Covenant Compliance definition

Covenant Compliance. Fixed Charge Coverage Ratio (Ratio of Operating Cash Flow to Fixed Charges) for the Defined Period ___ to 1.0 Minimum Fixed Charge Coverage for the Defined Period ___ to 1.0 In Compliance Yes/No _____________ * All amounts used for puposes of financial calculations required to be made herein shall be without duplication EXHIBIT C TO CREDIT AGREEMENT (BORROWING BASE CERTIFICATE) EXHIBIT D TO CREDIT AGREEMENT (NOTICE OF BORROWING) NOTICE OF BORROWING This Notice of Borrowing is given by _____________________, a Responsible Officer of Pernix Therapeutics Holdings, Inc. (the “Borrower Representative”), pursuant to that certain Amended and Restated Credit Agreement dated as of ____________, 201__ among the Borrower Representative, the other Borrowers named therein, and any additional Borrower that may hereafter be added thereto (collectively, “Borrowers”), MidCap Financial, LLC, individually as a Lender and as Agent, and the financial institutions or other entities from time to time parties hereto, each as a Lender (as such agreement may have been amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used herein without definition shall have the meanings set forth in the Credit Agreement. The undersigned Responsible Officer hereby gives notice to Agent of Borrower Representative’s request to on _______________, 201__ borrow $_______________ of Loans. Attached is a Borrowing Base Certificate complying in all respects with the Credit Agreement and confirming that, after giving effect to the requested advance, the Revolving Loan Outstandings will not exceed the Revolving Loan Limit. The undersigned officer hereby certifies that, both before and after giving effect to the request above (a) each of the conditions precedent set forth in Section 7.2 have been satisfied, (b) all of the representations and warranties contained in the Credit Agreement and the other Financing Documents are true, correct and complete as of the date hereof, except to the extent such representation or warranty relates to a specific date, in which case such representation or warranty is true, correct and complete as of such earlier date, and (c) no Default or Event of Default has occurred and is continuing on the date hereof.
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Covenant Compliance. Fixed Charge Coverage Ratio (Ratio of Operating Cash Flow to Fixed Charges) for the Defined Period to 1.0 Minimum Fixed Charge Coverage for the Defined Period to 1.0 In Compliance Yes / No Exhibit C to Credit Agreement (Borrowing Base Certificate) Exhibit D to Credit Agreement (Form of Notice of Borrowing)
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Covenant Compliance regarding Borrower's obligations under this Agreement, delivered to Lender and prepared, in form and substance acceptable to Lender, signed by an officer of Borrower.
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Examples of Covenant Compliance in a sentence

  • Each of the parties hereto (other than the Administrative Agent) hereby agrees that it will not institute against, or join any other Person in instituting against, the Borrower any Insolvency Proceeding so long as there shall not have elapsed one year and one day (or such longer preference period as shall then be in effect) since the end of the Covenant Compliance Period.

  • Each of the parties hereto hereby agrees that it will not institute against, or join any other Person in instituting against, the Borrower or the Equityholder any Insolvency Proceeding so long as there shall not have elapsed one year and one day (or such longer preference period as shall then be in effect) since the end of the Covenant Compliance Period.

  • During the continuance of a Covenant Compliance Event, each of Holdings and the Borrowers will not permit the Fixed Charge Ratio as of the last day of any fiscal quarter of Holdings to be less than 1.0 to 1.0.

  • If the Company is not in compliance with the covenants specified in this Section 5, the Company will modify the Certificate of Covenant Compliance by stating the exception and providing a detailed explanation of the non-compliance.

  • Fee Percentages shall be based upon the quarterly financial statements and Covenant Compliance Reports, subject to recalculation as provided in Section 11.8(a) above.

  • This Covenant Compliance Report (“Report”) is furnished pursuant to Section 7.2(a) of the Credit Agreement and sets forth various information as of , 20 (the “Computation Date”).

  • Unless otherwise defined herein, capitalized terms used in this Covenant Compliance Certificate have the respective meanings ascribed thereto in the Master Repurchase Agreement.

