Example ContractsClausesCompliance With Covenants
Compliance With Covenants
Compliance With Covenants contract clause examples

Negative Covenants. Without the prior written consent of the Requisite Holders, the Maker shall not and shall not permit any of its Subsidiaries to:

Certain Covenants. shall default in the observance or performance of any covenant or agreement contained in # [Section 5.08(a), 5.09 or 5.10]0] or # Section 6.15 to the extent such default in respect of such Section 6.15 could reasonably be expected to result in a Material Adverse Effect or could reasonably be expected to result in a violation of any applicable Sanctions by, or liability to, a Lender or [[Administrative Agent:Organization]]; or

Other Covenants. or any of shall default in the observance or performance of any covenant or agreement # contained in Sections 6.03, 6.05, 6.08, 6.09 or 6.14 and such default shall continue unremedied for a period of 10 days or # contained in this Agreement or in any other Loan Document not referred to in preceding clause (i) or [clause (c) of this Article VII] and such default shall continue unremedied for a period of 30 days after the earlier of written notice thereof to or knowledge of a Responsible Officer of ; or

Restrictive Covenants. Each of the covenants contained in Paragraphs 2(a)-(c) of this [Annex A] are collectively referred to as the “Restrictive Covenants.”

Specific Covenants. Any Loan Party fails to perform or observe any term, covenant or agreement contained in any of # [Section 7.01 or 7.03(a)], if such failure continues for three Business Days or # Section 7.05, 7.11, 7.177], or Article VIII; provided that, any Event of Default under [Section 8.10] shall not constitute an Event of Default with respect to any Term Loan Facility until the earlier of # the date that is 30 days after the date such Event of Default arises with respect to the Revolving Credit Facility and # the date on which the Administrative Agent or the Revolving Credit exercise any remedies with respect to the Revolving Credit Facility in accordance with Section 9.02; provided, further, that any Event of Default under [Section 8.10] may be waived, amended or otherwise modified from time to time pursuant to [clause (i) of Section 11.01]; or

Affirmative Covenants. Between the date of this Agreement and the Closing Date, the Parties, each consistent with terms of the LP Agreement and the LLC Agreement, and except as may be mutually agreed, will cause the LP and the LLC to:

Independent Covenants. This Lease shall be construed as though the covenants herein between and are independent and not dependent and hereby expressly waives the benefit of any statute to the contrary and agrees that if fails to perform its obligations set forth herein, shall not be entitled to make any repairs or perform any acts hereunder at ’s expense or to any setoff of the Rent or other amounts owing hereunder against .

Negative Covenants. The following sections in the Loan Agreement shall be amended as follows:

3.1During the period of the Executive’s employment with the Company and for a period of one year following the Separation Date (other than upon a termination without Cause, in which case the obligations under this [Section 3.1] cease upon separation from employment, absent a mutual agreement of the parties in a new agreement with respect to such period), the Executive shall not, directly or indirectly, own, manage, control, operate, be employed by, participate in or be connected with the ownership, management, operation or control of any business which competes with the Company or any of its affiliated companies (each, a “Competitor”) in the Restricted Area, if the Executive would be performing job duties or services for the Competitor that are of a similar type that the Executive performed for the Company at any time during the last two years of the Executive’s employment. The Executive acknowledges that undertaking any leadership role for a Competitor would constitute performing job duties or services of a similar type that he performed for the Company. Further, for purposes of this [Section 3.1], “Restricted Area” shall mean the geographic areas in which the Executive, during the last two years of employment, provided services or had a material presence or influence (which, given his position as Chief Operating Officer, would be any area in which the Company was conducting business). The foregoing shall not apply to passive ownership of less than 5% of the outstanding stock of a publicly held corporation, which ownership is disclosed to the CEO. The restricted period will be extended to two years following cessation of employment if the Executive breaches his fiduciary duty to the Company or unlawfully takes, physically or electronically, property belonging to the Company, in which case the duration may not exceed 2 years from the date of cessation of employment. Before agreeing to this [Section 3.1] the Executive has the right to and is encouraged to consult with counsel. The Executive agrees that he is receiving mutually-agreed consideration appropriate to support these restrictions pursuant to the additional compensation for which he is eligible pursuant to this Agreement in [Sections 2.3] and/or 4.5. The Executive further acknowledges that the agreement not to compete with the Company contemplated by this [Section 3.1] (the “non-competition agreement”) is supported by fair and reasonable consideration independent from the Employee’s continued employment, and that, notwithstanding the immediate effectiveness otherwise of this Agreement upon the Parties execution of the Agreement, the non-competition agreement shall not take effect until the later of # eleventh (11th) business day following the date on which the Company provided this Agreement to the Executive for review and execution; and # the Executive’s execution of this Agreement.

Financial Covenants. Notwithstanding anything to the contrary contained in Section ‎8.01, in the event that the Borrower fails to comply with the requirements of the financial covenants set forth in Section ‎6.15 as of the last day of any fiscal quarter for which such covenant is tested, until the expiration of the 10th Business Day subsequent to the Cure Specified Date for such fiscal quarter, the Borrower shall have the right to give written notice (the “Cure Notice”), on or prior to the 10th Business Day subsequent to such Cure Specified Date, to the Administrative Agent of the intent of the Borrower to issue Permitted Cure Securities for cash or otherwise contribute cash common equity and/or other Qualified Stock to the capital of the Borrower (collectively, the “Cure Right”) and, upon contribution of the net cash proceeds (such net cash proceeds, the “Cure Amount”) to the Borrower as cash common equity and/or other Qualified Stock after the Cure Specified Date for such fiscal quarter pursuant to the exercise by the Borrower of such Cure Right, which exercise shall be made after such Cure Specified Date on or before the 10th Business Day subsequent to such Cure Specified Date, the covenant set forth in Section ‎6.15 shall be recalculated giving effect to the following adjustments on a Pro Forma Basis:

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