Financial Condition Covenant definition

Financial Condition Covenant as defined in Section 7.1(b)(i).
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Financial Condition Covenant and collectively, the “Financial Condition Covenants”) until the expiration of the day that is ten (10) Business Days after the earlier of (i) the date the Compliance Certificate calculating such covenants is required to be delivered pursuant to Section 6.2(a)(ii)(x) or (ii) the date such Compliance Certificate is actually delivered, Holdings shall have the right to issue Capital Stock (other than Disqualified Stock) for cash or otherwise receive cash contributions to the capital of Holdings (collectively, the “Cure Right”) in order to prepay the Term Loans, without penalty or premium, with such amounts as are necessary to be in compliance with the Financial Condition Covenants (the “Cure Amount”). In no event shall the Cure Amount be greater than the amount required for purposes of complying with the Financial Condition Covenants as set forth herein. The Cure Amount will be used solely to prepay the Term Loans and shall be applied to the prepayment of installments due in respect of the Term Loans in inverse order of maturity. The Cure Right may be exercised not more than two (2) two times in any four (4) consecutive fiscal quarters period (and may not be exercised in consecutive fiscal quarters), and not more than four (4) times prior to the later of (x) the Revolving Termination Date or (y) the Term Loan Maturity Date. Upon the Administrative Agent’s receipt of the Cure Amount, the Financial Condition Covenants shall be recalculated (for such period and shall be so calculated for any subsequent period that includes the fiscal quarter in respect of which the Cure Right was exercised) giving effect to the following pro forma adjustments: (a) Consolidated Adjusted EBITDA shall be increased by the lesser of (i) 20% of Consolidated Adjusted EBITDA (calculated prior to giving effect to the Cure Amount) and (ii) the Cure Amount and (b) if, after giving effect to the foregoing calculations, Borrower is in compliance with the requirements of the Financial Covenants, then Borrower shall be deemed to have satisfied such Financial Condition Covenant as of the relevant date of determination with the same effect as though there had been no failure to comply therewith at such date, and the applicable breach or default of the Financial Condition Covenants that occurred shall be deemed cured for the purposes of this Agreement. The resulting increase to Consolidated Adjusted EBITDA from the exercise of the Cure Right shall not result in any adjustment to Consolidated Adju...
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Financial Condition Covenant the covenants set forth in Sections 7.13, 7.14 and 7.15.
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Examples of Financial Condition Covenant in a sentence

  • To the extent a fiscal quarter ended for which the Financial Condition Covenants are initially recalculated as a result of a Cure Right is included in the calculation of a Financial Condition Covenant in a subsequent fiscal period, the Cure Amount shall be included in the amount of Operating Cash Flow for such initial fiscal period.

  • Notwithstanding anything in this Agreement to the contrary, to the extent a fiscal quarter ended for which the Financial Condition Covenant is initially recalculated as a result of a Cure Right is included in the calculation of the Financial Condition Covenant in a subsequent fiscal period, the Cure Amount shall be included in the amount of Consolidated EBITDA for such fiscal quarter when calculating the Financial Condition Covenant for such subsequent fiscal period.

  • Notwithstanding anything herein to the contrary, (a) in no event shall Parent be entitled to exercise the Cure Right in more than two consecutive fiscal quarters and (b) each Cure Amount shall not exceed the amount required to cure the applicable failure to comply with a Financial Condition Covenant.

  • The appraiser shall have no discretion to take any action other than selection of one of the two values submitted to the appraiser.

  • Notwithstanding anything herein to the contrary, (a) in no event shall Holdco be entitled to exercise the Cure Right in more than two consecutive fiscal quarters and (b) each Cure Amount shall not exceed the amount required to cure the applicable failure to comply with a Financial Condition Covenant.

  • In no event shall the Cure Amount be greater than the amount required for purposes of complying with the Financial Condition Covenant as set forth herein.

  • Section 6.11 is hereby amended and restated in its entirety to read as follows: Section 6.11 Financial Condition Covenant.

  • If the amount of a single design modification to which an autonomous adjustment is intended pursuant to Article 99 (1) 5 exceeds the balance of the ceiling on autonomous adjustment, the head of a central government agency shall consult with the Minister of Strategy and Finance on a change of the total project cost, and in such cases the balance of the ceiling on autonomous adjustment shall be deemed completely exhausted.


