Budget Covenant definition

Budget Covenant as defined in Section 10.3.1.
Budget Covenant means the covenant contained in Section 9.20.
Budget Covenant has the meaning given in Section 6.15.

Examples of Budget Covenant in a sentence

  • At the request of the provisional Region, the NLC discerns, by a two-thirds majority vote, whether the provisional Region has abided by the provisions in the Covenant of Relationships and Its Statements of Agreements including the Common Budget Covenant.

  • Despite this, the United Nations Committee on Economic, Cultural and Social Rights listed gender identity as a prohibited ground for discrimination in its General Comment N.

  • The approval of the Board of General Ministries constitutes a recommendation to the Covenanting Partners (parties to the Common Budget Covenant).

  • The group must accept the agreements and responsibilities contained in the Covenant of Relationships and Its Statements of Agreements including the Common Budget Covenant and demonstrate that it possesses sufficient financial resources to carry out the responsibilities of an ABCUSA region.

  • In extraordinary cases, a partner to the Common Budget Covenant may seek a temporary exception to an area of the Common Budget Covenant.

  • The group must accept the agreements and responsibilities contained in the Covenant of Relationships and Its Statements of Agreements including the Common Budget Covenant and demonstrate that it possesses sufficient financial resources to carry out the responsibilities of an ABC region.

  • The Region portion of United Mission – Upon implementation of the Common Budget Covenant, any Region may begin retaining a maximum of 65% of Net United Mission*.

  • Obligors shall not permit or cause the aggregate amount of Liquidity to be less than $5,000,000 at any time (the requirements hereof, the “Liquidity Covenant”, and, the Liquidity Covenant, together with the Budget Covenant, the “Financial Covenant”).

  • The initial evaluation of this Common Budget Covenant shall commence following the second year of its implementation.

  • Partners to the Budget Covenant and others in the denomination involved in fund raising for mission will come together periodically to discuss potential donors, the discipline of cultivating contacts, how to best enhance relationships and how to coordinate fund raising efforts.


More Definitions of Budget Covenant

Budget Covenant as defined in Section 5.17.
Budget Covenant. The definitive documentation shall contain such other reporting requirements (including in respect of the Budget) as are customary for debtor-in-possession financings of this type and such other reporting as required by the Majority DIP Lenders or the Revolving Credit Agreement Agent.
Budget Covenant. Until the repayment of the obligations under the DIP Term Loan Facility, the Loan Parties shall use the proceeds of the DIP Term Loan Facility, the DIP ABL Facility and cash collateral strictly in accordance with the Interim DIP Order and in accordance with the Approved Budget, subject to permitted variances. Commencing with the first full calendar week of the Bankruptcy Cases, as measured on a four-week rolling basis, the Loan Parties’ aggregate actual operating disbursements shall not be greater than 115% of the projected amounts therefor set forth in the Approved Budget. The definitive documentation will also contain a professional fees variance covenant to be agreed. The Company shall provide or shall make itself available to the Required DIP Term Loan Lenders and their professional advisors for: (i) copies of all reports on Form 10-K, 10-Q or 8-K filed with the Securities and Exchange Commission (unless publicly accessible); (ii) no later than Friday of each week for the week ended on the previous Saturday, a variance report, in form and detail reasonably acceptable to the Required DIP Term Loan Lenders, showing actual disbursements against the Approved Budget; (iii) no later than Friday of each week after the Petition Date, an updated 13-week cash flow forecast, in form and substance reasonably satisfactory to the Required DIP Term Loan Lenders and Accordion Partners LLC, which shall become the Approved Budget upon approval by the Required DIP Term Loan Lenders in their reasonable discretion (and to the extent any updated budget is not approved by the Required DIP Term Loan Lenders and Accordion Partners LLC, the Approved Budget that is then effect shall continue to constitute the Approved Budget for purposes of the DIP Term Loan Facility); and (iv) a weekly update call among the Chief Restructuring Officer, management of the Company, the DIP Term Loan Lenders and their advisors, which call may include discussions regarding disbursements, the budget (including variance testing, restructuring professional fees and financing), vendors and customers.
Budget Covenant means the covenant in Clause 20.3.

Related to Budget Covenant

  • Financial Covenant means the covenant set forth in Section 7.09.

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

  • 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.

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

  • Additional Covenant means any covenant in respect of the financial condition or financial position of the Company, including, but not limited to, covenants that specify or require the maintenance of certain financial ratios applicable to the Company, and the default provision related thereto (regardless of whether such provision is labeled or otherwise characterized as a covenant or a default).

