Commencing with the Test Period ending on March 31, 2022 and for each Test Period thereafter 1.00:1.00
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LTV Covenant has the meaning given to such term in Clause 15.1 (LTV Covenant) of the Issuer/Borrower Facility Agreement;
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LTV Covenant shall have the meaning provided in Section 7.19(b).
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Related to LTV Covenant

  • 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.

  • Transfer fee covenant means a declaration or covenant purporting to affect real property which requires or purports to require the payment of a transfer fee to the declarant or other person specified in the covenant or declaration, or to their successors or assigns, upon a subsequent transfer of an interest in the real property.

  • 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).

  • Financial Covenant has the meaning specified in Section 7.08.

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

  • 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.

  • Covenant Trigger Period means the period (a) commencing on the day that (i) an Event of Default occurs or (ii) Availability is less than the greater of (x) 10% of Available Credit and (y) $20,000,000 and (b) continuing until, at all times thereafter for a period of 30 consecutive days during which, (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) $20,000,000.

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

  • Environmental covenant means a servitude arising under an environmental response project that imposes activity and use limitations.

  • Negative Covenants The Postpetition Financing Documents shall contain negative covenants of the Borrower acceptable to the Lender.

  • 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.

  • Tax Covenant means the covenant relating to Tax set out in Schedule 9;

  • Affirmative Covenants The following affirmative covenants, among others, if any, to be negotiated in the Senior Facilities Documentation, will apply (to be applicable to the Borrower and its restricted subsidiaries), subject to customary (consistent with the Documentation Precedent) and other baskets, exceptions and qualifications to be agreed upon: maintenance of corporate existence and rights; performance and payment of obligations; delivery of annual and quarterly consolidated financial statements (accompanied by customary management discussion and analysis and (annually) by an audit opinion from nationally recognized auditors that is not subject to any qualification as to scope of such audit or going concern) (other than solely with respect to, or resulting solely from an upcoming maturity date under any series of indebtedness occurring within one year from the time such opinion is delivered) (with extended time periods to be agreed for delivery of the first annual and certain quarterly financial statements to be delivered after the Closing Date) and an annual budget (it being understood that the public REIT reporting that includes the Borrower shall satisfy the Borrower’s reporting obligations so long as it includes a consolidating income statement and balance sheet for the Borrower); delivery of notices of default and material adverse litigation, ERISA events and material adverse change; maintenance of properties in good working order; maintenance of books and records; maintenance of customary insurance; commercially reasonable efforts to maintain ratings (but not a specific rating); compliance with laws; inspection of books and properties; environmental; additional guarantors and additional collateral (subject to limitations set forth under the captions “Guarantees” and “Security”); further assurances in respect of collateral matters; use of proceeds; and payment of taxes.

  • Covenant Compliance Event means, at any time, Availability is less than the greater of (i) ten percent (10%) of the Loan Cap and (ii) $15,000,000. The termination of a Covenant Compliance Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Covenant Compliance Event in the event that the conditions set forth in this definition again arise.

  • Covenant Relief Period means the period commencing on the Amendment No. 1 Effective Date and ending on and including December 31, 2022.

  • Financial Covenants means the covenants set forth in Section 6.2.

  • Covenant Suspension Event has the meaning assigned to it in Section 3.22(b).

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

  • Waiver Period means, for each applicable fee, the period of time from the initial effective date of the MIAX PEARL Fee Schedule until such time that the Exchange has an effective fee filing establishing the applicable fee. The Exchange will issue a Regulatory Circular announcing the establishment of an applicable fee that was subject to a Waiver Period at least fifteen (15) days prior to the termination of the Waiver Period and effective date of any such applicable fee.

  • Deed of Covenant means, in relation to a Ship and if required by the laws of the Approved Flag State, a deed of covenant collateral to the Mortgage on that Ship and creating charges over (inter alia) that Ship, her Earnings, her Insurances and any Requisition Compensation in the Agreed Form;

  • Financial Performance Covenant means the covenant set forth in Section 6.11.

  • Default under Specified Transaction provisions of Section 5(a)(v) will not apply to Party A and will not apply to Party B.

  • 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.

  • Lender Default means (a) the refusal or failure (which has not been cured) of a Lender to make available its portion of any Borrowing or to fund its portion of any Unpaid Drawing under Section 3.4 that it is required to make hereunder, (b) a Lender having notified the Administrative Agent and/or the Borrower that it does not intend to comply with its funding obligations under this Agreement or has made a public statement to that effect with respect to its funding obligations under this Agreement, (c) a Lender has failed to confirm (within one Business Day after a request for such confirmation is received by such Lender) in a manner reasonably satisfactory to the Administrative Agent, the Borrower and, in the case of a Revolving Credit Lender, each Revolving Letter of Credit Issuer that it will comply with its funding obligations under this Agreement, (d) a Lender being deemed insolvent or becoming the subject of a bankruptcy or insolvency proceeding or has admitted in writing that it is insolvent; provided that a Lender Default shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any Stock in the applicable Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide the applicable Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit the applicable Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with the applicable Lender, or (e) a Lender that has, or has a direct or indirect parent company that has, become the subject of a Bail-In Action.

  • Financial Performance Covenants means the covenants of the Borrower set forth in Section 10.11.

  • Replacement Capital Covenant has the meaning specified in the introduction to this instrument.