  • Within 30 days of the last day of each March, June, September and December, the Company will issue a Certificate of Covenant Compliance, executed by either the Chief Executive Officer or Chief Financial Officer in the form of Exhibit A attached hereto.

  • Along with each delivery pursuant to clauses (ii), (iii) and (iv) above, a completed and executed Covenant Compliance Certificate.

  • During the continuance of a Covenant Compliance Event, each of Holdings and the Borrowers will not permit the Fixed Charge Ratio as of the last day of any fiscal month of Holdings to be less than 1.0 to 1.0.


More Definitions of Covenant Compliance

Covenant Compliance. Covenant Level Ratio Compliance -------------------- -------------- ----- ---------- Delinquency Ratio* Schedule 5 10.0% 6.5% YES Default Ratio* Schedule 5 7.5% 4.2% YES Dilution Ratio Schedule 6 5.0% 0.8% YES Loss to Liquidation Ratio* Schedule 6 1.0% -0.1% YES Turnover Ratio* Schedule 7 75 54.34% YES Coverage Ratio 100.0% 100.5% YES *Three month trailing average. The undersigned hereby represents and warrants that the foregoing is a true and accurate accounting with respect to outstandings of April 30,1999 in accordance with the Receivables Purchase Agreement dated as of May 1999 and that all representations and warranties are restated and reaffirmed. Signed by: ------------------------- Title: Treasurer 62 EXHIBIT B-2 FORM OF DAILY REPORT 63 Exhibit B-2 EAGLE-PICHER INDUSTRIES DAILY RECEIVABLES REPORT Today's Date: May 26, 1999 Reporting Date: May 24, 1999 RECEIVABLES BALANCE Beginning Balance 130,509,319.48 Billxxxx 2,041,615.86 Cash Collections 3,053,790.49 Adjustments (131,234.08) Non AR Cash 24,412.06 ------------------------------------------- Ending Balance 129,390,322.83 RESERVES Gross Receivables 129,390,322.83 Intracompany 6,003,710.98 4.64% -------------- Consol. Rec. Bal. 123,386,611.85 Ineligible & Concentration 26,503,444.23 21.48% -------------- El. Rec. Bal. 96,883,167.63 Reserves 22,186,245.39 22.90% ------------------------------------------- Maximum Advance 74,896,922.24 Current Advance 60,000,000.00 Potential Change 14,000,000.00 The undersigned hereby represents and warrants that the foregoing is a true and accurate accounting with respect to outstandings of the above date in accordance with the Receivables Purchase Agreement dates as of March 1999 and that all representations and warranties are restated and reaffirmed. Signed by: -------------------------------- Title: Treasurer 64 EXHIBIT C ADDRESSES AND NAMES OF BORROWER AND EACH ORIGINATOR
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Covenant Compliance setting forth the information (including detailed calculations) required in order to establish whether the Company was in compliance with the requirements of Sections 10.2(f)(5), 10.5(o), 10.6, 10.7(b), 10.7(f), 10.7(h), 10.7(i), 10.7(j), 10.7(m), 10.9(c), 10.9(f), 10.9(g), 10.9(h), 10.9(i), 10.9(k) and 10.12(a) during the quarterly or annual period covered by the statements then being furnished (including with respect to each such Section, where applicable, the calculations of the maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms of such Sections, and the calculation of the amount, ratio or percentage then in existence), and stating that no Test One Failure has occurred or, if a Test One Failure has occurred, specifying the nature and period of existence thereof and whether a Reset Event has occurred or will occur upon delivery of such statements and certification;”
Sample 1
