Financial Covenant Testing Period means the period (a) commencing upon the day that Overall Excess Availability has been less than $22,000,000 for three (3) consecutive Business Days and (b) continuing until the day that both (i) no Event of Default has occurred and is continuing and (ii) Overall Excess Availability has been greater than $22,000,000 for thirty (30) consecutive calendar days.
Financial Covenant Testing Period is the period commencing as of the Effective Date, and at all times thereafter when Obligations are outstanding, and terminating upon the occurrence of the Milestone Event.
Financial Covenant Testing Period means the period commencing upon the occurrence of a Financial Covenant Testing Triggering Event and ending on the occurrence of a Financial Covenant Testing Satisfaction Event.
Examples of Financial Covenant Testing Period in a sentence
Borrower will not permit the Fixed Charge Coverage Ratio, as of the last day of any calendar month while a Financial Covenant Testing Period is in effect, to be less than 1.00 to 1.00, commencing with the first calendar month ending immediately before the date on which such Financial Covenant Testing Period commences.
More Definitions of Financial Covenant Testing Period
Financial Covenant Testing Period means the period (a) commencing on any day that (i) an Event of Default occurs or (ii) Availability is less than the greater of (A) $3,750,000 and (B) 15% of the Borrowing Base then in effect; and (b) continuing until the date upon which both, during each of the preceding forty-five (45) consecutive days, (i) no Event of Default has occurred or is continuing and (ii) Availability has been more than the greater of (A) $3,750,000 and (B) 15% of the Borrowing Base then in effect.
Financial Covenant Testing Period. (a) the period commencing on the Restatement Date and continuing through the date that the FILO Loan and Term Loan shall have been repaid in full; and (b) from and after the repayment in full of the FILO Loan and Term Loan, each time that a Financial Covenant Trigger Date shall occur, the period (i) commencing on the last day of the Fiscal Month for which financial statements have been (or are required to have been) delivered to Agent immediately prior to such Financial Covenant Trigger Date, and (ii) continuing thereafter until Availability for sixty (60) consecutive days shall have exceeded the Financial Covenant Trigger Amount. Financial Covenant Trigger Amount: $5,000,000. Financial Covenant Trigger Date: any date on which Availability falls below the Financial Covenant Trigger Amount.
Financial Covenant Testing Period means (a) any period commencing on the first date on which Availability is less than the greater of (a) $10,000,000 and (b) 12.5% of the lesser of (i) the Borrowing Base then in effect and (ii) the Commitments, and continuing until the date upon which both (x) Availability has been equal to or greater than the greater of (a) $10,000,000 and (b) 12.5% of the lesser of (i) the Borrowing Base then in effect and (ii) the Commitments at all times during the preceding thirty (30) consecutive day period, and (y) no Event of Default has occurred and is continuing during such thirty (30) consecutive day period and (b) a period commencing on any date on which a Specified Default shall have occurred and continuing until no Specified Default shall have existed during the preceding thirty (30) consecutive days.
Financial Covenant Testing Period means (a) any period commencing on the first date on which Availability is less than the greater of (a) $10,000,000 and (b) 12.5% of the lesser of (i) the Borrowing Base then in effect and (ii) the Commitments, and continuing until the date upon which both (x) Availability has been equal to or greater than the greater of (a) $10,000,000 and (b)
Financial Covenant Testing Period means if Excess Availability is less than 12.5% of the lesser of (a) the Borrowing Base and (b) the aggregate amount of the Commitments at any time, the period commencing on the last day of the immediately preceding fiscal month with respect to which financial statements were due hereunder prior to such occurrence, and continuing on the last day of each fiscal month thereafter until such time as Excess Availability is equal to or greater than 12.5% of the lesser of (a) the Borrowing Base and (b) the aggregate amount of the Commitments. In determining whether a Financial Covenant Testing Period exists, clause (c) of the definition of "Borrowing Base" shall not be included for purposes of calculating the Borrowing Base under this definition.
Financial Covenant Testing Period means, beginning June 30, 2006, any period thereafter in which, during the three most recently completed fiscal months preceding the time of determination of whether or not testing will be required, the Average Three Month Excess Borrowing Base Availability was less than $20,000,000.
Financial Covenant Testing Period the period commencing on the day that (a) a Default or an Event of Default occurs, or (b) Excess Availability is less than $6,250,000.