Springing Covenant Event definition

Springing Covenant Event means, the occurrence of (i) Borrowers’ Average Undrawn Availability being less than twelve and one half of one percent (12.5%) of the Maximum Revolving Advance Amount or (ii) Borrowers’ Average Undrawn Availability being less than $5,000,000, in each case at any time.

Springing Covenant Event means three consecutive ________________________ Business Days when the aggregate Availability of the LSB Consolidated Borrowing Group under all of the LSB-Related Loan Agreements is less than Fifteen Million Dollars ($15,000,000) on each such Business Day."

Springing Covenant Event means three consecutive Business

Examples of Springing Covenant Event in a sentence

• For the avoidance of doubt, upon the occurrence of a Springing Covenant Event, the Fixed Charge Coverage Ratio shall be tested for the immediately preceding fiscal quarter.

• Upon the occurrence of any Springing Covenant Event and until the occurrence of a Springing Termination Event, cause to be maintained as of the end of each fiscal quarter, a Fixed Charge Coverage Ratio of not less than 1.00 to 1.00, measured on a rolling four (4) quarter basis, except as set forth below.

• Upon the occurrence of any Springing Covenant Event and until the occurrence of a Springing Termination Event, cause to be maintained as of the end of each fiscal quarter, a Fixed Charge Coverage Ratio of not less than 1.00 to 1.00, measured on a rolling four (4) quarter basis.

• Permit (a) the terms of any accounts payable due to any Affiliate or Subsidiary of any Borrower to be modified in any manner that is adverse to any Borrower, or (b) upon the occurrence of any Springing Covenant Event, the amount of outstanding Receivables owing to the Borrowers from their Affiliates and Subsidiaries to exceed $2,500,000 in the aggregate at any time.

• At all times after a Springing Covenant Event has occurred whereafter such financial covenant shall remain in effect until the termination of this Agreement, the ratio of Debt of Summit to the Summit Adjusted Tangible Net Worth will not be greater than 1.0 to 1.0 at the end of each Fiscal Quarter during each Fiscal Year.

• At all times after a Springing Covenant Event has occurred whereafter such financial covenant shall remain in effect until the termination of this Agreement, the Summit Adjusted Tangible Net Worth (without taking into account any purchases of treasury stock) will not be less than $7,200,000 at the end of each Fiscal Quarter during each Fiscal Year.

More Definitions of Springing Covenant Event

Springing Covenant Event means, in any fiscal year, the occurrence of Borrowers’ Average Undrawn Availability being less than (a) twelve and one half of one percent (12.5%) of the Maximum Revolving Advance Amount for thirty (30) consecutive days or (b) (i) at any time that the Special Reserve equals $10,000,000, (A) $6,000,000 at any time prior to January 1, 2020 and (B) $6,250,000 at all times thereafter, (ii) at any time that the Special Reserve equals $5,000,000, $6,875,000 and (iii) at any time that the Special Reserve equals $0, $7,500,000, in each case for thirty (30) consecutive days; provided, however, the amount (if any) of Revolving Loan proceeds applied as a mandatory prepayment of the Term Loan pursuant to Section 2.20(d) for such fiscal year shall not be included in the calculation of Average Undrawn Availability solely for purposes of determining if a Springing Covenant Event has occurred.”

Springing Covenant Event means three consecutive Business Days when the aggregate Availability of the LSB Consolidated Borrowing Group under all of the LSB-Related Loan Agreements is less than Fifteen Million Dollars ($15,000,000) (with Availability calculated for this purpose without taking into account any then outstanding Overadvance Amount) on each such Business Day.