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) Excess Availability is equal to or greater than the greater of (x) 20% of the Maximum Revolver Commitment or (y) $20,000,000.”
Sample 1
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.
Sample 1Sample 2
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
Sample 1

Examples of Covenant Condition in a sentence

  • An oversight of a Covenant, Condition or Restriction, or a Committee policy does not constitute waiver of that rule and therefore, must be corrected upon notice.

  • Failure by the Association or by any owner to enforce any Covenant, Condition, or Restriction contained herein shall in no event be deemed a waiver of the right to do so thereafter.

  • Five commenters opposed requiring rear seat belt warnings: Ford Motor Company, General Motors, the Alliance of Automobile Manufacturers, the Association of International Automobile Manufacturers (now known as the Association of Global Automakers), and a commenter from the general public.

  • 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.

  • Attorney FeesIn any action brought by the Association or by any owner against any Lot owner to enforce any Covenant, Condition or Restriction herein contained, or by any Lot owner against the Association to require the Association to enforce the same, the prevailing party shall be entitled to recover, in addition to costs, a reasonable sum fixed by the court as and for attorneys fees.

  • 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.

  • Establish a Heritage Protection Test and Demonstration Project at Kew Cottages ?.The 15-year Kew Cottages Covenant Condition in Walker’s Stage 8 Apartments Permit P26760 provides an opportunity to research and develop new and more cost-effective heritage protection measures on a landscape scale.

  • If the Conditions are not met because of the Council’s failure to satisfy the Restrictive Covenant Condition, Site Assembly Condition, Car Park Condition, [submit the relevant Highways Application/obtain the relevant Highways Orders,] or because the planning permission is not granted due to a reason relating to the Masterplan development (rather than the Arena application) then the Council will be required to pay the Live Nation consortium’s costs up to a pre-agreed cap.

  • An oversight of a Covenant, Condition or Restriction (CC&R), or a Committee policy does NOT constitute waiver of that rule and therefore must be corrected upon notice.

  • Violation of any Covenant, Condition, Restriction of the Declarations, By-Laws, or Rules shall be subject to a penalty not exceeding $1,000 per violation and revocation of privileges until said penalty is paid and the violation corrected.


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...
Sample 1

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 date that (i) an Event of Default occurs or (ii) Availability is less than the greater of (x) 10% of Available Credit and (y) $50,000,000 and (b) continuing until there has been a period of 30 consecutive days thereafter during which at all times (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) $50,000,000.

  • 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 a period (a) commencing on the last day of the fiscal quarter of Borrower most recently ended prior to a Covenant Trigger Event for which Borrower is required to deliver to Administrative Agent quarterly or annual financial statements pursuant to Section 5.2 of this Agreement, and (b) continuing through and including the first day after such Covenant Trigger Event that Availability has equaled or exceeded the greater of (i) 10% of the Borrowing Limit, and (ii) $15,000,000 for 60 consecutive calendar days.

  • Covenant Suspension Event has the meaning assigned to such term in Section 4.19.

  • 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 a proposed payment to fund a Specified Transaction, 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 means the current business, financial condition, results of operations and assets of a corporate entity.

  • 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. 1 Effective Date and ending on and including December 31, 2022.