Performance Covenants definition

Performance Covenants means the covenants set forth in Section 7 of this Agreement.
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Performance Covenants the covenants of Borrower set forth in Sections 10.3.1 and 10.3.2. First Amendment: the First Amendment to Loan and Security Agreement dated as of the First Amendment Effective Date, among Agent, Obligors, Issuing Bank and the Lenders party thereto. First Amendment Effective Date: October 14, 2022. First Lien Net Leverage Ratio: as of any date, the ratio of (a) Consolidated First Lien Net Debt as of such date to (b) EBITDA for the applicable Test Period ended on such date, or if such date of determination is not the end of a Fiscal Quarter, the applicable Test Period ended most recently prior to the date on which such determination is to be made, all determined on a consolidated basis in accordance with GAAP; provided, that to the extent any Asset Disposition or any Acquisition (or any similar transaction or transactions for which a waiver or a consent of the Required Lenders pursuant to Section 10.2.5 or 10.2.6 has been obtained) or incurrence or repayment of Debt (excluding normal fluctuations in revolving Debt incurred for working capital purposes) has occurred during the relevant Test Period, the First Lien Net Leverage Ratio shall be determined for the respective Test Period on a Pro Forma Basis for such occurrences. Fiscal Quarter: each period of three months, commencing on the first day of a Fiscal Year. Fiscal Year: the fiscal year of Borrower and Subsidiaries for accounting and tax purposes, ending on December 31 of each year. Flood Laws: collectively, the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, the Flood Disaster Protection Act of 1973 as now or hereafter in effect or
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Performance Covenants means the financial covenants set forth in Section 9.1. hereof.
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Examples of Performance Covenants in a sentence

  • For performance pricing specifications, we estimate model 3 as Logit (OLS) with firm and year (firms and year-month) fixed effects.12As we report in columns 1 and 2 of Panel A, Table 6, the coefficient on POST × No Relationship-Lead Arranger is negative and significant in both specifications for Performance Covenants, indicating that non-relationship lead arrangers impose a lower proportion of performance covenants following CDS initiation relative to relationship lenders.

  • We estimate Interest Increasing PP based on the largest loan facility in the package.We estimate the following model to examine the effect of CDS initiation on non- relationship lead arrangers’ control rights.11Control Rights where Control Rights is either Performance Covenants or Interest Rate Increasing PP, as defined above.

  • For purposes of the Financial Performance Covenants, amounts in currencies other than dollars shall be translated into dollars at the currency exchange rates used in preparing the most recently delivered financial statements pursuant to Section 5.01(a) or (b).

  • For performance pricing specifications, we estimate Model (3) as Logit (OLS) with firm and year (firms and year-month) fixed effects.13As we report in columns 1 and 2 of Panel A, Table 5, the coefficient on POST × No Relationship-Lead Arranger is negative and significant in both specifications for Performance Covenants, indicating that non-relationship lead arrangers impose a lower proportion of performance covenants following CDS initiation relative to relationship lenders.

  • Integrity may then mean that it is a product of ethics and it connotes an idea of being whole, complete, without spot or blemishes.

  • Due to the strong connection between the two meta-frameworks, most of the countries have developed or are developing national qualifications frameworks for lifelong learning that are compatible with both meta-frameworks (European Commission, 2008).Micro-credentials can be positioned within formal education when leading to the award of credits and can be used as building blocks towards a larger qualification.

  • We define Performance Covenants as the ratio of the number of performance covenants to the sum of performance and capital covenants in a loan contract.16Roberts and Sufi (2009a) suggest that performance pricing provisions also affect lenders’ control rights by influencing the allocation of bargaining power between a borrower and lenders in ex post renegotiations.

  • Our results are unchanged when we exclude these deals from the analyses.we estimate the model as Logit (OLS) with firm and year (firms and year-month) fixed effects.19 As reported in columns (1) and (2) of Panel A, Table 4, the coefficient on POST × NoRelationship Lead Arranger is negative and significant for Performance Covenants.

