Financial Covenant Event shall be deemed to have occurred if, at any time, the Secured Debt Ratio exceeds 4.50 to 1.00.
Financial Covenant Event shall be deemed to have occurred if, at any time during the Compliance Period, the Consolidated Senior Secured Debt to Consolidated EBITDA Ratio as of the last day of any Test Period ending during any Compliance Period is greater than 7.50 to 1.00. As used in this definition, “Compliance Period,” “Consolidated Senior Secured Debt to Consolidated EBITDA Ratio” and “Test Period” (and any defined term constituting a component of such terms) have the meanings assigned to such terms in the Credit Agreement as in effect on the Closing Date without giving effect to any amendment, restatement, waiver or supplement thereto unless otherwise agreed to in writing by the Administrative Agent in its sole discretion. If at any time following the Closing Date, the Credit Agreement is amended, restated, waived, supplemented or otherwise modified to directly or indirectly modify the covenant, or any defined term constituting a component thereof, set forth in Section 10.7 of the Credit Agreement (as in effect on the Closing Date), the Administrative Agent may unilaterally (in its sole discretion) by written notice to the Borrower and each Lender modify this definition and/or Section 9.01(u) to conform to the Credit Agreement as so amended, restated, waived, supplemented or otherwise modified.
Financial Covenant Event shall be deemed to have occurred if, at any time during the Compliance Period, the Leverage Ratio as of the last day of any Test Period ending during any Compliance Period is greater than 7.75 to 1.00. As used in this definition, “Compliance Period” and “Test Period” (and any defined term constituting a component of such terms) have the meanings assigned to such terms in the First Lien Credit Agreement as in effect on the Closing Date without giving effect to any amendment, restatement, waiver or supplement thereto unless otherwise agreed to in writing by the Administrative Agent in its sole discretion. If at any time following the Closing Date, the First Lien Credit Agreement is amended, restated, waived, supplemented or otherwise modified to directly or indirectly modify the covenant, or any defined term constituting a component thereof, set forth in Section 10.7 of the First Lien Credit Agreement (as in effect on the Closing Date), the Administrative Agent may unilaterally (in its sole discretion) by written notice to the Borrower and each Lender modify this definition and/or Section 10.01(u) to conform to the First Lien Credit Agreement as so amended, restated, waived, supplemented or otherwise modified.
Examples of Financial Covenant Event in a sentence
No reasonable delay or failure to take action on the part of the Administrative Agent or any other Credit Party in exercising any right, power or privilege shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege or shall be construed to be a waiver of any Event of Default or Financial Covenant Event.
Each of each Servicer, the Lenders and each assignee of a Loan or any interest therein, hereby covenants and agrees that it will not institute against, or join any other Person in instituting against, the Borrower any Relief Proceeding until one year and one day after the Final Payout Date; provided, that the Administrative Agent may take any such action in its sole discretion following the occurrence of an Event of Default or Financial Covenant Event.
Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower (so long as no Potential Default, Financial Covenant Event or Event of Default has occurred and is continuing), to appoint a successor, which shall be a bank with an office in New York, New York, or an Affiliate of any such bank with an office in New York, New York.
For the avoidance of doubt, if an Event of Default or Financial Covenant Event is then continuing, the Interest Rate for any Loan (and any portion of Principal thereof) shall be determined pursuant to the definition of Interest Rate notwithstanding any otherwise applicable election by the Borrower.
A statement of an Authorized Officer of each Servicer setting forth details of any Event of Default, Financial Covenant Event or Potential Default that has occurred and is continuing and the action which each Servicer proposes to take with respect thereto.
More Definitions of Financial Covenant Event
Financial Covenant Event shall be deemed to have occurred if the Liquidity as of the any day of Parent and its Subsidiaries is an amount less than (a) $100,000,000 on any day prior to (and not including) the first anniversary of the Closing Date, (b) $150,000,000 on any day from the first anniversary of the Closing Date to (and not including) the second anniversary of the Closing Date or (c) $200,000,000 on any day on and after the second anniversary of the Closing Date.