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

  • Budget month means the calendar month from which nonfinancial and financial information is used to determine eligibility (see section (28) of this rule) and benefit level for the payment month (see section (50) of this rule).

  • Transfer fee covenant means a declaration or covenant purporting to affect real property which requires or purports to require the payment of a transfer fee to the declarant or other person specified in the covenant or declaration, or to their successors or assigns, upon a subsequent transfer of an interest in the real property.

  • Financial Performance Covenants means the covenants of the Borrower set forth in Section 10.11.

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

  • Budget year means the financial year of the municipality for which an annual budget is to be approved in terms of section 16(1) of the MFMA;

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

  • Budget Period means the fiscal period for which a budget is prepared.

  • Covenant Relief Period means the period commencing on the Amendment No. 1 Effective Date and ending on and including December 31, 2022.

  • Affirmative Covenants The following affirmative covenants, among others, if any, to be negotiated in the Senior Facilities Documentation, will apply (to be applicable to the Borrower and its restricted subsidiaries), subject to customary (consistent with the Documentation Precedent) and other baskets, exceptions and qualifications to be agreed upon: maintenance of corporate existence and rights; performance and payment of obligations; delivery of annual and quarterly consolidated financial statements (accompanied by customary management discussion and analysis and (annually) by an audit opinion from nationally recognized auditors that is not subject to any qualification as to scope of such audit or going concern) (other than solely with respect to, or resulting solely from an upcoming maturity date under any series of indebtedness occurring within one year from the time such opinion is delivered) (with extended time periods to be agreed for delivery of the first annual and certain quarterly financial statements to be delivered after the Closing Date) and an annual budget (it being understood that the public REIT reporting that includes the Borrower shall satisfy the Borrower’s reporting obligations so long as it includes a consolidating income statement and balance sheet for the Borrower); delivery of notices of default and material adverse litigation, ERISA events and material adverse change; maintenance of properties in good working order; maintenance of books and records; maintenance of customary insurance; commercially reasonable efforts to maintain ratings (but not a specific rating); compliance with laws; inspection of books and properties; environmental; additional guarantors and additional collateral (subject to limitations set forth under the captions “Guarantees” and “Security”); further assurances in respect of collateral matters; use of proceeds; and payment of taxes.

  • Budget unit means the unit for which the ANB of a district is calculated separately pursuant to 20-9-311.

  • Initial compliance period means the first full three-year compliance period which begins at least 18 months after promulgation, except for the following contaminants: Dichloromethane; 1,2,4-Trichlorobenzene; 1,1,2- Trichloroethane; Benzo[a]pyrene; Dalapon; Di(2-ethylhexyl adipate; Di(2-ethylhexyl) phthalate; Dinoseb; Diquat; Endothall; Endrin; Glyphosate; Hexachlorobenzene; Hexachlorocyclopentadiene; Oxamyl (Vydate); Picloram; Simazine; 2,3,7,8-TCDD (Dioxin); Antimony; Beryllium; Cyanide; Nickel; and Thallium, initial compliance period means the first full three-year compliance period after promulgation for systems with 150 or more service connections (January 1993 -December 1995) and first full three-year compliance period after the effective date of regulation (January 1996 - December 1998) for systems having fewer than 150 service connections.

  • Asset Coverage Cure Date means, with respect to the failure by the Fund to maintain Asset Coverage as of the close of business on a Business Day (as required by Section 2.4(a)), the date that is thirty (30) calendar days following such Business Day.

  • Negative Covenants The Postpetition Financing Documents shall contain negative covenants of the Borrower acceptable to the Lender.

  • Interest Expense Coverage Ratio means, for any period, the ratio of (a) Consolidated EBITDA for such period to (b) Consolidated Interest Expense for such period.

  • 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.

  • Debt Service Coverage Ratio means a ratio for the applicable period in which:

  • Asset Coverage Ratio means the ratio, determined on a consolidated basis, without duplication, in accordance with GAAP, of (a) the Value of total assets of the Borrower and its Subsidiaries, less all liabilities (other than Indebtedness, including Indebtedness hereunder) of the Borrower and its Subsidiaries, to (b) the aggregate amount of Indebtedness of the Borrower and its Subsidiaries.

  • EBITDA Coverage Ratio defined as EBITDA divided by the aggregate of total interest expense plus the prior period current maturity of long-term debt and the prior period current maturity of subordinated debt.