Covenant Threshold definition
Examples of Covenant Threshold in a sentence
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 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.
The provisions of this Section 9.14 shall be effective from June 30, 2020 to the later of (x) the last day of the Covenant Relief Period and (y) the last day of the Covenant Threshold Adjustment Period, if any.
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.
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.
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.
Notwithstanding the foregoing, if the Borrower does not elect a “material acquisition” step up in the financial covenant level set forth in the Existing Revolving Credit Facility, the Financial Covenant Threshold shall automatically be deemed amended to match any lower Financial Covenant Threshold in the Existing Revolving Credit Facility (notwithstanding anything to the contrary in Section 10.01).
Immediately at such time as Borrower shall either breach the Covenant Threshold or any Default or Event of Default shall have occurred and be continuing, the Fixed Charge Coverage Ratio shall be tested by Bank as of the end of the most recently ended fiscal month for which Borrower shall have been required to deliver financial statements pursuant to Section 5.6 hereof and for which such financial statements have actually been delivered to Bank.
During the Covenant Relief Period and the Covenant Threshold Adjustment Period, the Borrower and the Parent shall deliver a supplemental Compliance Certificate on the 13th of each calendar month certifying as to (1) the amount of Unrestricted Cash of the Borrower and its Subsidiaries as of the last day of the preceding month and (2) the calculation of and compliance with the Average Monthly Liquidity covenant set forth in Section 10.1.(i).
The minimum EBITDA covenants shall continue to be tested for each fiscal month following the occurrence of the EBITDA Covenant Threshold until such EBITDA Covenant Threshold does not occur for an entire fiscal month.