Coverage Test Failure Quarter definition

Coverage Test Failure Quarter is defined in Section 6.19(b)(ii). For avoidance of doubt, the second consecutive fiscal quarter as of which the Borrower fails to satisfy the Interest Coverage Test shall constitute a Coverage Test Failure Quarter and each consecutive fiscal quarter thereafter as of which the Borrower fails to satisfy the Interest Coverage Test shall also constitute a Coverage Test Failure Quarter.
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Coverage Test Failure Quarter is defined in Section 9.2(b).
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Coverage Test Failure Quarter has the meaning set forth in Section 5.2(c)(ii).
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Examples of Coverage Test Failure Quarter in a sentence

  • Any decrease of the Permitted Leverage Ratio provided for in Section 6.19(b)(ii) shall be effective as of each Coverage Test Failure Quarter as provided in Section 6.19(b)(ii), and the Permitted Leverage Ratio (as so decreased) shall remain in effect thereafter unless and until adjusted as provided in Section 6.19(b)(ii) or (iii).

  • Any decrease of the Leverage Multiplier provided for in this Section 9.2 shall be effective as of the Coverage Test Failure Quarter as provided in Section 9.2(b), and the Leverage Multiplier (as so decreased) shall remain in effect thereafter unless and until adjusted as provided in Section 9.2(b) or (c).

  • The decrease of the Permitted Leverage Ratio from 55% to 50% provided for in Section 9.2(b) shall be effective as of the Coverage Test Failure Quarter as provided in Section 9.2(b), and the Permitted Leverage Ratio of 50% shall remain in effect thereafter unless and until increased to 55% as provided in Section 9.2(c).

  • Any decrease of the Maximum Leverage Ratio provided for in this Section 9.12(a) shall be effective as of the Coverage Test Failure Quarter as provided in Section 9.12(a)(i), and the Maximum Leverage Ratio (as so decreased) shall remain in effect thereafter unless and until adjusted as provided in Section 9.12(a)(i) or (ii).

  • Any decrease of the Permitted Debt to Capitalization Ratio provided for in this Section 5.2(a) shall be effective as of the Coverage Test Failure Quarter as provided in Section 5.2(a)(i), and the Permitted Debt to Capitalization Ratio (as so decreased) shall remain in effect thereafter unless and until adjusted as provided in Section 5.2(a)(i) or (ii).

  • Any decrease of the Permitted Leverage Ratio provided for in this Section 9.2 shall be effective as of the Coverage Test Failure Quarter as provided in Section 9.2(b), and the Permitted Leverage Ratio (as so decreased) shall remain in effect thereafter unless and until adjusted as provided in Section 9.2(b) or (c).


More Definitions of Coverage Test Failure Quarter

Coverage Test Failure Quarter is defined in Section 6.25(b).
Sample 1
Coverage Test Failure Quarter. Borrower shall, not later than (x) for the fiscal quarter ended December 31, 2008, the Fourth Amendment Effective Date and (y) for all other fiscal quarters, the date that the Compliance Certificate for such quarter is required to be delivered to Administrative Agent pursuant to Section 8.3 (each such date a “Liquidity Compliance Date”), deposit in one or more Liquidity Reserve Accounts with one or more of the Designated Lenders (as selected by Borrower) an amount such that the aggregate amount held in all Liquidity Reserve Accounts equals or exceeds the Required Liquidity Reserve Deposit determined as of the last day of such Coverage Test Failure Quarter. Amounts deposited in Liquidity Reserve Accounts shall be maintained in and may not be withdrawn from such Liquidity Reserve Accounts except as provided in Sections 9.12(d)(iii) or (iv). If at any time it is determined that any Financial Statements or Compliance Certificate furnished by Borrower contained an error that resulted in the stated amount of the Required Liquidity Reserve Deposit for the most recent Coverage Test Failure Quarter being less than the correct amount thereof, Borrower shall promptly deliver to Administrative Agent corrected Financial Statements and a corrected Compliance Certificate and promptly Fourth Amendment to Centex Credit Agreement deposit in the Liquidity Reserve Accounts the amount by which the corrected Required Liquidity Reserve Deposit exceeds the actual amount in the Liquidity Reserve Accounts.
Sample 1
Coverage Test Failure Quarter shall be decreased as follows: (i) if the Maximum Leverage Ratio for the fiscal quarter preceding the Coverage Test Failure Quarter was 60%, then the Maximum Leverage Ratio shall be decreased by 5% to 55% as of the last day of such Coverage Test Failure Quarter; and (ii) if the Maximum Leverage Ratio for the fiscal quarter preceding the Coverage Test Failure Quarter was 55% or less, then the Maximum Leverage Ratio as of the last day of the prior fiscal quarter shall be decreased by 2.5% as of the last day of such Coverage Test Failure Quarter.
Sample 1

Related to Coverage Test Failure Quarter

  • Coverage Test means each of the Class A/B Par Value Test, the Class A/B Interest Coverage Test, the Class C Par Value Test, the Class C Interest Coverage Test, the Class D Par Value Test, the Class D Interest Coverage Test, the Class E Par Value Test and the Class E Interest Coverage Test.

