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.
Maintenance Covenant means, as of any date of determination, a covenant by the Obligor of a Loan Asset to comply with one or more financial covenants during each reporting period applicable to such Loan Asset, whether or not any action by, or event relating to, the Obligor occurs after such date of determination; provided that a covenant that otherwise satisfies the definition hereof and only applies when amounts are outstanding under the related Loan Asset shall be a Maintenance Covenant.
Examples of Maintenance Covenant in a sentence
The Issuer has failed to comply with the Maintenance Covenant unless a Cure Amount has been paid to the Cure Account within twenty Business Days of a delivery of the relevant Compliance Certificate evidencing the breach, in accordance with Clause 13.5 (Equity cure).
The first Reference Date for testing the Maintenance Covenant shall be the date falling on the Reference Date falling on 31 December 2018.
More Definitions of Maintenance Covenant
Maintenance Covenant means a covenant by any Obligor to comply with one or more financial covenants during each reporting period, whether or not such Obligor has taken any specified action.
Maintenance Covenant has the meaning given to that term in Clause 24.5 (Financial Testing).
Maintenance Covenant means a covenant by the borrower on a loan to comply with one or more financial covenants during each applicable reporting period, whether or not such borrower has taken any specified action; provided that a covenant that otherwise satisfies the definition hereof and only applies when amounts are outstanding under the related loan shall be a Maintenance Covenant.
Maintenance Covenant. A covenant by any Portfolio Asset Obligor to comply with one or more financial covenants during each reporting period, whether or not such Portfolio Asset Obligor has taken any specified action.
Maintenance Covenant means a covenant by the borrower on a loan to comply with one or more financial covenants during each applicable reporting period, whether or not such borrower has taken any specified action.
Maintenance Covenant means the Interest Coverage Ratio as set out in Clause 13.1 (Maintenance test).
Maintenance Covenant means, as of any date of determination, a covenant by the Obligor of a Loan to comply with one or more financial ratios or tests (or specification that an acceleration event or event of default shall occur absent compliance with such financial ratio or test); provided that such a covenant (or specification) that otherwise satisfies the definition hereof and only applies when amounts are outstanding under the related Loan shall be a Maintenance Covenant.