Covenant Condition definition

Covenant Condition means, as of any date of determination, (i) no Default or Event of Default has occurred and is continuing and (ii) Availability is equal to or greater than 20% of the Total Commitments.
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Covenant Condition means with respect to such Test Date the condition that (i) average daily Availability (net of the Availability Reserve) is less than $17,500,000 for the period of fourteen (14) consecutive Business Days commencing on such Test Date (unless the Testing Release Condition has been met on or prior to the last Business Day of such period) or (ii) Availability (net of the Availability Reserve) is less than $13,500,000 at any time during the period of fourteen (14) consecutive Business Days commencing on such Test Date.
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Covenant Condition the following conditions with respect to each transaction or event to which such conditions apply: (a) both immediately before and immediately after giving effect to such transaction or event, Availability is greater than $6,000,000 (b) on a pro forma basis, Availability would not have been less than $6,000,000 on any day during the 30 day period immediately preceding the date of such transaction or event if the transaction or event had occurred at the beginning of such 30 day period, (c) on a pro forma basis and after giving effect to such transaction or event, Availability will not be less than $6,000,000 on any day during the 30 day period immediately following the date of such transaction or event; (d) no Default or Event of Default exists both before and after giving effect to such transaction; (e) as of the end of each of the two months immediately preceding the date of such transaction or event for which Lender has received the financial statements and corresponding Compliance Certificate required under Section 10.1.2, the Fixed Charge Coverage Ratio for the trailing twelve month period then ending is at least 1.25 to 1.00; and (f) a Senior Officer of Borrower shall have certified in writing to Lender, not less than five Business Days prior to the date of such transaction or event, that all of the conditions set forth in the foregoing clauses (a) through (e) have been or will be satisfied on the date of such transaction or event accompanied by calculations setting forth in reasonable detail, compliance with such conditions. CWA: the Clean Water Act (33 U.S.C. §§ 1251 et seq.). Debt: as applied to any Person, without duplication, (a) all items that would be included as liabilities on a balance sheet in accordance with GAAP, including Capital Leases, but excluding trade payables incurred and being paid in the Ordinary Course of Business; (b) all Contingent Obligations; (c) all reimbursement obligations in connection with letters of credit issued for the account of such Person; and (d) in the case of Borrower and the other Loan Parties, the Obligations. The Debt of a Person shall include any recourse Debt of any partnership in which such Person is a general partner or joint venturer. Default: an event or condition that, with the lapse of time or giving of notice, would constitute an Event of Default. Default Rate: for any Obligation (including, to the extent permitted by law, interest not paid when due), 2% plus the interest rate otherwise applicable t...
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Examples of Covenant Condition in a sentence

  • Once we have satisfied the Financial Reporting Covenant Condition, we will not be obligated to make any further filings or furnish any additional reports or information pursuant to Section 14.4 of the Indenture with respect to any period ended on or prior to December 31, 2005.

  • Between the date hereof and the Closing, the Company shall not permit any new liens or encumbrances, not otherwise identified on the Title Report or pursuant to that certain Declaration of Covenant, Condition and Restrictions and Reservation of Easements for Village Business Park (Book 20070730, Instrument No. 0004196, of Official Records), to be placed against the Property without the express written consent of Buyer which consent shall not be unreasonably withheld, conditioned or delayed.

  • The Parties further acknowledge that, in connection with any investment referenced in the preceding sentence and in connection with the purchase of the Shares, Powertel may deem it necessary to raise additional capital through the sale of its equity securities (an "Equity Financing") in order to maintain compliance with certain of Powertel's debt covenants (a "Covenant Condition").

  • Dresser will be deemed to have satisfied the Financial Reporting Covenant Condition if it has delivered to the Trustee an officers certificate certifying that it has filed with the SEC (a) the Annual Report on Form 10-K for the year ended December 31, 2005, and (b) each of the Quarterly Reports on Form 10-Q that would be required to be filed pursuant to Section 4.03 of the Indenture (as amended by the Proposed Amendment) if the Notes were not accruing Special Interest.

