Covenant Threshold definition

Covenant Threshold means that the balance of Borrower’s unrestricted cash and Cash Equivalents maintained with Bank or Bank’s Affiliates plus the Availability Amount is equal to or greater than Ten Million Dollars ($10,000,000).
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Covenant Threshold. 2.2 Section 2.2 is amended by deleting the reference to “the Default Rate” therein and inserting in lieu thereof “a per annum rate equal to the rate that is otherwise applicable to Advances plus five percent (5.0%)”.
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Covenant Threshold is hereby added, with retroactive effect to October 31, 2016, to Schedule 1.1 to the Credit Agreement in the appropriate alphabetical position:
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Examples of Covenant Threshold in a sentence

  • Borrower shall maintain, as of the last day of each month, or as of the last day of each quarter in the event the Quarterly Covenant Threshold for the most recently completed month has been satisfied, (i) Liquidity of at least two (2) times the outstanding principal amount of the Term Advances and (ii) Remaining Months Liquidity of at least six (6) months.

  • Borrower shall maintain, as of the last day of each month, or as of the last day of each quarter in the event the Quarterly Covenant Threshold for the most recently completed month has been satisfied, a ratio of Total Liabilities less Subordinated Debt to Tangible Net Worth plus Subordinated Debt of not more than 1.00 to 1.00.

  • Borrower shall maintain, as of the last day of each month, or as of the last day of each quarter in the event the Quarterly Covenant Threshold for the most recently completed month has been satisfied, a Tangible Net Worth plus Subordinated Debt of not less than Six Million Dollars ($6,000,000).

  • At all times during the Covenant Relief Period and the Covenant Threshold Adjustment Period, the Borrower and its Subsidiaries shall maintain Average Monthly Liquidity of not less than (i) from and after the First Amendment Date through March 31, 2021, $150,000,000 and (ii) thereafter, for so long as the Covenant Relief Period or Covenant Threshold Adjustment Period is then in effect (x) if the Senior Notes remain outstanding, $180,000,000 and (y) otherwise, $150,000,000.

  • Maintain on a Quarterly Basis; Minimum Trailing 6-Month Bookings* 6 months ending 4/30/17 $39,858,000 $_ Yes No 6 months ending 7/31/17 $46,244,000 $_ Yes No 6 months ending 10/31/17 $49,786,000 $_ Yes No 6 months ending 1/31/18 $51,618,000 $_ Yes No 2018 and thereafter [See Section 6.9] $_ Yes No * Only required if the Covenant Threshold is not met.

  • Maintain on a Quarterly Basis; Minimum Trailing 6-Month Bookings* 6 months ending 3/31/16 $34,090,000 $_ Yes No 6 months ending 6/30/16 $38,542,000 $_ Yes No 6 months ending 9/30/16 $47,223,000 $_ Yes No 6 months ending 12/31/16 $50,411,000 $_ Yes No 2017 and thereafter [See Section 6.9] $_ Yes No * Only required if the Covenant Threshold is not met.

  • In the days leading up to the Petition Date, the Debtor’s cash balance fell below the Minimum Cash Covenant Threshold.

  • Maintain on a Quarterly Basis: Minimum Trailing 6-Month Bookings* 6 months ending 12/31/14 $28,908,000 $_ Yes No 6 months ending 3/31/15 $30,737,000 $_ Yes No 6 months ending 6/30115 $35,612,000 $_ Yes No 6 months ending 9/30115 $41,608,000 $_ Yes No 6 months ending 12/31/15 $46,384,000 $_ Yes No 2016 and thereafter [See Section 6.9] $_ Yes No * Only required if the Covenant Threshold is not met.

  • Its value is established daily in advance, on the basis of the variation of the Consumer Price Index (CPI) of the previous month.

  • If, at any time, Excess Availability is less than the Financial Covenant Threshold Amount, then, until the next subsequent date on which Excess Availability has exceeded the Financial Covenant Threshold Amount for a period of thirty consecutive calendar days, the U.S. Borrower will not permit the Fixed Charge Coverage Ratio to be less than 1.00 to 1.00.


