Sponsor Financial Covenant definition

Sponsor Financial Covenant means the requirement that Sponsor or any Qualified Transferee that executes and delivers a replacement guaranty pursuant to Section 4.2.17(e) maintain Net Assets of not less than $150,000,000 (exclusive of Sponsor’s or such Qualified Transferee’s indirect interest in Borrower).
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Sponsor Financial Covenant. Any of the covenants relating to Sponsor set forth in Schedule 6 hereto.
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Sponsor Financial Covenant means the requirement that Sponsor maintain a Consolidated Net Worth of not less than Six Hundred Fifty Million and No/100 Dollars ($650,000,000).
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Examples of Sponsor Financial Covenant in a sentence

  • The failure by Silver Bay to be in compliance with any Sponsor Financial Covenant at any time.

  • The failure by Sponsor to be in compliance with any Sponsor Financial Covenant.

  • The State Government has begun progressing the partial divestment of Keystart’s loan book, with Bendigo and Adelaide Bank purchasing approximately 31 per cent of the loan book (as of September 2016).

  • A Sponsor Financial Covenant Termination Event shall have occurred with respect to any Payment Date if: (i) the Sponsor’s tangible net worth shall be less than $75,000,000 as of the last day of the immediately preceding Collection Period, (ii) the Sponsor’s total liquidity shall be less than $17,500,000 as of the last day of the immediately preceding Collection Period or (iii) the Sponsor’s warehouse capacity shall be less than $500,000,000 as of the last day of the immediately preceding Collection Period.

  • Provided no Trigger Period is continuing, Borrower may on one (1) occasion during the Term request in writing that Lender disburse the Sponsor Liquidity Funds to Borrower and Lender shall disburse such Sponsor Liquidity Funds to Borrower upon Borrower providing evidence satisfactory to Lender that Sponsor satisfies the Sponsor Financial Covenant and Sponsor shall continue to satisfy the Sponsor Financial Covenant from and after such date through the remainder of the Term.

  • The Servicer shall notify the Master Servicer and the Trust Administrator in writing promptly following the occurrence of a Sponsor Financial Covenant Termination Event.

  • The Master Servicer and the Trust Administrator will have no obligation to independently determine or verify whether such a Sponsor Financial Covenant Termination Event has occurred and will rely solely on the written notification provided by the Servicer.


More Definitions of Sponsor Financial Covenant

Sponsor Financial Covenant. Any of the covenants relating to Silver Bay or the Operating Partnership set forth in Schedule 6 hereto. 53570.000371 EMF_US 44362017v35 Stabilized Property: Any Property which, on any date of determination, satisfies each of the following requirements:
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Sponsor Financial Covenant means the requirement that Sponsor (i) maintain liquidity of not less than 10% of the Loan Amount, unless and for so long as the Liquidity Condition is satisfied, (ii) have net worth in excess of 100% of the Loan Amount (which may be inclusive of Sponsor’s direct or indirect interest in Borrower) and (iii) not be subject to any Event of Bankruptcy.
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Sponsor Financial Covenant means the requirement that Sponsor or any Qualified Transferee that executes and delivers a replacement guaranty pursuant to Section 7.1 maintain Net Assets of not less than $150,000,000 (exclusive of Sponsor’s or such Qualified Transferee’s direct or indirect interest in Borrower). “Sponsor Guaranty” means that certain Sponsor Guaranty, dated as of the date hereof, executed by Sponsor in favor of Xxxxxx, as it may be amended, restated, replaced, supplemented or otherwise modified from time to time. “Sponsor Parent Entity” means any Person that owns, directly or indirectly, any legal and beneficial interests in Sponsor. “Sponsor Public Listing” means the listing of the direct or indirect legal or beneficial interests of Sponsor or REIT (or any direct or indirect subsidiary of Sponsor or REIT or any Sponsor Parent Entity) on the New York Stock Exchange or another nationally recognized securities exchange. “Sponsor Public Sale” means the sale, transfer or conveyance (but not a pledge), in one or a series of transactions (a) of more than 50% of the direct or indirect legal or beneficial interests in Sponsor or REIT (or any direct or indirect subsidiary of Sponsor or REIT or any Sponsor Parent Entity) to a Public Vehicle or (b) through which Sponsor or REIT (or any direct or indirect subsidiary of Sponsor or REIT or any Sponsor Parent Entity) becomes, or is merged with or into, a Public Vehicle. “Stated Maturity Date” means the Monthly Payment Date occurring in March 2029.
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Sponsor Financial Covenant means, the requirements that (a) Sponsor shall maintain at all times (i) Liquidity of an amount greater than or equal to the Minimum Liquidity Amount; and (ii) an Interest Coverage Ratio greater than or equal to 1.20:1.00 and (b) Sponsor shall not, at any time, permit (i) its Tangible Net Worth to decline below its Tangible Net Worth Floor, (ii) its Tangible Net Worth to decline by more than twenty-five percent (25%) quarter-over-quarter or (iii) its Tangible Net Worth to decline by more than thirty-five percent (35%) year-over-year.
Sample 1
Sponsor Financial Covenant. Any of the covenants relating to Silver Bay or the Operating Partnership set forth in Schedule 6 hereto.
Sample 1

Related to Sponsor Financial Covenant

  • Financial Covenant has the meaning specified in Section 7.08.