Covenant Compliance. Fixed Charge Coverage Ratio (Ratio of Operating Cash Flow to Fixed Charges) for the Defined Period ___ to 1.0 Minimum Fixed Charge Coverage for the Defined Period 1.0 to 1.0 In Compliance Yes / No EBITDA Worksheet (Attachment to Compliance Certificate) EBITDA for the applicable Defined Period is calculated as follows: Net income (or loss) for the Defined Period of Borrowers and their Consolidated Subsidiaries (other than the Restricted Company SPV Subsidiaries), but excluding: (a) the income (or loss) of any Person (other than Consolidated Subsidiaries of Borrowers) in which Borrowers or any of their Consolidated Subsidiaries (other than the Restricted Company SPV Subsidiaries) has an ownership interest unless received by Borrower or their SubsidiaryConsolidated Subsidiaries (other than the Restricted Company SPV Subsidiaries) in a cash distribution; and (b) the income (or loss) of any Person accrued prior to the date it became a Subsidiary of Borrowers or is merged into or consolidated with Borrowers $ Plus: Any provision for (or minus any benefit from) income and franchise taxes deducted in the determination of net income for the Defined Period for the Borrowers and their Consolidated Subsidiaries $ Plus: Interest expense, net of interest income, deducted in the determination of net income for the Defined Period for the Borrowers and their Consolidated Subsidiaries (other than the Restricted Company SPV Subsidiaries) $ Plus: Amortization and depreciation deducted in the determination of net income for the Defined Period for the Borrowers and their Consolidated Subsidiaries (other than the Restricted Company SPV Subsidiaries) $ EBITDA for the Defined Period: $ Minimum Credit Party Liquidity Worksheet (Attachment to Compliance Certificate) Credit Party Liquidity is calculated as follows: The aggregate unrestricted cash and cash equivalents owned by Borrowers and that are (a) held in the name of a Borrower in a bank or financial institution located in the United States and subject to a Deposit Account Control Agreement or Securities Account Control Agreement, as applicable, in favor of Agent, (b) not subject to any Lien other than a Lien in favor of Agent or any other Permitted Lien and (c) not pledged to or held by Agent to secure a specified Obligation as of the applicable date of determination. $ Plus: Revolving Loan Availability as of the applicable date of determination $ Credit Party Liquidity as of the applicable date of determination: $
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Covenant Compliance. CERTIFICATE EXHIBIT F Chase Bank of Texas, National Association, as Agent Attention: Jerrx X. Xxxxxx, Xxce President 500 Xxxx Xxxxxx Xxxxxx X.X. Xxx 000 Xxxxxxxxx, Xxxxx 00000 Xxntlemen: This Covenant Compliance Certificate covers the period from __________, ___ to ___________, ____, and is delivered pursuant to that certain Credit Agreement (the "Credit Agreement") dated as of May 30, 1996, as amended, among Craftmade International, Inc., Design Trends, LLC, DuroCraft International, Inc., Trade Source International, Inc., Chase Bank of Texas, National Association, as Agent, and the Lenders parties thereto. All capitalized terms used herein, unless otherwise defined herein, shall have the same meanings as set forth in the Credit Agreement. The undersigned, an authorized officer of Borrower, does hereby certify to Agent and Lenders that:
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Covenant Compliance. Yes  No  II. Section 7.1(b) — Qualified Cash A. Qualified Cash (as set forth on line I.A.1): $____________
Sample 1
Covenant Compliance. Fixed Charge Coverage Ratio for the Defined Period [***] Minimum Fixed Charge Coverage Ratio for the Defined Period [***] [***] In Compliance Yes / No Senior Leverage Ratio for the Defined Period [***] Maximum Senior Leverage Ratio for the Defined Period [***] [***] In Compliance Yes / No Total Leverage Ratio for the Defined Period [***] Maximum Total Leverage Ratio for the Defined Period [***] In Compliance Yes / No
Sample 1