  • Subject to Section 10.2.20, make Capital Expenditures in excess of (a) $7,000,000 in the aggregate during any Fiscal Year so long as each Covenant Condition is satisfied on the date such Capital Expenditure is made, or (b) otherwise, $2,000,000 in the aggregate during any Fiscal Year.

  • ESD shall take actions reasonably appropriate to support consummation of the Utility Purchase as contemplated by the Amended Utility Purchase Agreement and the ESD-RED Agreement on the Implementation Date, provided that neither ESD nor DEC shall have any obligation to support the Utility Purchase until satisfaction or waiver of the US Covenant Condition.

  • See “Summary — Eligibility for Consent Payments.” Special Interest Connetics will pay an additional 4.75% per annum in special interest on the 2008 Notes if Connetics has not satisfied the Financial Reporting Covenant Condition by 5:00 p.m., Pacific Standard Time, on July 29, 2006 and an additional 4.5% per annum in special interest on the 2015 Notes if Connetics has not satisfied the Financial Reporting Covenant Condition by the close of business on July 25, 2006 (each, “Special Interest”).

  • In addition to any other payment required by the Securities and this Indenture, if the Company has not satisfied the Financial Reporting Covenant Condition by the close of business on July 25, 2006, the Company shall pay as special interest (“Special Interest”) additional interest in an amount equal to 4.75% per annum from the date on which the First Supplemental Indenture to this Indenture is executed by the Company and the Trustee.

  • Solely with respect to the Revolving Credit Facility, Holdings will not permit the Consolidated First Lien Net Leverage Ratio as at the last day of any Test Period (commencing with the Test Period ending on the last day of the second full fiscal quarter of Holdings occurring after the Closing Date) to exceed 5.80 to 1.00; provided that no such test shall be required under this Section 7.11 if a Maintenance Covenant Condition does not exist on the last day of any such Test Period.

  • The Parties further acknowledge that, in connection with any investment referenced in the preceding sentence and in connection with the purchase of any of the Total Subject Stock, Powertel may deem it necessary to raise additional capital through the sale of its equity securities in order to maintain compliance with certain of Powertel's debt covenants (a "Covenant Condition").

Related to Covenant Condition

  • Covenant Compliance Event means that Excess Availability at any time is less than the greater of (a) ten (10%) percent of the Line Cap or (b) $7,000,000. For purposes hereof, the occurrence of a Covenant Compliance Event shall be deemed continuing until Excess Availability has exceeded the amounts set forth above for thirty (30) consecutive days, in which case a Covenant Compliance Event shall no longer be deemed to be continuing for purposes of this Agreement. 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.

  • Termination Conditions means, collectively, (a) the payment in full in cash of the Obligations (other than (i) contingent indemnification obligations not then due and (ii) Obligations under Secured Hedge Agreements and Secured Cash Management Agreements) and (b) the termination of the Commitments and the termination or expiration of all Letters of Credit under this Agreement (unless the Outstanding Amount of the L/C Obligations related thereto has been Cash Collateralized on terms reasonably acceptable to the applicable Issuing Bank, backstopped by a letter of credit reasonably satisfactory to the applicable Issuing Bank or deemed reissued under another agreement reasonably acceptable to the applicable Issuing Bank).

  • Minimum Condition has the meaning set forth in Annex I.

  • Extension Minimum Condition means a condition to consummating any Extension that a minimum amount (to be determined and specified in the relevant Extension Request, in the Borrower’s sole discretion) of any or all applicable Classes be submitted for Extension.

  • 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.

