loan covenant definition

loan covenant means a condition in an agreement relating to a loan or bond issue that requires the borrower to fulfil certain conditions or which forbids the borrower from undertaking certain actions, or which possibly restricts certain activities to circumstances when other conditions are met. Violation of a covenant may result in a default on the loan being declared, penalties being applied, or the loan being recalled;
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loan covenant means a condition in an agreement relating to a loan or bond issue that requires the borrower to fulfill certain conditions or which forbids the borrower from undertaking certain actions, or which possibly restricts certain activities to
Sample 1
loan covenant means a condition in an agreement relating to a loan or bond issue that requires the borrower to fulfill certain conditions or which forbids the borrower from undertaking certain actions, or which possibly restricts certain activities to circumstances when other conditions are met. Violation of a covenant may result in a default on the loan being declared, penalties being applied, or loan being recalled; “long term debt” means debt repayable by the Town over a period exceeding one(1) year;
Sample 1

Examples of loan covenant in a sentence

  • The report is also prepared to review compliance with environmental safeguards of the Government of Uzbekistan and ADB Safeguards Policy Statement (SPS), (2009) as well as to fulfill the Loan covenant as described in Loan Agreement 2633-UZB between ADB and Uzbekistan.

  • Loan covenant compliance is closely monitored by the treasury department.

  • Loan covenant As of 30 June 2021, the Stapled Group has complied with the debt covenants with exception of two debt covenant ratios where the Stapled Group has received waiver to defer.

  • Loan covenant 7(a) requires that the full economic price of natural gas be recovered progressively from consumers by 30 June 1998.

  • The report is also prepared to comply with environmental safeguards of the Government of Uzbekistan and ADB Safeguards Policy Statement (SPS), (2009) as well as to fulfill the Loan covenant as described in Loan Agreement UZB 3064 between ADB and Uzbekistan.

  • Loan covenant data are not available in Y-14Q.3.2.2. Relationship Variables We use a number of definitions of Relationship.

  • The latest tariff increase, benefitting from the new decentralization law, went beyond the Loan covenant requirements, and was carried out through a transparent and participatory mechanism.

  • The report is also prepared to review compliance with environmental safeguards of the Government of Uzbekistan and ADB Safeguards Policy Statement (SPS), (2009) as well as to fulfill the Loan covenant as described in Loan Agreement 2825-UZB between ADB and Uzbekistan.

  • In the event that we fail to comply with any New Term Loan covenant or any New ABL Facility covenant, we would be considered in default, which would enable applicable lenders to accelerate the repayment of amounts outstanding, require the cash collateralization of letters of credit (in the case of the New ABL Facility) and exercise remedies with respect to collateral and we would need to seek an amendment or waiver from the applicable lender groups.

  • ANNUAL REPORT AND FINANCIAL STATEMENTS Loan covenant forecasts Loan covenantInternally set limit2017/182018/192019/202020/212021/22COVENANT MONITORING Note: The interest cover for FHW is not static, it is re-set each year by the funders through an annual business plan approval process.

Related to loan covenant

  • Additional Covenant means any covenant in respect of the financial condition or financial position of the Company, including, but not limited to, covenants that specify or require the maintenance of certain financial ratios applicable to the Company, and the default provision related thereto (regardless of whether such provision is labeled or otherwise characterized as a covenant or a default).

  • Subordinated Loan Agreement means a binding agreement with a Subordinated Debt Provider providing unsecured debt financing for the benefit of the Energy Complex and on terms and conditions that shall satisfy the requirements of the Financing Documents.

  • 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.

  • Loan Agreement shall have the meaning assigned to such term in the recitals.

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

  • Replacement Capital Covenant has the meaning specified in the introduction to this instrument.

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

  • Funding Loan Agreement means this Funding Loan Agreement, of even date herewith, by and among the Funding Lender, the Governmental Lender and the Fiscal Agent, as it may from time to time be supplemented, modified or amended by one or more funding loan agreements, indentures or other instruments supplemental hereto entered into pursuant to the applicable provisions hereof.

  • 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.

  • Term Loan Agreement has the meaning assigned to such term in the recitals of this Agreement.

  • Transfer fee covenant means a declaration or covenant purporting to affect real property which requires or purports to require the payment of a transfer fee to the declarant or other person specified in the covenant or declaration, or to their successors or assigns, upon a subsequent transfer of an interest in the real property.

  • Subordinated Loan has the meaning set forth in Section 1.2(a) of the Agreement.

  • Prior Loan Agreement is defined in Recital A.

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

  • Senior Loan Agreement means that certain Term Loan Agreement, dated as of June 26, 2015, by and among Borrower and Senior Lenders, as amended, restated, supplemented or otherwise modified from time to time.

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

  • Junior Loan has the meaning provided in the Recitals hereto.

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

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

  • Whole Loan Agreement Any Reconstitution Agreement in respect of a Whole Loan Transfer.

  • Underlying Loan Agreement means, with respect to any Loan, the document or documents evidencing the commercial loan agreement or facility pursuant to which such Loan is made.

  • Mortgage Loan Agreement means the Loan Agreement, dated as of February 14, 2020, between the Borrower, as borrowers, and the Original Lenders, as lender, as the same may be further amended, restated, supplemented or otherwise modified from time to time, subject to the terms hereof.

  • Existing Loan Agreement has the meaning set forth in the recitals to this Agreement.

  • Financing Agreement means any lease purchase agreement, installment sale agreement, loan agreement, line of credit or other agreement of the department or, with the approval of the director, and any agency, to finance the improvement, use or acquisition of real or personal property that is or will be owned or operated by one or more agencies of the State, the department or any agency, or to refinance previously executed financing agreements including certificates of participation relating thereto. The School shall not act as a guarantor of any such financing agreement.

  • 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.

  • Revolving Loan Agreement means that certain Revolving Credit and Security Credit Agreement dated as of the Closing Date by and among Revolving Loan Agent, the Revolving Loan Lenders and the Loan Parties, as amended, restated or otherwise modified from time to time to the extent not prohibited by the Intercreditor Agreement.