Financial Covenant Breach definition

Financial Covenant Breach means a breach or imminent breach of a covenant set forth in Section 6.1.

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Financial Covenant Breach means Mezzanine Borrower's failure to pass either or both of the Financial Covenant Tests on a Quarterly Test Date.

Financial Covenant Breach means a breach that shall occur if the “Leverage Ratio” calculated as of the last day of each fiscal quarter of Moog exceeds (i) 4.0:1.0 for such fiscal quarter or (ii) solely to the extent that a “Leverage Ratio Increase” has become effective in accordance with the Moog Credit Agreement for such fiscal quarter, 4.5:1.0 for such fiscal quarter. For purposes of this definition of “Financial Covenant Breach”:

Examples of Financial Covenant Breach in a sentence

If (a) on the Trigger Event Date the Trigger Event has occurred, or (b) if on any date a Financial Covenant Breach occurs, the Borrower and/or Holdco shall ensure the balance of the Secured Account is at least ZAR250,000,000 (or the USD equivalent of ZAR250,000,000 at the spot rate on that day) within 5 Business Days of the Trigger Event Date or the date on which the Financial Covenant Breach occurred.
If the Financial Covenant Breach results from a default in performance of or compliance with the Minimum Net Worth covenant set forth in Section 7.4(A), said covenant shall be recalculated by adding to Net Worth the amount(s) of the applicable GPE Cash Infusion and/or GPE Guarantee Increase.
In regard to any Financial Covenant Breach except a default in performance of or compliance with the Minimum Net Worth covenant set forth in Section 7.4(A), the financial covenant which was violated shall be recalculated by adding to EBITDA the amount(s) of the applicable GPE Cash Infusion and/or GPE Guarantee Increase.
The Parent and the Agent hereby further acknowledges that the Financial Covenant Breach constituted an Event of Default pursuant to Clause 25.2 (Key Covenants) of the Facility Agreement (the "Financial Covenant Event of Default").
The Parent and the Agent hereby acknowledge that the Parent was in breach of some of the financial covenants set out in Clause 23.1 (Financial Covenants) of the Facility Agreement on the Test Dates on or prior to the date of this Second Supplemental Facility Agreement of each such covenant (the "Financial Covenant Breach").

More Definitions of Financial Covenant Breach

Financial Covenant Breach. The breach of any of the financial performance covenants provided for in Section 6.11.

Financial Covenant Breach means a breach that shall occur with respect to the financial covenant set forth Section 7.11 of the Credit Agreement. For purposes of this definition of “Financial Covenant Breach”: (a) unless otherwise defined in this Agreement, the terms used in this definition (including all defined terms used within such terms) shall have the respective meaning assigned to such terms in the Credit Agreement; and (b) any reference to the “Credit Agreement” is to such agreement as in effect on the Closing Date and without giving effect to any amendment, restatement, waiver, supplement or termination thereof (unless otherwise agreed to in writing by the Administrative Agent in its sole discretion). “Fiscal Quarter” means a fiscal quarter of Columbus. “Foreign Benefit Event” means, with respect to any Foreign Pension Plan, (a) the existence of unfunded liabilities in excess of the amount permitted under any applicable Law or in excess of the amount that would be permitted absent a waiver from any applicable Governmental Authority or (b) the failure to make the required contributions or payments, under any applicable Law, on or before the due date for such contributions or payment. “Foreign Government Scheme or Arrangement” has the meaning set forth in Section 3.2(r)(v). “Foreign Pension Plan” means any benefit plan that under applicable Law is required to be funded through a trust or other funding vehicle other than a trust or funding vehicle maintained exclusively by a Governmental Authority. “Foreign Plan” has the meaning set forth in Section 3.2(r)(v). “Foreign Plan Event” means, with respect to any Foreign Plan or Foreign Government Scheme or Arrangement, (a) the failure to make, or if applicable, accrue in accordance with normal accounting practices, any employer or employee contributions required by applicable law or by the terms of such Foreign Plan or Foreign Government Scheme or Arrangement; (b) the failure to register I-18 Credit and Security Agreement 756752741 23728593

Financial Covenant Breach. (a) unless otherwise defined in this Agreement, the terms used in this definition (including all defined terms used within such terms) shall have the respective meaning assigned to such terms in the Credit Agreement; and (b) any reference to the “Credit Agreement” is to such agreement as in effect on the Closing Date and without giving effect to any amendment, restatement, waiver, supplement or termination thereof (unless otherwise agreed to in writing by the Administrative Agent in its sole discretion). “Fiscal Quarter” means a fiscal quarter of Columbus. “Foreign Benefit Event” means, with respect to any Foreign Pension Plan, (a) the existence of unfunded liabilities in excess of the amount permitted under any applicable Law or in excess of the amount that would be permitted absent a waiver from any applicable Governmental Authority or (b) the failure to make the required contributions or payments, under any applicable Law, on or before the due date for such contributions or payment. “Foreign Government Scheme or Arrangement” has the meaning set forth in Section 3.2(r)(v). “Foreign Pension Plan” means any benefit plan that under applicable Law is required to be funded through a trust or other funding vehicle other than a trust or funding vehicle maintained exclusively by a Governmental Authority. “Foreign Plan” has the meaning set forth in Section 3.2(r)(v). “Foreign Plan Event” means, with respect to any Foreign Plan or Foreign Government Scheme or Arrangement, (a) the failure to make, or if applicable, accrue in accordance with normal accounting practices, any employer or employee contributions required by applicable law or by the terms of such Foreign Plan or Foreign Government Scheme or Arrangement; (b) the failure to register with, or

Financial Covenant Breach is defined in Section 8.1(R) hereof.

Financial Covenant Breach means a breach by Borrower of any of the covenants set forth in Section 5.1 of Schedule 1 to this Agreement.

Financial Covenant Breach. The breach of any of the financial performance covenants provided for in Section 7:7-11.

Financial Covenant Breach. Majority Lenders" "Majority Lenders" "Permitted Protective OverAdvance" "Standstill Period" "SuperMajority Lenders" "SuperMajority Lenders" "Unanimous Consent"