Negative Covenant definition

Negative Covenant means a promise or covenant by any Person to not act, perform, suffer, permit or consent to.
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Negative Covenant means a promise or covenant by any Person to not act or perform or to not suffer, permit or consent to an action.
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Negative Covenant means a promise or covenant by any Person to not act, perform, suffer, permit or consent to. "Nominal Principal Amount" shall have the meaning ascribed to such term in Section 4.24 hereof. "Note" shall mean that certain Mortgage Note, dated the date hereof, made by Borrower to Lender, in the original principal amount of $20,700,000.00, as the same may hereafter be amended, modified, extended or substituted from time to time. "Notices" shall have the meaning ascribed to such term in Section 6.6 hereof. "Obligated Party" shall have the meaning ascribed to such term in Section 5.2(i) hereof. "Obligations" shall mean Borrower's obligation to pay the principal, interest and any other sums payable to Lender in respect of the Loan hereunder and/or under the Note, the Mortgage or any of the other Loan Documents, and to perform and observe all of the terms, covenants and provisions of each of the Loan Documents. "Officer's Certificate" shall mean a certificate delivered to Lender and signed by the President or a Vice
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Examples of Negative Covenant in a sentence

  • For the avoidance of doubt, any waiver by the Administrative Agent of the Borrowers’ compliance with any Negative Covenant set forth in Article 7, or consent by the Administrative Agent to the Borrowers’ non-compliance with any such Negative Covenant, shall require the prior written consent of the Required Lenders.

  • As long as this Agreement is in effect, the Borrower shall not violate, and shall not suffer or permit any of its Subsidiaries to violate, any of the following covenants and any "Additional Negative Covenant" on the Schedule.

  • For the avoidance of doubt, at any time that the Additional Negative Covenant Period is not in effect, the covenant contained in this Section 6.2.9 shall not be applicable to or binding upon Harley or any of its Subsidiaries, and any Default or Unmatured Default existing as of the expiration of an Additional Negative Covenant Period solely by virtue of noncompliance with this Section 6.2.9 shall automatically cease to exist.

  • If the applicable Final Terms specify this Condition 4 – Negative Covenant is applicable, the Issuer will not create, incur or permit the existence of indebtedness which, in the event of insolvency or winding-up of theIssuer, will rank subordinate to deposit liabilities and in priority to Subordinated Notes.

  • For the avoidance of doubt, at any time that the Additional Negative Covenant Period is not in effect, the covenant contained in this Section 6.2.10 shall not be applicable to or binding upon Harley or any of its Subsidiaries, and any Default or Unmatured Default existing as of the expiration of an Additional Negative Covenant Period solely by virtue of noncompliance with this Section 6.2.10 shall automatically cease to exist.

  • Negative Covenant of the Equityholder and the Collateral Manager 79 Section 5.05.

  • Furthermore, to the extent that any investment, loan or advance is made other than during the Additional Negative Covenant Period, such investment, loan or advance shall continue to be permitted hereunder and shall not count against the limitation set forth in clause (r) above during the Additional Negative Covenant Period.

  • Furthermore, to the extent that any Restricted Payment is made other than during the Additional Negative Covenant Period, such Restricted Payment shall continue to be permitted hereunder and shall not count against the Annual Permitted Restricted Payment Basket during the Additional Negative Covenant Period.

  • No events of special importance (besonderer Bedeutung) have occurred following the balance sheet date (Negative Covenant)).

  • Unless the Borrower elects otherwise, compliance with any Specified Negative Covenant will be deemed to be first pursuant to a Ratio-Based Amount basket or exception (to the maximum extent permitted by such basket or exception) prior to being determined pursuant to any other basket or exception, including those based on a Fixed Amount.


More Definitions of Negative Covenant

Negative Covenant. Without the Bank’s prior written consent, no material change in management is allowed.
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Negative Covenant means any negative covenant (including but not limited to a negative pledge clause or asset disposal clause) that is either more restrictive ((a) on the Guarantor, the relevant member of the Guarantor Group or the consolidated Guarantor Group or (b) on the Borrower, the relevant member of the Borrower Group or the consolidated Borrower Group) than any similar provision included in this Contract or materially more beneficial (to the Other Person) than any similar provision (for the benefit of the Bank) included in this Contract;
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Negative Covenant means a promise or covenant by any Person not to act, perform, suffer, permit or consent to.
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Related to Negative Covenant

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

  • 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.

  • Restrictive Covenant has the meaning set forth in Section 6(c).

  • Restrictive Covenant Agreement means any agreement, and any attachments or schedules thereto, entered into by and between the Participant and the Partnership or its Affiliates, pursuant to which the Participant has agreed, among other things, to certain restrictions relating to non-competition (if applicable), non-solicitation and/or confidentiality, in order to protect the business of the Partnership and its Affiliates.

  • Restrictive Covenant Agreements has the meaning set forth in the Recitals.

  • Restrictive Covenant Violation means the Participant’s breach of the Restrictive Covenants listed on Appendix A or any covenant regarding confidentiality, competitive activity, solicitation of the Company’s vendors, suppliers, customers, or employees, or any similar provision applicable to or agreed to by the Participant.

  • Financial Covenant has the meaning specified in Section 7.08.

  • 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.

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

  • 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.

  • Restrictive Covenants means the restrictive covenants contained in Section 13(c) hereof.

  • Covenant means a covenant, condition, limitation or restriction in a document or instrument in effect at Date of Policy.

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

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

  • Covenants means the covenants set forth in Section 4 of this Agreement.

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

  • 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.

  • 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).

  • 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.

  • Subordination Provisions has the meaning specified in Section 8.01(l).

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

  • 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.

  • 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.

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

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

  • Covenant Compliance Worksheet means a fully completed worksheet in the form of Attachment A to Exhibit C.