  • Payment Condition at any time of determination with respect to any Specified Transaction, that the following conditions are all satisfied: (x) (1) 30-Day Specified Excess Availability (divided by Availability as of such time of determination and expressed as a percentage) and (2) the Specified Availability on the date of such Specified Transaction (divided by Availability as of such time of determination and expressed as a percentage), in each case exceed the applicable Availability Percentage (as defined below), (y) unless the Fixed Charge Condition (as defined below) is satisfied (to the extent applicable), the Parent Borrower shall be in Pro Forma Compliance with a minimum Consolidated Fixed Charge Coverage Ratio of at least 1.00:1.00 and (z) if reasonably requested by the Administrative Agent, the Borrower Representative shall have delivered to the Administrative Agent (i) a copy of calculations required by preceding clause (y) in reasonable detail and (ii) a calculation of Specified Unrestricted Cash. As used herein, the following terms shall have the following meanings: (i) “Availability Percentage” shall mean (a) in respect of any Restricted Payment pursuant to Subsection 8.3(k), 12.5%; (b) in respect of (A) any investment or acquisition permitted pursuant to clause (u) of the definition of “Permitted Investments” or (B) clause (c)(i) of the definition of “Permitted Acquisitions,” 10.0%; (c) in respect of any payment, repurchase or redemption pursuant to Subsection 8.6(a), 12.5%; (d) in respect of any merger, consolidation, amalgamation or asset sale pursuant to Subsection 8.2(a) or 8.2(b), 10.0%; and (e) in respect of any Asset Sale that would otherwise have to comply with Subsection 8.5, 10.0%; and (ii) “Fixed Charge Condition” shall mean 30-Day Specified Excess Availability (divided by Availability as of such time of determination and expressed as a percentage) exceeds: (a) in respect of any Restricted Payment pursuant to Subsection 8.3(k), 17.5%; (b) in respect of any acquisition permitted pursuant to clause (c)(i) of the definition of “Permitted Acquisitions”, 15.0%; (c) in respect of any investment permitted pursuant to clause (u) of the definition of “Permitted Investments”, 15.0%; (d) in respect of any payment, repurchase or redemption pursuant to Subsection 8.6(a), 15.0%; and (e) in respect of (A) any merger, consolidation, amalgamation or asset sale pursuant to Subsection 8.2(a) or 8.2(b) or (B) any Asset Sale that would otherwise have to comply with Subsection 8.5, 15.0%.

  • Covenant Trigger Event shall occur at any time that Availability is less than the greater of (a) $12.5 million and (b) 10% of the Line Cap then in effect. Once commenced, a Covenant Trigger Event shall be deemed to be continuing until such time as Availability equals or exceeds the greater of (i) $12.5 million and (ii) 10% of the Line Cap then in effect for 30 consecutive days.

  • restrictive condition means any condition registered against the title deed of land restricting the use, development or subdivision of the land concerned:

  • Extension Conditions Defined in Section 3.06(a).

  • Rating Condition has the meaning specified in Section 2.06(c)(ii).

  • Normal Operating Conditions means those Service conditions which are within the control of Grantee. Those conditions which are not within the control of Grantee include, but are not limited to, natural disasters, civil disturbances, power outages, telephone network outages, and severe or unusual weather conditions. Those conditions which are ordinarily within the control of Grantee include, but are not limited to, special promotions, pay-per-view events, rate increases, regular peak or seasonal demand periods, and maintenance or upgrade of the Cable System.

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

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

  • Covenant Testing Period means the period commencing on the last day of the fiscal month of Borrower most recently ended prior to the occurrence of a Fixed Charge Test Commencement Date for which month Borrowers have delivered to Agent monthly financial statements of Solutions and its Subsidiaries, and continuing until the Termination Date has occurred.

  • Covenant Suspension Event has the meaning set forth in Section 4.18.

  • 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.

  • Payment Conditions means, at the time of determination with respect to any specified transaction or payment, that:

  • Change in condition means a change in physical condition of the employee as well as any change

  • Failed Remarketing Condition means a Failed Remarketing Condition-Purchased VRDP Shares or a Failed Remarketing Condition-Unpurchased VRDP Shares.

  • Business Condition of any Person shall mean the condition (financial or other), earnings, results of operations, business, properties or prospects of such Person.

  • Life-threatening condition means any disease or condition from which the likelihood of death is probable unless the course of the disease or condition is interrupted.

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

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

  • Equity Conditions Failure means that on any applicable date the Equity Conditions have not been satisfied (or waived in writing by the Holder).

  • 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.

  • Covenant Relief Period means the period commencing on the Amendment No. 3 Effective Date and ending on (but excluding) the Covenant Relief Period Termination Date.