Maintenance Covenant definition
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.
Maintenance Covenant means, as of any date of determination, a covenant by the Obligor of a Loan Asset to comply with one or more financial covenants during each reporting period applicable to such Loan Asset, whether or not any action by, or event relating to, the Obligor occurs after such date of determination; provided that a covenant that otherwise satisfies the definition hereof and only applies when amounts are outstanding under the related Loan Asset shall be a Maintenance Covenant.
Maintenance Covenant means the maintenance covenant set out in Clause 12.1 (Maintenance Covenant).
Examples of Maintenance Covenant in a sentence
The covenants set forth above are in Section 8.9(a) (Liquidity Covenant) and Section 8.9(b) (Financial Maintenance Covenant) of the Credit Agreement, dated as of June 30, 2021, establishing the Senior Facilities, as amended through Amendment No. 10 to the Credit Agreement, dated as of May 6, 2025.
More Definitions of Maintenance Covenant
Maintenance Covenant means a covenant by the borrower to comply with one or more financial covenants during each reporting period, whether or not it has taken any specified action.
Maintenance Covenant means a covenant by any Obligor to comply with one or more financial covenants during each reporting period, whether or not such Obligor has taken any specified action.
Maintenance Covenant. A covenant by any Obligor to comply with one or more Financial Covenants during each reporting period specified in the underlying loan agreement, whether or not such Obligor has taken any specified action; provided that a covenant that otherwise satisfies the definition hereof and (i) only applies when certain amounts are outstanding or drawn under the related loan and/or (ii) is not tested or in effect under the underlying loan agreement for a specified period of time after the loan is originated (but, in any event, no more than two (2) full fiscal quarters after the loan is originated), shall be a deemed to be Maintenance Covenant; provided, for the avoidance of doubt, a “Maintenance Covenant” shall not include any covenant that is an Incurrence Covenant.
Maintenance Covenant has the meaning given to that term in Clause 24.5 (Financial Testing).
Maintenance Covenant means a covenant by the borrower on a loan to comply with one or more financial covenants during each applicable reporting period, whether or not such borrower has taken any specified action; provided that a covenant that otherwise satisfies the definition hereof and only applies when amounts are outstanding under the related loan shall be a Maintenance Covenant.
Maintenance Covenant means the Interest Coverage Ratio as set out in Clause 13.1 (Maintenance test).
Maintenance Covenant. A covenant by any Portfolio Asset Obligor to comply with one or more financial covenants during each reporting period, whether or not such Portfolio Asset Obligor has taken any specified action.