  • Interest Coverage Test means the Class A/B Interest Coverage Test, the Class C Interest Coverage Test, the Class D Interest Coverage Test and the Class E Interest Coverage Test.

  • Delinquency Test means, for any Payment Date, a test that will be satisfied if

  • Rolling Three Month Delinquency Rate With respect to any Distribution Date, the fraction, expressed as a percentage, equal to the average of the Delinquency Rates for each of the three (or one and two, in the case of the first and second Distribution Dates, respectively) immediately preceding calendar months.

  • Class C Coverage Tests means the Class C Interest Coverage Test and the Class C Par Value Test.

  • Coverage Tests means each of the Overcollateralization Ratio Test and the Interest Coverage Ratio Test.

  • 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.

  • Class D Coverage Tests means the Class D Interest Coverage Test and the Class D Par Value Test.

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

  • Average Delinquency Ratio on any Payment Date means the average of the Delinquency Ratios for the preceding three calendar months.

  • Minimum Weighted Average Coupon Test means a test that will be satisfied on any Measurement Date if the Weighted Average Coupon equals or exceeds 7.0%.

  • Sixty-Day Delinquency Rate With respect to any Distribution Date on or after the Stepdown Date, a fraction, expressed as a percentage, the numerator of which is the aggregate Stated Principal Balance of all Mortgage Loans 60 or more days delinquent as of the close of business on the last day of the calendar month preceding such Distribution Date (including Mortgage Loans in foreclosure, bankruptcy and REO Properties) and the denominator of which is the aggregate Stated Principal Balance for such Distribution Date of the Mortgage Loans as of the related Due Date (after giving effect to Principal Prepayments, the principal portion of any Liquidation Proceeds and any Subsequent Recoveries received in the related Prepayment Period).

  • 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.

  • Minimum Weighted Average Spread Test means a test that will be satisfied on any date of determination if the Weighted Average Spread of all Eligible Collateral Obligations included in the Collateral on such day is equal to or greater than 5.25%.

  • 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.

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

  • Delinquency Trigger Event means, for any Collection Period, the aggregate Principal Balance of Delinquent Receivables that have been Delinquent Receivables for 61 days or more as a percentage of the Pool Balance as of the last day of the Collection Period exceeding or being equal to 6.62%.

  • ii) Trigger Date shall have the meaning set forth in Section 11(a)(iii) hereof.

  • Measurement Period means, at any date of determination, the most recently completed four fiscal quarters of the Borrower.

  • Class C Interest Coverage Test means the test which will apply as of any Measurement Date occurring on and after the Determination Date immediately preceding the second Payment Date and which will be satisfied on such Measurement Date if the Class C Interest Coverage Ratio is at least equal to 110.0 per cent.

  • Relevant Test Period With respect to any Loan, the relevant test period for the calculation of Net Senior Leverage Ratio, Interest Coverage Ratio, Total Net Leverage Ratio or EBITDA as applicable, for such Loan in accordance with the related Underlying Instruments or, if no such period is provided for therein, (i) for Obligors delivering monthly financial statements, each period of the last twelve (12) consecutive reported calendar months, and (ii) for Obligors delivering quarterly financial statements, each period of the last four (4) consecutive reported fiscal quarters of the principal Obligor on such Loan; provided that with respect to any Loan for which the relevant test period is not provided for in the related Underlying Instruments, if an Obligor is a newly-formed entity as to which twelve (12) consecutive calendar months have not yet elapsed, “Relevant Test Period” shall initially include the period from the date of formation of such Obligor to the end of the twelfth (12th) calendar month or fourth (4th) fiscal quarter (as the case may be) from the date of formation, and shall subsequently include each period of the last twelve (12) consecutive reported calendar months or four (4) consecutive reported fiscal quarters (as the case may be) of such Obligor.

  • Applicable Measurement Period means the most recently completed four consecutive fiscal quarters of the Issuer immediately preceding the Applicable Calculation Date for which internal financial statements are available.

  • Asset Coverage Test is met if the Adjusted Aggregate Asset Amount (as defined below) shall be in an amount at least equal to the Canadian Dollar Equivalent of the aggregate Principal Amount Outstanding of the Covered Bonds as calculated on the relevant Calculation Date. For greater certainty, references in this Schedule to “immediately preceding Calculation Date” and “previous Calculation Date” are to the Calculation Period ending on the Calculation Date.

  • Class A/B Interest Coverage Test means the test which will apply as of any Measurement Date occurring on and after the Determination Date immediately preceding the second Payment Date and which will be satisfied on such Measurement Date if the Class A/B Interest Coverage Ratio is at least equal to 120.0 per cent.