More Definitions of Covenant Threshold

Covenant Threshold means Liquidity of not less than $5,000,000; provided that, so long as no Advances are outstanding as of any date of determination, the amount included in clause (i) of the definition of Liquidity in order to calculate such Liquidity shall be at least $2,000,000 as of such date.”
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Covenant Threshold means the satisfaction by the Borrowers of each the following covenants:
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Covenant Threshold set forth in Schedule 1.1 to the Credit Agreement is hereby deleted in its entirety.
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Covenant Threshold means at any time, 17.5% of the total Revolving Commitments at such time.
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Covenant Threshold means Excess Availability of not less than the Adjusted Specified Excess Availability Amount on any day.
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Related to Covenant Threshold

  • Minimum Threshold means the average daily yield on the 10 Year Treasury Note (as reported in the Bloomberg GT10 index) over the Award Period.

  • Indemnity Threshold has the meaning set forth in Section 9.3.

  • 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.

  • 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 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.

  • Bid threshold means the dollar amount set in N.J.S.A. 18A:18A-3, above which a Board shall advertise for and receive sealed bids in accordance with procedures set forth in N.J.S.A. 18A:18A-1 et seq.

  • Ownership Threshold means, with respect to any Person, Beneficial Ownership of the greater of (A) 15% of the Common Shares at any time outstanding or (B) the percentage of the outstanding Common Shares Beneficially Owned by such Person on the date of this Rights Agreement, plus in the case of this clause (B) 1% of the Common Shares outstanding on such date.

  • Alteration Threshold means an amount equal to 5% of the outstanding principal amount of the Loan.

  • Stated Threshold means total losses under the shared loss agreements in the amount of $110,000,000.00.

  • Minimum Takedown Threshold shall have the meaning given in Section 2.1.4.

  • Indemnification Threshold has the meaning set forth in Section 11.5.

  • Threshold means with respect to Party B: infinity.

  • Micro-purchase threshold means the dollar amount at or below which a district may purchase property or services using micro-pur- chase procedures. Generally, the micro-purchase threshold for pro- curement activities administered under federal awards is not to ex- ceed the amount set by the Federal Acquisition Regulations (FAR) at 48 C.F.R. Part 2, Subpart 2.1 [see below], unless a higher threshold is requested by the district and approved by the cogni- zant agency for indirect costs.

  • 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.

  • stipulated minimum threshold means that portion of local production and content as determined by the Department of Trade and Industry; and

  • S&P Required Ratings Threshold means, with respect to Party A, the guarantor under an Eligible Guarantee or an Eligible Replacement, a long-term unsecured and unsubordinated debt rating from S&P of "BBB+".

  • 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.

  • Required Ratings Threshold means each of the S&P Required Ratings Threshold and the Moody’s Second Trigger Ratings Threshold.

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

  • Minimum Net Worth means, for any Fiscal Quarter, the minimum Consolidated Net Worth required to be maintained by the Parent as of the end of such Fiscal Quarter pursuant to Section 6.12.

  • Restoration Threshold means an amount equal to 5% of the outstanding principal amount of the Loan.

  • Threshold Rating means the short-term unsecured debt rating of P-1 by Moody’s and the short-term issuer credit rating of A-1 by Standard & Poor’s.

  • Approved Ratings Threshold means each of the S&P Approved Ratings Threshold and the Moody’s First Trigger Ratings Threshold.

  • Minimum Capital Requirement means the Minimum Capital Requirement, the minimum group Solvency Capital Requirement or other minimum capital requirements (as applicable) referred to in the Relevant Rules;

  • Moody’s Second Trigger Ratings Threshold means, with respect to Party A, the guarantor under an Eligible Guarantee or an Eligible Replacement, (i) if such entity has a short-term unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s of “A3” and a short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-2”, or (ii) if such entity does not have a short-term unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s of “A3”.

  • VWAP Minimum Price Threshold means, with respect to any particular VWAP Purchase Notice, the Sale Price on the VWAP Purchase Date equal to the greater of (i) 80% of the Closing Sale Price on the Business Day immediately preceding the VWAP Purchase Date or (ii) such higher price as set forth by the Company in the VWAP Purchase Notice.