More Definitions of Financial Condition Covenant

Financial Condition Covenant shall have the meaning set forth in Section 8.5(a).
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Financial Condition Covenant is defined in Section 7.1(bc). ​ ​
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Financial Condition Covenant each covenant set forth in Section 7.1.
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Financial Condition Covenant means the covenant set forth in Section 6.7.
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Related to Financial Condition Covenant

  • Financial Covenant means the covenant set forth in Section 7.09.

  • Financial Covenants means the covenants set forth in Section 6.2.

  • Special Condition means a condition of a Transporter's Licence or Shipper's Licence other than a Standard Condition;

  • Financial Covenant Default has the meaning assigned to such term in Section 8.01(6).

  • Special Conditions means Special Conditions of Contract, which override the General Conditions, also referred to as SCC.

  • Financial Covenant Debt of any Person means Indebtedness of the type specified in clauses (a), (b), (d), (e), (f) and (h) of the definition of “Indebtedness,” non-contingent obligations of the type specified in clause (c) of such definition and Guaranty Obligations of any of the foregoing.

  • Financial Performance Covenants means the covenants of the Borrower set forth in Section 10.11.

  • Hazardous financial condition means that, based on its present or reasonably anticipated financial condition, a risk retention group, although not yet financially impaired or insolvent, is unlikely to be able:

  • Financial Performance Covenant means the covenant set forth in Section 6.10.

  • Financial Covenant Event of Default has the meaning specified in Section 8.01(b).

  • Maintenance Covenant A covenant by any borrower to comply with one or more financial covenants (including without limitation any covenant relating to a borrowing base, asset valuation or similar asset-based requirement) during each reporting period, that exists regardless of whether or not such borrower has taken any specified action and includes a covenant that applies only when the related loan is funded.

  • Previously Absent Financial Maintenance Covenant means, at any time, any financial maintenance covenant that is not included in the Loan Documents at such time.

  • Financial Consequences means a financial sanction imposed for an anti-doping rule violation or to recover costs associated with an anti-doping rule violation; and

  • Covenant Compliance Certificate means a properly completed and executed Covenant Compliance Certificate substantially in the form of Exhibit X hereto.

  • Environmental covenant means a servitude arising under an environmental response project that imposes activity and use limitations.

  • Additional Conditions means the terms and conditions set out in the Offer Document.

  • Incurrence Covenant means a covenant by any borrower to comply with one or more financial covenants (including without limitation any covenant relating to a borrowing base, asset valuation or similar asset-based requirement) only upon the occurrence of certain actions of the borrower, including a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture.

  • Terminal condition means an incurable condition caused by injury, disease, or illness that according to reasonable medical judgment will produce death within six months, even with available life-sustaining treatment provided in accordance with the prevailing standard of medical care.

  • General Condition means these General Terms and Conditions of Contract.

  • Informed Financial Consent means the medical provider advises you of any out-of-pocket costs before your admission. This is called Informed Financial Consent.

  • Abnormal Condition means any condition on the Interconnection Facilities which, determined in accordance with Good Utility Practice, is: (i) outside normal operating parameters such that facilities are operating outside their normal ratings or that reasonable operating limits have been exceeded; and (ii) could reasonably be expected to materially and adversely affect the safe and reliable operation of the Interconnection Facilities; but which, in any case, could reasonably be expected to result in an Emergency Condition. Any condition or situation that results from lack of sufficient generating capacity to meet load requirements or that results solely from economic conditions shall not, standing alone, constitute an Abnormal Condition.

  • Financial Default means the total cessation or partial suspension of operations due to insolvency, with or without the filing of a bankruptcy petition by a tour operator, Cruise line, or airline.

  • 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.

  • Negative Covenants The Postpetition Financing Documents shall contain negative covenants of the Borrower acceptable to the Lender.

  • Covenant Compliance Worksheet means a fully completed worksheet in the form of Attachment A to Exhibit C.

  • Adverse Environmental Condition means (i) the existence or the continuation of the existence, of an Environmental Contamination (including, without limitation, a sudden or non-sudden accidental or non-accidental Environmental Contamination), of, or exposure to, any substance, chemical, material, pollutant, Hazardous Substance, odor or audible noise or other release or emission in, into or onto the environment (including without limitation, the air, ground, water or any surface) at, in, by, from or related to any Equipment, (ii) the environmental aspect of the transportation, storage, treatment or disposal of materials in connection with the operation of any Equipment, or (iii) the violation, or alleged violation, of any Environmental Law, permits or licenses of, by or from any governmental authority, agency or court relating to environmental matters connected with any of the Equipment.