Fixed Charge Trigger Period means the period (a) commencing on the day that Availability is less than the Fixed Charge Trigger Threshold and (b) continuing until the date that during the previous thirty (30) consecutive days, Availability has been greater than or equal to the Fixed Charge Trigger Threshold at all times during such period.
Fixed Charge Trigger Period means the period beginning upon the occurrence of a Fixed Charge Trigger Event and ending on the date Availability has equaled or exceeded the greater of (i) fifteen percent (15.0%) of the Loan Cap or (ii) $110,000,000 for a period of forty-five (45) consecutive calendar days.
Fixed Charge Trigger Period means the period (a) commencing on the day that Availability is less than the greater of (i) ten percent (10%) of the Aggregate Revolving Credit Commitments at such time and (ii) $5,000,000 and (b) continuing until the date that during the previous thirty (30) consecutive days, Availability has been greater than the greater of (i) ten percent (10%) of the Aggregate Revolving Credit Commitments at such time and (ii) $5,000,000 at all times during such period.
Examples of Fixed Charge Trigger Period in a sentence
Permit the Consolidated Fixed Charge Coverage Ratio, determined on a Pro Forma Basis as of (i) the last day of the Measurement Period most recently ended before the commencement of a Fixed Charge Trigger Period and (ii) the last day of each Measurement Period thereafter ending during any Fixed Charge Trigger Period to be less than 1.00 to 1.00 for such Measurement Period.
During any Fixed Charge Trigger Period, permit the Consolidated Fixed Charge Coverage Ratio for any Measurement Period, calculated as of the last day of each month to be less than 1.10 to 1.00.
Permit the Consolidated Fixed Charge Coverage Ratio to be less than 1.00 to 1.00 determined as of (i) the last day of the Measurement Period most recently ended before the commencement of a Fixed Charge Trigger Period and (ii) the last day of each Measurement Period thereafter ending during any Fixed Charge Trigger Period.
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Permit the Consolidated Fixed Charge Coverage Ratio to be less than 1.10 to 1.00 determined as of (i) the last day of the Measurement Period most recently ended before the commencement of a Fixed Charge Trigger Period and (ii) the last day of each Measurement Period thereafter ending during any Fixed Charge Trigger Period.
More Definitions of Fixed Charge Trigger Period
Fixed Charge Trigger Period means the period (a) commencing on the day that the sum of US Availability and Eligible Cash or Cash Equivalents is less than (i) $3,000,000 for a period of five (5) consecutive Business Days, or (ii) $2,000,000 as of the end of any Business Day and (b) continuing until the date that during the previous forty-five (45) consecutive days, the sum of US Availability and Eligible Cash or Cash Equivalents has been greater than $3,000,000 at all times during such period. The foregoing notwithstanding, a Fixed Charge Trigger Period shall not commence if there are no Revolving Loans outstanding and all outstanding Letters of Credit are Cash Collateralized.
Fixed Charge Trigger Period the period (a) commencing on the day that Availability is less than the Fixed Charge Trigger Threshold and (b) continuing until the date that during the previous 30 consecutive days, Availability has been greater than the Fixed Charge Trigger Threshold at all times during such period, provided that the Parent shall have the right to make a cash equity contribution to the Borrowers (the “Cure Right”) within 10 days of the first date that Availability is less than the Fixed Charge Trigger Threshold (the “Fixed Charge Trigger Date”), in an amount that would be sufficient to increase Availability to an amount greater than the Fixed Charge Trigger Threshold as of the Fixed Charge Trigger Date, and upon receipt by the Agent within such 10 day period of such cash amount (the “Cure Amount”) pursuant to the exercise by Parent of such Cure Right, such Fixed Charge Trigger Period shall be deemed not to have occurred; provided, that (i) no Credit Extensions shall have been requested by Borrower Agent during the period from the Fixed Charge Trigger Date to the date the Cure Amount is received, (ii) the Cure Right may only be exercised up to two (2) times in any Fiscal Year and (iii) to the extent that on the date the Cure Amount is received by Agent, the Availability on such date is less than the Availability on the Fixed Charge Trigger Date (as a result of deemed Borrowings, interest or other amounts becoming due, changes in the Borrowing Base, or otherwise), the Cure Amount shall be in an amount sufficient to increase Availability as of the date the Cure Amount is received by Agent to an amount greater than the Fixed Charge Trigger Threshold as of such date.
Fixed Charge Trigger Period means the period (a) commencing on the day that (i) an Event of Default occurs and is continuing or (ii) Availability is less than the greater of (x) 15% of the Aggregate Revolving Credit Commitments at such time and (y) $15,000,000 and (b) continuing until the date that during the previous thirty (30) consecutive days, (i) no Event of Default has existed and (ii) Availability has been greater than the greater of (x) 15% of the Aggregate Revolving Credit Commitments at such time and (y) $15,000,000 at all times during such period.