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

  • 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.

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

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

  • Consolidated First Lien Net Leverage Ratio means, with respect to any Test Period, the ratio of (a) Consolidated First Lien Net Debt as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period.

  • Consolidated First Lien Leverage Ratio means, as of the date of determination, the ratio of (a) Consolidated Indebtedness as of such date that is secured by first-priority Liens on the Collateral to (b) EBITDA for the most recently ended Test Period, in each case of the Borrower and its Restricted Subsidiaries on a consolidated basis.

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

  • Pro Forma Compliance Certificate means a certificate of a Responsible Officer of the Borrower containing reasonably detailed calculations of the financial covenants set forth in Section 8.11 recomputed as of the end of the period of the four fiscal quarters most recently ended for which the Borrower has delivered financial statements pursuant to Section 7.01(a) or (b) after giving effect to the applicable transaction on a Pro Forma Basis.

  • Consolidated Debt Service Coverage Ratio means, as of any date of determination, the ratio of (a) the sum of (i) Consolidated EBITDA for the most recently completed four fiscal quarters minus (ii) income taxes payable for such period minus (iii) Consolidated Capital Expenditures for such period to (b) the sum of (i) Consolidated Interest Charges for such period plus (ii) Consolidated Scheduled Funded Debt Payments for such period.

  • First Lien Net Leverage Ratio means, with respect to any Test Period, the ratio of (i) Consolidated Total Indebtedness secured on a first lien basis, net of Unrestricted Cash, as of the last day of such Test Period, to (ii) Consolidated EBITDA for such Test Period.

  • Secured Indebtedness Leverage Ratio means, with respect to any Person, at any date, the ratio of (1) the Consolidated Total Indebtedness of such Person that is secured by a Lien on any assets of such Person and its Restricted Subsidiaries as of such date of calculation (determined on a consolidated basis in accordance with IFRS) less the amount of cash, Cash Equivalents and debt service reserve accounts in excess of any Restricted Cash held by such Person and its Restricted Subsidiaries as of such date of determination to (2) Consolidated EBITDA of such Person for the four full fiscal quarters for which internal financial statements are available immediately preceding such date on which such additional Indebtedness is incurred. In the event that the specified Person or any of its Subsidiaries which are Restricted Subsidiaries incurs, assumes, guarantees, repays, repurchases, redeems, defeases or otherwise discharges any Indebtedness or issues, repurchases or redeems preferred stock subsequent to the commencement of the period for which the Secured Indebtedness Leverage Ratio is being calculated and on or prior to the date on which the event for which the calculation of the Secured Indebtedness Leverage Ratio is made (the “Secured Indebtedness Leverage Ratio Calculation Date”), then the Secured Indebtedness Leverage Ratio will be calculated giving pro forma effect (as determined in good faith by a responsible accounting or financial officer of the Company) to such incurrence, assumption, guarantee, repayment, repurchase, redemption, defeasance or other discharge of Indebtedness, or such issuance, repurchase or redemption of preferred stock, and the use of the proceeds therefrom; provided that the Company may elect pursuant to an Officer’s Certificate delivered to the Trustee to treat all or any portion of the commitment under any Indebtedness as being incurred at such time, in which case any subsequent incurrence of Indebtedness under such commitment shall not be deemed, for purposes of this calculation, to be an incurrence at such subsequent time. In addition, for purposes of calculating the Secured Indebtedness Leverage Ratio:

  • Unencumbered Leverage Ratio means, as of any date of determination, the quotient (expressed as a percentage) of (a) Unsecured Indebtedness, divided by (b) Unencumbered Asset Value.

  • Senior Net Leverage Ratio means, as of any date of determination, the ratio of (a) Senior Indebtedness on such date to (b) Consolidated Adjusted EBITDA for the period of four consecutive fiscal quarters of the Borrower ended on or prior to such time (taken as one accounting period) in which financial statements for each quarter or fiscal year in such period have been or were required to be delivered pursuant to Section 5.01(a) or (b) without giving effect to any grace period applicable thereto.

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

  • First Lien Leverage Ratio means, on any date, the ratio of (a) Consolidated First Lien Debt as of such date to (b) Consolidated EBITDA for the Test Period as of such date.

  • Effective Leverage Ratio has the meaning set forth in the Statement.

