Applicable Covenants Clause Samples
The "Applicable Covenants" clause defines which covenants—promises or obligations—within an agreement are relevant and binding to the parties involved. Typically, this clause specifies the particular covenants that apply to certain parties, transactions, or circumstances, and may reference schedules or sections within the contract for clarity. Its core practical function is to ensure that all parties understand exactly which commitments they are required to uphold, thereby reducing ambiguity and potential disputes over contractual obligations.
Applicable Covenants. Immediately prior to a Change of Control, any trade secret, confidentiality, non-disparagement, noncompetition, non-solicitation, noninterference or similar covenant contained in any agreement between the Executive and any Affiliated Entity or otherwise applicable to the Executive will terminate and have no further force and effect. On and following the Effective Date, the Executive will solely be subject to the restrictive covenants set forth in this Section 9. (b)
Applicable Covenants. Pursuant to Section 9.26 of the Loan Agreement, Borrower and its Subsidiaries are prohibited from selling, leasing, licensing, consigning, transferring or otherwise disposing of any Property of an Obligor or a Subsidiary of an Obligor, including a disposition of Property in connection with a sale-leaseback transaction or synthetic lease, subject to certain exceptions set forth in such Section.
Applicable Covenants. Pursuant to Section 10.1 of the Loan Agreement, the Borrowers and their respective consolidated Subsidiaries are required to maintain consolidated EBITDA in an amount not less than $2,700,000 as of December 31, 2011 for the period of twelve (12) consecutive calendar months then-ended. Pursuant to Section 10.2 of the Loan Agreement, the Borrowers and their respective consolidated Subsidiaries are required to maintain a Leverage Ratio of not greater than 3.75 to 1.00 as of December 31, 2011 for the period of twelve (12) consecutive calendar months then-ended. Pursuant to Section 10.3 of the Loan Agreement, the Borrowers and their respective consolidated Subsidiaries are required to maintain a Fixed Charge Coverage Ratio of not less than 1.15 to 1.00 as of December 31, 2011 for the period of twelve (12) consecutive calendar months then-ended.