Covenant Liquidity definition
Examples of Covenant Liquidity in a sentence
Upon the occurrence and during the continuance of a Financial Covenant Liquidity Event, Parent Borrower will not permit the Consolidated Fixed Charge Coverage Ratio as at the last day of the Most Recent Four Quarter Period to be less than 1.00 to 1.00.
During the Limitation Period, the Borrower shall not permit Covenant Liquidity to be less than $55,000,000 (the “Covenant Liquidity Amount”) as of the last Business Day of each week following the Third Amendment Effective Date; provided that, notwithstanding the provisions of clause (b) of Article VII (Events of Default), an Event of Default shall only occur under this Section 6.12(d) if Covenant Liquidity is less than the Covenant Liquidity Amount as of the last Business Day of two consecutive weeks.
The Lead Borrower shall not permit Covenant Liquidity as of any Fiscal Quarter End Date from the Amendment No. 2 Effective Date through September 27, 2024, to be less than $2,000 million.
On each Thursday, the Borrower shall furnish to the Administrative Agent for distribution to the Lenders a report for the week ending the previous Friday, in form and substance reasonably satisfactory to the Administrative Agent, setting forth the consolidating calculation of Covenant Liquidity and a Compliance Certificate with respect thereto.
So long as a Covenant Liquidity Event is continuing, H&E Delaware and its Subsidiaries shall have on a consolidated basis at the end of each Fiscal Month, a Fixed Charge Coverage Ratio for the period of twelve consecutive Fiscal Months then ending of not less than 1.10 to 1.00.
H&E Delaware and its Subsidiaries shall have on a consolidated basis at the end of each Fiscal Month, a Fixed Charge Coverage Ratio for the period of twelve consecutive Fiscal Months then ending of not less than 1.10 to 1.00; provided, however, that the Fixed Charge Coverage Ratio shall be tested as of the end of such Fiscal Month only if a Covenant Liquidity Event has occurred and is then continuing.
Upon the occurrence and during the continuance of a Financial Covenant Liquidity Event, permit the Consolidated Fixed Charge Coverage Ratio as at the last day of the Most Recent Four Quarter Period to be less than 1.00 to 1.00.
The parties acknowledge that Parent became the parent holding company of SCE and Mission Group effective July 1, 1988, at which time Parent entered into the Master Agreement and assumed SCE's obligations to Mission Group under a prior agreement for the allocation of income tax liabilities and benefits, as provided in Section 8.6 of the Master Agreement.
Exhibit A to this Certificate shows that Covenant Liquidity is not less than $32,500,000 and (a) no less than $22,500,000 of such Covenant Liquidity consists of Qualified Restricted Cash and (b) no less than $10,000,000 of such Covenant Liquidity consists of Undrawn Availability.
The Borrower shall not permit Covenant Liquidity as of any Fiscal Quarter End Date from the Amendment No. 2 Effective Date through the Term Loan Maturity Date, to be less than $2,000 million.