Related to Covenant Compliance

  • Covenant Compliance Event means that Excess Availability at any time is less than the greater of (a) ten (10%) percent of the Line Cap or (b) $7,000,000. For purposes hereof, the occurrence of a Covenant Compliance Event shall be deemed continuing until Excess Availability has exceeded the amounts set forth above for thirty (30) consecutive days, in which case a Covenant Compliance Event shall no longer be deemed to be continuing for purposes of this Agreement. The termination of a Covenant Compliance Event as provided herein shall in no way limit, waive or delay the occurrence of a subsequent Covenant Compliance Event in the event that the conditions set forth in this definition again arise.

  • Covenant Compliance Worksheet means a fully completed worksheet in the form of Attachment A to Exhibit C.

  • Covenant Compliance Certificate means a properly completed and executed Covenant Compliance Certificate substantially in the form of Exhibit X hereto.

  • Non-Compliance means failure/refusal to comply the terms and conditions of the tender;

  • Assessment of Compliance As defined in Section 3.21.

  • Substantial compliance means a level of compliance with these rules where any deficiencies pose no greater risk to resident health or safety than the potential for causing minor harm.

  • Compliance Date means, in each case, the date by which compliance is required under the referenced provision of ARRA’s or HIPAA’s implementing regulations, as applicable.

  • Compliance Review means an inspection of the home, grounds, and files to determine compliance with these regulations.

  • Statement of Compliance means the statement forming part of a Tender indicating the Bidders compliance with the Specification.

  • HIPAA Compliant means that a Loan Party to the extent legally required (i) is or will use commercially reasonable efforts to be in compliance in all material respects with each of the applicable requirements of the so-called “Administrative Simplification” provisions of HIPAA on and as of each date that any part thereof, or any final rule or regulation thereunder, becomes effective in accordance with its or their terms, as the case may be (each such date, a “HIPAA Compliance Date”) and (ii) is not and could not reasonably be expected to become, as of any date following any such HIPAA Compliance Date, the subject of any civil or criminal penalty, process, claim, action or proceeding, or any administrative or other regulatory review, survey, process or proceeding (other than routine surveys or reviews conducted by any government health plan or other accreditation entity) that could result in any of the foregoing or that has or could reasonably be expected to have a Material Adverse Effect.

  • Compliance Audit means the procedure (in a form advised by the GLA from time to time) by which an auditor independent of the Grant Recipient certifies (at the Grant Recipient's cost) whether the Named Projects developed or Rehabilitated pursuant to this Agreement satisfy the GLA's procedural compliance requirements (as described in the Affordable Housing Capital Funding Guide);

  • Notice of compliance means a statement confirming that a governmental entity

  • Material Compliance Matter has the same meaning as the term defined in Rule 38a-1, and includes any compliance matter that involves: (1) a violation of the federal securities laws by Distributor (or its officers, directors, employees, or agents); (2) a violation of Distributor's Rule 38a-1 policies and procedures; or (3) a weakness in the design or implementation of Distributor's Rule 38a-1 policies and procedures.

  • Event of Noncompliance means any one of the following events:

  • Environmental Compliance means action performed during or after Operations to comply with the requirements of all Environmental Laws or contractual commitments related to reclamation of the Properties or other compliance with Environmental Laws.

  • Compliance Statement is that certain statement in the form attached hereto as Exhibit B.

  • Year 2000 Compliance has the meaning set forth in section 17.29 of the Management Agreement.

  • Occasion of Tax Non-Compliance means: any tax return of the Supplier submitted to a Relevant Tax Authority on or after 1 October 2012 which is found on or after 1 April 2013 to be incorrect as a result of: a Relevant Tax Authority successfully challenging the Supplier under the General Anti-Abuse Rule or the Halifax Abuse Principle or under any tax rules or legislation in any jurisdiction that have an effect equivalent or similar to the General Anti-Abuse Rule or the Halifax Abuse Principle; the failure of an avoidance scheme which the Supplier was involved in, and which was, or should have been, notified to a Relevant Tax Authority under DOTAS or any equivalent or similar regime in any jurisdiction; and/or any tax return of the Supplier submitted to a Relevant Tax Authority on or after 1 October 2012 which gives rise, on or after 1 April 2013, to a criminal conviction in any jurisdiction for tax related offences which is not spent at the Call Off Commencement Date or to a civil penalty for fraud or evasion;

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

  • Annual Statement of Compliance As defined in Section 3.13.

  • Compliance schedule means a schedule of events, by date, which will result in compliance with these regulations.

  • Environmental Compliance Reserve means any reserve which the Agent establishes in its reasonable discretion after prior written notice to the Borrower from time to time for amounts that are reasonably likely to be expended by the Borrower in order for the Borrower and its operations and property (a) to comply with any notice from a Governmental Authority asserting material non-compliance with Environmental Laws, or (b) to correct any such material non-compliance identified in a report delivered to the Agent and the Lenders pursuant to Section 7.7.