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 the greater of (x) 20% of the Total Commitments or (y) $10,000,000.
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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 the condition that, with respect to any Test Date, average daily Availability (net of the Availability Reserve) is less than $17,500,000 for the period of seven (7) 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); provided that, with respect to (x) any Test Date for which a regularly scheduled semi-annual interest payment on the Senior Secured Notes is paid by the Borrowers during the seven
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Examples of Covenant Condition in a sentence

  • 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 New Longview Community Association (NLVCA) Pool is available to the Members of the New Longview Community in good standing (assessments current and no Covenant, Condition & Restriction infractions/violations) for private, personal and social events.

  • 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.

  • 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.

  • If I violate the provisions of this Note or a Covenant, Condition or Provision of the Mortgage securing this Note, I shall be in default under this Note.

  • However, If Any Term, Covenant, Condition Or Provision Of This Agreement Is Held By A Court Of Competent Jurisdiction To Be Invalid, Void Or Unenforceable, It Is The Parties' Intent That Such Provision Be Changed In Scope By The Court Only To The Extent Deemed Necessary By That Court To Render The Provision Reasonable And Enforceable And The Remainder Of The Provisions Of This Agreement Will In No Way Be Affected, Impaired Or Invalidated As A Result.

  • 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").

  • However, If Any Term, Covenant, Condition, Or Provision Of This Agreement Is Held By A Court Of Competent Jurisdiction To Be Invalid, Void, Or Unenforceable, It Is The Parties' Intent That Such Provision Be Changed In Scope By The Court Only To The Extent Deemed Necessary By That Court To Render The Provision Reasonable And Enforceable And The Remainder Of The Provisions Of This Agreement Will In No Way Be Affected, Impaired Or Invalidated As A Result.

  • Notwithstanding the foregoing, the Company shall not be required to comply with this Section 14.4 until the Covenant Reversion Date; provided, however, that the Company shall satisfy the Financial Reporting Covenant Condition on or prior to the Covenant Reversion Date.

  • 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.


More Definitions of Covenant Condition

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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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 a period commencing on any day that Availability shall have been less than the greater of (a) 10% of the Line Cap and (b) $65,000,000 and continuing until Availability has been at least equal to the greater of (x) 10% of the Line Cap and (y) $65,000,000 for at least 30 consecutive days.