Covenant Conversion Date definition
Covenant Conversion Date shall have the meaning specified in Section 7.03(a).
Covenant Conversion Date means the date on which the sum of Borrower's cash and cash equivalents and short term investments, is equal to or greater than Twenty Million Dollars ($20,000,000).
Covenant Conversion Date means the earliest of (a) the date on which the Borrower delivers to Agent a certificate in the form of Exhibit C-2 to the Agreement together with the Loan Parties’ monthly financial statements as required under Section 5.1 of the Agreement which certificate shows that, as of the last day of the most recently ended twelve-month period, the Loan Parties have a Fixed Charge Coverage Ratio not less than the amount set forth in Section 7(c) of the Agreement for the fiscal quarter in which such twelve-month period ended and a Leverage Ratio of not more than the amount forth in Section 7(d) of the Agreement for the fiscal quarter in which such twelve-month period ended, (b) a Compliance Certificate reflecting compliance with the covenants set forth in Sections 7(c) and 7(d) of the Agreement for the fiscal quarter with respect to which such Compliance Certificate is delivered and which includes an election by the Borrower to commence compliance with the financial covenants in Sections 7(c) and 7(d) of the Agreement (the documentation described in clauses (a) and (b), the “Early Election Documentation”) and (c) the date on which the Borrower delivered to Agent the Compliance Certificate for the fiscal quarter ending March 31, 2022.
Examples of Covenant Conversion Date in a sentence
Permit At any time on and after the Covenant Conversion Date, permit the Consolidated Fixed Charge Coverage Ratio as of the end of any fiscal quarter of the Borrower occurring immediately before and during a Financial Covenant Trigger Period to be less than 1.251.00:1.00.
More Definitions of Covenant Conversion Date
Covenant Conversion Date means December 31, 1999.
Covenant Conversion Date means March 31, 2021. “Credit Suisse” means Credit Suisse Securities (USA) LLC. “Currency” means Dollars or any Alternate Currency. 9 -
Covenant Conversion Date means the earlier to occur of either (i) the first date after the Fourth Amendment Closing Date on which Borrower has delivered the second of two Compliance Certificates in accordance with S ection 5.1 demonstrating compliance with the financial covenants set forth in S ections 7(c) and 7 (d) for the applicable measurement period, for two (2) consecutive Fiscal Quarters and (ii) August 10, 2022.
Covenant Conversion Date means, the first date following September 30, 2025, on which the Leverage Ratio measured as of the immediately preceding twelve (12) month period is less than 5.25 to 1.00.
Covenant Conversion Date means the earlier to occur of either (i) the first date after the Fourth Amendment Closing Date on which Borrower has delivered the second of two Compliance Certificates in accordance with Section 5.1 demonstrating compliance with the financial covenants set forth in Sections 7(c) and 7(d) for the applicable measurement period, for two (2) consecutive Fiscal Quarters and (ii) August 10, 2022.
Covenant Conversion Date means, the first date following September 30, 2025, on which the Leverage Ratio measured as of the immediately preceding twelve (12) month period is less than 5.25 to 1.00. “Covenant Testing Period” means a period (a) commencing on the last day of the fiscal month of Borrowers most recently ended prior to a Covenant Trigger Event for which Borrowers are required to deliver to Agent monthly or annual financial statements pursuant to Schedule 5.1 to this Agreement, and (b) continuing through and including the first day after such Covenant Trigger Event that Excess Availability has equaled or exceeded 15% of the Maximum Revolver Amount for 30 consecutive days. “Covenant Trigger Event” means if at any time Excess Availability is less than 15% of the Maximum Revolver Amount. “Covered Entity” means any of the following: (a) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (b) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (c) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).
Covenant Conversion Date means the last day of the fiscal quarter occurring on or after September 27, 2026, during which Borrower has provided financial statements and corresponding Compliance Certificates to Administrative Agent in accordance with the terms herein, reflecting that Borrower has achieved a Consolidated Fixed Charge Coverage Ratio of no less than 1.00:1.00 for two consecutive fiscal quarters, determined on a trailing four fiscal quarter basis. “Covered Entity” means any of the following: (a) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (b) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (c) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). “Covered Party” has the meaning specified in Section 11.23. “Credit Extension” means each of the following: (a) a Borrowing and (b) an L/C Credit Extension. “Daily Simple SOFR” with respect to any applicable determination date means the SOFR published on such date on the Federal Reserve Bank of New York’s website (or any successor source). “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect. “Default” means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default. “Default Rate” means (a) with respect to any Obligation for which a rate is specified, a rate per annum equal to 2% in excess of the rate otherwise applicable thereto and (b) with respect to any Obligation for which a rate is not specified or available, a rate per annum equal to the Base Rate plus the Applicable Rate for Revolving Loans that are Base Rate Loans plus 2%, in each case, to the fullest extent permitted by applicable Law. “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. “Defaulting Lender” means, subject to Section 2.15(d), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Le...