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 Trigger Event means either (i) the occurrence and continuance of any Event of Default, or (ii) the failure of the Borrower to maintain Availability of at least the greater of (x) $7,500,000, and (y) 10% of the Loan Cap.
Covenant Trigger Event means that Excess Availability on any day is less than the greater of (i) $25,000,000 and (ii) 12.5% of the Maximum Credit. For purposes hereof, the occurrence of a Covenant Trigger Event shall be deemed to be continuing until Excess Availability is equal to or greater than the greater of (i) $25,000,000 and (ii) 12.5% of the Maximum Credit, in each case, for thirty (30) consecutive days, in which case a Covenant Trigger Event shall no longer be deemed to be continuing for purposes of this Agreement.
Examples of Covenant Trigger Event in a sentence
Upon the occurrence and during the continuance of a Covenant Trigger Event, the Borrower shall not permit (a) as of the last day of the most recently ended Test Period prior to the occurrence of such Covenant Trigger Event and (b) as of the last day of each Test Period ended thereafter during the continuance of such Covenant Trigger Event, the Fixed Charge Coverage Ratio to be less than 1.00 to 1.00.
More Definitions of Covenant Trigger Event
Covenant Trigger Event means at any date on which Excess Availability is less than 10% of the Maximum Revolver Amount.
Covenant Trigger Event means that Excess Availability is less than the greater of (1) $40.0 million and (2) 10.0% of the Line Cap then in effect. Once commenced, a Covenant Trigger Event will be deemed to be continuing until such time as Excess Availability equals or exceeds the greater of (a) $40.0 million and (b) 10.0% of the Line Cap then in effect for 20 consecutive calendar days.
Covenant Trigger Event means if at any time Availability is less than the greater of (a) 15% of the Maximum Revolver Amount, and (b) $4,500,000.
Covenant Trigger Event means if at any time Excess Availability is less than the greater of (i) 12.5% of the Line Cap and (ii) $10,000,000.
Covenant Trigger Event means either (a) the occurrence and continuance of any Event of Default, (b) the failure of the Borrowers to maintain Excess Availability Percentage of at least 10% at any time or (c) Excess Availability is less than $250,000,000 at any time. For purposes of this Agreement, the occurrence of a Covenant Trigger Event shall be deemed continuing (i) so long as such Event of Default is continuing and has not been waived and/or (ii) if the Covenant Trigger Event arises as a result of the Borrowers’ failure to achieve Excess Availability or Excess Availability Percentage as required hereunder, until the date Excess Availability Percentage shall have been not less than 10% for thirty (30) consecutive days and Excess Availability shall have been not less than $250,000,000 for thirty (30) consecutive days. The termination of a Covenant Trigger Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Covenant Trigger Event in the event that the conditions set forth in this definition again arise.
Covenant Trigger Event means the occurrence at any time of the failure of the Borrowers to have Excess Availability in an amount of at least the greater of (i) Fifteen Million Dollars ($15,000,000) and (ii) twelve and one-half percent (12.5%) of the lesser of (A) the Borrowing Base then in effect and (B) the Aggregate Revolving Credit Commitment as of such date.
Covenant Trigger Event means that Excess Availability on any day is less than the greater of (i) $60,000,000 and (ii) 10% of the Maximum Credit. For purposes hereof, the occurrence of a Covenant Trigger Event shall be deemed to be continuing until Excess Availability is equal to or greater than the greater of (i) $60,000,000 and (ii) 10% of the Maximum Credit, in each case, for thirty (30) consecutive days, in which case a Covenant Trigger Event shall no longer be deemed to be continuing for purposes of this Agreement. The expiration of any Covenant Trigger Event in accordance with this definition shall not impair the commencement of any subsequent Covenant Trigger Event.