  • It is understood that, with respect to any negative covenant in Article IX (other than the Financial Performance Covenants), if an exception to any such negative covenant permits Permitted Refinancing Indebtedness, such exception shall be deemed to permit any subsequent Permitted Refinancing Indebtedness of such Permitted Refinancing Indebtedness.

  • As part of the Lock- Up Agreement, the First Lien Lenders also agreed that the non-compliance by the Debtors of the Financial Performance Covenants (as defined in the First Lien Credit Agreement) for the reporting periods ending December 31, 2009 and March 31, 2010 would not be a termination event under the Lock-Up Agreement.


More Definitions of Performance Covenants

Performance Covenants means the covenants set forth in Section 7 of the Agreement.
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Related to Performance Covenants

  • Financial Performance Covenants means the covenants of the Borrower set forth in Sections 6.10 and 6.11.

  • Financial Performance Covenant means the covenant set forth in Section 6.10.

  • 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.

  • 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.

  • Performance Condition means a condition related to performance which is specified by the Committee under Rule 4.1 (Terms of grant);

  • Performance Conditions means specific levels of performance of the Company (and/or one or more members of the Company Group, divisions or operational and/or business units, product lines, brands, business segments, administrative departments, or any combination of the foregoing), which may be determined in accordance with GAAP or on a non-GAAP basis, including, without limitation, the following measures: (i) net earnings, net income (before or after taxes), or consolidated net income; (ii) basic or diluted earnings per share (before or after taxes); (iii) net revenue or net revenue growth; (iv) gross revenue or gross revenue growth, gross profit or gross profit growth; (v) net operating profit (before or after taxes); (vi) return measures (including, but not limited to, return on investment, assets, capital, employed capital, invested capital, equity, or sales); (vii) cash flow measures (including, but not limited to, operating cash flow, free cash flow, or cash flow return on capital), which may be but are not required to be measured on a per share basis; (viii) actual or adjusted earnings before or after interest, taxes, depreciation, and/or amortization (including EBIT and EBITDA); (ix) gross or net operating margins; (x) productivity ratios; (xi) share price (including, but not limited to, growth measures and total stockholder return); (xii) expense targets or cost reduction goals, general and administrative expense savings; (xiii) operating efficiency; (xiv) objective measures of customer/client satisfaction; (xv) working capital targets; (xvi) measures of economic value added or other ‘value creation’ metrics; (xvii) enterprise value; (xviii) sales; (xix) stockholder return; (xx) customer/client retention; (xxi) competitive market metrics; (xxii) employee retention; (xxiii) objective measures of personal targets, goals, or completion of projects (including, but not limited to, succession and hiring projects, completion of specific acquisitions, dispositions, reorganizations, or other corporate transactions or capital-raising transactions, expansions of specific business operations, and meeting divisional or project budgets); (xxiv) comparisons of continuing operations to other operations; (xxv) market share; (xxvi) cost of capital, debt leverage, year-end cash position or book value; (xxvii) strategic objectives; (xxviii) gross or net authorizations; (xxix) backlog; or (xxx) any combination of the foregoing. Any one or more of the aforementioned performance criteria may be stated as a percentage of another performance criteria, or used on an absolute or relative basis to measure the performance of one or more members of the Company Group as a whole or any divisions or operational and/or business units, product lines, brands, business segments, or administrative departments of the Company and/or one or more members of the Company Group or any combination thereof, as the Committee may deem appropriate, or any of the above performance criteria may be compared to the performance of a selected group of comparison companies, or a published or special index that the Committee, in its sole discretion, deems appropriate, or as compared to various stock market indices.

  • Financial Covenant has the meaning specified in Section 7.08.

  • Performance and Guarantee Test means all operational checks and tests required to determine and demonstrate capacity, efficiency and operating characteristics as specified in the Contract Documents.

