Release Covenants definition

Release Covenants means, with respect to the Lender’s release of its Liens against the Collateral, Borrower’s compliance with the following covenants: (a) Lender shall have received Borrower’s audited fiscal year 2006 financial statements which demonstrate net income of $1 or greater and (b) Senior Leverage Ratio (defined in Section 7.4(A)) is less than or equal to 2.75:1.0 on a trailing twelve month basis for a minimum of 2 consecutive fiscal quarters and (c) Fixed Charge Coverage Ratio (defined in Section 7.4(D)) is greater than or equal to 1.2:1.0 on a trailing twelve month basis for a minimum of 2 consecutive fiscal quarters and (d) Total Leverage Ratio (defined in Section 7.4(E)) is less than or equal to 4.50:1.0 on a trailing twelve month basis for a minimum of 2 consecutive fiscal quarters provided the first quarter applicable for calculation of the Release Covenants shall be no earlier than the fiscal quarter ending March 31, 2006.
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Release Covenants has the meaning set forth in Section 6.3.1.
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Examples of Release Covenants in a sentence

  • The Borrower shall, within thirty (30) days after the end of each month, until the Collateral Release Date, deliver to the Lender a Borrowing Base Certificate in the form of Exhibit Q, attached hereto certified as accurate by the Borrower and acceptable to the Lender in its sole and absolute discretion; provided that this requirement shall expire upon Lender’s acceptance of Borrower’s Certificate of Compliance with the Release Covenants delivered in accordance with Section 7.1(J).

  • Sections 2.7 (No Change in Ownership), 2.8 (No Prosecution Rights), 2.9 (No Enforcement Rights), 2.10 (No Implied Licenses), 2.11 (Release; Covenants), and 4.4 (Disclaimer of Warranties) and Articles 1 (Definitions), 3 (Confidentiality; Publicity), 5 (Indemnification), 6 (Payments) (to the extent applicable to payment obligations having accrued while the sublicense of […***…]’s rights was in effect), and 7 (Miscellaneous) shall survive any expiration or termination of this Agreement.

  • If Borrower satisfies and is otherwise in compliance with the Release Covenants, it shall furnish to Lender a compliance certificate in the form of Exhibit F-1 or Exhibit F-2, as applicable, to the Credit Agreement signed by the Borrower’s Chief Financial Officer demonstrating compliance with the Release Covenants.

  • During any period that such Release Covenants are not maintained and/or Gran Tierra’s Acceptable Credit Rating is not maintained, Gran Tierra through the remaining term of this Agreement shall provide a Letter of Credit pursuant to Section 6.3.4.

  • The New Letter of Credit shall be maintained for successive one year terms until Gran Tierra can meet the Release Covenants or maintain the Acceptable Credit Rating.

  • The Lender and the Borrower agree that the Lender shall release its security interest and liens in the Collateral upon Borrower’s delivery and Lender’s acceptance, of Borrower’s notice of its satisfaction of and compliance with the Release Covenants, in the form required by Section 7.1(J).

  • The Lender and the Borrower agree that the Lender shall release its security interest and liens in the Collateral upon Borrower’s delivery and Lender’s LaSalle Bank National Association April 20, 2005 Page 38 acceptance, of Borrower’s notice of its satisfaction of and compliance with the Release Covenants, in the form required by Section 7.1(J).

  • Gran Tierra’s compliance (or non-compliance) with such Release Covenants shall be reported quarterly to ▇▇▇▇▇▇ in the same manner as the information set forth in Section 7.3 in the form of a compliance certificate executed by GTEI’s Chief Financial Officer.

  • The Release Covenants shall be measured on a quarterly basis using Gran Tierra financial statements and disclosure in accordance with U.S. GAAP.