  • Pro Forma Compliance and “Pro Forma Effect” mean, with respect to compliance with any test, financial ratio or covenant hereunder required by the terms of this Agreement to be made on a Pro Forma Basis or after giving Pro Forma Effect thereto, that (a) to the extent applicable, the Pro Forma Adjustment shall have been made and (b) all Specified Transactions and the following transactions in connection therewith that have been made during the applicable period of measurement or subsequent to such period and prior to or simultaneously with the event for which the calculation is made shall be deemed to have occurred as of the first day of the applicable period of measurement in such test, financial ratio or covenant: (i) income statement items (whether positive or negative) attributable to the property or Person subject to such Specified Transaction, (A) in the case of a Disposition of all or substantially all Equity Interests in any subsidiary of the Borrower or any division, product line, or facility used for operations of the Borrower or any of its Subsidiaries, shall be excluded and (B) in the case of a Permitted Acquisition or Investment described in the definition of “Specified Transaction,” shall be included, (ii) any retirement of Indebtedness, and (iii) any Indebtedness incurred or assumed by the Borrower or any of its Subsidiaries in connection therewith and if such Indebtedness has a floating or formula rate, shall have an implied rate of interest for the applicable period for purposes of this definition determined by utilizing the rate that is or would be in effect with respect to such Indebtedness as at the relevant date of determination and interest on any Indebtedness under a revolving credit facility computed on a Pro Forma Basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period; provided that, without limiting the application of the Pro Forma Adjustment pursuant to clause (a) above, the foregoing pro forma adjustments may be applied to any such test or covenant solely to the extent that such adjustments are consistent with the definition of “Consolidated EBITDA” and give effect to operating expense reductions that are (i) (x) directly attributable to such transaction, (y) expected to have a continuing impact on the Borrower or any of its Subsidiaries and (z) factually supportable or (ii) otherwise consistent with the definition of “Pro Forma Adjustment.”

  • Consolidated Secured Net Leverage Ratio means, with respect to any Test Period, the ratio of (a) Consolidated Secured Net Debt as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period.

  • Consolidated Leverage Ratio means, as of any date of determination, the ratio of (a) Consolidated Funded Indebtedness as of such date to (b) Consolidated EBITDA for the most recently completed Measurement Period.

  • Cash Flow Leverage Ratio means, as of any time the same is to be determined, the ratio of (a) Funded Debt as of the last day of the most recent four fiscal quarters of the Company then ended minus Excess Cash as of the last day of the same such period to (b) EBITDA for the same most recent four fiscal quarters then ended.

  • Consolidated Senior Secured Net Leverage Ratio means as of any date of determination the ratio, on a Pro Forma Basis, of (a) Consolidated Senior Secured Indebtedness as of such date to (b) Consolidated EBITDA for the most recently completed Test Period.

  • Pro Forma Basis and “Pro Forma Effect” mean, with respect to compliance with any test hereunder for an applicable period of measurement, that (A) to the extent applicable, the Pro Forma Adjustment shall have been made and (B) all Specified Transactions and the following transactions in connection therewith that have been made during the applicable period of measurement or subsequent to such period and prior to or simultaneously with the event for which the calculation is made shall be deemed to have occurred as of the first day of the applicable period of measurement (as of the last date in the case of a balance sheet item) in such test: (a) income statement items (whether positive or negative) attributable to the property or Person subject to such Specified Transaction, (i) in the case of a Disposition of all or substantially all Equity Interests in any Restricted Subsidiary of the Borrower or any division, product line, or facility used for operations of the Borrower or any of its Restricted Subsidiaries, shall be excluded, and (ii) in the case of a Permitted Acquisition or Investment described in the definition of “Specified Transaction,” shall be included, (b) any retirement of Indebtedness, and (c) any Indebtedness incurred or assumed by the Borrower or any of its Restricted Subsidiaries in connection therewith and if such Indebtedness has a floating or formula rate, shall have an implied rate of interest for the applicable period for purposes of this definition determined by utilizing the rate which is or would be in effect with respect to such Indebtedness as at the relevant date of determination; provided that, (1) without limiting the application of the Pro Forma Adjustment pursuant to clause (A) above, the foregoing pro forma adjustments may be applied to any such test solely to the extent that such adjustments are consistent with the definition of “Consolidated EBITDA” and give effect to events (including cost savings, synergies and operating expense reductions) that are (as determined by the Borrower in good faith) (i) (x) directly attributable to such transaction, (y) expected to have a continuing impact on the Borrower and its Restricted Subsidiaries and (z) factually supportable or (ii) otherwise consistent with the definition of “Pro Forma Adjustment” and (2) in connection with any Specified Transaction that is the incurrence of Indebtedness in respect of which compliance with any specified leverage ratio test is by the terms of this Agreement required to be calculated on a Pro Forma Basis, the proceeds of such Indebtedness shall not be netted from Indebtedness in the calculation of the applicable leverage ratio test.

  • Qualified Financial Contract means a qualified financial contract as defined in 12 U.S.C. Section 1821(e)(8)(D).

  • Consolidated Senior Leverage Ratio means, as of any date of determination, the ratio of (a) Consolidated Senior Funded Indebtedness as of such date to (b) Consolidated EBITDA for the most recently completed Measurement Period.