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

  • Performance audit means an objective and systematic assessment of a state agency or agencies or any of their programs, functions, or activities by the state auditor or designee in order to help improve agency efficiency, effectiveness, and accountability. Performance audits include economy and efficiency audits and program audits.

  • Performance and Guarantee Tests , shall mean all operational checks and tests required to determine and demonstrate capacity, efficiency, and operating characteristics as specified in the Contract Documents.

  • Performance Measurement Period has the meaning set forth in Section 3.1(e)(ii).

  • Performance Level means a reference to one of Performance Level I, Performance Level II, Performance Level III, Performance Level IV or Performance Level V.

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

  • performance requirement means a requirement that:

  • Performance Target means the level of performance expected of the HSP in respect of a Performance Indicator or a Service Volume; “person or entity” includes any individual and any corporation, partnership, firm, joint venture or other single or collective form of organization under which business may be conducted;

  • Performance Date means December 31, 2025. If the Locality, in consultation with VEDP, deems that good faith and reasonable efforts have been made and are being made by the Company to achieve the Targets, on or before the Performance Date the Locality may request an extension of the Performance Date by up to 15 months. Any extension of the Performance Date shall require the prior approval of the Company and the Board of Directors of VEDP (the “Board”). If the Performance Date is extended, the Locality shall send written notice of the extension to the Authority, the Company and VEDP and the date to which the Performance Date has been extended shall be the “Performance Date” for the purposes of this Agreement.

  • Performance Data means a rating, ranking, quotation, discussion or analysis regarding an aspect of the investment performance of an investment fund, an asset allocation service, a security, an index or a benchmark;

  • Performance Targets means the specific objective goal or goals (which may be cumulative and/or alternative) that are timely set in writing by the Committee for each Executive for the Performance Period in respect of any one or more of the Business Criteria.

  • Performance Measure means one or more of the following selected by the Committee to measure Company, Affiliate, and/or business unit performance for a Performance Period, whether in absolute or relative terms (including, without limitation, terms relative to a peer group or index): basic, diluted, or adjusted earnings per share; sales or revenue; earnings before interest, taxes, and other adjustments (in total or on a per share basis); basic or adjusted net income; returns on equity, assets, capital, revenue or similar measure; economic value added; working capital; total shareholder return; and product development, product market share, research, licensing, litigation, human resources, information services, mergers, acquisitions, sales of assets of Affiliates or business units. Each such measure shall be, to the extent applicable, determined in accordance with generally accepted accounting principles as consistently applied by the Company (or such other standard applied by the Committee) and, if so determined by the Committee, and in the case of a Performance Compensation Award, to the extent permitted under Code Section 162(m), adjusted to omit the effects of extraordinary items, gain or loss on the disposal of a business segment, unusual or infrequently occurring events and transactions and cumulative effects of changes in accounting principles. Performance Measures may vary from Performance Period to Performance Period and from Participant to Participant, and may be established on a stand-alone basis, in tandem or in the alternative.

  • Performance Requirements The ordering entity reserves the right to inspect and verify that all deliveries are in accordance with specifications, both at the point of delivery and at the point of use. For orders that specify an “authorized party” to receive and inspect deliveries and/or installations, acceptance and inspection procedures must be performed by the” authorized party” to be considered and accepted by the ordering entity. Products inspected at the time of use are subject to refusal and return requirements for issues of quality such as defects in manufacturing and/or workmanship. Products will not be considered accepted by the ordering entity until the installation is complete for the applicable products.

  • Performance Measures means measures as described in Article 12 on which the performance goals are based and which are approved by the Company’s shareholders pursuant to this Plan in order to qualify Awards as Performance-Based Compensation.

  • Performance Year means the calendar year prior to the year in which an Annual Award is made by the Committee.

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

  • Performance Milestone means an act or event specified in section 5.1 and described in section 9 of the EPLA.

  • 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.