Financial Covenant Event shall be deemed to have occurred if a Seller Financial Covenant Event or an Audacy Financial Covenant Event shall have occurred.
Financial Covenant Event shall be deemed to have occurred if a Seller Financial Covenant Event or an Audacy Financial Covenant Event shall have occurred; provided, however, from the Restatement Date while the Chapter 11 Cases are pending through the Exit Date, the occurrence and continuance of any event described in clauses (a) or (b) of Audacy Financial Covenant Event shall not constitute a Financial Covenant Event.
Financial Covenant Event shall be deemed to have occurred if, at any time during the Compliance Period, the Leverage Ratio as of the last day of any Test Period ending during any BrightView Holdings, Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission. Compliance Period is greater than 7.75 to 1.00. As used in this definition, “Compliance Period” and “Test Period” (and any defined term constituting a component of such terms) have the meanings assigned to such terms in the First Lien Credit Agreement as in effect on the Closing Date without giving effect to any amendment, restatement, waiver or supplement thereto unless otherwise agreed to in writing by the Administrative Agent in its sole discretion. If at any time following the Closing Date, the First Lien Credit Agreement is amended, restated, waived, supplemented or otherwise modified to directly or indirectly modify the covenant, or any defined term constituting a component thereof, set forth in Section 10.7 of the First Lien Credit Agreement (as in effect on the Closing Date), the Administrative Agent may unilaterally (in its sole discretion) by written notice to the Borrower and each Lender modify this definition and/or Section 10.01(u) to conform to the First Lien Credit Agreement as so amended, restated, waived, supplemented or otherwise modified.
Financial Covenant Event shall be deemed to have occurred if, at any time during the Compliance Period, the Leverage Ratio as of the last day of any Test Period ending during any Compliance Period is greater than 6.50 to 1.00. As used in this definition, “Compliance Period” and “Test Period” (and any defined term constituting a component of such terms) have the meanings assigned to such terms in the Credit Agreement as in effect on the Third Amendment Date without giving effect to any amendment, restatement, waiver or supplement thereto unless otherwise agreed to in writing by the Administrative Agent in its sole discretion. If at any time following the Third Amendment Date, the Credit Agreement is amended, restated, waived, supplemented or otherwise modified to directly or indirectly modify the covenant, or any defined term constituting a component thereof, set forth in Section 10.7 of the Credit Agreement (as in effect on the Third Amendment Date), the Administrative Agent may unilaterally (in its sole discretion) by written notice to the Borrower and each Lender modify this definition and/or Section 10.01(u) to conform to the Credit Agreement as so amended, restated, waived, supplemented or otherwise modified.
Financial Covenant Event shall have the meaning given such term in Section 6.08.
Financial Covenant Event shall be deemed to have occurred if, at any time, the Consolidated Total Debt to Consolidated EBITDA Ratio as of the last day of any Test Period is greater than 4.25 to 1.00. As used in this definition, “Consolidated Total Debt to Consolidated EBITDA Ratio” and “Test Period” (and any defined term constituting a component of such terms) have the meanings assigned to such terms in the Credit Agreement as in effect on the Second Amendment Effective Date without giving effect to any amendment, restatement, waiver or supplement thereto unless otherwise agreed to in writing by the Administrative Agent in its sole discretion. If at any time following the Second Amendment Effective Date, the Credit Agreement is amended, restated, waived, supplemented or otherwise modified to directly or indirectly modify the covenant, or any defined term constituting a component thereof, set forth in Section 10.7 of the Credit Agreement (as in effect on the Closing Date), the Administrative Agent may unilaterally (in its sole discretion) by written notice to the Borrower and each Lender modify this definition and/or Section 9.01(t) to conform to the Credit Agreement as so amended, restated, waived, supplemented or otherwise modified.