Fixed Charge Trigger Period means the period (a)(i) at any time during the period from the First Amendment Effective Date through OctoberMarch 31, 20192020, commencing on the day when Adjusted Excess Availability is less than $17,500,000 and (ii) at any other time, commencing on the day when Adjusted Excess Availability is less than the greater of (x) $17,500,000 and (y) 10.0% of the Maximum Borrowing Amount and (b) continuing until the day Adjusted Excess Availability exceeds the greater of (x) $17,500,000 and (y) 10.0% of the Maximum Borrowing Amount for thirty (30) consecutive days. “FLSA” means the Fair Labor Standards Act of 1938. “Foreign Activities Laws” has the meaning specified in Section 7.11. “Foreign Lender” means (a) if the applicable Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the applicable Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which such Borrower is resident for tax purposes. “Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary. “FRB” means the Board of Governors of the Federal Reserve System of the United States. “Freight Carrier” shall mean a motor transport, rail, other carrier, owner-operators or independent contractors that provides transportation of property under contracts with other carriers (including the Company and its Subsidiaries), shippers, and receivers and/or brokers of general commodities. “Freight Carrier Document” shall mean any agreement, instrument or other document pursuant to which a Freight Carrier agrees to provide transportation of property on behalf of any other Person. “Freight Payable” shall mean any and all freight or other charges payable to a Freight Carrier in respect of transportation services provided by such Freight Carrier pursuant to a Freight Carrier Document or otherwise. “Fronting Exposure” means, at any time there is a Defaulting Lender that is a Revolving Credit Lender, (a) with respect to the Letter of Credit Issuer, such Defaulting Lender’s Applicable Percentage of 25
Fixed Charge Trigger Period. “Guaranty”, “Guarantors”, “LC Conditions”, “LC Reserve” and “Weekly Reporting Trigger Period” in Section 1.1 are deleted in their entirety and the following definitions are inserted in lieu thereof: Applicable Margin: with respect to any Type of Loan, the margin set forth below, as determined by the Fixed Charge Coverage Ratio set forth below for the most recently ended Measurement Period: Level Fixed Charge Coverage Ratio Base Rate Revolver Loans LIBOR Revolver Loans Unused Line Fee I Greater than 1.25 to 1.00 1.00 % 2.00 % 0.375 % II Less than or equal to 1.25 to 1.00 but greater than 1.00 to 1.00 1.25 % 2.25 % 0.375 % III Less than or equal to 1.00 to 1.00 1.50 % 2.50 % 0.375 % Margins shall be determined as if Level I were applicable until delivery of the financial statements and corresponding Compliance Certificate required pursuant to Section 10.1.2(a) for the Measurement Period ending September 30, 2012 (and upon receipt thereof, the margins shall be adjusted based on the above, effective the first day of the month following receipt. Thereafter, the margins shall be subject to increase or decrease upon receipt by Agent pursuant to Section 10.1.2 of the financial statements and corresponding Compliance Certificate for the most recent month end corresponding to the end of a Fiscal Quarter, which change shall be effective on the first day of the calendar month following receipt. If, by the first day of a month, any financial statement or Compliance Certificate due in the preceding month has not been received, then, at the option of Agent or Required Lenders, the margins shall be determined as if Level III were applicable, from such day until the first day of the calendar month following actual receipt. EBITDA: determined on a consolidated basis in accordance with GAAP for any Measurement Period of Parent and its Subsidiaries, an amount equal to:
Fixed Charge Trigger Period the period (a) commencing on the day that Availability is less than 12.5% of the lesser of (i) the sum of the Accounts Formula Amount and the Inventory Formula Amount and (ii) the Commitments; and (b) continuing until the date that during the previous 30 consecutive days, Availability has been greater than 12.5% of the lesser of (i) the sum of the Accounts Formula Amount and the Inventory Formula Amount and (ii) the Commitments at all times during such period. Guarantors: each Initial Guarantor and each other Person who guarantees payment or performance of any Obligations from time to time (including pursuant to any Guaranty of the Designated LC Obligations).
Fixed Charge Trigger Period means the period beginning on the date that Liquidity shall be less than the greater of (a) $20,000,000 and (b) ten percent (10%) of the Line Cap and ending on the first date thereafter that Liquidity shall be in excess of the greater of (i) $20,000,000 and (ii) ten percent (10%) of the Line Cap for a period of forty-five (45) consecutive days.