Covenant Test Date definition

Covenant Test Date shall have the meaning given to it in Clause 18.5 (Financial Covenants).
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Covenant Test Date means any date during the term of the Agreement as of which either (a) the Excess Availability Threshold is not satisfied or (b) an Event of Default has occurred and is continuing.
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Covenant Test Date means the last calendar day of each Accounting Quarter.
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Examples of Covenant Test Date in a sentence

  • If the Initial Performance Covenant Test Date has occurred, Borrower shall thereafter satisfy either of (i) Performance Covenant A or Performance Covenant B, tested at all times, or (ii) Performance Covenant C, tested quarterly.

  • The Original Borrower shall procure that between 1 November 2020 and 31 December 2021 (inclusive), KEL does not make, declare or pay any Shareholder Distribution to shareholders who receive such Shareholder Distribution in their capacity as a holder of common shares in KEL unless the ratio of Consolidated Total Net Borrowings to EBITDAX on the day the Shareholder Distribution is made, declared or paid is less than or equal to 3.50:1.00 (calculated as if such day was a Financial Covenant Test Date).

  • Within 30 days after each Liquidity Covenant Test Date, a calculation of the average Liquidity of the Borrower and its Restricted Subsidiaries, taken as a whole, (determined in good faith by the Borrower) for the 45 consecutive days preceding the applicable Liquidity Covenant Test Date (a “Liquidity Report”).

  • Liabilities to Assets Ratio as at the end of each Relevant Period ending on or after the First Financial Covenant Test Date shall not exceed 80%.

  • Commencing with the first Test Period ending after the Leverage Covenant Test Date, and for each Test Period ending as of the last day of each fiscal quarter occurring thereafter, in each case, permit the Total Net Leverage Ratio as of the end of such Test Period to be greater than 3.75:1.00.

  • On or before sixty (60) days following each Quarterly Financial Covenant Test Date, Guarantor shall deliver to Lender a Financial Covenant Compliance Certificate in form attached hereto as EXHIBIT A ("QUARTERLY COMPLIANCE CERTIFICATE"), certified by an officer of Guarantor, and an unqualified, unaudited financial statement of Guarantor covering the preceding twelve (12) month period.

  • Guarantor's Maximum Leverage shall be determined by Lender in accordance with the terms and provisions of this SECTION 6 and shall be measured as of each Quarterly Financial Covenant Test Date occurring after March 1, 2005.

  • Starting with the Covenant Test Date for the Accounting Quarter ending on June 30, 2002, and on all Covenant Test Dates thereafter, as measured and determined on each Covenant Test Date, the Fixed Charge Coverage Ratio shall not be less than 1.25:1.00.

  • Commencing with the first Test Period ending after the Leverage Covenant Test Date, and for each Test Period ending as of the last day of each fiscal quarter occurring thereafter, in each case, permit the Interest Coverage Ratio as of the end of such Test Period to be less than 1.50:1.00.

  • Additionally, Guarantor shall delivery to Lender, as soon as available, but in no event later than sixty (60) days after each Quarterly Financial Covenant Test Date, a current, unaudited financial statement (including, without limitation, an income and expense statement, balance sheet and cash flow statement) signed by Guarantor's Chief Financial Officer.

Related to Covenant Test Date

  • 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.

  • LCT Test Date shall have the meaning provided in Section 1.12(b).

  • 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.

  • LCA Test Date has the meaning assigned to such term in Section 1.06.

  • 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.

  • Test Date means, with respect to any Start Date, the last day of the most recent fiscal quarter of the Borrower ended immediately prior to such Start Date.

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

  • 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.

  • 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.

  • Testing Date means 31 December of each year.

  • Covenant Period means the period of time from the date of this Agreement to the date that is two years after the Date of Termination.

  • Testing Period means a single period consisting of the four consecutive fiscal quarters of the Borrower then last ended (whether or not such quarters are all within the same fiscal year), except that if a particular provision of this Agreement indicates that a Testing Period shall be of a different specified duration, such Testing Period shall consist of the particular fiscal quarter or quarters then last ended that are so indicated in such provision.

  • Covenant Compliance Worksheet means a fully completed worksheet in the form of Attachment A to Exhibit C.

  • Covenant means a covenant, condition, limitation or restriction in a document or instrument in effect at Date of Policy.

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

  • Compliance Date means, in each case, the date by which compliance is required under the referenced provision of ARRA’s or HIPAA’s implementing regulations, as applicable.

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

  • Failed Remarketing Condition means a Failed Remarketing Condition-Purchased VRDP Shares or a Failed Remarketing Condition-Unpurchased VRDP Shares.

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

  • 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.