Covenant Trigger Period definition
Covenant Trigger Period means the period (a) commencing on the day that (i) an Event of Default occurs or (ii) Availability is less than the greater of (x) 10% of Available Credit and (y) $20,000,000 and (b) continuing until, at all times thereafter for a period of 30 consecutive days during which, (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) $20,000,000.
Covenant Trigger Period has the meaning specified in Section 8.9.
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.
Examples of Covenant Trigger Period in a sentence
The Borrower will not permit the Fixed Charge Coverage Ratio for any Test Period to be less than 1.0 to 1.0; provided that such Fixed Charge Coverage Ratio will only be tested on the date any Covenant Trigger Period commences (as of the last day of the Test Period ending on or immediately prior to the date on which such Covenant Trigger Period shall have commenced) and shall continue to be tested as of the last day of each Test Period thereafter until such Covenant Trigger Period is no longer continuing.
More Definitions of Covenant Trigger Period
Covenant Trigger Period means the period after a Covenant Trigger Event and prior to a Covenant Recovery Event.
Covenant Trigger Period means the period beginning on the date of the occurrence of a Covenant Trigger Event and ending on the date of the occurrence of the Covenant Release Event.
Covenant Trigger Period the period (a) commencing on the day that Net Excess Availability is less than, at any time, an amount equal to the Covenant Trigger Period Threshold Percentage of the Maximum Facility Amount; and (b) continuing until, during the preceding 30 consecutive days, Net Excess Availability has been greater than, at all times, an amount equal to the Covenant Trigger Period Threshold Percentage of the Maximum Facility Amount.
Covenant Trigger Period means a period commencing on any day that Availability shall have been less than the greater of (a) 10% of the Line Cap and (b) $65,000,000 and continuing until Availability has been at least equal to the greater of (x) 10% of the Line Cap and (y) $65,000,000 for at least 30 consecutive days.
Covenant Trigger Period means the period (a) commencing on a Covenant Trigger Date and (b) ending on the first day after such Covenant Trigger Date that both (i) Undrawn Availability equals or exceeds the greater of (i) $8,500,000 and (ii) ten percent (10%) of the Maximum Revolving Advance Amount for thirty (30) consecutive days and (ii) no Event of Default has existed for thirty (30) consecutive days; provided, that, for purposes of Section 6.5(a), a Covenant Trigger Period shall be deemed to be in effect at all time from and after the fiscal quarter ending June 30, 2024 until the outstanding principal balance of the Term Loan has been permanently reduced to zero.
Covenant Trigger Period means the period (a) commencing on any day on which Availability is less than the greater of (i) 10% of the Line Cap and (ii)(A) $32,500,000 if calculated from January 1 to July 31 of any year and (B) $20,000,000 if calculated from August 1 to December 31 of any year, and (b) continuing until the Availability for each day over a thirty (30) consecutive day period has been equal to or greater than the greater of (i) 10% of the Line Cap and (ii)(A) $32,500,000 if calculated from January 1 to July 31 of any year and (B) $20,000,000 if calculated from August 1 to December 31 of each year.
Covenant Trigger Period means the period commencing with a Covenant Trigger Event and ending with a Covenant Recovery Event.