Initial Performance Covenant Test Date definition

Initial Performance Covenant Test Date means the date on which the outstanding principal amount of the Term Loan Advances is first greater than $100,000,000; provided that the Initial Performance Covenant Test Date shall begin only on or after November 15, 2023 (i.e. the date Borrower’s 2023 third fiscal quarter reporting is due under Section 7.1(b) hereof).
View Source
Initial Performance Covenant Test Date means the last calendar month of the calendar quarter that is nine months following the earlier of (i) the AXS-05 Milestone Date, (ii) the AXS-07 Milestone Date, or (iii) the Final Closing Date (as defined in the Project Light Agreement).
View Source

Examples of Initial Performance Covenant Test Date in a sentence

  • If the Initial Performance Covenant Test Date has occurred, Borrower shall thereafter satisfy either of (i) Performance Covenant A or Performance Covenant B, tested at all times, or (ii) Performance Covenant C, tested quarterly.

Related to Initial Performance Covenant Test Date

  • Financial Performance Covenant means the covenant set forth in Section 6.10.

  • Financial Performance Covenants means the covenants of the Borrower set forth in Section 10.11.

  • Covenant Testing Period means a period (a) commencing on the last day of the fiscal quarter of Parent most recently ended prior to a Covenant Trigger Event for which Borrowers are required to deliver quarterly or annual financial statements pursuant to Section 5.2 of this Agreement, and (b) continuing through and including (but ending on) the first day, after such Covenant Trigger Event, on which Availability has exceeded 20% of the then effective Borrowing Base for 30 consecutive days.

  • Initial compliance period means the three-year compliance period that begins January 1, 1993, except for the MCLs for dichloromethane, 1,2,4-trichlorobenzene, 1,1,2-trichloroethane, benzo(a)pyrene, dalapon, di(2-ethylhexyl)adipate, di(2-ethyl- hexyl)phthalate, dinoseb, diquat, endothall, endrin, glyphosate, hexachlorobenzene, hexachlorocyclopentadiene, oxamyl, picloram, simazine, 2,3,7,8-TCDD, antimony, beryllium, cyanide, nickel, and thallium, as they apply to a supplier whose system has fewer than 150 service connections, for which it means the three-year compliance period that began on January 1, 1996.

  • Performance Measurement Period has the meaning set forth in Section 3.1(e)(ii).